Oscar Sala - Head of Product Strategy at STRANDS; Vice-dean at COEINF of science, art and computer technology
“Should we display the information of current clients on other banks on our online services?
If we know our customers better using data we can gather regarding their positions in other banks, we will surely be able to offer more competitive financial services.But, if we aggregate other banks’ clients’ information, we would have to allow third parties to aggregate our own clients. Would this mean a loss of custom and put our current business model at risk?
What should our strategy be? Should we be “First Movers” or followers? And what will the PSD2 regulation force us to do?”
These issues for debate could quite easily belong to the board of any financial institution. These topics have become trendy and the challenge of taking them on collectively in order to produce effective results has become crucial for the financial sector to survive in the digital world.
All banks worldwide are facing the challenge of providing the best financial service to their clients, based on their customer behavior and needs. The difficulty is to understand which services that the customers feel most comfortable with, independently of which financial party is behind them. This is the reason why aggregation becomes strategic and crucial in offering the best products.
