Zip and Open Banking (Westpac, Macquarie Bank etc), page-14

***********JUST IN******************

Senior Data Analyst at NAB is now also recommending to use Zip for Open Banking!

Link to research paper:

https://medium.com/@william.dai/application-of-data-science-in-the-financial-services-sector-8e10b75df6a3

"As open banking is still considered relatively new in the finance industry, innovative use cases are still be explored. As of June 2018, distinct innovation trends are already emerging, according to Turner et al., these trends fall broadly in the following categories: “aggregation platforms, process improvement, advice and analytics tools, enhanced banking product offerings and enhanced non-banking product offerings” (2018, p.11)."

Use Case 2: Advice and analytics tools

Advice and analytics tools and platforms provide insights and recommendations based on data available, one such example of this use case would be Pocketbook. which has integrated with Macquarie Bank’s opening banking platform to “provides APIs so FinTech[’s] and other third-party providers can more easily connect to customer data and offer new services “(George, 2018, p.1). Pocketbook will allow “users to easily see the categories in which they are spending the most money … and automatically allocates most of your spending to set categories … By tracking regular expenditure … and income, the tool also gives advice to users on how much they can ‘safely spend’ in coming days or weeks” (FinTech Australia et al., 2017, p.1).