Banks can better engage clients through open banking – Equifax study

Wednesday 4 July 2018 00:19 CET | News

A new report from Equifax has revealed how banks can boost customer engagement through open banking.

The study cited by The London School of Business and Finance found that product developments are the most likely to attract customers to open banking, with 40% of respondents willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money.

More than 35% of respondents also said that they would consider sharing their bank data if it enabled them to easily compare products from different financial institutions.

Tailored incentives for switching providers and a more streamlined mortgage application process were also among the top motivations for sharing data, cited by 34% and 28% respectively. A simpler loan application process also appeals to consumers, with 25% saying that they would be willing to share their data if they could have access to this service.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: banks, Open Banking, Equifax, UK, study, research, survey, bank transaction, mortgage
Countries: World