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Table 4 Approaches to Open Finance

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

  Cautious (Organisation-driven) A, B Considered (Customer-driven) C, D, E Committed (Customer data-driven) F, G
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