- Banking data
- Investment data : life insurance, savings account
- Identity and authentication data : KYC
The two key points to successfully collect all the data is to make sure the data is of good quality and to maximize the quantity of data collected.
In terms of quality, the difficult issue is the stability of the connectors. The majority of banking sites tend to change their interface regularly, even at the margin, which entails the update of the connectors to have to adapt to these changes. With a growing number of banking connectors, it is necessary to have a team capable of detecting changes and to make adaptations to avoid service interruptions or missing data on the aggregator. Solutions such as Budget Insight enable the harvest of available data following the regulations of Open Banking such as DSP2 but also data that is not automatically made available by the banks such as the data from savings plans (PEE, PERCO). Quality commes with data freshness. The harvesting brick must therefore be at least performed daily. When displaying the data, it is necessary to verify the last harvest date. If it is over 24h ago, the service provider harvesting this data must be alerted or a new harvest must be carried out if done internally.
In terms of data quantity, the aggregator must be able to have access to a large number of institutions and to give a maximum of data concerning the customer for each institution. This requires an aggregator who, whether functioning via APIs or via scraping, must dispose of many connectors capable of exploiting 100% of the data on APIs or bank websites : the bank balances, bank yield, distribution and detailed assets.
Financial institutions store and display their data in a heterogeneous manner. To create an aggregator capable of evolving easily, it is necessary to harmonize this data in a unique mapping. This processing brick can be implemented internally with a development pattern called the facade. It is however more pragmatic to call for a solution editor who will supply the harvesting brick and the harmonization of the data from financial institutions.
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