Since September 14, 2019, all banks or so-called Account Servicing Payment Service Providers (ASPSPs) must provide an Open Banking Interface (API). This allows third-party service providers, such as insurers, to access bank customers' payment accounts in order to perform account information/payment initiation services.As a result, customers are no longer solely dependent on the direct service offering of their house bank. They can avail apps and services from non-banks.
The use of PSD2 gives insurers the opportunity to get to know customers and their income and spending behavior within the specified framework. This is the basis for a digital budget book, which provides an opportunity for relevant personalized suggestions. We will show you with selectedbn examples how exactly it can work in the insurance industry:
1. Analysis and categorization of sales and insurance contracts allow to identify gaps in demand and to target customers.
2. Individual booking notes can be used as concrete occasions: e.g. "ski service" for an in-app widget for travel health or accident insurance
For insurers, such a service can significantly strengthen customer loyalty and generate a wealth of information about the revenue and spending behavior of their customers. This additional information opens up additional contact points for insurers with their customers, a needs-oriented approach with maximum customer relevance, and the offer of new services and added value.
In addition to the banks concerned, the insurance industry is one of the beneficiaries of the second Payment Service Directive. The objectives and thus the content of PSD2 are consumer protection/self-determination, promoting innovation in digital payments, and increasing competition by opening up to new market participants (start-ups, especially Fin-/InsurTechs).
Current usage figures as well as the market trend show that personal finance management or the "digital household book" offers great potential for insurance companies. An average household has more than 3 accounts with different banks, the use of mobile banking has meanwhile overtaken online banking and that > 80% of the under 30s are willing to link bank accounts.
In just six weeks, we accompany you from the initial concept and requirements all the way to a finished prototype/proof of concept. During a strategy workshop, our experts analyse the current situation at your company and prepare an initial concept together with you. And because we use the agile development approach, it is constantly adapted based your feedback.
adesso provides the full range of services across the entire value chain of a digital account book project. This includes everything from strategic planning, preliminary studies and/or the launch of the project to implementation of a fully operational solution. Throughout the process, we work with you to determine what the solution should include and create one that fits your specific needs.