EU OPEN FINANCE RULES
their financial data effectively with their service providers , creating opportunities for both data monetisation and enhanced service provision .
“ There ’ s potential to monetise data by providing access to third parties , but you can also gain greater transparency ,” Chris comments . “ When you share data , providers can develop a comprehensive , 360-degree view of your financial situation .”
The model creates reciprocal benefits for financial services providers . “ From the providers ’ perspective , with client consent , they too can develop a complete picture of their clients ’ financial activities .”
This comprehensive view enables a customised service provision . Providers can analyse competitors ’ offerings , pricing structures and product parameters and can see which services and products clients purchase , enabling them to craft more competitive proposals to win client relationships .
The exchange of data becomes central to service delivery . “ Data exchange and monetisation will become fundamental to the future of financial service delivery ”, Chris observes . “ It ’ s a reciprocal arrangement – the incumbent players , in their capacity as ‘ data holders ’ have the obligation to share data , but they can now also utilise this regulation to better understand their clients and enhance their service offerings .”
Implementation requires careful consideration of commercial models . “ The monetisation aspect is crucial – organisations must carefully evaluate
how much they can afford to pay for data access and how this investment will affect their customer acquisition costs and overall business model .”
FinTech companies eye customer experience opportunities FinTech companies are well positioned to benefit from the new regulation through their ability to innovate quickly and leverage the new data access rights , according to Chris . He expects FinTech firms to become data users , creating services that give customers a
12 January 2025