Open Banking

The Challenge:

• Review Open Banking for client opportunities as Open Banking will change banking and lending, including having a profound effect on UK Credit Bureau’s
• 70% clients payments in are made by debit card costing millions of pounds each year (Gateway, scheme, interchange & acquirer margin)
• Use API connectivity where possible to reduce risk and increase efficiency
• Enable customers at point of transaction to see the impact on both their account and their bank account in order to manage their finances better

What We Did:

• Researched the Open Banking Market and then ran an RFI
• Gained required stakeholder buy-in, including informing executive and senior stakeholders about the capability of Open Banking and its potential benefits.
• Ran a targeted RFP, which included major payment schemes, major banks and PE backed FinTech companies
• Refined leading companies proposition and helped win a deal that far exceeded the clients expectations
• Implemented a UK First – The client was the first Lender to implement Open Banking payments in the UK, and received significant positive PR

The Benefits:

• Benefits included a monumental decrease in transaction costs - > 80% reduction
• Achieved 15% efficiencies in the reconciliation space.
• Further benefits also anticipated, from product enhancements include improved collections rates
• Customer journey times were reduced due to pre-populated fields within their own banking app
• The Chief Financial Officer commented, “Awesome result, great work–great job done by Hawkin & Co team”.