Irish fintech Unbanx has introduced an open banking tool that allows consumers to share their transactional data with popular brands in exchange for points-based rewards.
The app enables users to securely link their bank accounts through open banking and sell their aggregated and anonymized data to ethical buyers seeking fully opted-in consumer information. Users receive 70% of the profits generated from these sales.
Consumers earn Unbanx ‘points’ that can be redeemed with an increasing number of retail partners, including Nike, Amazon, Tesco, Sainsbury’s, and Deliveroo.
Alan McDonald, CEO and co-founder of Unbanx, stated: “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 and is just beginning to grow.”
He added, “At Unbanx, we believe individuals should benefit from the value of their personal data. Ownership and control of personal information should rest with individuals, not corporate giants. Unbanx empowers consumers with that choice.”
The app is available for free download on Google Play and the Apple App Store.