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Banks Insight | Open Banking

Will Fotsch

Senior Director

Kantar Consulting

Will.Fotsch@kantarconsulting.com

 

By sharing data

banks can offer

holistic advice,

but they need trust

 

With some of the technologies that banks are trying to use, like artificial intelligence, they need a full view of the customer’s financial wellbeing to give truly useful advice based on a customer’s entire financial situation. But the banks won’t have access to all that data; consumers hold banking accounts, loans, investments, insurance, and credit cards with a variety of disparate financial institutions. To really crack this, banks need to become open platforms that share information, with easy customer permission. Sharing this data can transform the customer experience, but raises privacy concerns and so trust is central to the banking relationship.