“We are experiencing a major shift in how people view, interact with, and manage their finances. What was once a slow, unintuitive process that might have required a visit to a bank branch, rifling through paper statements, or multiple spreadsheets has been transformed over the last decade by huge innovations in technology and data. And open banking has been at the heart of this.” - David Beardmore, Ecosystem Development Director, Open Banking Implementation Entity - OBIE

We live in an age of big data and instant information, with the potential for companies to know their customers in deeper detail than ever before.

By embracing the latest innovations in open banking data, categorisation and analytics, banks and other financial institutions can better understand and serve their customers, quickly and accurately offering tailored products and services that meet their specific needs.

Customers also crave better, more intuitive online offerings from banks, wanting to see the same level of fast, simple and digital-first services which they’ve become accustomed to in other areas of their lives.

Many consumers want to see better digital services from banks and other lenders, especially younger, more digitally savvy generations. Half of European consumers say they would be comfortable sharing data if it meant that banks and other lenders can warn them of financial issues in advance; moreover, they do acknowledge the benefits that sharing more personal information can unlock, especially if it helps to access borrowing or increase their credit limit.

Technology like open banking and innovations in the digital journey promote a mutually beneficial relationship.

Through a deeper understanding of their customers, lenders can lend with more confidence, ensuring that people who may in other conditions be rejected can now get the support they need to weather this storm, without increasing risk. And providers can enable consumers to access this support in a way which is convenient, intuitive and complements the rest of their digital lives.

Through adoption of the right innovations in data, analytics and digital services, individual providers can improve their offer to customers and help to enhance consumer trust across the sector at this crucial time.

CRIF offers solutions that take full advantage of the powerful opportunities generated by open banking, as well as enhancing the customer’s digital experience.

We enable financial institutions to adopt a data-driven approach that helps them to build long lasting and meaningful relationships with their customers, rooted in digital experiences and services.