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May 2017 | Credit Decisions

Educating the customer on Open Banking will be a challenge

However, the sooner banks start the conversation around Open Banking with the customer and the value it will deliver to them, are the organisations that will succeed long after its implementation.

Why? By starting the conversation now and educating them will build credibility and trust with the customer. Customers will need some degree of online/digital knowledge to fully embrace the Open Banking concept. However, banks must also balance social inclusivity, those that are not so confident online will need a contact strategy.

The mandated banks currently have an opportunity to start educating early on. Those organisations that will succeed are those that identify the opportunities Open Banking will generate. It’s important that banks educate the customer on the value of their data by demonstrating how you will use it via the customer’s consent. Once consent is given, what can a customer expect to receive in return?

Banks have the advantage to build that trust and deepen the relationship with the customer. Open Banking will revolutionise the way banks engage with their clients and it’s important to start thinking about how you will educate them come early January.