The key is access to data
All the literature and recommendations to move towards a more agile banking talk about the power of data, and yes, it is everything! Because they give certainty to companies, clarity in the face of foggy scenarios, customer understanding and are the spearhead for the design of better products and services.
The truth is that despite the progress that Latin America has made in terms of open banking, particularly in countries such as Chile, Colombia, Brazil and Mexico, there are still many pending to make the use of data safe, easy to share, accessible , and above all, that the number one beneficiary is the user.
The user is the center of banking, he is the one who from now on will define what he needs, how, when and in what way. The companies that listen to them and meet their expectations will not only get a good ‘slice’ of the cake, they will also be able to grow despite the crisis that this year has in store for them. Competitiveness will be on the agenda for the year and the user will be the goal.
How to use the data?
To say that data has power is not an exaggeration. For example, a business might use data to identify customers who are interested in saving for a specific goal, such as a down payment on a house. Based on this information, the company could create a savings account that meets that goal, and offer incentives or bonuses for each part of that goal that is achieved.
Another important aspect of open banking is the user experience. Companies must ensure that their products are easily accessible; Above all, they provide clients with the necessary information to make informed decisions, especially in contexts of low inclusion and financial education.
By providing clear and concise information, companies can help customers feel more comfortable and confident using their products. In addition, financial institutions should consider using technology to make their products more accessible, such as through application programming interfaces (APIs) or apps of traditional banks.