With households feeling the squeeze, financial institutions should be making every effort to support their customers through these difficult economic times. Leveraging transactional data to intervene with timely and actionable insights can improve customers’ financial resilience, while also building engagement and loyalty.
Bud has been named a ‘Leader’ in 'The Forrester Wave™: Open Banking Intermediaries, Q1 2023' report, receiving the highest scores possible in the innovation roadmap, commercial model, and innovation ecosystem and partner network criteria.
Covid has accelerated the adoption of Open Banking services with OBIE reporting the doubling of users in just 6 months to 2 million people.
This still only represents about 3% of the UK population, so although gathering pace, it’s clear that there still seems to be a long way to go.
The biggest stumbling blocks seem to be:
“only 6% of UK adults trusted online financial services providers with their personal data”
6% of UK adults trusted online financial services with their data, but that increases to 22% if we ask adults who already use online services such as digital brokers, Robo advisors, money management apps. This could suggest that familiarity, better user experiences and confidence in these services play a big part in increasing trust.
With the products Bud has out in the market, we’ve learned how they are perceived by end-users and how we can start to use a framework to help us identify potential enablers to design a better experience to help build trust with your end-users.
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Bud is the trading name of Bud Financial Limited, a company registered in England and Wales (No. 9651629).
Bud® is authorised and regulated by the Financial Conduct Authority under registration number 765768 + 793327.