By Aisling Finn on Tuesday 8 June 2021
The UK leads the way for enhancing digital services and increasing its focus on customer service too.
Throughout the pandemic, we’ve had to adapt to a new way of life and one of the most prominent changes is the shift to using digital methods to pay, shop and work.
According to open banking provider Tink, 56 per cent of UK executives think the digital shift caused by Covid-19 is permanent, compared to just 41 per cent across Europe.
Norway ranks the lowest on the list with just over a quarter (26.1 per cent) believing that the shift to digital is permanent.
“In fact, the UK is ahead of the curve on interest in open banking increasing during the pandemic, allowing them to improve digital services, level-up the customer experience and bring greater profitability to their organisations. This reflects the UK’s position as a leading hub for fintech innovation and as pioneers of the open banking movement.”
Similarly, nearly three quarters (72 per cent) of UK executives think that that the pandemic has increased their interest in open banking, slightly higher than the European average of 68 per cent.
Across Europe, three quarters (74 per cent) of executives see an increased need to enhance their digital services to streamline onboarding and manage more customers digitally and 68 per cent think there is an increased need to automate business processes to restore profitability.
“The pandemic has forced many executives to remedy the lack of personal interaction with customers by focusing on delivering digital services. But this has also provided a way of creating more value for the customer while increasing insights to identify or even predict potential risks and new demands,” Daniel Kjellén, co-founder and CEO of Tink added.
“Financial institutions have seen that open banking technology presents opportunities to increase the speed of innovation, introduce new commercial streams and revenue opportunities while enabling operational efficiencies that will benefit their business long term.”
The UK leads the way again when it comes to championing digital services.
Three-quarters of UK executives feel they need to enhance their digital services and 88 per cent say that there is now an increased focus on customer experience thanks to the pandemic, compared to the European average of 70 per cent.
The new partnership came just over a week after it was revealed Tink had acquired German open banking infrastructure fintech FinTecSystems, using a slice of its €85m funding round from the end of 2020 to do so.
Over the next year, Tink also hopes to double its employee numbers by 50 per cent, adding 200 new roles to its 400 existing employees.
Tink connects to more than 3,400 banks that reach over 250m customers across 18 European markets.