Regulation has opened up the market and given everyone the same tools, enabling them to build better banking experiences for customers. The banks will need to come out fighting if they want to remain relevant, attract new customers and increase revenue. And this is why.
We have already started to see the power shift from the bank to the consumer. Progressive technology has fuelled open banking, but so has customers’ changing expectations. People who are used to a personalised experience from the likes of Netflix and Spotify no longer value a one-size-fits-all approach. And any bank continuing to offer this kind of service won’t keep its customers for long.
2019 will be the year of open banking because we’ll see greater proof of what it can deliver. New financial management services will come to market and greater consumer awareness of open banking will follow.
The winners will be the banks that place a relentless focus on the customer, create new revenue streams by monetising data, and diversify their offerings into new markets. That’s easier said than done, when banks have had to carefully balance a significant investment in IT to update legacy systems and meet regulatory requirements – with the investment needed to create innovative new services for customers.
To give you the full picture of what’s going on right now in open banking, we are diving into the numbers behind the latest trends – and we’ve gone deep into the challenges and opportunities ahead to help you navigate them.
We are in the year of opportunity – and we’re explaining why you should care. Click here to get your copy of the report.
In our latest webinar, we’re joined by David Lais, Co-Founder & Managing Director of ecolytiq to discuss how we have partnered to create a seamless way for banks to seize the opportunity and offer combined financial and sustainability coaching – and what we can expect for the future.
Open banking tools like Tink Money Manager and Tink Data Enrichment help its partners, like Savings Banks Group, offer streamlined user experiences that coach consumers towards financial wellness.
Following the European Commission's PSD3, PSR, and FIDA proposals, here we examine some key considerations surrounding the potential transition of account information services (AIS) from PSD3 to FIDA.