Open Banking – Embracing the new banking paradigm
Customer-centricity is a term that has been around banking for years. However, the flood of new entrants into the banking market is a tell-tale sign of an old problem; major banks are still not addressing customers’ needs and building trusting relationships.
The gap between customer expectations and banks’ responses to how banking services should be provided has continued to widen. This is exacerbated by the highly personalised experience customers are receiving from service providers in other industries. In addition, regulators have noticed that consumers are getting a bad deal and have intervened with Open Banking and PSD2; a clear indictment for all major players in the financial services market.