What is Data Plus?

Data Plus is an advanced open banking infrastructure tool that provides unparalleled transaction categorisation, available for both consumers and businesses. For consumer accounts, it provides 26 incoming and 72 outgoing categories, while business accounts benefit from 32 incoming and 115 outgoing categories. This comprehensive coverage extends across the UK and European region for current banks, ensuring broad applicability.

So how does it work? Data Plus leverages self-learning models trained on billions of transactions. It’s a fast-learning data model that understands financial data at scale, so businesses have the same level of data interpretation regardless of geography or language.

One of the standout features of Data Plus is its merchant enrichment capability. It can standardise messy merchant names into single entities, bringing clarity to transaction data. Instead of merchants being shown as an incomprehensible jumble of words and numbers, they are clearly identified and categorised.

Furthermore, it offers income insights by categorising various income types for all workers, from traditional salaried employees to gig workers and freelancers.

Another key strength is its ability to recognize recurring transactions. Whether it’s subscriptions, mortgages, or loan repayments, Data Plus can identify these patterns even if the date or amount changes, providing valuable insights into customer financial behaviour.

Benefits for Businesses

This never-before-seen level of instant financial data categorisation brings businesses a whole host of advantages.

For your business

Streamlined decision-making: Instead of internal teams needing to trawl through reams of documents, Data Plus automates analysis for a large amount of data, which helps identify key trends and patterns in a matter of moments. This allows for quicker and more accurate assessments of customers and therefore quicker decision-making.

Improved operational efficiency: By reducing the need for manual bank statement checks and optimising the timely analysis of data, a large amount of operational overhead is taken off your teams’ workload. Instead they are able to focus on more ‘value-add’ areas relating to growing your business.

A knock-on effect of relieving operational admin is that businesses can scale faster, onboarding more customers due to more accurate decisions being made at a fraction of the time. Certain business solutions may increase customer acquisition or lead generation, but at the cost of a greater number of ‘low-value’ customer types. Data Plus does not have the same problem - it’s a case of more of the right customers, faster.

For your customers

More rounded financial profiles: Data Plus gives you a far deeper understanding of your customer’s transaction data and their spending habits. This enables you to create a more rounded, comprehensive and true view of your customer’s financial behaviour and wellbeing and therefore serve them based on more solid foundations.

More personalised services: Over time, this rich level of transaction data and profile building can lead to more personalised products and communications to your customers. This creates a closer connection with customers, leading to increased brand loyalty and higher life-time-value.

Use Cases

The applications of Data Plus are so vast that they span various sectors of the financial industry. In lending, it supports credit risk and scoring models, allowing for more accurate affordability assessments. For personal finance management, it can be integrated into applications to showcase user spending behaviours and assist with budgeting to a level of granularity not seen anywhere else.

The personalisation capabilities of Data Plus are particularly noteworthy. By providing a deep understanding of customer spending patterns, it enables businesses of all industries to deliver more relevant products and services, enhancing customer satisfaction and loyalty.

Why Choose Data Plus?

Data Plus stands out in the open banking landscape due to the sheer scale of the insight it provides. Its self-learning models, built on billions of transactions, are more comprehensive and accurate than anything else available today. Our continuous access to vast amounts of payment data ensures Data Plus is continuously improving itself.

This remains true on a global scale. Its ability to understand financial data across different geographies and languages makes it a versatile tool for businesses operating in diverse markets, and over time, accuracy and depth will only increase in markets further afield. Wherever businesses operate or plan to operate, Data Plus will give them crucial insight. Data Plus also displays breadth in the payment methods it incorporates, including recurring payments and subscriptions. With enhanced transaction data from over 100 million merchants, it offers an unparalleled depth of information.

By choosing Data Plus, you’re not just getting a categorisation tool – you’re gaining a powerful ally in understanding and serving your customers better. It’s a solution that can transform your approach to financial data analysis, enabling you to make more informed decisions and offer more personalised services.

Ready to revolutionise your financial data analysis?

Contact us today to learn more about what Data Plus can do for your business.