22seven API gives you access to our back-end technology which you can use to create your own money management platforms which include a customer's entire financial portfolio across various financial institutions. See specialised information like account balances, transactions, interest rates for loan accounts and even breakdowns of investment funds.
You'll know where your customers spend, save and invest, plus where they borrow and on what terms, so that you can build better products and grow your business.
Accounts can be linked from 120+ different financial service providers which means your customers can view a consolidated picture of their financial affairs on your platform. This will increase engagement. Customers are more likely to use your service instead of laboriously logging into other platforms individually.
Having access to an overall view of their financial situation will allow your customers to make better financial decisions, such as paying down debt faster, or increasing savings. With more money to spend, they can invest in more products you have to offer.
The added advantage is that you don’t have to spend time building a complicated data collection system of your own, and it reduces the technical support you have to provide for your platform. You will get immediate access to valuable data that is usually cumbersome and expensive to collect.
In order to understand a customer’s spending behaviour, 22seven relies on transactional data from bank and credit card accounts. But raw transactional data is often hard to understand and requires complex interpretation before insights can be gained.
Intelligent categorisation engine
22seven’s intelligent categorisation engine and machine learning techniques translate raw transactional data into meaningful information. We can identify the following, with each transaction:
Higher bank balances
Knowing where your customers spend, when they spend and how they spend, you can evolve your messaging and your product offering to improve overall customer experience.
You can also extend these insights to the customer, which will allow them to take control of their finances by better understanding their spending behaviour. Financially resilient customers equate to resilient revenue lines.
There is a greater likelihood of higher average bank balances, on-time debt repayments, and better take-up of savings and investment products.
In addition to data collection, there’s also the option to make use of 22seven’s data sharing offering. This is how it works: You gain access to an existing 22seven customer’s data – with the customer’s consent – and thereby access information that the customer has shared with 22seven, including the current standing of their assets and liabilities across various service providers, as well as their spending behaviour.
This information is transferred to your online platform using API technology – you can decide how you want to present it to your users. If one of your customers is not a 22seven user, you could guide them to sign up for 22seven so that they can link their data and share the information with you.
Safe and secure
Rest assured that all data collection and sharing is done using best-in-class security and privacy measures. 22seven complies with all POPI requirements and conducts annual information security audits using independent consultants.
In order to link a service provider, a customer will provide their login credentials. These credentials are not stored by 22seven or on your system. Instead, they are passed on automatically to our data partner using military grade encryption. The login information is never seen by human eyes.