Rethinking customer engagement in the era of open banking

Financial institutions and merchants are leveraging consumer-permissioned data sharing and technological integration to create effective, hyper-personalized, customer-centric experiences.

Read our latest Market Trends report to find out why open banking and open data are becoming increasingly important tools to drive customer engagement.

Access Market Trends

Customer experience and engagement are top business and customer priorities 

• 55% of global B2C marketing decision-makers¹ indicated that they increased their spend on customer relationship marketing in 2023
• A consumer’s top reason for leaving a brand is typically related to experience²

However, some banks and merchants struggle to differentiate their programs and engage their customers 

• Only 14% of organizations³ have achieved a 360-degree view of their customer
• 80% of executives⁴ think that their rewards program is similar to others in their industry.

Traditional engagement strategies can fall short of meeting customer expectations and business needs 

Customer challenges

• Fragmented financial view
• Disjointed omni-channel experience
• Difficulty budgeting and goal-setting
• Difficulty tracking and managing subscriptions
• Lack of personalized insights and offerings
• Data privacy concerns

Business challenges

• Limited customer insights
• Difficulty tracking and measuring initiatives
• Lack of flexibility and scalability in technology integrations
• Shortcomings in security and compliance

Open banking has unlocked new opportunities to solve for challenges in customer engagement 

Key open banking use cases for customer engagement 

Personal finance management

• Account aggregation and monitoring
• Ultra-personalized insights and nudges
• Tailored savings rules and recommendations
• Tailored cashback and vouchers

Subscription management

• Comprehensive subscription management
• Individual spend analysis
• Expenditure categorization
• Personalized offers

Onboarding and product origination

• Streamlined customer acquisition
• Personalized product recommendations
• Instant pre-filling applications
• Real-time decisioning

Convenience and personalization improve customer engagement…  

• Up to 50% increase on average customer engagement rates⁵

… and consumers are more open to sharing personal data in exchange for a better experience 

• 82% of customers² are willing to share some type of personal data for a more personalized experience

Learn more about emerging opportunities to use innovations in open banking to develop winning customer engagement strategies today.

Access the full report