Open banking gains momentum
As open banking gains momentum, the future of the industry will see a move away from product offerings in favour of customer experience and engagement, a panel of industry experts told a Temenos conference.
The panel of experts told the conference that technology has placed the industry in a constant phase of reform, and the move to open banking would see a significant shift away from the big four banks to address the needs of underfunded sectors like small and medium-sized enterprises (SMEs).
Piers Balmer from business lending funding service for SMEs, Judo Capital, said they no longer used the term ‘product’, and instead opted for terms like ‘engagement’ and ‘consumer experience’ in a bid to put the focus back on the consumer and stray from the industrialised lending service model adopted by bigger banks.
David Lochrie, general manager of digital and integration at ME Bank, said technology had transformed the bank from its core to drive efficiencies and deliver better priced offerings, removing most of the “heavy lifting” and allowing for improved customer outcomes.
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