Problem statement

Dependency

Customers must use our Account Information Service as the basis for all our data-driven products to access all API features, which limits their choice of data providers for the connectivity space.

Example:

If a customer is searching for an Account Information Provider that has wide connectivity coverage, e.g. Yapily, but also provides strong data enrichment services such as Qwist, the customer has to decide which provider to use: Yapily has no data enrichment, while Qwist may have less connectivity coverage. So the customer has to make a lose-lose decision.

Lack of Flexibility

The mandatory use of our Account Information Service restricts customers from using their existing systems, hindering customization and broader adoption.

Example:

Some potential customers might not even need an Account Information Service because they already have access to account and transaction data, e.g. a bank with a core banking system. If such a customer does not want to build extensive enrichment capabilities, they might be left with at most a handful of providers that can offer enrichment as a standalone service.

Integration Complexity

The existing system's requirement to use our Account Information Services adds layers of complexity for customers managing multiple service relationships, complicating integration efforts.

Example:

If a customer is already working with an Account Information Provider e.g. Tink, but want to use Qwists more and more growing data enrichment capabilities, the customer is facing expensive integration efforts to switch provider integrations, especially the customer facing account connection flows. So customers might not use Qwist due to the high cost of switching providers (“lock-in effect”).

Value Proposition

Enhanced Flexibility

Introducing an upload feature allows customers to use any TPP as a data source for financial transaction data without missing out on Qwist's comprehensive data enrichment or risk-analysis capabilities.

Standalone Functionality

The upload feature can be used independently from our existing product suite, broadening its appeal and usability.

Customer Autonomy

Customers gain control over data integration, promoting innovation and tailored financial solutions.

Market Expansion

Decoupling our Account Information Service from our data capabilities opens up our services to a wider audience, including users of other existing products.