What is

Open Banking?

Gives users full control over their financial information allowing them to centralize all their account banking operations in a single APP or to receive personalized offers according to their consumption habits.

There is no doubt that open banking has changed the financial landscape forever and brings multiple advantages for banks and FinTech.

Application programming interfaces, or APIs, allow a company’s software to be integrated into third-party platforms in order to facilitate the exchange of data, subject to confirmation by the user, of course.

Thanks to the European PSD2 regulation on electronic payment services, the security of transactions is guaranteed while promoting innovation and the adaptation of the financial sector to new technologies.

Once we have given our consent as users, third party companies may offer us products and services tailored to our individual needs.

In addition, through the categorization and enrichment of bank transactional information, the knowledge of the end user is increased.

This allows the customer to be placed at the center in order to offer the right service at the right time.

This improves their experience, increases their satisfaction with the service and creates a lasting bond that leads to the possibility that they will recommend the bank to family and friends.

Open Banking,
Open Finance
and Open Data

Open banking is transforming all economic sectors, including non-commercial ones. This is because in order to function they need to issue payments and receive revenues.

They relate to banking and insurance, giving rise to Open Finance. They encompass banking, insurance, tax or pension data and are not only available to traditional entities, but are open to technology companies, encouraging the renewal and advancement of these sectors.

The next step towards financial democratization is open data. 

Open data ensures the free flow of information, including to governments, health institutions, social networks or companies, among others.

With this new step, synergies are achieved between consumers and the global financial ecosystem, allowing access to products and services that are better adapted to their preferences and risk profile.

Main benefits of
Open Banking for users

Facilitates the management of your personal finances

Overview of your financial situation and personalized alerts.

Allows you to make payments securely and quickly

All transactions are organized into categories in real time.

It offers the possibility to send documentation and digitally sign digitally

It speeds up the procedures while maintaining all the security guarantees. of security.

Provides "tailor-made" products and services

Hyper-personalization offers greater satisfaction and retention.

Main benefits of Open Banking for companies

Improved Customer Experience

Provide faster, accurate, and personalized services, enhancing customer satisfaction and loyalty.

Enhanced Financial Data Access

Access detailed customer financial data for better understanding and tailored offerings.

Innovation and Product Development

Develop and launch innovative financial solutions quickly to meet customer needs.

Operational Efficiency

Automate processes and reduce errors through direct system integration with financial services.

According to a study conducted by Forrester in 2022, 87% of Spanish financial companies and TELCOs have already invested or are planning to invest in Open Banking.


Having an innovation partner means multiple competitive advantages, such as launching new functionalities within weeks with a reduced budget.

This is the role of FinTech startups and scaleups, companies that have great flexibility in their developments and offer fully customizable white label products to integrate into the bank’s digital environment.

With the emergence of open data, tools are needed to navigate the oceans of information generated daily by users.

Banking data analysis is the future, and we are already seeing that it is essential to ensure success in business decision making.

It is also of vital importance to improve the supply of products and services to meet the new demands of consumers.

New business models with
Open Banking

Financial institutions have seen the potential of open banking to increase their sales figures and enrich their service portfolio. This is the case of insurance companies that offer micro-savings or cashback modules so that their users can improve their financial health effortlessly.

The use of tools that integrate open banking to democratize loans and offer a certain amount or BNPL without taking risks is also very popular.

PFM services continue to advance and are no longer limited to categorizing spending, but offer cross-selling and up-selling opportunities.

Open Banking and
Coinscrap Finance

Our mission is to help banks and insurers in this new context, offering innovative solutions that translate into useful products for the end customer.

At Coinscrap Finance we rely on Open Banking service providers to perform the banking aggregation. Then, with our artificial intelligence engine, COCO (connected via API), we offer a wide range of possibilities to improve the user experience, ensure user retention and continue to grow in a highly competitive market.

How our products work

COCO {Enrichment}

With business details on every transaction, your customers instantly know their spending, decreasing chargebacks and improving engagement and satisfaction on your platform.


The most complete solution to improve your clients’ financial health. Micro Savings, Program your Account and Group Spending: save, plan and share.


Enrich your transactional data to know your customers. Offer them a personalized experience.


Enhance your customers’ experience. Offer them automatic rewards for shopping at your partner stores.

Start using Open Banking now

Discover how Open Banking can optimize your financial operations and offer new opportunities for growth.