Four Surprising Ways Open Banking is Changing Business and Finance
TL;DR
Four proven real-world use cases already delivering value:
Loyalty: Scandinavian Airlines uses open banking to match customers with the best credit card for their real spending habits.
KYC & AML: Companies like iDenfy, Roaring, Signicat, and Sumsub use live bank data to verify identities, account ownership, and balances instantly, turning compliance into a strategic asset.
SME lending: CapitalBox, Froda, and Qred leverage real-time cash flow data to make faster, more accurate, and tailored credit decisions.
ERP & accounting: Bokio and Nomentia integrate open banking data to give businesses live cash flow insights, automate reconciliation, and improve liquidity management.
The next step: Beyond established applications, surprising use cases are emerging in recruitment, contractor trustworthiness, treasury forecasting without Netbank, personalised insurance, and instant KYC over the phone.
What if the next big shift in finance, and even in everyday life, comes from something you barely notice? A technology working quietly in the background, yet reshaping how industries operate?
That’s open banking.
It’s fast becoming the invisible engine behind smarter, safer, and more personalised experiences for both businesses and consumers.
For years, open banking was linked mainly to budgeting apps, faster credit checks, and easier account verification. But that’s just the starting line. The real magic begins when transaction data is unlocked and combined with new ideas, fueling innovation in ways most people never expected.
Familiar, Yet Underrated: Real-World Open Banking Applications
While much of the open banking discussion today focuses on future-facing innovations, some of the most effective and scalable use cases are already live and delivering real business value. These aren’t just proofs of concept. They’re operational tools used every day by companies across the Nordics and beyond.
Here’s a closer look at four real-world examples where open banking is quietly making a big difference.
Open banking for Hyper-Personalised Loyalty
Take the example of Scandinavian Airlines. Instead of recommending credit cards through vague assumptions or call centre scripts, they built a tool using open banking to match travellers with the card that would earn them the most points based on their actual spending habits. Instead of asking customer service which card might offer the best rewards, customers can now connect their bank account and instantly see which SAS card will earn them the most points, based on their actual spending.
It’s a simple idea with a powerful payoff: loyalty programs that genuinely reward loyalty, and customers who feel like they’re finally getting something relevant in return.
Open banking for KYC & Account Verification
Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are often treated as box-ticking exercises. But for companies like iDenfy, Sumsub, Signicat, and Roaring, open banking is turning them into strategic assets.
By accessing PSD2 data, these partners can instantly verify identities, confirm account ownership, and assess account balances without relying on uploaded documents or drawn-out manual processes. Key details like account holder name and recent transactions come directly from the source, improving accuracy and dramatically reducing onboarding time.
One of the biggest advantages is the ability to cross-check user-provided information with live financial data. That means verifying not just who someone is, but how they behave financially, bringing new clarity to compliance, fraud prevention, and risk assessments.
And this isn’t just a win for onboarding. Open banking data enables companies to build continuous due diligence, more dynamic monitoring, and smarter decision-making throughout the customer lifecycle. What was once a static snapshot is now a living, real-time view of trustworthiness.
Open banking in SME Lending
Companies like CapitalBox, Froda, and Qred are breaking free from old-school credit checks based on monthly bank statements, quarterly reports, or even spreadsheets. Using open banking data, they can make faster, more accurate credit decisions grounded in an up-to-date view of a business’s financial health.
Instead of relying on static models, lenders can now assess businesses based on what’s actually happening in their accounts: daily revenues, cash flow patterns, and spending behaviour. It’s a more dynamic, responsive approach to risk assessment that enables speed without sacrificing diligence.
By spotting red flags earlier, tailoring offers more precisely, and automating what used to be manual back-and-forth, SME lenders are finally bringing credit decisioning up to speed with the pace of modern business.
Open banking in ERP and accounting systems
Cash flow is the lifeblood of any business, but many companies still rely on manual reconciliation and end-of-month reporting to understand their position. Bokio and Nomentia are helping to change that.
By integrating open banking data directly into accounting platforms, companies can now see their cash position instantly, even down to yesterday’s lunch or a last-minute invoice payment. Receipts can be requested automatically, reconciliation becomes a breeze, and business owners get immediate clarity on whether they can afford to spend, invest, or need to hold back.
This real-time visibility transforms liquidity from a backwards-looking report into a forward-looking decision tool. Whether it’s automating daily reconciliation or enabling instant payment initiation, open banking makes ERPs more powerful, reduces admin, improves forecasting, and speeds up decision-making, so finance teams can focus on strategy, not spreadsheets.
Beyond the Obvious: Five Open Banking Use Cases That Will Surprise You
We dive into these in the webinar, so here is just a very brief overview of the new use cases Sarah Häger will discuss. You can sign up for the webinar here.
Recruitment Reinvented: In Sweden, companies are already using open banking to detect hidden risks in job applicants.
Trustworthy Businesses at a Glance: Next time you hire a contractor, wouldn’t you like to know if their business is legitimate?
Liquidity Forecasting and Treasury Management Without a Netbank: Traditionally, businesses rely on their bank’s online portal (NetBank) to manage finances, check balances, and forecast liquidity.
Hyper-Personalized Insurance: How is Open banking helping insurance companies identify gaps in insurance?
Instant KYC over the phone: Open banking is powering the know your customer process, to ensure you know with whom you discuss and what their liquidity looks like for your underwriting process.
Ready to See What’s Next?
If you’re intrigued by how open banking is quietly revolutionising everything from hiring to insurance, sign up for our webinar: Beyond the Obvious: Five Surprising Open Banking Use Cases. We’ll go deep into these real-world unexpected use cases examples, share lessons learned from the front lines, and explore what’s coming next.
Whether you’re a fintech innovator, a business leader, or simply curious about the future of finance, this session will challenge your assumptions and open your eyes to new possibilities.
Don’t settle for the obvious. Discover the unexpected.
Sign up for the webinar today and be part of the conversation that’s shaping the future of open banking.