The principles, frameworks and techniques described in this section are designed to improve comprehension, time to comprehension and propensity to share data.
Organisations have a responsibility to inform their customers about data sharing. This can be achieved through written, visual, auditory and interactive content.
This section introduces:
This information is presented as high-level guidance and principles. TPP’s (and ASPSP’s) will have to interpret these for their specific proposition and regulatory needs.
Open Banking challenges the way customers think about Financial Services. They’ve been told not to share their personal information – now they are being encouraged to do so. If they are to make this transition, it is critical they understand the implications, benefits and safeguards.
The first time a customer encounters an Open Banking proposition, they experience a variety of motivational forces. Some of these forces encourage them to share their data, others induce anxiety and resistance.
© The Re-Wired Group LLC.
Organisations that amplify ‘progress making forces’, and counter ‘progress hindering forces’ will increase adoption of their Open Banking proposition. Optimal communication is therefore crucial to the success of new propositions: it will increase confidence in the unknown and help encourage customers to change long-term patterns of behaviour around data sharing.
Customers are focused on achieving personals outcomes and they use products and services to achieve them. Understanding how customers think about these outcomes will help you design effective journeys that help customers understand the value of the data they are being asked to share.
This challenge is communicated by The 9x Effect. This model demonstrates that individuals have a number of behavioural biases which combine to make them overvalue the way they currently do things. It also suggests that many organisations tend to overvalue what hey offer the market.
© John T Gourville
To counteract this, you can use behavioural design methods outlined in the BJ Fogg Model.
In the context of Open Banking, this is critical. Customers are being asked to ‘actively’ share their data. This requires a shift away from today’s ‘passive’ consumer data sharing.
Consent-based data sharing is a specific activity which is new to customers. You can read about Fairer Finance “Clear and Simple” principles.
The UK Organisation which campaigns for clearer communication in Financial Services has the following 3 key principles:
Including analysis of Reading Grade, conversational tone, use of jargon and use of examples
This includes analysis of white space, hierarchy of information, navigability, font size and colour.
This includes analysis of whether key product features are prominently and clearly explained.
For more information visit the Fairer Finance website https://www.fairerfinance.com/
© Fairer Finance
Minimise Time to Comprehension
Customers expect to be able to absorb information easily, and usually scan a page for the key points.
There are useful techniques that can be employed to achieve this:
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