Brand: Open Banking
Research Context & Challenges
At its heart, the goal of Open Banking (OB) is to re-allocate financial power away from industry and back to the people.
How do you….
- Revolutionise a conservative UK sector dominated by well-established players?
- Create a ground-breaking financial proposition to meet the needs of thousands of stakeholders?
- Champion the voice of the consumer on divisive topics like data security and money?
These are only a few challenges Open Banking Implementation Entity (OBIE) faced when partnering with Ipsos Mori to help develop, launch and scale OB in the UK.
Added to what seemed an insurmountable challenge was also the fact that 92% of the UK population in 2017 had no idea what OB was.
OB allows consumers to share personal banking data with FinTechs (e.g. ClearScore and Yolt) whose products may better meet their needs. With consumer permission, banks are obligated to share personal banking with FinTechs. OB has capacity to drive market innovation, change underlying relationships, and ultimately revolutionise retail finance.