Open banking solutions
Unlock the power of open banking transaction data
Open banking is revolutionizing financial experiences, and it’s here to stay. To unlock the potential of open banking, customer centricity and providing customer value are critical. Harness the power of consumer-permissioned data by integrating the right solutions into your decisioning strategies to help drive financial inclusion.
With open banking practices maturing globally, all signs point to an interconnected, consumer-centric financial ecosystem. Our expertise in data, advanced analytics and technology empowers you to use open banking data effectively to enhance your portfolio. Leveraging machine learning-driven microservices, our solutions provide crucial customer insights, including wealth, income, employment, affordability and default probability, to help you conduct risk assessments and tailor credit offerings to your customers' current financial situations.
With over 100 million consumers considered unscoreable, invisible or subprime through the traditional credit lens, advancing financial wellness requires a differentiated approach.1 Our open banking solutions combine banking transaction data and innovative technologies to provide a holistic view of consumer creditworthiness — helping you expand fair and affordable credit access while growing your prospect pool responsibly and efficiently.
Harness the power of cashflow data through a suite of scores, attributes and dashboards to gain actionable insights that drive informed decisions in your customer acquisition and portfolio management strategies. Leveraging rich transactional data and advanced predictive analytics, our open banking solutions enable more precise credit risk assessment, optimize account management, and identify personalized upsell and cross-sell opportunities for greater customer engagement.
Source: Atomik Research
Source: Allied Market Research
Source: Celnet Research
Source: Oliver Wyman and Experian
Source: Experian analysis based on GINI predictability.
Open banking is the practice of securely sharing financial data, such as bank transaction data, between banks or third parties through APIs. At its heart, it aims to foster a more inclusive, transparent and consumer-empowered financial ecosystem.
Learn more about open banking.
Cashflow data, also commonly referred to as bank transaction data, refers to information related to demand deposit accounts, including transaction histories, balances, account holder details and other relevant financial data associated with these accounts. This data can provide a more comprehensive view of a consumer’s financial standing outside of the credit report.
The CFPB’s 1033 rule is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a foundational element of open banking, this rule mandates that financial institutions must allow consumers to access their financial data and share it with third parties upon consent.
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1Source: Experian and Oliver Wyman