How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework

Grassi, Laura; Figini, Nicolas; Fedeli, Lorenzo

doi:10.1186/s40854-022-00378-x

Financial Innovation

Table 1 Case study sample. The column “Cluster” refers to

From: How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework

Case	Cluster	Bank type	Retail services	Tech expenses (on revenue)	Bank channels	Interviewee role	Interview time
A	Traditional Bank	Large bank (offering all banking services, e.g. commercial banking, asset management, investment banking)	Bank accounts, payment services (debit and credit cards), investments, saving accounts, loans, mortgages	€100 m + (5%)	Branches and digital (internet and mobile banking), stressing importance of multichannel services	Head of CRM & Campaign Management	1 h
B	Traditional Bank (FinTech)	Large bank (offering all banking services, e.g. commercial banking, asset management, investment banking)	Bank accounts, payment services (debit and credit cards), investments, saving accounts, loans, mortgages	€10 m + (0.5%)	Branches (account for 90% of revenue) and digital (online/mobile), plus a digital bank subsidiary	Customer Journey and CRM Service Manager	1 h
C	Traditional Bank (FinTech)	Large bank (offering all banking services, e.g. commercial banking, asset management, investment banking)	Bank accounts, payment services (debit and credit cards), investments, saving accounts, loans, mortgages	€750 m + (4%)	Branches and digital (internet and mobile banking), plus a digital bank subsidiary	Head of Internet & Mobile Banking	1 h
D	Traditional Bank (FinTech)	Large bank (offering all banking services, e.g. commercial banking, asset management, investment banking)	Bank accounts, payment services (debit or credit card), investments, saving accounts, loans, mortgages	€1bn + (6%)	Branches and digital (internet and mobile banking), plus a digital bank subsidiary	Marketing VP, Business Intelligence & CRM Strategy	1 h 30 min
E	FinTech (traditional bank)	Medium-sized, innovative, direct bank (subsidiary of a larger group)	Bank accounts, payment services (debit and credit cards), investments, saving accounts, loans, mortgages, account aggregation	€5 m + (8%)	Exclusively digital (online/mobile banking) with a network of remote relationship managers	Head of Strategic Planning & Projects (ex CRM)	1 h
F	FinTech (traditional bank)	Small, innovative, direct bank (subsidiary of a larger group)	Bank accounts, payment services (debit and credit cards), loans, insurance	n/a	Exclusively mobile app (no online banking or physical branches)	Head of CRM	1 h 15 min
G1	FinTech	Medium-sized, innovative, neobank	Bank accounts, payment services (debit and credit card), saving accounts, expense analysis and projects, account aggregation	€20 m + (8%)	Exclusively digital (online/mobile banking)	Customer Engagement Manager	1 h
G2*	FinTech	Medium-sized, innovative, neobank		€20 m + (8%)	Exclusively digital (online/mobile banking)	Digital Strategy & UX design expert	1 h

(1) Traditional banks without a digital subsidiary, which operate mainly through physical channels, such as retail branches, and are generally perceived as old-fashioned (Traditional Bank)
(2) Traditional banks which are adapting to trends in innovation and have established their FinTech (Traditional Bank (FinTech))
(3) Recently established FinTechs, which are backed by or have strong ties with a traditional bank (FinTech (traditional bank))
(4) Independent banks, which operate only through digital channels and are not backed by or have ties to a traditional bank (FinTech)
Tech expenses as per data reported in the banks’ 2021 Annual Reports under “ICT expenses”
* Two interviews, with two different professionals

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