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Download your free copy of our new white paper - Open Banking: The Evolution of Data Sharing

The announcement of Open Banking by the Competitions Market Authority (CMA) in August is set to transform how data is shared - but also how traditional banking is managed by the bank, and the customer.

Build and maintain trust
It is the decisions made once a breach occurs that have the greatest impact upon customer and employee loyalty, as well as brand and profitability.
Communicate to the people affected
Advise on bespoke notification communications/templates which provide reassurance to customers and employees affected.
Provide customer support, credit and web monitoring services
Supporting customers and employees with registration assistance, credit and web monitoring services and where appropriate dedicated Victims of Fraud services

 

Develop a data breach response plan
Help you manage stakeholders’ concerns and provide reassure through appropriate notification to customers and employees.

 

How we help businesses respond, reassure and recover in the event of a data breach

Implementing Open Banking is intended to increase competition and provide transparency around products that are being offered by banks. At present only 3% of personal, and 4% of commercial customers switch bank accounts*. 
 
The decision made by the CMA to mandate banks to share current account transaction data is a watershed in UK banking. It’s important that organisations, when looking at means of delivering the open banking framework, don’t consider this as merely a compliance project – but a transformation strategy that will shape the way you deliver, manage and interact with customers.
 
Questions to consider are: what does the future hold? How do you ensure success in the world of open data?
 
Our white paper outlines how the Open Banking framework will impact the banking and financial services industry in the short and long term. 
 
*Source: https://www.bacs.co.uk/DocumentLibrary/CASS_dashboard_-_published_20_Oct_16.PDF. Stats from January 2016 to October 20th 2016.

Key takeaways from the white paper

Download your free copy of our new white paper - The evolution of data sharing

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