6 Ways to Get the Most out of Your Data

In today's era of digital transformation, data is similar to gold and oil - it provides remarkable value for businesses and individuals who can harness it ethically and efficiently. This is particularly true in the open finance space, where financial institutions and consumers alike can harness the power of data to make informed decisions and improve financial services. In this article, we will delve into some of the ways that Okra can help you make the most out of your data, utilizing Balance and Transactions to their fullest potential.

Leveraging Balance Information

Balance provides the real-time available and ledger balance of an individual’s account, and its applications can extend far beyond showing a simple number on a screen. With the Okra widget, you can fetch the available balance and refresh the balance at certain intervals in real-time. Use Okra’s Balance to improve the services that you offer:

• Account Aggregation: You can aggregate balances from various accounts into a single interface, enabling your customers to gain a holistic view of their financial health. This empowers individuals to manage multiple accounts efficiently, gain complete financial insights, and make strategic decisions.
• Pre-Transaction Checking: You can use Balance in combination with payment services to confirm sufficient funds before initiating a payment or transaction, preventing overdrafts and declined transactions. For instance, you can inform your customers about low balances to provide clarity on payments that could fail, or have them choose an alternate payment method to move forward seamlessly.
• Balance Trends for Predictive Tools: You can use historical balance data to develop predictive tools. These tools can forecast future balances based on spending habits, aid better financial planning, and prevent potential pitfalls.

Harnessing Transaction Data

Transactions offers a wealth of information about an account's financial activities. With the Okra widget, you can retrieve up to 24 months of historical and transactional statements across all banks in Nigeria and listen for new transactions on the user's account to make sure you have updated balance or spending information. Here are some of the ways to tap into the benefits:

• Credit Analysis: Lenders can use transaction data to assess an individual's creditworthiness more accurately. Historical transactional statements give insights into the spending habits of your users. Analyzing spending behavior, recurring payments, and the frequency of deposits can provide a comprehensive picture, enabling you to only lend to individuals who can meet your repayment timeline.
• Budgeting Tools: Transaction data is the foundation of budgeting apps. Categorizing spending, tracking trends, and providing visual representations of financial habits can aid users in managing their money more efficiently. For example, you can notify customers when they exceed a set limit for expenses.
• Account Aggregation: Just as with balance information, transaction data can also be aggregated from multiple accounts. This holistic view of transactions can be a valuable resource for businesses and individuals, simplifying record-keeping and financial analysis.

Explore our article Discover Move Value with Okra's Data Products to learn about additional ways  that Okra can amplify your business impact. Furthermore, learn about our value-added services that leverage balance and transaction data to generate machine learning-powered products - Income and Spending Patterns.

By strategically utilizing products like Balance and Transactions, individuals, businesses, and financial institutions can unlock a new level of financial awareness and efficiency. From gaining holistic views of financial health to developing predictive tools, the possibilities are truly endless. However, within the realm of financial data, security and compliance are of utmost importance. At Okra, we obtain data only with explicit user consent, adhering to data protection regulations. Our robust authentication measures and encryption protocols ensure that our services empower you to maximize your data's potential while ensuring the highest levels of satisfaction and security.

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