Situation
Open Banking’s emergence, with secure third-party access to financial data, has redefined the banking landscape. Beyond its technical intricacies, the core benefit is clear: open banking tools empower individuals to seize control of their financial lives. Tier 1 banks, instead of perceiving this as a challenge, are embracing it as an avenue for innovation and healthy competition. Woodhurst’s long-standing relationship with a Tier 1 bank epitomises this spirit. Recognising the opportunity to develop a personal financial management tool for millennials, the bank turned to us for expert guidance.
Task
Our role encompassed strategic vision and practical execution:
- Strategic Support Model: We crafted a comprehensive Support Model to ensure seamless app production and uninterrupted exceptional service for the bank’s 5 million digitally enabled customers.
- Regulatory Guidance and Development: Leveraging our deep understanding of open finance, we steered the project through regulatory requirements, acting as experts in Open Banking and PSD2. Collaborating with development teams, we maintained consistent project sponsorship.
Action / Approach
Our collaborative journey with the Tier 1 bank followed a systematic approach:
- Innovative Conceptualisation: We collaborated with the bank to conceptualise an Open Banking-enabled mobile app. This included envisioning features like Account Aggregation and detailed spend analysis, catering to the needs of modern customers.
- Strategic Roadmapping: Building on our regulatory expertise, we strategically mapped the development journey, ensuring compliance at every step while maintaining a customer-centric focus.
- Holistic Support Model: We developed an all-encompassing Support Model, providing a roadmap for app support in production. This not only ensured a smooth launch but also long-term customer satisfaction.
- Guided Development: As trusted advisors, we worked closely with the bank’s development teams, providing guidance and insights to navigate potential challenges and seize opportunities.
Result
The collaboration between Woodhurst and the Tier 1 bank yielded significant outcomes:
- Pioneering Innovation: The bank led the market by launching the first Open Banking-enabled mobile app, providing Account Aggregation and detailed spend analysis, catering to evolving customer needs.
- Remarkable User Adoption: By December 2019, over 1 million customers activated core app features, reflecting a high non-core feature activation rate.
Our partnership exemplifies the potential of Open Banking to reshape financial services. By combining strategic foresight with practical implementation, we transformed a vision into reality, offering individuals a tool to navigate their financial landscape with newfound confidence.
