Frechen (2017-03-22) – Retail banks know their customers – mainly via the movements on their checking accounts. Regular expenses are especially interesting. Finprove sets out to analyze this knowledge for the banks and to show their customers individual savings potential regarding their regular expenses, e.g. by switching to a lower-priced electricity, gas or mobile phone provider. Important: the bank does not have a conflict of loyalties.
Bank customers can now – if they want to – be automatically informed about potential savings regarding recurring expenses. The customer is pointed to a specific savings opportunity within the online banking process. In order to then switch to a new provider, the customer leaves the online banking application and chooses a new provider in the Finprove application.
Customers will then be offered several providers which have been pre-selected by Finprove. For the time being these are, for example, ten nationally operating energy suppliers. More are to come. For banks this is a big chance to offer their customers real added value without a big project effort and to generate additional earnings, promises Finprove.
“With Finprove […] we provide a service giving bank customers a simple way to switch to a new provider without worries. Banks must not cede customer relevance to FinTechs without a fight. Banks have to change in small but quick steps from passive data custodians to active money managers of their customers.”
Via API to the bank: interface connection
The Finprove solution is connected to the system via the bank’s own API. The system is also open to any individual bank connection or multi-bank APIs. Then, the Finprove integration would be implemented in the banking system via a link/teaser. The provider will then get the account movements from the API. If it’s technically possible for the bank (and if it’s desired), contract-based savings potential can be shown directly in the banking application.
Artificial intelligence guesses customer requests
Data analysis of expenses is performed by an artificial-intelligence system so that opportunities for product-relevant variables like power consumption can be identified automatically. Additionally, the system determines customer preferences: if customers regularly buy environmentally friendly products, they will see an environmentally friendly electricity provider accordingly. Finprove plans to expand the offer product by product in all private expense areas like mobile phones, internet, insurances or streaming services.
First client: a big retail bank
The first retail bank will offer the product in the second quarter of 2017. It is a very big German bank with several million retail customers. Finprove is a part of IntelliNet Group which currently develops online forms for banks like Postbank, TeamBank (easyCredit), netbank and PSD Bankengruppe.
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