We had to show that this was not a case simply of complying. We teamed up with app developers and consumer psychologists to show senior leaders the £ and € of new ways of doing business. The bank is now testing our suggestions.
Open Banking regulation in the UK and EU created a lot of work for one of our international retail banking clients.
Our job was to analyse the commercial risks and opportunities from the regulation and offer effective solutions.
We looked at the potential economic impacts across all product areas in order to put a financial figure on the risks involved.
We analysed behavioural customer data to understand how the changes
may affect the bank’s customers compared to their competitors’.
We supported the bank’s innovation team on new customer services and propositions, making sure the economic case stacked up.
We worked with an app development agency, technical experts and consumer psychologists, to deliver the right expertise for the job.
We made the commercial impact of Open Banking real for the senior leadership, resulting in the bank actively building new services.
Our focus on competitive advantage helped the team rule of wrong ideas early on, and concentrate on those with added value.
Working with a team of trusted experts meant we made decisions with the client quickly and effectively.
The bank is currently building new customer propositions and trialling them in the market.