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finAPI GmbH
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AUTOMATED CONTRACT RECOGNITION
Increase sales opportunities by identifying customer contracts
Our automated contract detection API enables you – or your customers – to analyze account data and discover payments in transactions that are based on a contract, such as an insurance contract or credit agreement. Transactions are grouped into contracts using a sophisticated algorithm. In addition to contract numbers and payment intervals, information on the corresponding companies is also aggregated. This system also flags up which contracts are already known and which have been newly recognized.
Contract recognition for insurance companies
Thanks to the automated recognition of contracts, open banking opens up new potential sales opportunities for insurance companies. By identifying existing contracts, you can recognise which additional products or alternatives would be suitable for your customers. Your customers will thank you.
Contract detection of credit agreements
For banks and credit institutions, the recognition of existing credit contracts is interesting for offers of new financing, but also for follow-up financing or debt restructuring. Bank customers in return benefit from automated contract recognition for credit optimization and improvement of their finances. In addition, the intelligent recognition of existing credit contracts can be used for fully automated financing applications and credit decisions. This digital service with personalized advice creates trust and increases customer satisfaction.
Utility contracts, e.g. electricity or gas
Price comparing websites or utility providers can use contract recognition to offer customers price comparisons or improved tariffs. Automated contract recognition can be used, for example, as part of an online switching tool to attract new customers and retain existing ones.
Recognition of additional contracts or subscriptions
The Data Intelligence Module for contract recognition is already enormously comprehensive and recognizes a large number of different contracts. No matter which sort of contract you are interested in, we can help. Our finAPI algorithm learns by processing new data and can be extended and adapted to individual requirements.