O que é

Open Banking?

This term defines a process that gives users full control over their financial information. Due to an API-based system, they can, for example, see the transactions of all their accounts in a single App or receive personalized offers based on their consumption habits. 

Não há dúvida de que Open Banking has changed the financial landscape forever and brings multiple advantages for banks and FinTechs. Application programming interfaces, or APIs, allow a company’s software to be integrated into third-party platforms to facilitate the exchange of data, prior user confirmation.

Due 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 they have given their consent, companies can offer products and services tailored to the individual’s needs.

In addition, through the categorização e enrichment of the banking transaction, the knowledge of your customers increases. This allows placing them at the center to offer the right service at the right time. This improves their experience, increases 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 the 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. It encompasses banking, insurance, tax and pension data and is not only available to traditional institutions, but is also 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 circulation of information, including governments, health institutions, social networks and private 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 personal finance management: Shows an overview of the financial situation and gives personalized alerts.

Allows to make payments securely and quickly: All transactions are organized into categories in real time.

Possibility of sending documentation and signing digitally: Speeds up the procedures while maintaining all the security guarantees.

Provides “tailor-made” products and services: The hyper-personalization offers greater satisfaction.

Main benefits of Open Banking for companies

Improve customer knowledge: Understanding their needs helps to define a successful business strategy.

Increase up-selling and cross-selling possibilities: By analyzing the information generated, it will be able to locate hot spots.

Generate greater financial inclusion: Due to the 360º panoramic view, loans are granted and you don’t need to assume any risk.

Grow customer base: By improving the user experience.

The FinTech advantage

According to a study conducted by Forrester Consulting Group in 2022, 87% of Spanish financial companies and TELCOs have already invested or plan to invest in Open Banking. Having an innovation partner offers multiple competitive advantages, such as launching new functionalities within weeks with a reduced budget. This is the role of FinTech start-ups and scale-ups, companies that have great flexibility in their developments and offer fully customizable white label products.

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; we are already seeing that it is essential to ensure success in business decision making. It is also of vital importance for improving 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 sales figures and enrich their service portfolio. This is the case of insurance companies that offer micro-savings or micro-investment modules so that their users can improve their financial health effortlessly. It is also very popular to use tools that integrate open banking to democratize loans and offer a certain amount or a BNPL without taking risks. PFM services continue to advance and no longer just categorize spending, but offer up-selling and cross-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 customer. At Coinscrap Finance we have an Open Banking service provider to carry out the bank aggregation. Then, with our artificial intelligence engine, COCO (connected via API), we offer a wide range of possibilities to improve the user experience, guarantee their retention and continue growing in a saturated market.

Let's see how each of our products works:​

COCO {Categorization}

Understand and organize transactions into categories to offer data-driven services. It can be used without open banking, but by adding all the user's bank accounts, whether or not they belong to your entity, it allows you to know their consumption habits in detail and offers multiple sales opportunities and hyper-personalized offers.


COCO {AutoSavings}

It is the most complete solution to improve the financial health of your customers and improve their experience. It is made up of three tools: Micro Savings, Program your Account and Group Expenses. Combined with open banking, it allows them to control all aspects related to the domestic economy with a 360º view of the status and management of their accounts.

COCO {Loyalty}

Discover the buying habits of your customers and retain them with rewards. If combined with open banking, entities can locate what consumer preferences are and launch notifications at the right time about refunds for shopping at stores associated with your bank or insurer.

COCO {Insights}

Allows you to offer services based on the transactional information of your customers. Combined with open banking, it triggers its power, enriching the data in all user accounts to understand their tastes and needs. For example, future overdrafts, investment or savings opportunities, end of subscriptions and alternatives, etc.


COCO {Enrichment}

Improve your bank feed by making it much easier for your customer to understand. By adding details of the merchant/origin to each bank transaction, your users will easily recognize where they are spending. That will improve the usability of your platform and increase their satisfaction.



Enrich the transactional data with the calculation of CO2 emissions and, due to open banking, show your customers their monthly carbon footprint in kg of CO2-eq in categories such as: food, shopping, home, transport, leisure, etc. Boost your sales of green products while you help offset that footprint with sustainable credit and debit cards, investment in sustainable ETFs or loans for green projects, .

Start using open banking now

and unleash the potential of your business!