New research from Tink shows almost half of UK consumers fear their income soon won’t cover essential costs – and many are turning towards the financial industry for guidance. Open banking provides an up-to-date picture of personal finances.

While people are doing what they can to proactively manage their finances, banks have the opportunity to coach their customers through the cost-of-living crisis using tailored financial services.

The research shows more than four in ten ‘only just managing’ consumers said they want to learn more about managing their finances, highlighting a clear incentive for banks to step in to support them before their situation worsens further.

Banks now have the opportunity to step up their digital offering to support struggling consumers. There’s a clear commercial incentive for banks to offer this support – over a third (35%) of the more financially hard-hit respondents report they would switch banks if it provided them with tailored financial support – and many banks are already on the move.

As many consumers have their current accounts, investment accounts and credit cards with different providers, it’s hard to get a holistic view of their incomings and outgoings across accounts. With open banking, banks can provide their customers with a real-time, up-to-date picture of their finances in one place. In short, tailored financial solutions powered by open banking help banks coach the individual, not the account.

It’s time for banking to get personal.

Get in touch with our experts to see how open banking can benefit your company and improve the customer experience.

Source: Tink – Banking is getting personal report.