Reimagining Money Experiences with Open Banking

April 12, 2022|0 min read

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No matter the details of our lives, we all want to improve our relationship with money. We look at the apps that make life easier — from ride sharing to grocery delivery — and we want the same easy, customized experience with our finances. We all want a better money experience.

Jane Barratt, Chief Advocacy Officer at MX, addressed this theme in a recent podcast episode with The Financial Brand.

Loyalty to a financial institution used to revolve around their ability to assist you in depositing a check or qualifying for a loan. Today, these processes have turned digital, and so too must the focus of financial institutions who want to keep the loyalty of their consumers.

“Once you’ve changed expectations [around financial management], they change permanently,” says Jane, speaking about the effects of Open Banking in light of the recent COVID-19 pandemic. “If an institution provides a feature where you can do something as simple as deposit a check through mobile, while another institution doesn’t, who is going to maintain memberships?”

The rise of Open Banking has opened the world of “accessible data” — data that can actually be utilized to create better opportunities for both businesses and individuals. Think about how most every person you know has at least 4 fintech apps on their phone. Not just Gen Z or Millennials — everyone. This is how Open Banking has changed the money experience.

With that broadened view of what financial data can be used for also came (or should come with) a recognition of the value of that data. “Data is a resource. Data is your money,” Jane says. “Users can now leverage their own data to improve outcomes for themselves and make choices for themselves and their families.” And, when it comes to a money experience created by financial institutions, you can’t get a better emotional connection than by saying, “I helped you and your family this year.”

You can listen to the full Banking Transformed podcast, hosted by Jim Marous, at The Financial Brand — Reimagining Money Experiences in Banking | Jane Barratt, Chief Advocacy Officer, MX.