But for financial marketers GDPR is not the only data challenge. Embracing the competitive opportunities and threats of Open Banking (PSD2) is also on this year’s agenda, as is understanding where the two complement or clash. On the face of it, Open Banking brings consumers advantages in promoting competition between financial services providers, working to the benefit of many Fintechs and, in theory, providing customers with more control over their financial data.
But in practice, what percentage of consumers really want to allow Fintechs access to their bank and credit card accounts, so an app can tell them how much they are spending on coffee? That’s not much of a value exchange for sharing very personal data.