Spotlight open banking and SMEs: Open banking will play an important part in meeting customers’ needs

Open banking offers huge opportunities for the insurance sector. But while access to the data may deliver benefits such as quicker risk assessment and improved customer relationships, take-up remains low.

Despite slow progress to date there are signs that some in the insurance sector are starting to get a handle on the value of open banking.

Based on the results of a recent open banking and SME risk survey which was conducted by Post in association with CRIF Decision Solutions, this spotlight highlights some of the benefits that could be realised by integrating this technology into systems and processes.

Topics covered include:
• What trends within the SME market will shape the post-pandemic landscape?
• Existing obstacles to embracing the open banking model.
• Current perceptions of open banking within the insurance market.
• Using open banking and real-time data to help with risk assessment at point of quote.
• Leveraging real-time customer insight to tailor covers for SMEs.
• Demonstrating to customers the value of sharing data.