The future of customer experience in banking, Mercer case study, Affordability checking & more...
Welcome to the Moneyhub Monthly Update, including the latest useful content, product updates, events and insights from the world of Open Banking & Open Finance.
This month we're looking at:
Webinar: The future of customer experience in banking and how to get there
Join our API Partnership Director Jon Hart and renowned digital financial services author and commentator David Birch as they delve into the transformative potential of customer experience in banking.
In this webinar, they will explore the current landscape and future possibilities, offering practical steps to enhance customer experience through strategic innovations.
Case study: Transforming pensions engagement with Mercer Money
Mercer launched Mercer Money a few years ago to support its members' overall financial wellbeing and improve pension engagement and understanding.
Since then, we've continued to work with Mercer to develop the platform to engage members abd deliver the best possible savings outcomes, which has included the introduction of personalised video pension statements.
Read our updated case study, which covers how changes to the platform have led to a 51% increase in Mercer Money's user base, as well as a 32% increase in users clicking to carry out a pension action (such as add a beneficiary).
Lenders: Would you like to say yes to 18% more applicants? The power of Open Banking Affordability Checking
Partners using our Open Banking affordability product are lending to 18% more customers on average. We’re also seeing 48% more customers making their first repayment and 33% more over the first 90 days. This demonstrates the power of real-time Open Banking affordability checks to acquire good quality customers.
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Blog: How to really know your customer – can they afford it and are you able to help them pay?
One in four in the UK have fallen into troubling financial behaviours over the last year, such as exceeding overdraft limits, missing credit card payments, and taking out additional loans to pay off other debts.
With cost-of-living still a worry for consumers, many are resorting to short-term credit to support their everyday spending. Close to half of those surveyed had applied for either a personal loan, credit card, payday loan or overdraft in the last year. Additionally, 21% said they regularly use such products to meet day to day expenses.
Reconciling this behaviour alongside the country’s relatively new Consumer Duty rules presents a challenge for lenders and other credit providers.
Navigating this landscape requires putting data at the heart of a customer-centric approach. Open Banking is here to help organisations respond. Firms that adapt and adopt new tools can help their customers look forward to a brighter financial future.
Where to find us next
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