Open banking represents a significant step forward in the way we perform our daily financial tasks. The regulation, which enables you to share your bank data with authorised FinTech third-party providers, led to a stream of digital-age innovation aimed at making customer’s lives easier hit the financial services mainstream. Whether you’re an individual or a business, open banking has got something for you.
In this article, we will show you how you can quickly get connected and begin enjoying some of the benefits of this technology today!
So, where do I begin?
The first task is to find an authorised AISP (Account Information Services Provider). Fortunately for the reader, you can already mark this one down as complete! FriendlyScore is an FCA-licenced AISP which provides open banking connectivity to individuals and businesses.
The next step involves connecting your bank account. At FriendlyScore, we have made this process quick and easy. For this step, you will need a current account (personal or business) or credit card, along with online banking. Our Customer Centre will guide you through the process.
The final step is the best one: reaping the benefits! FriendlyScore’s Customer Centre is a free-to-use personal finance management software application which offers a range of useful analytical insights into your transaction data. It lets you connect multiple personal or business accounts so that you can view aggregated data in a single place. For example, if you have a current account and credit card, you can connect both and see combined balance, income and expenditure patterns, all of which are all displayed in our user-friendly dashboard.
Other features include summaries, charts and breakdowns, which allow the user to track and monitor their transaction activity and other useful metrics in real-time. Throughout 2020, we will be releasing updated versions of the tool, with added features such as budgeting planners and financial coaching, which aim to help you make smarter decisions with your money.
Cool, free financial software sounds excellent! But how safe is this? Is my data secure?
Understandably, these are among the first questions that come to most people’s minds when discovering the concept of open banking. The regulatory body which oversees a country’s banking institutions is responsible for regulating open banking AISPs. In the UK, this is the FCA, which means FriendlyScore is subject to the same stringent financial regulations as the UK’s largest banks.
To comply with FCA regulations, FriendlyScore adheres to the strictest data security protocols and is fully GDPR compliant. Customer data is stored and processed on our secure cloud server and remains behind its security firewall at all times.
That’s great! But what if I try it and find it’s not for me?
You can disconnect your bank accounts from FriendlyScore at any time, and we will instantly delete all of your information from our servers. No trace of data will remain, and we store no records.
With everyone stuck at home at the moment, digital finance technology has taken on a new importance, and its usage has accelerated. Even before the pandemic hit, it was forecast that the number of open banking users would hit 40 million sometime next year. More and more people are beginning to access the benefits of this technology to improve their financial health, so join them today with FriendlyScore!
Try our software today for free:
FriendlyScore is an FCA-licenced AISP which aims to bring the benefits of open banking-based technology to individuals, businesses and financial service providers. Find out about our full range of products and how they can help you at www.friendlyscore.com.