Basiq

?? Say hello to enhanced webhooks! ?? Tired of manual updates? Our smarter, real-time webhooks are here to help you automate your workflows seamlessly! Whether it's tracking transactions.updated for financial insights, receiving account.updated notifications for seamless account management, or staying on top of connection.invalidated issues, we've got you covered! ?? With fewer API calls and more actionable data, your systems can work smarter, not harder. Get real-time updates that matter and focus on what’s important ???? Read more on the blog ???? https://lnkd.in/geDXd93z

?? Big changes are coming to Australia’s digital economy! The latest CDR (Consumer Data Right) reforms are set to unlock new opportunities, driving innovation and empowering consumers like never before. Explore how these reforms could shape the future of financial services and more in Basiq’s latest blog. Dive into a summary of what's been announced and see what the future?? holds for the digital economy. Read more ?? https://lnkd.in/gdGerdZy #CDR #OpenBanking #Fintech Rebecca Tissington Max King Jayson Eldridge Jim Basey Kam Rafiei Ahmad Atawneh

Account verification through Open Banking has been a cornerstone feature on the Basiq platform. It’s been widely used by many of our 70+ customers since Open Banking went live on Basiq. And so, we’re absolutely thrilled to welcome Betashares to the Basiq platform! ???? Founded in 2009, Betashares is a leading Australian fund manager specializing in exchange-traded funds (ETFs). With over $40 billion in assets under management, they serve thousands of advisers and over 1 million investors. Their mission is to make investing accessible and affordable, empowering their customers to achieve their financial goals ?? By leveraging Open Banking, Betashares simplifies account verification ? for their customers, ensuring the rightful account owner is confirmed for seamless fund transfers. #ConsumerDataRight #OpenBanking Max King Rebecca Tissington Jayson Eldridge

We're thrilled to introduce new and exciting use cases to the Basiq platform through Open Banking. Our latest addition is Karmo, a car subscription service that makes getting a new car hassle-free and affordable ???? Karmo offers an all-inclusive ???car subscription service for both consumers and businesses that covers registration, insurance and maintenance. Their flexible plans provide access to a wide range of vehicles without the need for a long-term commitment. Using Open Banking, Karmo is able to undertake financial assessments ???to ensure the most suitable subscription plan for their customers. #ConsumerDataRight #OpenBanking

Excited to announce Handout Loans as the latest business accessing Open Banking via Basiq ?? ?? This brings the total to over 70 businesses now utilising Open Banking via Basiq for a range of use cases. HANDOUT is a unique short-term money lending business offering fast loans to those needing extra cash. Founded by young, tech-savvy individuals, the team was dissatisfied with traditional loan application processes and developed a technology platform to simplify it. Using Open Banking, HANDOUT connects directly to bank accounts and utilises transaction data to help assess and fast-track loan applications ? If you’re considering using Open Banking data for your use case, get in touch with the Basiq team. Check out our website for more info ?????? #ConsumerDataRight #OpenBanking

We’re sharing how different businesses can make the most of Open Banking ???? Keep an eye out over the coming weeks ?? We’re bringing you a series of ‘Open Banking recipes’ to prove with the right ingredients CDR can be used to create value for your business and customers ???? Last week we covered wealth and investing. This time we are focusing on hardship and collections. _______________________________ Open Banking can help businesses develop hardship solutions that support their most vulnerable customers ???????? Insights from real-time financial data can be used to check for early signs of hardship and identify opportunities help consumers before their situation becomes unmanageable. 1?? Identify hardship early and reduce costs: ? Use data to understand changes in a customer’s financial position and manage early signs of hardship. ? Using smart payments, check a customer has enough funds before collecting – no more dishonour fees and arrears. ? Make data-driven decisions about collections strategies, resource allocation, and help programs. 2?? Assess hardship claims: ? Verify and assess claims, ensuring businesses and financial institutions are giving help to the people who need it most. 3?? Provide ongoing support to consumers: ? Insights to personalise support given to customers, like educational programs and resources. ? Customise payment plans based on a consumer's situation. For example, automating collections based on a percentage of their income when paid. 4?? Build better customer relationships: ? Helping customers build better financial habits benefits everyone involved. ? Better support strengthens customer loyalty and increases retention. _______________________________ Got questions? Or want to know about other specific industry use cases? Let us know in the comments ?? And stay tuned for more recipes to come! ?? #OpenBanking #ConsumerDataRight #UseCases?

Missed the CDR Summit? Catch the ?? recap from FinTech Australia where hundreds gathered to discuss the latest in CDR developments. Watch here ?? https://lnkd.in/gGk5nGka As a key sponsor, Basiq was thrilled with the fantastic turnout which featured lively debates on the effectiveness of the CDR. During the Summit, we unveiled findings of a report that compared web scraping (the traditional way of accessing banking data) to CDR open banking to evaluate trends and progress ?? Curious about the results? Check the comments ?? for a link to the report. #ConsumerDataRight #OpenBanking

So what can Open Banking data be used for? ?? With Basiq helping over 70+ businesses access CDR data, we thought we’d showcase just how it can be used through a number of different use cases _______________________________ The first use case is wealth and investing ???? Open Banking mixed with additional capabilities can cook up a winning combo addressing key pain points????? 1?? Seamless onboarding and KYC checks: ??Connect customer bank feeds to speed up your onboarding process and reduce issues caused by human error. No more manual entry or uploading bank statements! ??Access a complete picture of a customer’s financial situation in one place using account aggregation ? Ensure customers are ready for their first payment by verifying their BSB and account number 2?? Smart payments, round ups & deposits: ? With a real time view of customer transactions set rules that automate payments based on events ? Check a customer has sufficient funds before making a payment or transfer to avoid dishonour fees ? Customise offerings based off transaction history, like personalised deposit matching or automated service decisioning 3?? Reduce fraud and AML: ? Validate a customer’s account legitimacy using their transaction history. ? Ongoing access to data helps businesses monitor for suspicious activity and protect their customers _______________________________ Got questions? Or want to know about other specific industry use cases? Let us know in the comments ?? And stay tuned for more use cases to come! ?? #OpenBanking #ConsumerDataRight #UseCases

Following the FinTech Australia CDR Summit yesterday, we’re thrilled to launch our new report: Changing Perspectives: An inside look at Open Banking performance and adoption in Australia Basiq is in a unique position, offering access to financial data through both Open Banking and web scraping. We've benchmarked connection data to compare the volume, success rates, and ongoing performance of both. Here’s what we found: Finding 1: Open Banking growth is booming ?? Finding 2: Open Banking leads to more customer connections ? Finding 3: Open Banking is superior for ongoing connections ?? As Basiq CEO and Founder, Damir ?u?a explains this is the first time Basiq has shared insights like this from its platform. “We wanted to release our findings publicly to challenge the existing negative Open Banking narrative and provide a more optimistic perspective backed by data,” said Damir. “While Open Banking is far from perfect, the highly critical views circulating do not reflect the reality we see. Our platform data and customer feedback tell a very different story - one of growth and success.” Learn more about what we’ve uncovered. Download the report ?? https://lnkd.in/g2hncxgs #ConsumerDataRight #OpenBanking

Kam Rafiei on stage at FinTech Australia CDR Summit taking part on a panel talking about CDR Data Quality. One key takeaway??is that when you consider Open Banking data there’s Product reference data (which needs improvement) v Accounts/Transactions data (which works fine). When you add in optional v mandatory data fields, account for the different APIs and then add in other sectors - discussion about CDR Quality becomes quite challenging under one umbrella. The negative perceptions on CDR data quality results from a lack of specificity when this is discussed. Damir ?u?a Ahmad Atawneh Shannon Rennie Alexandra McManus Ashman Malik Rebecca Tissington Max King Ryan Manoo CPA Jiahui (Esther) Zeng Henry Brunskill Victor Leung