BANKING
“ Embedded finance is a huge opportunity ahead . Small businesses need to be able to access finance when and where they need it ”
COLIN GOLDSTEIN COMMERCIAL GROWTH DIRECTOR , IWOCA
How to use Open Data to move beyond banking
Director at
Temenos , weighs in on the potential for Open Finance to transform the SME-bank relationship :
“ There is clear evidence to suggest SMEs want their banks to be more holistic advisors .
Research from Accenture found that 31 % of SMEs are looking for close engagement from banks , seeking help to optimise their business .
“ By embracing Open Data , banks can bring in data from other industries to provide new products and services for their customers , from recommending better utility providers to reduce costs , or linking with accounting software providers to develop additional services with broader data sets . This enables banks to take a more holistic view of their customers ’ financial welfare and position themselves as a trusted advisor and guardian of data .”
68 June 2021