The promise of digital finance and banking is coming true, moving consumers away from paper statements, branches and phone calls and into quick, intuitive fintech apps and services at a rapid pace. Nine in 10 U.S. consumers are using fintech to handle the simple tasks, and there’s a rising appetite for more complex needs like financial forecasting, investing via cryptocurrency and crowdfunding.
Every year that goes by, the pace of technological development just continues to increase, offering more and more options for people to track, manage and allocate their money. To create winning financial experiences, access to smart wealth data through a single API call can accelerate innovation, powering visionary apps and services.
U.S. workers move between jobs every 4.1 years on average, opening and managing various financial and investment accounts as their careers develop, each requiring different credentials to access. Put simply, people have their money stored all over the place, and there’s an opportunity to bring it all together in one dashboard that simplifies consumers’ financial lives and saves them precious time.
With the advent of open banking data and embedded finance, fintechs and financial institutions can offer a growing menu of innovative investment products and experiences.
The fast track to smart, accurate investment data
Capture and consolidate all the various investment accounts, positions and transactions from a consumers’ portfolio in real time with one API call. Mastercard’s maximum connection reliability and high-quality data and support capabilities cover 95% of deposit accounts.
One API call returns smart, normalized data across all account types, ready for innovation. Account balance, the type of account, available cash balance, position-level data and cost basis are just a few of the 40 different data elements available in each call. Connect only the fields that you need. This approach makes it simpler to develop insights for consumers, like showing them where they’re overweight or helping them improve their asset allocation and uncovering financial opportunities.
With the speed and ease of fintech app adoption in the digital era, consumers can build up a wide variety of open accounts across institutions and platforms. Mastercard’s wealth data provided via its open banking platform gives innovators the ability to consolidate, or simply gives consumers the ability to see all their accounts in one place.
Create financial experiences that are quick, comprehensive and easy to use. One API call for innovators, one dashboard for consumers. Build an app or service that eliminates the need to handle a jumble of different credentials for account sites and apps.
Bringing next-gen ideas to life
The data is the medium to realize your vision. Whether that’s a dynamic dashboard, account consolidation, investment insights or another creative solution, a trusted data partner is vital.
See how Quicken brought this to life with a new Personal Financial Management tool called Simplifi, targeted at helping Millennials and Gen Z manage their finances. Or talk directly with a Mastercard Open Banking representative about your ideas on delivering new financial insights for your customers. Request a demo.