The evolution from open banking to open finance
The real challenge for financial service companies today still lies in maintaining customer loyalty. Thankfully, the open finance movement, which directly affects the way these companies interact with their customers, is already seen as the key to how financial institutions will operate in the future.
This approach is designed to put the customer in the driver’s seat and level the playing field by providing them with more choices and making their lives easier through technology. Apart from improving customer relationships, it defines how businesses can interconnect and extend the service capability they offer, helping create a more loyal and durable customer base.
- How can businesses monetise data they already have whilst extending the ecosystem to make money for their customers?
- How does offering a more personalised experience for each customer, especially the younger demographic, help keep brand loyalty high?
- How can adopting an API first model accelerate agility and innovation? How should financial institutions build an effective API strategy for the long term?