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Open Banking and the Future of Rewards
Manage episode 385198208 series 3481684
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Ever wondered how the world of open banking is revolutionizing rewards and incentives? Join me and open banking consultant Steve Parsons, as we unravel the intersections of open banking, rewards, and the critical governance that frames it all. It's a deep exploration into the General Data Protection Regulations and Payment Services Directive 2, as we discuss how these directives are empowering consumers while disrupting the traditional brand-customer dynamic.
Imagine a world where every reward you receive is tailor-made around your transactional data. That's precisely what open banking is bringing to the table. In our conversation, we take a keen look at how open banking serves as a catalyst for personalized rewards and an interesting angle on cross-selling. We also discuss the impactful idea of personal financial managers and the exciting prospect of frictionless rewards.
Trust, a cornerstone of any relationship, is even more critical when finances are involved. Tune in as Steve and I dissect the role of trust in open banking and the intriguing ways it shapes both customer and brand behaviors. We also look beyond the financial realm, exploring how open banking tactics can be used in cross-selling and loyalty programs in various sectors like insurance and retail.
Chapters
1. Open Banking and the Future of Rewards (00:00:00)
2. Open Banking and Rewards (00:00:01)
3. Open Banking and Personalized Rewards (00:07:19)
4. Trust in Open Banking (00:19:26)
5. Organizations Embracing Open Banking Benefits (00:27:25)
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