How does Open Banking affect customer experience?

Find out how Open Banking creates the potential to improve customer experience across the entire online customer journey.

Here's an overview of how Open Banking Payments can improve each step in the online customer journey.

Key takeaways

• A superior online customer experience is a key differentiator for nearly any business
• Open Banking Payments offer the potential to improve the entire customer journey
• Only a full-service Open Banking provider can help merchants realize that potential

Open Banking offers massive potential for improving online customer experience. That potential starts with the payment experience, which then generates a positive ripple effect through the entire customer journey.

Yet, it is crucial that merchants understand that Open Banking technology only provides a foundation for innovation. Actually realizing the full potential of Open Banking requires a much wider set of capabilities beyond payment initiation services.

Fast and easy payments are just the beginning of Open Banking's potential

In the EU, the Payments Service Directive 2 (PSD2) requires all banks to allow and support authorized service providers to initiate payments. In parallel, the British Open Banking Implementation Entity (OBIE) has standardized bank APIs across the UK.

Understanding the differences between Open Banking Payment providers isn't always easy. We've created an in-depth breakdown of the various capabilities, but there are a few basic things merchants should know.

Essentially, there are full-service providers (like Trustly) and there are providers that offer comparably limited services. Very few providers can support rapid payment settlement and cross-border payments.

Additionally, many Open Banking Payment providers don't support payouts, withdrawals or the disbursement of funds. So, without a full-service vendor, merchants miss out on improving some crucial points in the customer experience.

With a full-service provider, merchants can strengthen their position at each step in the online customer journey from acquisition to conversion to retention. Here's how >>>

For businesses that accept payments online, Open Banking provides the possibility to strengthen their position at each touchpoint in the customer journey