5 steps to maximise your Open Banking adoption
Tip 1 - Use Open Banking to reduce steps in your journey
A quick win is to use Bud Connect to reduce the steps in your journey, not add extra steps. Bud worked with one of our partners on a collection journey and we were able to fill in 60 of the 65 fields in a form automatically by asking users to link their account. This is a win-win for users - it saves them time and reduces errors.
Tip 2 - Make the messaging focussed on value rather than what it is technically doing
Try to include familiar language when introducing new concepts and try not to introduce new language or phrases they hadn’t heard of. Saying “Use Open Banking” will put some users off.
Tip 3 - Make Open Banking the default option
If you are going to keep more traditional or manual ways for users to send you data, consider making Open Banking the default option. People tend to pick the easiest option to avoid complex decisions. Defaults provide a cognitive shortcut and signal what people are supposed to do.
Tip 4 - Reduce uncertainty by letting users know what’s about to happen
People feel more comfortable doing something if they understand what’s going to happen next and why it needs to happen. Tell users what is going to happen in the preceding screens and if they are about to leave the app to enter the Bud Connect Flow. Try using recognisable logos and introducing Bud to reduce uncertainty.
Tip 5 - Nudge users with reminders and deadlines
If you do have an extra step in your journey, introducing an expiration date motivates people to complete their application. Try introducing dates in nudge messages to prompt users into action. Even a reminder message can help. One of our clients increased their conversion rate by 10% by sending users a reminder SMS to connect their accounts.
If you can remember these 5 top tips you can increase your Open Banking adoption by 40-50%:
- Use Open Banking to reduce steps in your journey
- Make the messaging focussed on value rather than what it is technically doing
- Make Open Banking the default option
- Reduce uncertainty by letting users know what’s about to happen
- Nudge users with reminders and deadlines
