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Open Banking: brand harmony or heartache?

Open Banking is here. With your permission, businesses other than your bank can now access your financial data to provide relevant offers and services. But what does this mean for brands in this space? Are they competing or collaborating with one another?

The UK is leading the way in this space, meaning this is uncharted territory not just for the banks ready to participate but also the businesses ultimately connecting with their customers. Trust, reassurance and simplicity are not just concerns but essential to build into the whole ‘transactional experience’.

In this new world, brand will be more important than ever to bring consistency and clarity, helping to drive successful experiences and outcomes at every touchpoint.

In this new world, brand will be more important than ever to bring consistency and clarity, helping to drive successful experiences and outcomes at every touchpoint.

But when the bank and business worlds collide, who wins? Should businesses accessing the data move further towards the important familiarity of the bank brand, for a reassuringly connected experience? Or is this opportunity for retail banks to take a brand lesson from dynamic and digitally-led retail and fintech brands, meeting them head on to stay fresh and competitive?

In reality, both can learn from each other. Maybe this is the dawn of a new brand world order, where collaboration – rather than competition – ultimately fosters success.

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