The introduction of the Open Banking API’s to facilitate the sharing of transactional bank account data is greatly increasing the volume and variety of data that is available to organisations. But all that raw data will only become useful once meaning has been applied.
The question is: How will your company utilise the transactional account data that the Open Banking will make available? How will it apply meaning to that data?
Automated categorisation and analysis of transaction data is becoming a fundamental business capability. And that is where Trusso can enable organisations. Trusso is Experian’s categorisation engine; simply put it takes raw transactional data from a customer’s bank, and classifies it into predefined categories of income and expenditure.
This White Paper outlines the new opportunities for turning transactional data into insight, in real time, with a categorisation engine; and how it offers benefits to providers and customers alike.
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- 2020: A transformational year for Banking as a Service