What Your Business Can Learn from an Open Banking Strategy
Blog: The Tibco Blog
Reading Time: 2 minutes
Digital businesses today don’t have the luxury of sitting static on old infrastructure. In our current era of digital transformation, it’s not even enough to be a fast follower—you have to be an innovator. And there is one thing every innovative organization has in common that enables them to provide superior customer experience: Data.
Data is the asset that allows you to keep your customers at the center of your business strategy. However, you have to know how, with a combination of the right tools, strategy, and people, to make smart use of that data. Being an early adopter of the latest technologies means you see those opportunities first, leaving no space for market disruption from competitors.
How data is used to improve the customer experience might vary across fields, but banking and financial service firms are currently front and center of this business reinvention. By adopting an open banking strategy, these institutions are using data to personalize customer experiences and connect the overall customer journey, This also provides new openings for cross-sell and up-sell opportunities and new revenue streams through partner ecosystems.
While banking and finance are already taking advantage of this strategy, every industry can benefit from collecting, analyzing, and sharing data. To successfully harness the power of your data, adopt an open banking type mindset. Create personalized customer journeys, introduce new digital products, and discover new channels of revenue; these aren’t limited to core banking alone.
Data is the asset that allows you to keep your customers at the center of your business strategy. However, you have to know how, with a combination of the right tools, strategy, and people, to make smart use of that data.
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To take the first step, you must have the right foundation in place. This will allow you to connect the data across your enterprise, govern and secure that data, and even bring in outside data from partners through APIs. To learn more about the open banking approach and to gain some insights into how a connected ecosystem can help you take advantage of data can benefit your digital business, download this eBook and watch the solution whiteboard video today!
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