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A dedicated interface - what are the upsides?

Much of the information in this Partner Zone focuses on what the regulations say and why an account provider must comply (along with some tips on how to do so). But, you might be thinking, are there any benefits to publishing and maintaining a complaint open banking dedicated interface?

The short answer is, yes! There are lots of benefits, a few of which we've set out below.

Projecting the right image

With all of the major banks and larger fintech challengers already compliant, not having your own dedicated interface can look a bit, well, unprofessional. On the other hand, publishing its own open banking APIs allows an account provider to demonstrate that is "playing with the big kids".

Good publicity

We all like to have something nice to shout about in the press and on social media. Launching a set of open banking APIs is always a good message, as are the associated points that an account provider can rightly boast about, such as enabling more of its customers to access more services, thereby increasing not just the account provider's own indirect capabilities, but also enhancing the options and lives of its customers.

More usage, more stickiness

We all want our customers to engage with us more often (as long as each engagement doesn't carry a disproportionate cost, of course). More activity may result in more revenue, but it can also produce other benefits such as increased brand recognition and loyalty.

By enabling a customer to access an account or initiate a payment through more channels - i.e. using a third-party provider app or service - an account provider increases the number of interactions that the customer has with the account provider itself. Sure, the interaction is light touch and indirect, but it all an important part of remaining "front of mind, top of wallet".

Reduced churn

There can be many different reasons for a customer to churn. In this age of choice, there are an increasing number of account providers offering something slightly different (and in some cases, virtually the same but with a different colour, logo, or pricing structure), and all competing to attract the same set of customers. This means that customers have a propensity to use more than one account provider, but also means that they are far less loyal and are liable to move when attracted to something new.

An account provider that does not have a dedicated interface for open banking is presenting a customer with a binary choice; use my app solely, or move elsewhere. By publishing open banking APIs, an account provider enables its customer to access their account through multiple sources, dramatically reducing the reasons for a customer to move. If I can get all of the benefit of a cool new app without the hassle of switching account, why would I consider moving?

Great use cases & enhanced ecosystem

Fundamentally, having a dedicated interface of open banking APIs makes a customer's life better. An account provider is able to "provide" a massive range of value added services, without lifting a finger. There is a continually growing ecosystem - a world of possibilities. For example:

  • Accounting Packages - accessing transactions through providers such as Sage, Xero and Quickbooks

  • HMRC Payments - paying a tax bill via the HMRC portal

  • Account Aggregation - see accounts alongside any others using tools such as Moneyhub, Plum, Emma, and Money Dashboard

Do you have any questions?

We've got you covered. Take a look at our FAQs or get in touch with the team at


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