{"id":13126,"date":"2019-06-26T06:50:09","date_gmt":"2019-06-26T06:50:09","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13126"},"modified":"2019-06-26T06:50:09","modified_gmt":"2019-06-26T06:50:09","slug":"3-ways-for-financial-institutions-to-shift-their-focus-to-consumer-value","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/3-ways-for-financial-institutions-to-shift-their-focus-to-consumer-value\/","title":{"rendered":"3 ways for financial institutions to shift their focus to consumer value"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the past, financial institutions prized a well-established brand as the ultimate goal for attracting consumers and maintaining consumer loyalty. In the digital and open banking age, however, consumers are looking for more than just a familiar brand. Here are 3 ways for financial institutions to achieve ubiquity and grow consumer loyalty by shifting their focus from brand value and onto delivering consumer value.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Open access to innovation<\/b><span style=\"font-weight: 400;\"> \u2013 open banking necessitates a platform-centric model for innovation. It also greatly reduces the most time-consuming aspects of launching a new product\/service (in-house development and testing time). In the era of open banking, it\u2019s not about who can build the best offering, it\u2019s about who can enable those capabilities in the fastest, most seamless manner.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Data for personalization<\/b><span style=\"font-weight: 400;\"> \u2013 personalization is becoming the primary driver in both consumer satisfaction and economic value in banking. Open banking allows data to be used by financial institutions and third parties to enhance digital systems, creating a more seamless and personalized experience for consumers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Swift entry into new markets<\/b> \u2013 open banking opens doors to new markets and consumer sets previously too challenging or expensive to reach. By forming partnerships or leveraging third-party digital banking capabilities, financial institutions have an opportunity to expand their reaches in remote or underserved areas and break into new regions and geographies, all without having to expand their physical footprint.<\/li>\n<\/ol>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13126 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 13th-20th February'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-13th-20th-february\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/02\/bfc-fintech-monitor-10th-18th-february-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-14505\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14505'>\n\t\t\t\tBFC FinTech Monitor 13th-20th February\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Open banking for the corporate sector'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/open-banking-for-the-corporate-sector\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/open-banking-for-the-corporate-sector-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-13051\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13051'>\n\t\t\t\tOpen banking for the corporate sector\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='National Bank of Kazakhstan working on remote customer identification system'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/national-bank-of-kazakhstan-working-on-remote-customer-identification-system\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/smartphone-addiction-family-relationship_3446-329-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-10194\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/smartphone-addiction-family-relationship_3446-329-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/smartphone-addiction-family-relationship_3446-329-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/smartphone-addiction-family-relationship_3446-329.jpg 626w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10194'>\n\t\t\t\tNational Bank of Kazakhstan working on remote customer identification system\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In the past, financial institutions prized a well-established brand as the ultimate goal for attracting consumers and maintaining consumer loyalty. In the digital and open banking age, however, consumers are looking for more than just a familiar brand. Here are 3 ways for financial institutions to achieve ubiquity and grow consumer loyalty by shifting their &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[77,197,287],"class_list":["post-13126","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-fintech","tag-customer-experience","tag-data","tag-open-banking","b_post_type-bfc-recommends"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13126"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13126\/revisions"}],"predecessor-version":[{"id":13130,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13126\/revisions\/13130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13129"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}