Kassel, Munich. Technology company itsmydata and FinTech fino are now working together in the field of data analytics and enrichment. The cooperation is based on the shared conviction that both consumers and companies can derive real added value from data if users utilise their data sovereignty to use personal data for specific projects in a targeted manner and share it with relevant market participants in a controlled manner. In the first step, itsmydata and fino are focusing on digital credit checks in the housing market and optimised advice in the insurance business.
Large internet companies in particular realised early on that data is the new gold and derived business models from it that are profitable for them but did not benefit the actual owner of the data. The realisation that “if it costs nothing, you are the product” quickly spread among end customers and understandably led to mistrust and restrictive handling of their own data.
As digital innovation drivers, itsmydata and fino now want to support users in reclaiming their data sovereignty so that they can decide for themselves how they want to benefit from their own data.
“Together with our partner fino, we are convinced that the digital transformation will only be beneficial for everyone if we pave the way for constructive and transparent cooperation between users and companies,” says Alexander Sieverts, CEO and founder of itsmydata, and explains: “We are the first data portal to bring users, companies and institutions together. With us, the user decides which data should be shared with which company and for what purpose. In turn, this gives companies direct access to qualitative and personally approved 360° data, which they can use as a basis for making customised offers or developing new services.”
Aleksandar Jeremic, Managing Director of fino digital, adds: “Our two companies are united by the vision that data-driven business models are the future. However, this can only work if companies and customers meet as equals and the underlying data quality fulfils the requirements for relevant decision-making. And this is where fino.analytics comes into play: with our market-leading expertise in data analytics, our AI-based algorithms transform users’ account transaction data into valuable knowledge and process the data in such a way that both sides benefit to the maximum. An illustrative use case for such a win-win situation is the tight housing market in urban centres. The creditworthiness portfolio from itsmydata, supported by our data analysis, creates competitive advantages for both sides and also saves tenants and landlords time.”
Tenants and landlords benefit equally from the itsmydata creditworthiness portfolio
With the digital itsmydata creditworthiness portfolio, prospective tenants can quickly and easily prove their financial stability and reliability. The solution not only summarises the data from Creditreform Boniversum, Experian and Regis24 within seconds, but can also prove that the prospective tenant has always paid their rent on time, who is their employer and what their earnings are. This is made possible by fino’s data analytics solutions, which determine this information from the account transaction data and make it available in a clear format. By submitting the itsmydata creditworthiness portfolio, landlords achieve a higher level of certainty in the assessment of solvency than with a standard credit report from a single source. And the prospective tenant gains a competitive advantage over other flat seekers. In addition, thanks to the digital analysis, tenants do not have to laboriously collect documents and landlords do not have to sift through countless paper documents, but receive the complete list digitally in the desired format or in a file. “Numerous property management companies already recommend our creditworthiness portfolio and pass on the link to our website to prospective tenants,” says Alexander Sieverts.
itsmydata platform as a touchpoint for policyholders and providers
Furthermore, itsmydata offers an eco-system on which companies can exchange their data with interested parties, for example when taking out insurance. If the customer is looking for an insurance product, he decides on the platform in favour of an insurance provider of his choice and only shares the data that is required to prepare an offer with the insurer. To do this, a digital financial check from fino uses AI-based algorithms to analyse the account transaction data authorised by the customer in real time and presents the result to the insurer in a clear format. Based on this information, insurance companies can score points with customised products and the customer receives a personalised offer that suits their financial and life situation. In order to gain an additional competitive advantage, insurers can also create further incentives for customers, such as by offering a shopping voucher.
“I am convinced that with these first use cases, we are offering innovative solutions on the market that will bring real benefits to both industries and their customers. And I am really looking forward to everything that is yet to come. Working with itsmydata is simply fun because we not only share a common vision, but also our values in dealing with data,” concludes Aleksandar Jeremic.
About itsmydata:
itsmydata GmbH is a technology company based in Munich and strives for a fair data economy that is profitable for companies and users alike. itsmydata is managed by the experienced entrepreneurs Dr Michael Giese and Alexander Sieverts. The itsmydata ecosystem enables companies to develop innovative products, digital services and forward-looking business models. itsmydata GmbH has already established an ecosystem with several 10,000 participants and wants to ensure that users can aggregate, manage and monetise their own data from all companies in a centralised manner.
More information at https://itsmydata.de/startseite-en/
Press contact:
itsmydata GmbH
Alexander Sieverts
Birkenleiten 43
81543 München
Email: alexander.sieverts@itsmydata.de
About fino:
fino’s roots lie in the FinTech sector’s first digital and fully automated account switching. Since its foundation in 2015, fino has grown steadily and is now a market-leading driver of innovation in the technologies of account and data analysis, regulation, taxes and document management. We develop customised software solutions for our customers and partners that create prospects for new business models in the B2B and B2B2C sectors.
fino is convinced that the future belongs to data-driven business models. As an expert in the field of account and data analysis, fino’s declared mission is to give value to data and transform it into high-quality insights through intelligent and forward-looking data analytics solutions.
More than five million account analyses carried out and the cooperation with over 1,000 banks and more than 10,000 other partners impressively demonstrate the trust of numerous companies and institutions in fino. Reference customers and partners include savings banks, VR banks, DATEV and Schufa. Further information is available at: www.fino.group/en/
Press contact:
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Nicole Gauger
Kolberger Straße 36
23617 Stockelsdorf
Tel.: +49 451 88199-12
E-Mail: nicole@goodnews.de
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