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Banks Insight | Open Banking

Will Hunter

Managing Director, UK

Heath Wallace Ltd.

Will.Hunter@heathwallace.com

More complexity

adds opportunity

for brands to lead

The era of open banking will allow for information to be captured from across many banks. This will provide opportunities to create new aggregated services with transparent pricing and products. thus, core banking products will become more commoditized, with niche products to be developed for more specific market segments as they become easier to reach and target. However, this comes at an increasing risk of fraud and security breaches as data flows freely between organizations and customers—in particular for more vulnerable segments like the elderly, less-digitally literate or financially aware. Open banking will bring more choice, potentially better products, and improved customer service capability. But more options will also mean added complexity. At the end of the day, people will still need support to understand how to make the best financial decisions that suit their needs. The opportunity is clearly there for banks to lead, guide and help customers navigate financial complexity with confidence.