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9Spokes International launches 9Spokes Open, an open data platform

“While open banking unlocks permissioned access to financial data, open data platforms are the next phase in this evolution — going beyond financial data to supporting the whole business more holistically,” says CEO.

9Spokes International launches 9Spokes Open, an open data platform

9Spokes International Ltd (ASX:9SP) has launched 9Spokes Open, which is transforming the company’s platform to an open data platform and empowering businesses and financial institutions to leverage data in new ways.

The company says 9Spokes Open will enable every SMB to play in the digital economy by building and launching new business and financial products and services leveraging its data sets.

9Spokes Open is an open API environment that allows application programs to interact and also grants permission so that consumer data can be pulled, standardised, and shared securely and with consent.

It integrates business apps and data sources in a single platform — putting businesses at the heart.

Democratisation of data

9Spokes chief executive and co-founder Adrian Grant said: “The democratisation of data is transforming the business and financial sectors.

“Within the next three years, we believe all credit origination and loan management will be assessed, approved and managed with the benefit of historical and predictive data.

“At the same time, we are seeing the ‘connected consumer’ reshape the tech landscape.

“They expect personalised experiences and for their data to be surfaced on demand and in ways that solve their specific situation and needs.

“While open banking unlocks permissioned access to financial data, open data platforms are the next phase in this evolution — going beyond financial data to supporting the whole business more holistically.”

“Streamlined loan management”

Grant said: “COVID-19 has undeniably influenced the lending sector, as small businesses seek to regain financial balance.

“9Spokes Open meets the urgent market need for fast, accurate and streamlined loan management experiences, of which banks also benefit.

“With faster loan origination and less manual input required, banks will save time, money, and people expenses, and loan managers can nurture personalised experiences for their customers.

Backed by up-to-date permissioned data, the time-to-decision is reduced, and risks are mitigated.”

9Spokes Open advantages

According to the company, some of the advantages of the new platform include:

Risk management: By maintaining a connection to the customers’ data, the new platform helps customers to manage credit or another risk. The approach is shifted from backwards-looking risk management to proactive risk management and it alerts the customer when certain, specified events occur, and intervene, and assist customers with a data-driven understanding.

Business lending:  Allow customers to connect their data, which can be used to auto-populate product application forms and obtain supporting financial information. Instant access to key information and data provides a seamless and lower touch customer experience leading to better conversion rates.

Customer intelligence: The platform enables the usage of data to enable informed and relevant conversations with its customers and helps in learning what makes the customers tick and become a trusted partner. It also builds a more robust, multi-dimensional view of its customers compiled from multiple data sources.

9Spokes data sources cover accounting, payments, payroll and banking to inventory, marketing analytics and people management. These connections provide the data essential to powering our platform — a cloud-based infrastructure that provides reliability, scalability, and security.

Quick facts: 9Spokes International Ltd

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Market Cap: $20.91 m

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