team took a step back to reassess how best to organise data , how that data can enhance the customer experience , and what underlying hardware and resource investment would be vital to realising their grand vision . These are lessons TAB learned from the European Union , which Palmer believes picked up the data-driven baton from the US and ran it in the right direction .
“ In the United States we were famous for using data to retain and control our power in the marketplace – and I don ’ t think that we really even did a really great job of it ,” he says . “ Then organisations in the European Union came through and began opening this data up , and allowing people access to it within the banking system . I think what we ’ ve learned in the States is that there is a way to make this work and be profitable , provide a great customer experience , and make everybody better off .
“ What that means is making all the information that you have directly available to customers , and giving them access to it in the way that they want . A lot of the legacy online
“ I ’ M VERY EXCITED ABOUT WHAT WE ’ RE GOING TO BE ABLE TO DELIVER TO THE MARKET HERE IN THE FIRST QUARTER ”
— Mike Palmer , Chief Operating Officer , TAB Bank
25 fintechmagazine . com