Fintechs Adatree and Personetics have joined forces to provide customers with comprehensive financial data and key information to brokers.
Adatree offers a secure proprietary platform to enable brokers and a wide array of financial services businesses to access consumer banking data to improve their products and services through Australia’s Consumer Data Right (CDR) regulations.
Personetics provides data-driven personalisation, customer engagement and analysis solutions for financial institutions through AI, and services more than 80 bank clients across 30 markets.
“We know that data is extremely valuable in businesses for better understanding and serving customers with a tailored solution,” Adatree CEO and co-founder Jill Berry (pictured) said. “However, it is no longer enough to simply provide them with access to raw data as companies now expect data to be categorised and packaged up with insights and advice.”
Read more: Parpera, Railspay launch Australia’s first embedded finance business debit card
Berry said Adatree provided a turnkey service, giving brokers and bankers access to verified financial data, received in a standardised format from every Australian bank and credit union.
“Adatree offers an API to brokers, so they have real-time, machine-readable access. Within a second, the broker receives up to seven years’ worth of data through our platform. It is quite simple,” she said.
As trusted advisers, brokers can access consented consumer financial data without any new accreditations.
“Brokers don’t just get the raw financial data but get it categorised, so Adatree’s enrichment services automatically breaks down the spending and puts it into categories for the broker,” Berry explained. “This way, they can get a full financial picture of their customer with minimal effort.”
The partnership will now allow Adatree customers to provide a combination of categorised data and insights to help businesses understand their customers.
“Our customers can pick and choose the capabilities they need, and it is all accessible through one API. This decreases the time, cost and effort of bringing their customer propositions to life,” Berry said.
Adatree has access to 98% of the target addressable market with 106 data sources, ensuring a holistic financial situation for customers.
Personetics Australian country manager Mandeep Sandhu welcomed the collaboration.
“The team at Adatree has built a world-class open banking solution, and we’re really pleased to be collaborating with them,” Sandhu said. “Now is truly an exciting time for financial services in Australia with the recent expansion of the Consumer Data Right to extend across the breadth of financial services. Data-driven personalisation is a strategic priority for all financial institutions, incumbent, and challenger.”
The data is available now, with the categorisation feature launching in approximately three weeks’ time.