FINE TUNING OUR FINANCIAL FUTURES
Insights from Pleo, Checkout.com, Fronted, Rapyd, OpenWrks & FICO
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Many of our ‘life goals’ whether it be starting a family or buying a home has a ‘financial product’ at its heart. Loans, mortgages, and investment products provide the fuel for the engines that drive our lives. For all this people need access to efficient and attractive financial services.
Over the past few years there have been attempts to address this imbalance using emerging technologies and new FinTech entrants. While these initiatives have been ongoing for some time, the recent global pandemic, brought on by COVID-19, has accelerated many of these projects and plans.
Whenever a bank or a FinTech company starts looking at new and better ways to support their customer base, the first stop is always data. How can customer data be better analysed and accessed to achieve personalised and tailored results? What technological tools can be used to achieve better analysis? And does Open Banking and Open Finance offer more opportunity for consumers to gain control and confidence over their entire financial life?
These are the questions that drive our latest Vox Pop Report. Along with our partner FICO, we aim to gather a snapshot of views and insights from senior leaders in the industry as we create and develop a new financial world that better meets customer needs.
We asked our ‘Vox Pop’ featured leaders the following questions:
What are your views on the evolution of credit scoring – how can you augment your decisioning in addition to your traditional credit scoring methods?
Do you feel, in the spirit of Open Banking/Open Finance, consumers see enough value in the services you offer to encourage them to consent to sharing their data?
How do you meet the needs of customers based on how they act, in real-time, to enhance the customer experience and build loyalty? How do you analysis that?
Can you comment on some of the major changes in customer behaviour you have observed over the past few years? – How are you adapting to these changes?
During the global pandemic – what has been your customers most pressing needs and how are you meeting those needs?