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Global Insight Strategy and Management

Open banking impact: what marketers need to know

From Prezzo to Jamie’s Italian – recently, many casual dining chains have fallen victim to tough trading conditions. These challenging times are also seeing the rise of open banking, which is good news for consumers who are now able to view their spending habits more easily and thus monitor their financial situation more carefully, cutting back on non-essentials – such as casual dining. This will have a knock-on affect on brands. Jamie Matthews brings a head-up for marketers on this issue, saying the open banking impact is impossible to ignore and may become far-reaching for brands. But here’s how they can react with positivity.

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Data Driven Channels Europe Insight UK

Infographic published into online banking

Research shows that 76 per cent of UK customers use online banking and 22 per cent also bank via their mobiles. However, 45 per cent are still visiting their local banks for the traditional one-to-one banking experience.

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