Table 4 Approaches to Open Finance

Culture

Product-oriented

Customer-oriented

Co-design

Organisation

Branch and Digital

Branch, Digital and Humans

Digital

Hierarchical structure, departmental isolation

Cross-functional integration, laboratories/innovation hub, technologically enabled flexibility

Flexibility, small and heterogeneous teams

Performance management

Mainly sales-oriented metrics

Sales- and customer-oriented metrics

Advanced customer- and sales-oriented metrics

Data

Large data collection over years, but limited in terms of type of data and semantics

Large data collection, advanced in terms of type of data and semantics

Limited data collection (due to being a young outfit), but advanced in terms of type of data, semantics and potential

No data visibility and no self-consumption

Limited data visibility and initial self-consumption

High data visibility and diffused self-consumption

Data Value

Initial exploitation of data value

Advanced exploitation of data value

Proactive exploitation of data value

Advanced tools, but limited current applications

Advanced tools, growing applications

Enabled advanced tools, not always applied at the moment

Technological architecture

Orchestrated architecture

Orchestrated architecture—advanced

Integrated architecture

Overall remarks

• Old memories of product-orientation

• Organisation under evolution

• Technology under evolution

• Uncircumscribed role of the branch

• Customer orientation, everything else as enabler

• 360° approach

• Inclusivity at organisational level

• Integration digital and human, channels coherence

• Not just customer oriented but customer allied

• Data driven

• Digital focused, human interaction coherence

Improvement direction

• Data collection, consumption and value

• Leverage on data quality to push forward the strategy

• Integration of advanced tech-tools e.g. AI

• Channel (digital vs physical, multichannel)

• Channel (digital vs. physical, multichannel)

• Continuous innovation and investments