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Unbanx app enables consumers to realise the value of their banking data

Unbanx app enables consumers to realise the value of their banking data

Irish fintech Unbanx has launched an open banking tool that enables consumers to share their transactional data with popular brands in return for points-based rewards.

The app allows consumers to securely link their bank accounts via open banking and sell the aggregated and anonymised data to ethical buyers who want 100% opt-in consumer data, returning 70% of the profits from sales back to app users.

App users are rewarded with Unbanx 'points', which they can redeem with a growing range of retail partners, including Nike, Amazon, Tesco, Sainsbury's and Deliveroo.

Alan McDonald, CEO and co-founder of Unbanx says: "Until now, banks have been quietly selling the banking data of their customers to the data analytics industry, making multi-million dollar profits. Our research suggests this 'Purchase Intelligence' industry is worth billions of dollars and is only getting started.

"At Unbanx, we believe that a person should be able to benefit from the value of the data created by or about them. Individuals - rather than the corporate giants, should have ownership and control of their personal data. Unbanx allows consumers to have a choice in the matter."

The app is now available to download for free on Google Play and the Apple App Store.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 01 February, 2023, 10:24Be the first to give this comment the thumbs up 0 likes

I proposed Open Banking Coin as monetary compensation for bank customers to share their transaction data with third parties in my 2018 post entitled Open Banking Needs A Blockchain Boost.

Nice to see Urbanx Point come close to my vision of OBCoin!