Open Banking and the end of losing time and patience
In our first Thought Leadership piece, Deputy CEO and Chief Client Officer Bianca Bates explores why you need to have a data strategy in place to compete in the age of data consent.
What are the things that stop your customers from getting a better deal on their mortgage? Or switching to a more useful account? For most, it’s a hassle. They need to fill out forms that take time to search through old files for the information you need. Often, they do this late at night when they finally have the time to think.
Then when they lodge their application, it travels from the loan originator to loan operations to appraisals, to the underwriters and finally to compliance. It moves back and forth for days, weeks and maybe months until they decide on an outcome. They chase but they’re kept in the dark. In the end, they lose time and patience.
See how the Consumer Data Right will change this
With the introduction of the Consumer Data Right and Open Banking, all this will change. Customers will gain control over the information that financial institutions hold on them. They’ll be able to make smarter and better-informed choices with their money and crucially, they will have the power to get a better deal.
As finance professionals, we know this. We know that by 1 July 2021, all banks need to give customers access to their financial data. As a data holder, you’ll comply at a minimum. But will you have the strategy you need to compete as a data recipient to create enduring customer value through data-driven relationships?
Understand how your competitors will take advantage of it
Without a data strategy, your customers will ask your competitors for a fairer deal. In turn, your competitors will be able to proactively approach your customers with the promise of better terms. They won’t have to ask your customers to fill in forms and wait. They’ll use the real-time data you hold to find a solution, instantly.
Access to data will create a new world for your customers. They’ll want to share their data if it means getting a better deal or other benefits. More radically, data will take away one of their biggest pain points and mean something more emotionally powerful to them: the end of losing time and patience.
Learn what you’ll need to create enduring customer value.
Discover how you can compete in the age of data consent in ‘Open Banking and the end of losing time and patience.’