The pairing of Open Banking with smart data insights provides companies with an incredibly flexible tool kit for solving business problems. That's great, but it brings its own challenges. With such a flexible set of tools it can be hard to show the concrete, discreet use-cases that really demonstrate its value.
That's not the case with the way Dozens are implementing our technology. They've invested heavily in building a brilliant UX that helps their customers to save and invest more effectively, and through Bud's Open Banking platform they're turning that investment into an acquisition channel by opening up the Dozens experience to non-Dozens customers.
All users need to do is register, complete a basic KYC and connect one or more of their existing accounts (with other high street banks and investment managers) through Bud’s open banking platform. From there, they’ll be able to use Dozens budgeting and analytics tools before having to download the Dozens app and complete a full KYC. If a prospective customer then decides that they like what Dozens has to offer, the onboarding process becomes frictionless, as the KYC flow will only ask for details that are additional to those already given in the initial registration.
Existing Dozens customers will also benefit from the implementation - they'll be able to connect accounts held with other providers to their Dozens app so that when the app is working to help them save and invest more, it's working on a full picture of their financial situation.
Since its inception in 2018, the big question for Open Banking was around when the killer use-cases would start to emerge. We saw that start to happen in the second half of last year as Open Banking affordability products started to be seen in used in ernest by early-adopter financial institutions and it's clear that in the first part of this year, that trend is going to accelerate.
Use-cases like the one being pioneered by Dozens are the in first wave of innovations that will define a space that is reaching maturity in 2021. They're seeing Open Banking (and more importantly, the data-driven insights it enables), applied to generate tangible value, both for customers and the businesses that serve them and they're starting to solve problems beyond that of simply "seeing my data in one place".
It's going to be an exciting few months - both for the TPP community and for Bud. Particularly for Bud. Stay Tuned!