Unlocking Open Banking: 3 Data-Backed Strategies for Meaningful Connections.
Open banking has the potential to enable innovative financial services for personal banking and small to medium-sized business (SMB) customers alike. The key to seizing that potential lies in knowing your customers best to create increasingly meaningful and personalized connections.
In its third consecutive year exploring Canadians’ data sharing preferences, EY teamed with Symcor and commissioned TrueChoice Solutions, a global leader in real-time preference analytics, to ask Canadians about their decision drivers, value perceptions and expectations with respect to data sharing.
Since 2020, the study has revealed evolving trends in personal and SMB customer preferences around data sharing. Last year, we saw that consumer interest was peaking across all segments. Customers were willing to deepen relationships with their existing financial service providers in exchange for services that could support their financial growth.
This year, Canadians continue to display a high degree of trust in their financial service providers. Additionally, personal banking customers show a greater willingness to share their data with new financial service providers that offer meaningful value propositions.
Here are the trending results seen across personal banking and SMB customers.
1. Security remains the most important factor when deciding to share data
It is imperative that organizations continue investing in security and educating their customers about this key priority.
Over the last three years, for every age group outside of the 18–24-year-old cohort, security has consistently been the most important variable in a personal banking customer’s decision to share data with their financial service provider. Even still, security is valued only 13% less for 18–24-year-olds than for the 55+ age group, which has the highest preference for security.