Unlocking Your Greatest Resource — How Consumer-Permissioned Data Drives Outcomes

Session from the November 19-20, 2024 OpenFinity Expo

Video replay and slides available here:

Link to the video replay.

Session Description:

Research shows most financial providers are stuck in old ways of leveraging consumer-permissioned data — and losing customers as a result.

From improved customer experiences and better decision making to increased deposits, the benefits of effectively using consumer-permissioned data are significant.

Join this session to learn:

• How to effectively tap into financial data intelligence to drive proven results

• How Open Banking can accelerate ROI

• How to create a customer-centric data strategy that keeps consumer benefits at the forefront

Samples from the presentation

Key Takeaways:

1. Importance of Consumer-Permissioned Data:

   • Financial institutions are underutilizing consumer-permissioned data, which can drive significant improvements in customer experience, decision-making, and overall business outcomes.

   • Consumer-permissioned data allows better understanding of customer needs and personalization of financial products and services.

     
     

2. Benefits of Effective Data Utilization:

   • Enhancing customer retention and satisfaction through tailored offerings.

   • Increasing deposits and ROI by leveraging insights derived from financial data intelligence.

   • Providing a competitive advantage in open banking by creating customer-centric strategies.

     
     

3. Challenges in Leveraging Data:

   • Many organizations remain stuck in outdated practices, losing customers due to poor data usage.

   • A lack of integration between departments (e.g., data science, product, and security teams) hinders effective data strategies.

     
     

4. Open Banking and ROI Acceleration:

   • Open banking APIs enable institutions to reduce costs, improve security and privacy, and attract new customers by providing seamless access to financial data.

   • Institutions adopting these tools can better compete in the market and adapt to evolving customer expectations.

     
     

5. Creating a Customer-Centric Data Strategy:

   • Financial institutions must move beyond compliance and focus on customer-centric innovations using data.

   • Consumers demand transparency, control over their data, and personalized financial solutions.

   • Investing in better data-sharing infrastructure, such as APIs, is essential to meeting these demands and driving long-term growth.

     
     

6. Call to Action for Financial Institutions:

   • To succeed in open banking, institutions need to reimagine their data strategies, breaking down silos and fostering collaboration.

   • Organizations must focus on using consumer data not just for marketing but for enhancing core product offerings and improving financial outcomes for customers.

Implications:

This presentation emphasizes the transformative potential of consumer-permissioned data in the financial sector and the urgency for institutions to modernize their practices to stay competitive.