Open Banking – is it just for banks? What are the common use cases? Which are the most impactful? What industries will benefit from participating?
To answer the above questions and highlight the opportunities that the Consumer Data Right (known as Open Banking) can bring to consumers and businesses, Adatree published a comprehensive report titled, 25 Ways the Consumer Data Right Can Create Smoother and Smarter Customer Experiences.
Download the free report here.
SMOOTHER AND SMARTER USE CASES CREATE COMPETITIVE ADVANTAGES
Adatree’s categorises use cases as ‘Smoother’ or ‘Smarter’ to simplify applications of adopting Open Banking. While ‘Smoother’ use cases create efficiencies for customers and internal processes, ‘Smarter’ use cases focus on leveraging new data for increased predictive and personalisation capabilities.
“Receiving data through Open Banking must benefit the end customer, first and foremost, but it can transform organisations that leverage the data,” explains Jill Berry, CEO of Adatree. “There are so many creative use cases that both benefit customers and internal business functions.”
CDR SET TO TRANSFORM ALL SECTORS, ENABLES THE CREATION OF NEW, INNOVATIVE SERVICES
Participating in Open Banking isn’t just for banks. The range of use cases relate to streamlined processes, trusted inputs, actionable datasets, personalised offerings, and improved predictions, which can be applied to any sector.
While many of the use cases focus on streamlining existing processes and experiences, one category of use cases focuses on creating new capabilities that would not be available without CDR data. This opens opportunities to start whole new business models or complement existing ones.
OUT-OF-THE-BOX SOLUTIONS TO PARTICIPATE IN OPEN BANKING
Whatever the use case, Adatree enables any company to springboard their Data Recipient journey and accreditation. As this shaves months off design, build, and testing timeframes, businesses can focus on their customers and leveraging data. This translates to increased competition and innovation for customers.
Get in touch to learn more about the Adatree Open Banking platform or to book in a demonstration.