SOB24 - Open Banking in the banking sector

Open Banking’s untapped potential

More effective marketing campaigns and increased share of wallet.

Providing money management tools has become table stakes for banks. From CommBank and BOQ Group to P&N Bank and Up, financial institutions offer budgeting features, insights, and more to drive engagement and improve financial well-being.

But there’s an untapped opportunity to take this a step further with Open Banking data. By accessing a comprehensive view of customers’ finances—including accounts held elsewhere—banks can supercharge their money management experience and deliver personalised value.

When customers share access to their complete financial position, banks can identify areas for improvement and cost savings. For example, they can spot low-interest savings accounts and prompt customers to explore higher-earning alternatives within the bank’s own product suite.

We recently put this capability to the test using Open Banking data in the Frollo money management app. We identified 3,000 users holding low-interest savings accounts and prompted them to compare higher-rate options on the Canstar comparison website.

We measured this campaign’s performance across all channels, including email, notifications, and click-through rates on the Canstar landing page, and the results were eye-opening.

The campaign significantly beat industry benchmarks on engagement metrics, showing the potential of using Open Banking data to empower customers with better, more personalised insights.

Download the case study to learn more about utilising Open Banking data to power effective marketing campaigns, increase share of wallet, and position your bank as a trusted financial partner.

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Data quality where it matters
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Data quality where it matters

Taking a use case based approach to data quality comparison and improvement

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