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Friday, November 26, 2021

3 Examples of the Best Open Banking Use Cases

Open banking-inspired services Nordigen offers are already creating ripples across the banking sector. Banks all over Europe utilize new FinTech solutions to increase efficiency in identifying secure lending options, reducing times of bank statement analysis, and many other day-to-day tasks. These innovative solutions allow banks to become more competitive by expanding the number of customers they can attract and satisfy.

In this article, Nordigen will share several prominent open banking examples of actual use cases.

Bigbank perfected bank statement analysis speed 100x

Bigbank AS operates across 9 European nations and is seen as one of the leading specialized banks within Europe. Bigbank specializes in consumer and business lending to become the most recommended digital bank within the countries of operation.

Testing Nordigen’s categorization engine in bank statement analysis and identification of risky transactions compared to a human specialist revealed considerable improvements in both areas. The time to review a bank statement has decreased by 100 fold, from 15 minutes to less than 10 seconds. With Nordigen’s categorization engine, risk-critical transactions identified falsely were only 2%, compared to a 30% failure rate by a specialist. Therefore, these improvements enable Bigbank to save hundreds of hours of manual labor each month while also decreasing the ratio of mistakes experienced.

Citadele Banka increased the volume of issued loans

The socially responsible organization of Citadele Group is regarded as standing at the forefront of digital banking innovation and development in the Baltic states. 

The need for automatization and behavioral analysis arose when Citadele Banka aimed to discover and engage their most reliable and risk-free users through a score model system. This task would have been almost impossible with manual data gathering. However, using Nordigen’s transaction categorization and behavioral scoring application, a sample of more than 200 thousand customers’ data was swiftly and successfully analyzed.

TF Bank enhanced lending efficiency and high-risk loans identification

TF Bank is currently operating in all EEA countries bordering the Baltic Sea. It is an internet-based bank offering deposit and lending consumer services on its own IT platform.

TF Bank encountered one of its most significant challenges to be extracting information efficiently from raw account data within their systems. Nordigen’s easy-to-use account data analytics engine improved loan assessment time and the efficiency of loans by 30%. Additionally, Nordigen’s income verification engine allowed TF Bank to identify 35% more high-risk applicants, negating the risk of them defaulting on loans beforehand. 

Article prepared by Nordigen.com

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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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