Know More About Financial Data Aggregation, Provider of Mobile Banking
Financial Data Aggregation
Know More About Financial Data Aggregation, Provider of Mobile BankingThanks to advances in technology and information, various data can now be accessed quickly, including very complex data such as financial data. Therefore, the progress of a financial services business today is greatly influenced by the speed of data processing.
Therefore, financial data aggregation in this kind of business is very important to satisfy consumers. However, not many people know about this term.
In the following article, we will explore more about financial data aggregation.
Getting to know more about financial data aggregation
The term comes from the word aggregation, which according to the official Indonesian language dictionary, means the collection of several separate objects into one part.
From this, it can be concluded that data aggregation is the process of collecting data from various sources, which will then be collected and presented in an integrated form.
As for the aggregation of financial data, it can be interpreted as the collection of financial data or information, whether in the form of bank accounts, credit card numbers, loans, investment accounts, and others, into one integrated part.
Financial data aggregation function
After knowing what financial data aggregation is, you may be wondering what its function is.
Through aggregation, the financial data that has been collected will later be useful for various purposes. Because, with data aggregation, one will be able to see the entire summary of financial data in one concise unit.
Moreover, with the increasing trend of online transactions and banking, data aggregation is now not only an easy way to access financial information but it is also predicted that this will become a trend that will continue to emerge in the future because mobile banking users also continue to increase.
Financial services, of course, need to see this as a trend to watch out for and begin to improve themselves to provide the best service for their customers. One of them can be through cooperation with the provider of the data aggregation platform.
These providers are commonly referred to as financial data aggregators.
The role of financial data aggregators in financial services
Financial data aggregators can provide a kind of API (Application Programming Interface) for financial services parties, and make the presentation of financial data with a clearer and neater organization for processing.
An example of data aggregation at this stage can be seen in the presence of a mobile banking platform provided by financial service providers.
The presence of a financial data aggregator can also indirectly have an impact on increasing consumer satisfaction in financial institutions, thus making them more loyal to our products. In addition, customer satisfaction can also have an impact on the presence of new customers, as well as the ability to compete with competitors.
Broadly speaking, the roles and benefits of financial data aggregators for financial services include:
Build better relationships with clients or consumers Expanding the reach of financial services, while managing assets that was not previously managed Make work easier thanks to data automation Simplify the data and asset collection process Demonstrating the advantages or disadvantages of a new business prospect Get new customers through attractive special offers Simplify operations by eliminating manual data entry systems or written statements from consumers
To be able to cooperate with the data aggregation service, financial service providers can contact various existing financial data aggregators.
One example is Brick, which is a Fintech API provider in the Southeast Asia region, including Indonesia. Brick is here to provide easy processing of financial data for various needs. ***
