Scottish fintech iDelta launches Open Banking Insights app

Edinburgh-based fintech iDelta announced the launch of its Open Banking Insight app to traditional banks combat the rapid rise of online challengers.

Last year, the implementation of Open Banking required the UK’s 300 banks and 45 building societies to release customer bank transaction data to authorised third parties with customer approval. Customers can therefore access their bank accounts using new solutions that make it easier to see several accounts in one place.

Scottish fintech iDelta developed a new app that provides retail banks with data driven insights on all aspects of business and infrastructure performance.

The iDelta Open Banking app allows incumbents to gain visibility on whether or not they are satisfying their customers needs. Indeed, with iDelta they can analyse and understand the interactions their customers are having with other providers.

“Open Banking is intended to increase competition in the marketplace, and in a competitive environment you get innovation. While challenger banks and other financial third parties are revolutionising the marketplace, there is still huge opportunity here for the incumbent banks to drive forward innovation, using insights gleaned from existing customer data to develop customer-focused products”.

“Our app gives the market a low-cost, highly efficient and extensible way of providing a business with a central view of their customer banking channel. Banks that choose to fully use the data they are generating, with the app we have built, will position themselves at the forefront of this new channel of business.”

Stuart Robertson, director at iDelta

The app uses an abstraction layer to deal with the fact that every bank will have different technology stacks. This allows its dashboards and reports to work with each bank’s systems with minimal customisation.