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Do Consumers need Open Banking?

Consumers’ needs and behaviours continue to evolve as demographic and life style changes coupled with technology advancements lead to consumers expecting more from companies they choose to partner with.

Open banking has the potential to meet many of these modern needs but what consumer pain points will open banking services need to solve to be successful?  Many previous technological advancements in financial services have been slow to take off, often failing to put human needs first and foremost and delivering an underwhelming user experience.  

In addition what brand values will successful open baking providers need to stand for to overcome consumers’ security and trust issues?  Similarly significant inertia exist in financial services, leading to a great consumer reluctance to adopt new services and move to new providers because they fail to see compelling enough reasons to make the switch.  As Open banking develops from its ‘early adopter’ origins, providers are likely to have to ‘nudge’ consumers to new services rather than try to push or pull them quickly. 

Consumer expert Joe Staton will evaluate where consumers’ needs and financial concerns are being met, uncovering the opportunities and barriers for brands able to fill this needs gap.

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