Open banking to transform customer expectations

Open banking to transform customer expectations

Although 70% of Australian and New Zealand businesses expect open data to positively impact industries and consumers alike, 72% feel it’s creating challenges for them as they’re pushed to rethink processes and customer relationships, according to new data.

Experian’s Optimising Originations revealed an increased sense of urgency to overhaul businesses’ originations processes – the way they approve credit and other loan applications.

Two-thirds of Australian and New Zealand businesses feel they need to make significant improvements to their originations performance in the next 12 months to protect customer retention and revenue. According to the survey, 46% expect a revenue uplift of up to 10% in the next two years if they invested more into originations performance, including tools, analytics and skills.

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