Traditionally, most financial products and services were designed without consulting customers or truly understanding their peculiar needs. Product designs and features were rather focused on what technology can do – highlighting new features and innovation which may not address the core of customer needs. Hence, the idea of placing the customer at the centre of product and service design remained conceptual – the outcome being products and services that neither optimise customer engagement nor utility.
However, in an open banking model, players within the ecosystem will drive value by supporting customers through the delivery of contextually and uniquely relevant experiences. To effectively do this, financial institutions and third parties in the ecosystem actively obtain, interpret, and utilise feedback from customers.
Customer-centricity is an open banking model is underpinned by customer experience that is data-led and transparent, empowering customers to a better control of their finances and personal data. It signifies an unprecedented level of focus on customers, providing them with the choice to share their personal and financial data with the companies that provide the most favourable service options – hence putting the customer in the driver seat.
Customer-centric systems transcend customer experience informed by ideals – they are built to push forward solutions that are contextually relevant based on a deep-rooted understanding of customer’s actual needs, behaviours and aspirations.
In this article, we provide insights on customer requirements and customer-centricity in the open banking model including the contextual relevance to Nigeria.