BANKING
“ While digital innovations provide attractive improvements , robust security is critical for maintaining customer trust and protecting bottom lines ”
ANDY CEASE DIRECTOR OF PRODUCT MARKETING , ENTRUST
different countries poses formidable complexities and substantial costs , especially in regions where these regulations remain fluid . This dynamic creates serious legal and operational challenges for multinational providers .
Moreover , providers are still taking steps to ensure that adopting the open banking API concept does not compromise the consent or rights of their customers . Expect a state of play that is largely in flux and agile as new laws , regulations and norms come to the forefront .
Ultimately , we ’ ll eventually reach a point where embedded finance will be the keyword of 2024 . By capitalising on the API distribution capabilities and protocols facilitated by open banking , providers will increasingly break down the silos separating data and employ it across various functions to enhance the financial wellness of all .
Andy Cease There are several key processes that banks are zeroing in on to innovate and win customers while developing better offerings .
Improving the account opening and customer onboarding process is a priority for any bank deploying open banking .
Research indicates consumers are only willing to spend 90 seconds to five minutes verifying identities and completing applications . Exceeding this brief time period often leads to users abandoning sign-ups before establishing the high-value relationship that banks need to achieve primary account status .
The move towards digital card issuance will be a key change . Traditionally , newly opened accounts came with physical debit or credit cards mailed to users ’ homes ,
74 December 2023