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Coping with the challenge of open banking

This joint research report developed by Bain & Company, Salesforce and MaritzCX discusses how retail banks can overcome the risk of losing valued customers.

Despite several innovations and one of the most active FinTech scenes in Europe, UK retail banking remains one of the most traditional industries.

The new reforms introduced by Open Banking allow a better flow of customer information among financial institutions, FinTechs and other market players. Yet the key questions remain: will UK banking customers take advantage of the opportunities that Open Banking creates and switch? How do banks need to respond to the risk of losing high value customers?

This report answers these questions based on survey responses from over 4,000 UK banking customers. The results suggest we might be on the eve of a radical shift in customer behaviour.

Those most likely to leave for another provider tend to be younger than 55 and have an annual household income of at least £55,000. Additionally, the majority of these consumers have already adopted at least one alternative fintech solution such as Apple Pay. Among these high-risk customers, 65 percent are open to sharing their personal data with other banks or non-banking players in order to get better products or services. While the high- risk population accounts for only 15-20 percent of bank customers, the report estimates that they make up close to 45 percent of total bank profit.

Download the report and find out on how banks will need to rethink their go-to-market and technology strategy if they want to retain the most valuable part of the customer relationship.

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