Open Banking Defines The Financial Consumer's Experience
This great revolution in consumer finance is unfolding in front of our eyes.
Global democratization of open banking data offering businesses like yours deeper insights into consumer finances
Your businesses will need better credit decisioning and marketing tools to win this revolution. That's where Pequa Bay Associates comes in.
Eight in ten North Americans are linking their bank accounts
Use of technology to manage money is mainstream
More than 20% of North Americans own bitcoin...and growing
Most businesses lack the insight to use this knowledge to their benefit
The State of Open Banking
Technology is second nature for managing finances
Technology has become ubiquitous for financial management and North American consumers are confident in using technology to manage their money
Convenience is a top driver for using technology to manage finances
Younger North American consumers are leaning into fintech more for experimentation and social needs
Open-banking is mainstream whether consumers realize it or not
Consumers are looking to save time, money, and improve their financial health, while automating the financial process
USA
Very Confident (8-10)
55%
CANADA
Very Confident (8-10)
59%
Implications for
Financial Services
There is a generational transition underway. In 5 years, the way consumers conduct financial transactions will be unrecognizable. If your business requires insight for customer acquisitions, including credit decisioning, how will you stay ahead of these changes? Will you be ready? Here's how Pequa Bay Associates can help you:
1
Using open banking data, we will develop predictive assessments of your prospective and current customers to grow your business.
2
Provide analysis and insight into consumer banking trends to help you develop new customer acquisition and retention strategies.
3
Recommend the technology solutions that give you the flexibility to service and financial tools you need to work with consumers in this evolving environment.