Considering An Individual's Own Scenarios, Data-Driven
The paradox of choice affects us in our everyday choices and often means we stick with what we know, whether it is a jam or a bank account. We want choices that are the best for us but with too many choices, it often ends in analysis paralysis.
If you’re looking for a new financial product, can anyone honestly say they know their average balances or monthly expenses off the top of their heads? Make it easy to choose - find the best choice for me. Make it fast, personalised, and tailored. Minimise my thinking.
The introduction of Open Banking will enable comparison sites to be proactive and offer-driven, transforming their business models from reactive website searches to proactive offers. This is the catalyst for a win-win for consumers: personalised offers and less life admin.
Read about how Shaina shared her data with a comparison provider to receive real-time, personalised offers for suitable products offers so she ends up with the products she needs when she's not even thinking about it.
Shaina is your typical Australian - surfs, loves an active lifestyle and complaining about her bank at BBQs.
She only thinks about getting a better deal when there's a rate change, but often doesn't do anything about it. She joined her current bank for their headline bonus rate but isn't sure how her rate compares now.
Concepts of Switching as a Service. Designs provided by WeDiscover, an innovation and design agency
Shaina, and all consumers, will expect to be offered the exact products befitting for them when needed. The passive model of searching for a product will be replaced by the proactive model, whether for insurances, banking products, energy, or other industries.
Welcome to proactive offers that find you a better deal, better product, without you lifting a finger.
Accessing Open Banking data can ensure that companies will uphold expectations, perhaps even exceeding them, and bring this proactive and personalised product model to life. Through the real-time monitoring of transactions and delivery of pertinent information based on said transactions, situational variables and timings are identified, proactive suggestions are made, and discounts and rewards can be offered. All of these facets can encompass one enjoyable and seamless customer experience.
We should not dismiss the hunt for the best options as a menial or trifling chore. Yet what of those who are not as savvy in the ways of searching for deals or negotiation? For those who don't know what to look for or how to look for these options? With Open Banking, no one has to be left behind to obtain great deals.
If any of these comparison sites have the full picture, they can be smarter about how they personalise and presented the recommended products to accommodate their customers.
For instance, by seeing Shaina's full financial transaction history and matching it across all the products, services and features offered, they would know her suitability for switching products.