Personal financial data aggregated through Instantor can be used in many ways, including verifying account ownership, categorising expenses, predicting cash flows, and more.
With bank transactional data, the most significant limitation for the possibilities is the imagination, obviously ensuring that the end-user consents. Transactional data can be used in numerous different ways by different departments, to name a few, it can be used by the marketing and sales departments to understand customers better, or it can be used to assess the performance of ATM hardware, or it can even be used to add value in credit scoring.
Bank transactional data is also sometimes referred to as banking transactional data or alternative credit data. In the Instantor Blog, you can find a number of articles that discuss the value fo bank transactional data in credit scoring, such as, Transforming Lives Through Alternative Credit Scoring and 3 Fascinating Alternatives to Traditional Credit Scores.
However, it is always crucial to ensure that the data obtained complies with all local and regional regulations, such as PSD2 and GDPR. Instantor does due diligence in each of the markets in which we operate, so you can rest assured that our services are always fully compliant. That said, data from Instantor is not to be shared with third parties, nor can the data be resold or redistributed without both the end-users consent and Instantor’s prior written approval.