Open Banking Limited (OBL) has employed a number of design and experience principles to create the CEG. This section lays out the principles of informed decision making, providing customers with well-designed experiences (using the principles of control, speed, transparency, security and trust). It also includes information that should be considered in order to support protection of vulnerable customers.
Other pages in this section Consent & Data Sharing Management Consent – AIS (PSD2) Introduction (section A) Off Boarding & Data Erasure Revocation Set Up Stop Sharing Using the Customer Experience Guidelines Customer Journey Customer Experience Principles Customer Communication Improving Comprehension
Control Speed Transparency Security Trust The introduction of any kind of new transaction, product or service – especially online – can create an opportunity for deeper engagement. However, it can also create barriers through poor implementation. From a consumer perspective, this is often about a perceived sense of control. If customers feel they understand what is going on in a process, are able to make informed decisions and choices on their own terms – including recourse to change their mind – it provides a sense of ownership and control over what is happening. In a transactional context, where money and data are potentially at stake, getting this right is essential. For Open Banking, control comes from providing the right tools and clarity of information at the right time (e.g. knowing the exact amount of a transaction at the point of payment, or knowing that they can view and revoke consents given when they feel it is appropriate to do so). TPPs and ASPSPs need to consider how they provide this sense of ownership and specific optionality throughout – enabling customers to feel this is a process they are both choosing and in charge of. Speed must be appropriate to the customer and the journey they are undertaking. Convenient, speedy and intuitive design is a question of execution and interaction. In the transactional context, anything that seems more time consuming or onerous than customers are used to is going to represent a hurdle to adoption. We have to manage and optimise each interaction, as well as hand-off between systems for speed, clarity and efficiency, but without sacrificing the principles of security and control. In addition, we have to be mindful that the speed of transaction or interaction is not necessarily about the ‘fastest possible’ experience. As we have indicated, we must support informed decision making through comprehension and clarity allowing customers to, above all, move at a pace that suits them. TPPs and ASPSPs need to ensure that Open Banking customer journeys remain flexible enough to support different customer contexts, expectations and situations and – critically – avoid any unnecessary friction in the completion of any journey. Transparency of choice, action, and importantly the consequences of actions or sharing of account information is crucial to promoting the benefits of Open Banking, creating engagement and supporting adoption. In new transactional scenarios where customers are being encouraged to share their financial information this is critical. It is not only about communicating the benefits of a new service, but being explicitly clear on what is required from the customer, why it is required, and for what purposes. Customers need to be able to make an informed decision and, in turn, understand the consequences of that decision. Sharing information is seen as unavoidable, and a trade-off for convenience and benefits. And while this is a great opportunity for TPPs and ASPSPs, the value exchange for the consumer needs to be explicitly clear. At the same time, we do not want to overburden the customer or weigh down the business opportunity with excessive explanations. Transparency is about providing progressive levels of information, in plain language, that inform and support customer decisions. In the context of Security, the key concerns for customers are fraud, which everyone understands, and the use of their account information and how it is protected. Explicit clarity and reassurance will be required in relation to data definition, usage, security and above all, protection. As a new service, all security messaging should be clear and reassuring in tone, but not alarmist. Customers are generally aware of the risks of sharing account information and as expected some types of customer, particularly older demographics, may initially express cautiousness and nervousness. It is therefore critical to establish and reinforce trustworthiness – trust in the service provider, trust in the transactional process and trust in the role and relationship with their ASPSPs, especially in a payment context where traditional, deeply established alternatives remain available. The principles of control, speed, transparency and security combine to create a trusted environment for the customer. TPPs and ASPSPs need to consider, engender and promote values of trust through every part of their Open Banking customer journeys, to foster understanding, acceptance and adoption of new innovative products and services.