{"id":11571,"date":"2023-02-06T11:11:37","date_gmt":"2023-02-06T00:11:37","guid":{"rendered":"https:\/\/www.basiq.io\/?p=11571"},"modified":"2023-11-23T04:34:15","modified_gmt":"2023-11-23T04:34:15","slug":"open-banking-insights-customer-conversion-why-it-matters-and-how-its-measured","status":"publish","type":"post","link":"https:\/\/www.basiq.io\/blog\/open-banking-insights-customer-conversion-why-it-matters-and-how-its-measured\/","title":{"rendered":"Open Banking Insights: why customer conversion matters and how it\u2019s measured"},"content":{"rendered":"\n<p class=\"eplus-wrapper wp-block-paragraph\">Australia\u2019s answer to \u201c<a href=\"https:\/\/www.basiq.io\/blog\/the-definitive-guide-to-open-banking-in-australia\/\" target=\"_blank\" rel=\"noreferrer noopener\">open banking<\/a>\u201d \u2013 the <a href=\"https:\/\/www.cdr.gov.au\/\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Data Right<\/a>, or CDR \u2013 is picking up steam.&nbsp; We\u2019ve reached a tipping point where <strong>more consumers<\/strong> are sharing data from <strong>more banks<\/strong> with <strong>more financial services<\/strong> across <strong>more use cases<\/strong>, and with those growing numbers we can now reliably measure and contrast performance from bank to bank.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Typically, performance based metrics are challenging to determine because the information needed is just not available. The limited <a href=\"https:\/\/www.cdr.gov.au\/performance\" target=\"_blank\" rel=\"noreferrer noopener\">performance measure<\/a> that is public is the number of banks sharing data via Open Banking and their \u2018uptime\u2019, which as of January 2023 <a href=\"https:\/\/www.cdr.gov.au\/performance\" target=\"_blank\" rel=\"noreferrer noopener\">sat at over 99%<\/a>, and only refers to the connection success rate.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Additionally, there is no way to easily compare how financial institutions (the data holders) are stacking up; who is leading the way and who is underperforming?&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">And let\u2019s not forget the heart of the CDR \u2013 the consumer. As a business, I know you want to know how many consumers are using CDR and, most importantly, the conversion rate.&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">The good news is:<\/p>\n\n\n\n<ul class=\"eplus-wrapper wp-block-list\">\n<li class=\"eplus-wrapper\">Firstly, Basiq is in a unique position to generate these insights into Open Banking. Our depth of knowledge and experience using web connectors (also known as \u2018screen scraping\u2019) means we are able to directly compare the performance of both data access methods. Via Basiq\u2019s platform, we also have the highest number of business customers accessing Open Banking, across the widest range of active use cases in market, which enables us to measure and monitor these performance metrics that matter.&nbsp;&nbsp;<br><br><\/li>\n\n\n\n<li class=\"eplus-wrapper\">Secondly, you have me, a customer advocate and certifiable data nerd at Australia\u2019s leading open banking platform, to crunch the numbers, tell the stories and push for more accountability.<\/li>\n<\/ul>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Today I\u2019m going to look at consumer experience (CX) and conversion: why it matters, how we measure it, and how the data holders stack up.&nbsp; In future posts I\u2019ll pick out other stories but I\u2019ll track and update the CX leaderboard each month.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">But first, we need to talk about \u2026<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">\u201cThe state of Open Banking\u201d<\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">I\u2019ve got that in quotes because I\u2019ve seen the phrase so often the words have lost all meaning!&nbsp; It\u2019s a hot topic though, with <a href=\"https:\/\/www.afr.com\/companies\/financial-services\/the-big-issues-plaguing-australia-s-open-banking-push-20230126-p5cfky\" target=\"_blank\" rel=\"noreferrer noopener\">some voices in the media<\/a> saying that CDR is not ready to support all use cases (actually I agree &#8211; but this argument misses the point.&nbsp; Did Google support search, maps, email, docs, translate, meetings and forms all on day one?)<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">CDR is young and there are gaps but it is already delivering value for our partners in investing, lending, payments, early wage access, the green economy and personal finance management to name a few.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">&nbsp;<a href=\"https:\/\/www.basiq.io\/blog\/comparing-open-banking-and-web-connectors\/\" target=\"_blank\" rel=\"noreferrer noopener\">Screen scraping<\/a> (\u201cscraping\u201d) is the precursor to Open Banking. It\u2019s also the data access method Basiq was founded on in 2017 and has used extensively since. For our customers who have transitioned to open banking (with the same use case, requesting access to the same banks and using the same user experience) we are seeing a 10% increase in the number of customers converting and sharing their data through CDR compared to scraping.&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Use cases which got value from scraping are getting value from CDR <em>today<\/em>.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">The quality of data from CDR is on a par with that from scraping: in some cases it\u2019s great and in others it\u2019s not what you would hope.&nbsp; Under scraping we developed a resilience to gaps in banking data quality, and we\u2019re using those same smarts to help our customers under CDR.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">To get the most from CDR you\u2019ll need to make some tweaks to your UX, we can help you with that; there are a few banks who are more stable with scraping than CDR, we can guide you on that too.&nbsp; But this blanket argument that CDR is not ready does not jibe with what we\u2019re seeing.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">Consumer experience and conversion<\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Under CDR, when a consumer wants to share their data they are redirected from the recipient (e.g., a financial app or lending platform) to the data holder\u2019s portal via Basiq platform (i.e., the consumer\u2019s bank or financial institution), where they authenticate securely with the data holder, acknowledge the recipient\u2019s request for data, and select and share their accounts.&nbsp; At the end the consumer is redirected back to the recipient.&nbsp; By design, the data holder\u2019s portal is a black box to the recipient and the experience is inconsistent because each data holder handles this process differently.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">That\u2019s great for security and privacy and ensuring an informed and free consent to share data \u2013 but it\u2019s a huge challenge for businesses in the digital age to \u201cthrow a user over the fence\u201d and blindly hope they\u2019ll come back.&nbsp; If the user doesn\u2019t return, often it\u2019s impossible to get the reason why.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">For our customer experience benchmarks at Basiq, we have our customers top of mind and measure data holders on the below criteria:<\/p>\n\n\n\n<ol class=\"eplus-wrapper wp-block-list\">\n<li class=\"eplus-wrapper\">Consumer conversion vs drop-off in the data holder\u2019s portal \u2705<\/li>\n\n\n\n<li class=\"eplus-wrapper\">Consumer time spent in the data holder\u2019s portal \u23f1<\/li>\n\n\n\n<li class=\"eplus-wrapper\">Consistency and quality of data returned \u2139\ufe0f<\/li>\n\n\n\n<li class=\"eplus-wrapper\">Speed to return data ??\u200d\u2642\ufe0f<\/li>\n<\/ol>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">Data Holder CX Leaderboard | January 2023<\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Now, let&#8217;s get to the exciting part\u2026 my commitment to you.&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Each month I\u2019m going to rank the performance of the top 10 Data Holders, plus any of the big 4 who fall outside the top 10.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">I\u2019ll look at how the banks performed across all four metrics but with a weighting on conversion \u2013&nbsp; because without consumers sharing their data there\u2019s not much of a Consumer Data Right.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Then I\u2019ll wrap that all up and just tell you how they ranked so that you don\u2019t have to sweat the details.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><strong>Results are in for January 2023<\/strong><br>If you had Bananacoast CCU on your bingo card, you\u2019re a winner!\u00a0 Kudos to the BCCU team for a great result.\u00a0 (<em>Disclaimer: we have no relationship with BCCU, I just know good performance when I see it.<\/em>)<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><strong>Our top 10 performing data holders for January <\/strong><\/p>\n\n\n\n<figure class=\"gb-block-image gb-block-image-2ece1e7e\"><img decoding=\"async\" class=\"gb-image gb-image-2ece1e7e\" src=\"http:\/\/3.106.14.68\/wp-content\/uploads\/2023\/02\/StateofOpenBankingupdate_1280x720_v4-1.png\" alt=\"\" title=\"StateofOpenBankingupdate_1280x720_v4 (1)\"\/><\/figure>\n\n\n\n<figure class=\"gb-block-image gb-block-image-5cc65fc8\"><img decoding=\"async\" class=\"gb-image gb-image-5cc65fc8\" src=\"http:\/\/3.106.14.68\/wp-content\/uploads\/2023\/02\/StateofOpenBankingupdate_mobile_400x600_v4-1.png\" alt=\"\" title=\"StateofOpenBankingupdate_mobile_400x600_v4 (1)\"\/><\/figure>\n\n\n\n<ul class=\"eplus-wrapper wp-block-list\">\n<li class=\"eplus-wrapper\"><strong>Up Bank<\/strong> are setting the gold standard for CDR CX: they consistently have the highest conversion and fastest user journey, and are on par with other top performers for quality and speed<\/li>\n\n\n\n<li class=\"eplus-wrapper\"><strong>ANZ<\/strong> are best of the big 4, taking over from NAB last month<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><strong>What does this mean for the state of Open Banking?<\/strong><br>We saw conversion across all data holders lift by 8% in January as consumers become more confident with the CDR experience and data holders refine their user experience.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Most banks are lifting their game on all key CX metrics, but a few are continuing to struggle.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">We recommend a pragmatic approach to switching from scraping to Open Banking: let us know your needs and appetite and we will suggest high value banks to add now, with a staged plan to add support for more banks as they mature.<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\"><strong>In other news<\/strong><br>Qudos Bank started blocking screen scraping in December.\u00a0 Basiq has decommissioned the Qudos web connector but the CDR connector is working well.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">Basiq customers on v3 of the API who have access to CDR are able to switch their Qudos users dynamically from scraping.&nbsp; Other customers, if Qudos is important to you or your users, please reach out to us to see if CDR is a good fit for you.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-wrapper\">If you\u2019re interested in CDR and consumer experience<\/h2>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">\u2026 please reach out!&nbsp; I would love to hear your thoughts about this \u2013 we are all learning.&nbsp; Please also send any ideas or questions for next month\u2019s post to me at <a href=\"mailto:alex@basiq.io\">alex@basiq.io<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"eplus-wrapper wp-block-paragraph\">You might also be interested in the articles and resources below:&nbsp;<\/p>\n\n\n\n<ul class=\"eplus-wrapper wp-block-list\">\n<li class=\"eplus-wrapper\"><a href=\"https:\/\/www.basiq.io\/blog\/how-open-banking-is-benefiting-basiq-customers\/\">How Open Banking is benefiting businesses<\/a><\/li>\n\n\n\n<li class=\"eplus-wrapper\"><a href=\"https:\/\/www.basiq.io\/blog\/banking-data-access-is-changing-and-businesses-need-to-prepare\/\">How access to customer banking data is changing<\/a><\/li>\n\n\n\n<li class=\"eplus-wrapper\"><a href=\"https:\/\/www.basiq.io\/blog\/comparing-open-banking-and-web-connectors\/\">The difference between screen scraping and Open Banking <\/a>&nbsp;<\/li>\n\n\n\n<li class=\"eplus-wrapper\"><a href=\"https:\/\/basiq.io\/open-for-banking\/\">Why now is the time to make the move to Open Banking<\/a>&nbsp;<\/li>\n\n\n\n<li class=\"eplus-wrapper\"><a href=\"https:\/\/www.basiq.io\/blog\/four-things-to-consider-when-choosing-an-open-banking-provider\/\">Choosing an Open Banking provider<\/a><\/li>\n<\/ul>\n\n\n\r\n<div class=\"accordion accordion--simple js-scroll-animation\" id=\"accordion\" data-aos=\"child\">\r\n\t<div class=\"accordion-item\">\r\n\t\t<div class=\"accordion-title\">\r\n\t\t\t<h5>\r\n\t\t\t\tArticle Sources\t\t\t<\/h5>\r\n\t\t<\/div><!-- \/.accordion-title -->\r\n\r\n\t\t<div class=\"accordion-header\" id=\"accordion-heading-article-sources6a671228af8d3\">\r\n\t\t\t<button\r\n\t\t\tclass=\"accordion-button collapsed\"\r\n\t\t\ttype=\"button\"\r\n\t\t\tdata-bs-toggle=\"collapse\"\r\n\t\t\tdata-bs-target=\"#accordion-article-sources6a671228af8d3\"\r\n\t\t\taria-expanded=\"false\"\r\n\t\t\taria-controls=\"accordion-article-sources6a671228af8d3\">\r\n\t\t\t\t<strong>\r\n\t\t\t\t\tArticle Sources\t\t\t\t<\/strong>\r\n\r\n\t\t\t\t<strong>\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead more\t\t\t\t\t<\/span>\r\n\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead less\t\t\t\t\t<\/span>\r\n\t\t\t\t<\/strong>\r\n\t\t\t<\/button>\r\n\t\t<\/div><!-- \/.accordion-header -->\r\n\r\n\t\t<div\r\n\t\t\tid=\"accordion-article-sources6a671228af8d3\"\r\n\t\t\tclass=\"accordion-collapse collapse\"\r\n\t\t\taria-labelledby=\"accordion-heading-article-sources6a671228af8d3\"\r\n\t\t\tdata-bs-parent=\"#accordion\"\r\n\t\t>\r\n\t\t\t<p>Basiq mandates its writers to leverage primary sources such as internal data, industry research, white papers, and government data for their content. They also consult with industry professionals for added insights. Rigorous research, review, and fact-checking processes are employed to uphold accuracy and ethical standards, while valuing reader engagement and adopting inclusive language. Continuous updates are made to reflect current financial technology trends. You can delve into the principles we adhere to for ensuring reliable, actionable content in our <a href=\"http:\/\/docs.basiq.io\/en\/articles\/8461896-basiq-s-editorial-policy\" target=\"_blank\" rel=\"noopener\">editorial policy<\/a>.<\/p>\n\t\t<\/div><!-- \/.accordion-collapse -->\r\n\t<\/div><!-- \/.accordion-item -->\r\n<\/div><!-- \/.accordion -->\r\n","protected":false},"excerpt":{"rendered":"<p>Our much loved Head of Customer Success, coffee enthusiast and certifiable data nerd, Alex Whiteley, is kicking off a new monthly Open Banking series. This month he is looking at data holder performance, consumer experience and conversion.<\/p>\n","protected":false},"author":29,"featured_media":14507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[15],"class_list":["post-11571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basiq-insights","tag-open-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Open Banking Insights: why customer conversion matters and how it\u2019s measured | Open Banking API Platform - Basiq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.basiq.io\/blog\/open-banking-insights-customer-conversion-why-it-matters-and-how-its-measured\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Open Banking Insights: why customer conversion matters and how it\u2019s measured | Open Banking API Platform - Basiq\" \/>\n<meta property=\"og:description\" content=\"Our much loved Head of Customer Success, coffee enthusiast and certifiable data nerd, Alex Whiteley, is kicking off a new monthly Open Banking series. 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