Building Your Open Banking Business Case

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A business case is an essential element of any project to implement a new technology or build new features – Open Banking is no different. It’s often seen as even more important for Open Banking projects, because of how early in the adoption curve it is.

Clients often ask us for help with putting together their business case, and over time we’ve gathered a library of resources for this purpose. From use case examples, case studies and interviews, to consumer research, competitor movements and ROI benchmarks.

This is a summary of these resources, categorised into the relevant stages of developing an Open Banking Business case:

1. Deciding your Open Banking use case
2. Making the case
3. Planning for launch

1. Deciding Your Open Banking Use Case

We see clients have the most success when they select their Open Banking use cases based on opportunity, solving a pain point, and aligning to core business objectives strategically.

Open Banking provides a huge opportunity for you to drive real value, and uplift service to your members. The most successful use cases are the ones that meet both your business’ and your customer’s needs. Double-sided ROI!

Below are the use cases our clients speak to us about most.

Use Case

Case Studies

How NextGen Uses Open Banking

Streamlining the lending process

How Greener Uses Open Banking

Fighting climate change every time you shop

How the Frollo App Uses Open Banking

Driving better customer outcomes

How Beyond Bank uses
Open Banking

All your finances in one place

How Finsure uses
Open Banking

Finsure Financial Passport

2. Making Your Case

The resources in this section will help you understand ecosystem readiness, consumer demand, competitor activity and the potential ROI of your project.

Unlocking the Digital Banking Experience

Consumer Research 2023

Open Banking – Trust has to be Built

Consumer Research 2022

API Performance
 

The speed and reliability of Open Banking Data Holders
 

The Growing Ecosystem of
Open Data Users

The growing ecosystem of Data Recipients and users of Open Data

ROI and Impact

In the three years we’ve been live with various Open Banking use cases, we’ve seen some impressive ROI and impact statistics:

  • Customer engagement –Money Management features are a great way to drive engagement. The average Frollo users opens the app between 6 and 7 times per week
  • Efficiency – Open Banking can help save time (and money) in the lending process. Our clients report significant time savings when onboarding new clients, fact finding and processing loan applications
  • Financial well-being – Our money management tools have a proven, positive impact on the financial well-being of app users. The average Frollo user increases their savings by $1,825 and reduces their credit card debt by $230 in the first six months 

Quote Library

These quotes from industry leaders in Australia highlight the positive impact and opportunities associated with Open Banking. They can be used to support a business case by emphasising the potential for revolutionising banking, to drive business growth, enhance customer relationships, unlock revenue streams, differentiate offerings, and gain market share. 

3. Getting Started

In order to get internal buy-in, put together a plan and a strategy forward, our clients often ask for assets and information around budget, timing, and resources required to commence their Open Banking initiative, as well as choosing the right technology partner.

An overview of CDR Access models and what they mean for businesses who want to use Open Banking data

This checklist provides an easy overview of the steps you have to take to get started as an ADR

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Phil Quin-Conroy, AMP Advice
Phil Quin-Conroy - AMP Advice

Phil Quin-Conroy, AMP Advice

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