Conference Day Two: Wednesday, 22nd May 2019
Wednesday, May 22nd, 2019
1:40 PM PANEL: New data pools, new opportunities - what will Open Banking and Open Data mean to smaller financial institutions and other industries?
With the advent of open banking, smaller financial institutions find themselves in a position to vastly and rapidly improve the services they provide to customers. This will translate across all industries, with Telco and energy they next to be affected after financial services. No longer will the largest players have the monopoly on customer data. This discussion will delve into the best ways to maximize on the larger data pools available and what the innovation potential is for the financial landscape and other industries alike.
- Current innovation and how the market will be impacted by Open Banking and Open Data
- When more data is available, how should we decide the data to target and utilize to benefit both business and customer?
- Provision of value added data versus raw data – what are the opinions and what will be the significance of these decisions
- What other industries are doing to prepare and how this differs from open banking
- How can we partner with other companies to provide improved and tailored experiences for our customers?
- What the possible hurdles are and how to plan ahead of them
Open banking will improve consumer risk assessments as widespread access to bank account details among all lenders will enable a clearer picture of affordability. For this reason, responsible lending will be an expectation from all banks and financial institutions and government agencies such as APRA will likely supervise such regulations. So what can institutions do to effectively utilise the data available to them and ensure product suitability and adherence to such regulations.
- The implications of increased data pools
- What does responsible lending look like?
- Evolving consumer risk assessments
- Handling data in a way which benefits both customer and provider
- How will this change my customer relationship management?