OPEN BANKING : FOSTERING PRODUCT INNOVATION
Laura Friend , UK Enterprise Lead at Amplitude , discusses how Open Banking has created a new era of fintech innovation , with new products and services being launched at a rapid pace .
“ By continuously leveraging Open Banking data , fintechs can quickly identify unmet needs and market gaps , allowing them to take the steps needed to gain a competitive advantage .
“ This is especially important in the age of Open Banking , with with myriad newly launched applications and products from different providers beginning to converge .
“ Against this backdrop , many fintechs are simply opting to launch more and more products and services . However , the attitude should be quality over quantity , and it is the quality of the customer experience that will clinch it .
“ To keep customers coming back for more , fintechs must use datadriven insights and personalised recommendations to help users discover new features and services that are relevant to their needs .”