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How Can Businesses Utilise Open Banking to Turn Financial Data into Growth Opportunities: the interview with Anastasija Tenca, Chief Operations Officer at Noda

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In a world where financial data abounds, leveraging this information can propel a business to new heights. Anastasija Tenca, Chief Operations Officer at Noda, sheds light on the transformative power of open banking in harnessing this data for business growth. As the financial landscape evolves, Noda's innovative solutions are leading the charge in turning data into actionable strategies. 

  • What solutions does Noda offer to turn financial data into growth? Explain in simple terms the mechanisms behind these products.  
Anastasija Tenca, Chief Operations Officer at Noda

The first solution is Know Your Whales (KYW), which provides aggregated data about customers so that merchants can target highly relevant users. Historical transaction data from the banks plays a key role in customer segmentation.  
 
The second solution we offer is Fraud Prevention using Financial Data based on customers' spending patterns. We can easily detect fraudulent behaviours and take preventive measures before any harmful acts occur. To catch anomalies our solution integrates financial data, plus a mix of bank and identity details, along with various other data points. 

  • Are these data products easy to integrate? What is needed from merchants to start using them?  

Most of Noda's solutions seamlessly integrate when merchants choose our Open Banking payments. This means that when you use Noda’s payment platform for pay-ins and pay-outs, this incorporates the majority of other Noda's solutions, including data products, with no additional integration required. For merchants opting to use data solutions without payments, integration is readily available too.  

  • How do Noda's products analyse the data?   

Noda's products leverage AI and machine learning algorithms for high-speed and reliable data analysis. We are supported by a proficient team of data analysts and scientists to ensure our algorithms are robust, and we continually enhance their performance.  

  • How can merchants use data to their benefit? List practical ways of using Noda's data products and insights to improve business performance.    

KYW is a game-changer for businesses aiming to reduce expenditure on new customer acquisition. By focusing on re-marketing to high lifetime value users, businesses can effectively spend less while earning more.  
 
The benefits of Fraud Prevention Tools are self-explanatory. Fraud has negative consequences for merchants and consumers. Negative customer experiences can also affect a business's reputation and finances. Public feedback from dissatisfied customers can lead to further reputational damage and financial losses. Our fraud prevention tools mitigate these risks.  

  • How can Noda's data solutions help businesses of different sizes? For example, is it more appealing for small, medium or large businesses?    

Our data solutions work perfectly for businesses of any size. KYW can help small and medium businesses save money while focusing on high-value customers. Large companies can use KYW to create personalised journeys for their most profitable customers and improve their experiences. Meanwhile, fraud prevention tools are beneficial for companies of all sizes, as the risk of fraud is universal. It may be valuable for new companies, especially as they haven’t established reputation and consumer trust yet.  

  • What are the key use cases of businesses in different industries and sectors using Noda's data products? List three unique and specific ways for different types of businesses 

KYW has a wide range of applications across different industries. For example, e-commerce and travel businesses can use it for acquiring and re-marketing to clients based on reliable data. Lending and loan companies benefit from KYW by enhancing customer credit scoring, verifying income, and understanding spending patterns.  

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Fraud prevention tools are universally applied across various industries to safeguard against payment fraud. For example, in e-commerce, it’s about monitoring transaction data real-time to identify fraudulent purchase attempts. This can reduce chargebacks and identity theft. In travel and hospitality, these tools can help identify payment fraud and fake reservations.  

From this insightful discussion with Anastasija Tenca, it’s clear that Noda is not just processing transactions but crafting pathways to growth for businesses of all sizes. By using data-driven solutions like Know Your Whales (KYW) and cutting-edge fraud prevention tools, Noda is empowering businesses to enhance their financial operations, optimize customer value, and fortify against risks. As we embrace the potential of open banking, Noda’s tailored solutions stand as pivotal tools for businesses looking to turn data into a competitive advantage. 

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