Open banking technology: how employee benefits companies can increase engagement

Published July 2022


There is a lot in the press about how open banking technology is changing the landscape when it comes to payments. But let’s not forget about the data.

For some organisations, it is all about the payments, but for others, the data is a real game-changer. The data alone can enable a company to pivot their business offering and transform their products and services into something they never even thought of. Likewise, it could validate their thinking and support the business case to evolve and disrupt an already competitive industry.

If you specialise in offering employee benefit programmes, open banking data can drive real value to your customers and your customers’ employees.


How open banking can inform personalisation

One of the main benefits of open banking technology is being able to access, in a read-only format, transactions on a bank account that have been consented to by the employee.

The insights produced from the data enable a real-time granular picture to be built of the employee. Understanding where they spend their money and how frequently can help to determine more appropriate products to be offered within your platform and at a truly individual level.

Determining the employee’s spending habits and tailoring their benefits accordingly increases engagement and loyalty to your employee benefits platform. For example, an employee might select several interests when first engaging with the platform, but that is often a moment in time and those interests may change. Likewise, when they use the platform the product offerings may not reflect their current lifestyle meaning disengagement with the platform and those individuals not getting the full benefit of what’s on offer. This is where the power of open banking data comes into play.

Your employee benefits platform can simply allow the open banking technology to use the data to suggest interests, such as cinema, restaurants and retailers. This creates a higher value exchange between the employee and the platform.


harnessing open banking data for employee benefits programmes

Upselling and increasing loyalty with push notifications

Open banking data has the power to change platform engagement. By using data insights, push notifications can be triggered when certain transactions are made.

For example, when an employee has made a transaction, such as purchasing a holiday, this could trigger a push notification to promote airport parking or insurance. This would not only drive engagement and loyalty to the platform, but most importantly, demonstrate to the employee that their data is working hard for them – helping them to save money and make the most of the benefits available to them.


Improved customer service through open banking data

This more sophisticated approach to providing employee benefits enables you to get a real-time view of the engagement of products and services, driven by open banking data.

This data can be used to adjust the approach and offering to a particular company and their employees. Not all businesses are the same and not all employees are the same; therefore, having this insight can allow you to better serve a business or industry and in turn increase engagement and loyalty to your programme and platform.


If this has raised a few questions or you would like to explore open banking with us, please get in touch. We have the knowledge, product, team and experience to get open banking data working for you.