Case study

From personal finance to open banking: gini's solutions for the future

Case study

From personal finance to open banking: gini's solutions for the future

The results
A major international bank found gini to be the most efficient data enrichment provider for its digital banking upgrade initiative.

In a pilot project with gini, the bank ran 50,000 transactions through our data enrichment engine.  Within 72 hours, gini had enriched 95.7% credit card transactions and 92.7% EPS transactions. 

“We were surprised just how fast gini’s enrichment capabilities are. What we expected to take 3 weeks took them only 3 days,” said the bank’s Head of Innovation and Strategy. “On top of that, they even enriched EPS transactions, which no other provider has achieved.”
Credit card
transactions enriched
EPS
transactions enriched
The results
gini introduced a successful Savings Goal feature in our PFM app that was adopted by 60% of users within 30 days of launching.
 
Our users engage with the Savings Goal feature an average of 7.4 times a month, which when compared to the once-a-month engagement of most banking apps, is a testament to its value. 

And the reviews were overwhelmingly positive, with comments such as, “Congrats on the release of the saving function, it’s very helpful and motivates me to save more!” and “Makes saving and budgeting a lot easier.”

Makes saving and budgeting a lot easier.
The challenge
Our research showed that users wanted a savings feature that automates their budgeting calculations, and shows how much they have left to spend after putting their savings aside every month.

However, no PFM apps in Hong Kong had a feature like this because it requires complicated algorithms and enriched transaction data. Without merchant names for example, it’s difficult to label recurring transactions accurately, and give the user a clear, comprehensive overview of their finances.

The solution
With data automatically enriched by our machine learning models, gini was able to build a fully functioning Saving Goals feature that resonated with users and increased engagement.

The new feature automatically calculates a monthly OK to Spend amount by subtracting the user’s total monthly expenses (past and upcoming) and Savings Goal from their total monthly income. It also has a traffic light system that warns users when it’s time to reign in their spending.

None of this was possible without first enriching the transaction data with accurate merchant names and categories.
The challenge
A recent digital banking survey showed low levels of satisfaction, with 87% of customers finding it hard to understand their transaction feeds.
My current spending history is confusing. I want to see the ACTUAL shop name.
To address this — and reduce queries — the bank planned to first replace standard transaction codes with clear merchant names and categories throughout its digital banking services. And then to increase loyalty with a personal finance app, built on the foundation of enriched data. 

However, developing the technology to transform such large volumes of transaction data was proving to be a Herculean task — one that would take years. So they looked for an external provider to help clean, structure and enrich the data accurately and quickly.

The solution
Impressed by the quality and speed of gini’s enrichment engine in the pilot project, the bank plans to integrate our scalable software into their own systems to allow for real-time data processing and enrichment. The best part is, gini’s technology is easily accessible as a SaaS solution on AWS Marketplace, avoiding the need for lengthy tech stack integration processes.

Soon, the bank’s entire customer base will have their transaction feeds transformed from confusing codes to recognisable merchant names, logos and categories. This is predicted to have a significantly positive impact on NPS scores.

Equipped with enriched data, the bank’s development team will then be able to build a competitive personal finance app with much richer features than otherwise possible.
Contact us to find out more about our digital banking data solutions
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Find out how data enrichment can help you build better PFM features
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Open banking in 2020: Are you ready?

Open banking is primed to become the new norm in Asia Pacific. But, as our research report shows, the majority of bankers in the region are not sufficiently prepared for what’s coming.

It’s time to get smart on what open banking is and how it’s expected to impact the market this year. 
gini's original research report on open banking in Asia Pacific for 2020
Download the research report
Download the open Banking 2020 research report by gini
We interviewed more than 300 finance and technology thought leaders across Asia on the industry’s readiness for open banking this year, with surprising results. 
Download our Open Banking 2020 research report to find out: 

The opportunities in store for all participants
The barriers to adoption
Who is expected to benefit most 
How institutions can generate revenue from open APIs
And more
Ray Wyand CEO of gini

From personal finance to open banking: gini's solutions for the future

By
Ray Wyand
on
Dec 12, 2019

Three years ago, gini launched in Hong Kong as one of the city’s early fintech companies, using technology to bring consumers a better way to manage their finances.

Today we are using insights from that experience to still provide ordinary people with better tools to manage their finances – but now we are also doing this by helping financial institutions provide more personalized experiences to their customers in smarter ways.

Financial freedom starts with data insights

Since starting gini, our aim has been to remove the stress and the fear of making financial mistakes. And we know just providing visibility to bank and credit card transactions doesn’t do that. In a recent study of Australian consumers, it was discovered that 86% of people don’t know how much money they are spending each month, because they find expenditures so difficult to calculate.

A recent study of Australian consumers shows 86 percent don't know how much they're spending



People not only need help with the aggregating and calculating their expenses, to understand their current financial situation, but also with identifying patterns in their spending which enable them to make behavioural changes. They need notifications when a bank fee was charged to their account, or help understanding how much money is okay to spend each day, while still paying bills on time and hitting savings goals. It’s data that makes possible this kind of valuable service.

Busy city scene - photo by Timon Studler
Photo credit: unsplash - Timon Studler

Over the past few years, we have learned a lot about how people save, how they spend, and what they want. We have developed our own technology in the field of artificial intelligence to find patterns in user behaviour and figure out the best way to take data and “enrich” it so it can be better understood. Our mission is to make anyone in the world great at managing their finances. Acquiring, analyzing and recalling the right user data allows this to happen.

Open Banking Trending in Asia

The new trend rising across Asia, including Hong Kong and Singapore: open banking. What it boils down to is banks, fintechs like gini, and other companies like e-commerce sellers or merchants, to allow their customers to access their own data and choose how it is used.

Traditionally, banks and other financial institutions have been jealous guardians of customer data. That’s partly because they are obliged to protect that information. But they also consider this a competitive advantage. In traditional banking, your depositors are prized assets that banks don’t want to share. The problem with this strategy? Most banked consumers across APAC use multiple financial service providers and mobile wallets. So a single bank never gets to see the full picture of their customers.

Traditionally, banks and other financial institutions have been jealous guardians of customer data
Photo credit: unsplash - bady qb

In Hong Kong, with the Monetary Authority now setting timelines for banks to gradually comply with new data-sharing rules, there are growing opportunities for all kinds of companies to use data to create better products and services.

Under the emerging open-banking environment, consumers can choose to allow fintechs like us to help them analyse their data. The ability for a consumer to access data that improves their credit profile or helps them manage their finances better is a huge benefit. That’s especially true of younger, better-educated people, who make up the majority of our user base.

Hong Kong skyscrapers- photo by Sean Pollock
Photo credit: unsplash - Sean Pollock

The paradox of consolidating a user’s finances into a single app like gini is that they need yet another financial app on their phone to do it. When we listened to our consumers we found that few felt their obstacle to financial greatness was a lack of financial products, what they craved was their existing products to be better. By working with traditional banks, lenders and card issuers, we use our technology to solve the problems of our partners customers at scale.

Because our technology is built from the ground up to be data-driven, this puts incumbents in a position where they will not only be OpenAPI ready - they will be OpenAPI winners. By using A.I. and “big data” techniques (finding patterns or correlations from a very large amount of data), our data models can help banks identify better services and products that can be provided to their existing customers - keeping them loyal in an era where high switching costs are rapidly being eroded It’s an indirect path to the same destination--using fintech to help consumers manage their finances wisely. Only this time, thanks to open banking, we can bring our expertise to traditional financial institutions as well.

What other opportunities and impediments will come along with open banking? Download our latest report Open Banking 2020 and get industry insights from 300+ finance and technology influencers. Discover how open APIs will impact your business. The future of finance is open.

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