An Italian fintech company dedicated to creating innovations in expenses management has become the first in the country to offer insights and possible actions to deal with said insights simultaneously, straight from the app. Switcho has been able to accomplish this after partnering with Salt Edge, a pioneer in open banking, following an upgrade to the Italian company’s expense saving services.
The liberty of providing various utility services, like energy, gas, telephone, home and mobile internet, has encouraged intensive price competitiveness. While this is definitely an advantage to the final user, one must be aware of all suppliers’ offerings and how they relate to their specific needs. Most of the time, the research of these suppliers, gathering information on their offers and prices, comparing those prices between them, and then reporting it all to the current expenses is too big of a fuss. Usually, people tend to abandon it halfway and stick to the current plan. But that’s not all. Besides finding the right provider, switching from the current one to a more suitable provider involves bureaucracy and several weeks for the procedure to be finalised.
Switcho has found a way to solve that and ease up Italian consumers’ lives. It aims to become a broad service-offering platform that helps users manage their recurring expenses in smarter ways. For instance, with Salt Edge’s Account Information, Switcho accesses bank transactional data and information on the payees for each bill from 500+ Italian banks. Adding that information to the suppliers on the market, the company analyses them and offers tailored deals to its users. This way, it is directly helping save money and enjoy reliable services. Moreover, users get a unified view of all their expenses, since the API automatically retrieves and categorises bank accounts’ information, making all expenses transparent and easy to scroll through.
Marco Tricarico, CEO and co-founder of Switcho, said, “Our most important goal is to help users save both money and time. Switcho takes off the paperwork’s burden and helps consumers optimise their expenses stress-free. In order to help people understand which provider is best for them and if it is worth switching from the current one to another, we needed a comprehensive view of their expenses. Salt Edge Account Information has enabled our users to automatically connect their bank accounts and have the data extracted and analysed. We’ve already helped people using Switcho save over €5million and will keep on increasing their savings with the open banking possibilities.”
Andrei Scutari, Country Manager Italy at Salt Edge, said, “Everything that we do is aimed at improving the life quality of our clients’ final customers. Switcho has chosen our Account Information for enhancing the algorithms of its ‘recommendation engine’ and we are thrilled that the merchant identification and transaction categorisation, among others, are helping the Italian users efficiently save money.”