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Enabling Financial Success During Crisis with Open Finance

July 6, 2022 | 0 min read

The words “cost of living” are popular now and not always for the most fantastic reasons. When we talk about the cost of living, we’re referring to the amount of money someone needs to sustain a certain lifestyle in a given place. For the United States, the cost of living has increased an overall 8.6% over the last year. Here’s just a glimpse of what that looks like:

 

Item

May 2021 Average Price

May 2022 Average Price

Unleaded Regular Gasoline 

$2.97 per gallon

$4.60 per gallon

Milk

$3.50 per gallon

$4.20 per gallon

A Dozen Grade A Eggs

$1.63

$2.86

(source)

But, here’s the real kicker — signs show that inflation will only increase in the coming months. This new expensive reality is changing how individuals manage their finances from budget plans to micro-managing each transaction. The challenge is that managing your finances is more complicated and difficult when most consumers have at least 6 to 8 different financial accounts to track. 

Open Finance can help financial service providers better support consumers in their efforts to wade through the rising cost of living. One example is the ability to use data aggregation to put together a more complete picture of a person’s finances in one place. This helps consumers better track every dollar during a time when that matters. And, it gives financial providers better visibility into their consumers so that they can provide more personalized recommendations and products to meet their needs. 

Now more than ever, financial institutions need to meet consumers where they are with customized financial solutions. Open Finance means institutions and businesses can create a supporting structure for consumers feeling the financial strain that often accompanies rising inflation by opening up access to act on financial data.

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