There is a wide range of opportunities for the financial services industry to successfully implement and further develop open banking.
The consensus among industry leaders is that first movers will have a real competitive advantage and by offering a superior user experience this will put pressure on the rest of the industry to invest in catching up. This is likely to see the evolution of a more innovative financial services landscape for advisers and drive better client engagement.
Preparing now is essential for those Advisers who want to stay ahead of the curve and embrace this world of real-time data. Real-time data can translate into real-time conversations and advice solutions. Businesses that choose to innovate their products and services through CDR may benefit from the increased transparency, cost saving in data entry, streamlined process, compliance management, as well as the competitive advantage provided by being able to provide real-time advice and product solutions for clients.