Who owns the customer

Open Banking? More like Open Opposition: 1033 pushes fintechs, banks to take sides

  • CFPB's Director Chopra expects the new proposal on open banking to increase competition, but a survey of industry participants shows that not all players are on the same page.
  • As the end of the comment period on the proposed rules approaches, both banks and fintechs are claiming to safeguard consumer interest better than the other. 
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Open Banking? More like Open Opposition: 1033 pushes fintechs, banks to take sides

 


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4 charts, Member Exclusive, Who owns the customer

Four charts: Why consumers rely on banks rather than retailers for post-purchase issues

  • Most customers like to go through their banks rather than knock on the retailer’s door, with 87.6% customers claiming they prefer their banks to cancel their subscriptions.
  • Due to the role bank's play in customers lives, an unspoken relationship transfer takes place post-purchase, where its the bank that starts to own the customer rather than the retailer.
Rabab Ahsan | January 24, 2024