Open Banking : toward new customer relationships

According to Dominique Chatelin, Webhelp Payment Services CEO: “Open Banking is the ability for a customer to switch from one bank or banking service to another, via a web or mobile interface. It’s a regulatory and technological revolution, a complete decompartmentalization, in a world that was used to captive customers”.

Technically, it is about the opening of banks’ information systems, leading to the sharing of the data they own from their customers with all the banking stakeholders. How is it possible? Thanks to Application Programming Interface (API) which allows a variety of players to offer their services and in the same time will let customers to choose services that they want to receive.

What are the consequences ?

  • Customer relationships completely redesigned

With a single interface, consumer facilitates his procedures. In addition, he can benefit a personalized experience as close as possible to his wishes. Speed, efficiency and ergonomics are the key words. Finally, he has the possibility to choose between a multitude of services and therefore, companies. However today, customers are also looking for privileged relationships where human contact is increasingly important.

On the banks’ side, if players want to maintain their position, they must be able to develop “full-service provider” solutions by not using APIs and therefore not allowing competitors to benefit. However, to stand out they will have to be able to offer unique services to customers that third parties cannot provide.

  • Hyper-competition market

Due to the wide variety of players, banks are rethinking their approaches. They decreased their interest rates in many countries (including France) for instance. Another point is that the banking monopoly is now damaged. Neobanks and Fintech are taking up more and more space and customers are getting closer to these new banks.

They now have more choices and don’t suffer like they used to when banks were omnipotent.




A propos de Alexandre Yeddou

Etudiant en Master 2 Droit de l'économie numérique, à l'écoute des évolutions économiques et passionné par les technologies innovantes.

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