Due to the European Payment Services Directive PSD2, Open Banking in Austria is an opportunity for many banks and fintechs to develop customer-centric, digital products in the banking sector. The Corona pandemic is not the only reason why users are increasingly demanding these innovative banking products. The basic prerequisite for digital banking products such as fully automated online loans are high-performance and stable interfaces to online banking accounts.
With its Open Banking platform, FTS helps banks and fintechs make real-time decisions through access to account information, while its analytics platform enables better customer understanding through processed and structured financial data. It does this by categorising transaction data by income and expenses in real time using machine learning algorithms. The accuracy of the analytics engine is 98.5% for the most relevant categories, making it currently the most powerful of its kind on the market.
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