Expert: Jon Hart, MoneyHub. Facilitator: Chris Shaw, Tumelo
Key Takeaways
- The results so far seem quite "underwhelming" but have we found the true value yet?
- There was a sense in the room that people didn't yet see the value and that currently open banking simply supported small businesses and allowed them to demonstrate difference.
Context
- Open banking is here to stay
- It can expedite numerous business critical tasks such as demonstrating affordability
- It allows for great customer personalisation and enhanced experience
- Can reduce time spent and deliver cost savings
- How else could the idea be used?
More Detail
- Some representing established FS firms struggled to see the relevance to their business
- It was suggested that it was an interesting way for a new entrant to differentiate and disrupt existing markets
- It was felt that the term open banking was misleading as people don't want their affairs to be 'open'
- All agreed that much more needed to be done to educate the market about what it is and the benefits
- The focus from business should be on providing solutions for customers (quicker approval for loans, faster set up for new accounts, loyalty programmes, ESG analysis and carbon foot-printing of companies and products etc)
- A clear case was made for the benefit of aggregated information (enabled by OB) for the vulnerable and old who rely on other individuals and agencies to support them.
