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adesso and FinTecSystems cooperate on analysis of payment transaction streams

Understanding insurance customers better and crafting precision-tailored offerings is the goal of a new strategic cooperative initiative launched by IT service provider adesso and FinTecSystems GmbH, a leading infrastructure fintech firm focusing on open finance. The partnership is to concentrate on analysing and interpreting payment transaction streams. This “open finance” approach is based on the new EU Payment Services Directive (PSD2).

PSD2 gives regulated third-party providers access to bank data (open finance) and opens up new opportunities for the financial services sector. The focus is on BaFin-compliant account information and payment initiation services that lay the foundations for customer-centric added value via interfaces with banks.

FinTecSystems (FTS), a provider with BaFin authorisation, is one of the leading technology providers in the area of account information, payment initiation and open finance. FTS currently offers access to over 99 % of banks in Germany and Austria. Its “analysis engine” allows the B2B fintech firm to categorise bank customers’ payment streams and break them down according to customer interests. The software, which is based on machine learning, is 98.5 % accurate across the most important categories, making it the strongest-performing analysis engine on the market at present.

adesso, which has expertise in customer experience and is committed to demand-driven optimisation of the customer journey via digital channels, views this business segment as exciting new ground. The aim of the new partnership with FTS is to help adesso offer its corporate customers even more precision-tailored IT solutions for their end customer business.

The new collaboration will offer attractive added value to the insurance industry in particular in its first stage. This focuses particularly on targeted use of data-based know-how to optimise the development of mobile apps, platforms and campaigns. Insurers can use this as a basis for offering their customers personalised digital services with attractive added value, thereby increasing their customer touchpoints on the whole.

Stefan Riedel is responsible for the insurance business within adesso’s Executive Board and has been working with this sector for many years. His view of the opportunities unlocked by the new cooperative relationship: “If you know more about your customers, you can reach them better and offer them things that meet them where they are, with their current needs and situation, in a transparent way. Studies have shown that consumers will allow their account to be viewed if they get persuasive added value as a result. Our partnership with a market-leading data analysis firm like FTS will give insurers a valid data basis so they can understand their customers even better in situational terms and offer them services and products to meet their needs at the right time. After all, insurers want to function as partners to their insured parties through the various stages of their lives; this kind of partnership opens up new opportunities in line with that role.”

Stefan Riedel

Stefan Riedel is a member of the Executive Board of adesso SE and heads the Insurance division.

Key life events: more interaction through demand-driven customer communications

One innovative industry application in this area is the “Digital Budget Planner,” which helps individual customers keep track of their lifestyle according to their account movements. Dirk Rudolf, founder and managing director of FTS, explains the service: “Our data analysis of bank transactions can be used as a basis for identifying unmet needs and key life events, including major personal events like a marriage, the birth of a child, or a change of jobs or locations that trigger changes in people’s needs. Situations like travel bookings or larger investments can also be identified to offer suitable insurance products – exclusively at the customer’s request, of course. In this regard, bank transactions mirror real-life events and offer many different points of contact for more customer interaction.”

adesso and FTS, both digital enablers, are looking forward to supporting the insurance industry as it moves into a digital age that places people and their needs at the heart of technological developments.

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