What communications challenge? Customers don’t need to know about Open Banking
At MHP we have been supporting businesses embracing the opportunities of Open Banking over the last few years, but it is only when you head down to an industry event full of the people on the front-line that you realise the immense potential it has.
So we were delighted to support the Open Banking Expo this year, which drew together more than 500 delegates, from some of the biggest brands in the world to a collection of the most interesting upstarts in the fintech ecosystem. It was a day that brought home that underlying potential in so many different parts of the financial services marketplace.
As one speaker noted today, “Open Banking is about 1% done.” Customers don’t know about it – indeed much of the industry doesn’t really yet know about it – and there is so much still to come.
From a communications perspective, we have long-debated the challenges in speaking with customers about Open Banking. But another clear theme today is that customers, be they consumers or businesses, don’t need to know about it – at all.
I counted three different analogies used today to make this point, some of which were hilariously complicated but ultimately said this: a consumer wants their TV to work, they don’t care about how the electricity is produced, transported into their homes and sucked into the TV to make it work.
Put another way, and as one delegate put it, “it won’t be too long before open banking becomes just banking.”
Nicely said. But the reality is that the underlying communications challenge remains the same: building and cementing trust in this new world, where open data and invisible interplay between providers with that data is widely accepted. It’s not about trust and confidence in Open Banking, it’s trust and confidence in the outputs that Open Banking enables.
And on that there is still some work to do, but the job will become ever easier as every product driven by Open Banking that makes a customer’s life easier is launched and adopted. The story has to be about that outcome, not the way that outcome came about. The TV, not the electricity.
We have seen more clients wanting to be out there talking about what they are doing in this space. It is undoubtedly an area that feels far more open than it did even 12-months ago, and long may that continue.
You can see more information about the Open Banking Expo and some of the key issues discussed on the website here.