We are often behind the scenes so you may not know us by name. That's why we've written this article, to answer the initial questions business partners and their customers might have about us!
1) Who we are:
Any time an organisation needs to understand a customer’s financial position, Basiq is the go-to solution that provides secure access to a wide range of financial institutions and insight into customer data.
Our platform allows businesses to make faster, better decisions when it comes to their customers' financial well being. Whether you use an app to manage your finances or apply for a loan, Basiq can play a part.
We’re currently being used by a number of Australia’s big banks as well as 180+ fintechs and have been backed by Salesforce Ventures, NAB Ventures and Westpac’s Reinventure.
2) What we do:
Basiq started with providing secure and easy access to financial data, This is essential in the creation of more innovative financial products and services, whether it be apps to help manage money or more tailored financial advice.
Beyond this, we are passionate about helping our partners turn data into actionable insights so they can provide you with the right advice when it comes to your money.
By ensuring businesses can make fast, accurate decisions, we also help improve customer experience. Take the work we’ve done with Regional Australia Bank, for example. We’ve saved them over 2000+ hours they’d otherwise spend filling forms and guessing your expenses. These savings will be directly translated into a quicker and easier loan application process for you!
3) How Basiq can help you share your data quickly and securely:
In order to make a connection, Basiq needs end customers to log in to their bank accounts. This means that data can only be obtained with customer consent. Our partners can seamlessly incorporate our technology within their websites or apps to make this process both secure and easy.
4) Is connecting my bank secure?
At Basiq, we take security seriously. We have a two-step verification process that requires customers to confirm their identity twice using their phone number and email. Once we've obtained your consent, the data that we access is read-only, meaning that we can’t change the data in any way.
Importantly, all personal information is encrypted in our database so that data like transactions/accounts remains anonymised and can not be attributed to you.
Our data retention policy also ensures users remain in control of their data and have the option to delete their data at any given time. Once deleted, Basiq immediately removes all information from running production systems and will also delete backups within 14 days. This means that any data we have doesn't have to be stored for more than the required time for the data acquisition process to complete.
5) What do we look like?
Our technology can be incorporated into websites or apps. To help you better understand what we do, we've provided some information below on what your interactions with us could look like.
In terms of security, Basiq requires customers like you to confirm your identity through a two-step process using both phone number and email. Basiq does this by generating a unique link which will be sent to the given email address. Through this unique link, you will be asked to verify their identity via a four digit code sent to their mobile number. Once you have entered the code you can give consent and allow Basiq to create a secure connection to your relevant financial institutions as below:
Once Basiq has obtained customer consent and credentials we can then verify the account and access the transaction information needed to help our partners better understand their customers.
Basiq - The Open Banking Platform