Unlocking Open Banking Data Insights in Accounting and Auditing with Xpektor
TL;DR
In an exclusive interview, Daniel Eremar reveals:
Proactive decision-making across industries: Predictive analytics, powered by real-time data, transforms accounting by enabling proactive decision-making and identifying opportunities swiftly.
Unique data integration for enhanced insights: Xpektor's unique offering integrates accounting, banking, and tax account data in real-time, leveraging Enable Banking's solution to deliver unmatched insights.
Knowledge-sharing partnership: At the core of Xpektor’s collaboration with Enable Banking is a strong focus on knowledge-sharing, allowing Xpektor to unlock the full potential of its solution and enhance the decision-making capabilities of its clients.
In our interview, Daniel Eremar, Head of Sales at Xpektor, shares his insights on how predictive analytics transforms finance. Daniel discusses how different industries can tap into real-time data and predictive insights to quickly identify problems and seize opportunities. Moreover, he shares how Enable Banking’s real-time data allows Xpektor to equip its clients with the most current information, helping them to improve accuracy and speed up decision-making. Discover how our Open Banking solution enhances Xpektor's services and enables them to create uniqueness.
To start, could you please tell us a little about yourself and the founding of Xpektor?
During the COVID-19 pandemic, many industries had to swiftly adapt to changing conditions and replace traditional practices with new approaches. As accounting consultants at the time, my co-founder, Hanna Gårdmark, and I began contemplating the future of accounting. Our discussions revealed significant challenges in accountants' way of working with advisory. In particular, relying on recorded events and historical data didn’t allow for a current or future-oriented focus. Problems and opportunities for customers were always identified too late. Accordingly, we started looking for software that could deliver real-time data and predictive insights, automating much of the manual work, but nothing on the market met these needs. So, we decided to build it ourselves.
After three years of development, we launched Xpektor, a tool that empowers our clients to make proactive, informed decisions based on future predictions rather than just past performance.
Who are Xpektor’s customers?
Today, we serve a diverse range of customer segments. For instance, credit institutions utilize our solution to gain deeper insights into debtors during credit evaluations. Banks employ it to enhance their anti-money laundering and fraud prevention measures, while municipalities use it to ensure supplier compliance in their procurement processes.
What makes Xpektor stand out?
Our solution stands out due to its ability to combine information from various sources to create unparalleled insights. We measure three critical verticals — accounting, bank accounts, and tax accounts — in real-time. Our algorithms allow us to analyze data in ways that are unmatched by others. For instance, we can identify discrepancies between incoming payments and outgoing invoices. This unique approach to integrating and analyzing this information enables us to deliver exceptional insights, helping our customers gain a clearer understanding of their clients or suppliers. Furthermore, our tool assists customers in addressing these discrepancies by generating targeted questions about the inconsistencies. With Enable Banking’s solution for real-time bank account data, we can seamlessly compare that data with accounting information without having to develop that vertical in-house. As a result, Enable Banking has been instrumental in shaping our unique product offering and extending the customer journey.
How did the partnership with Enable Banking come about?
We approached Enable Banking with an idea, and with their deep industry knowledge, they helped guide us in what we could do with this data and the potential product we could build. Knowledge-sharing is at the heart of our partnership. Enable Banking understood our needs even better than we did ourselves, helping us to develop and enhance our solution. Their real-time data ensures that our clients are always working with the most current information, minimizing delays in detecting discrepancies, improving accuracy, and accelerating decision-making. Choosing Enable Banking as our partner was an easy decision. They listen, they communicate, and they are not satisfied until we are. Their exceptional customer care has made our journey together truly amazing.
Given how predictive analytics is transforming various sectors, what is your advice to companies looking to adopt similar solutions?
Dare to transcend the outdated practice of making critical business decisions solely based on historical data. I anticipate that in a couple of years, regulatory bodies like the FSA may move away from relying on historical credit checks and instead mandate real-time or predictive data for credit institution authorization.
Xpektor exemplifies the transformative power of predictive analytics and real-time data in reshaping accounting. By partnering with Enable Banking, they deliver unparalleled insights, empowering clients to make informed, future-focused decisions. Their innovative approach not only addresses traditional challenges but also sets new standards in automation and accuracy for diverse industries.
If you're interested in discovering how our Open Banking APIs can transform your accounting or ERP solutions, we're here to help you get started.