OPEN DATA IS ESSENTIAL FOR SMALL BUSINESS RECOVERY - In the emerging new normal, approaches to underwriting small business credit need to be ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
OPEN DATA IS ESSENTIAL FOR SMALL BUSINESS RECOVERY In the emerging new normal, approaches to underwriting small business credit need to be reimagined Chris Evans Nihal George
Open Data Is Essential For Small Business Recovery
SYLVIA’S BUSINESS LOAN APPLICATION NIGHTMARE
Sylvia is a 38 year old dentist operating her own practice in the inner Sydney suburb of Surry Hills.
One afternoon, Sylvia is treating a patient when her dental chair malfunctions. The chair’s suspension
comes to a grinding halt, the drill stops spinning and the suction stops flowing. The chair is dead.
The Consumer Data Right (CDR)
The Consumer Data Right (CDR) in Australia is designed to give consumers and small
businesses control over how their data can be accessed and Sylvia is a 38
shared year old
securely dentistdigital
through operating her own practice in th
channels. The legislation and its rules are more generally referred to as Open Banking orchair’s
dental chair malfunctions. The Open suspension comes to a
Data, versions of which have been legislated in the United Kingdom and the European Union,
and promoted through policy in Singapore, India, Japan and South Korea among others.
1. AWARENESS
Under time pressure, Sylvia spends hours the
st
trolling through the internet looking for t
a lender, not knowing how to compare them CLOSED
for urgent
enquiries
How Consumer Data Right can help
please contact
1800-JOB
KEEPER
Real time comparison of accurate prices
and features from publicly available
product reference data
st operating her own practice in the inner Sydney suburb of Surry Hills. One afternoon, Sylvia is treating a patient when her
Personalised
The chair’s suspension comes to a grindingoffers if Sylvia
halt, the consents
drill stops to and the suction stops flowing. The chair is dead.
spinning
share her banking or related transaction data
1 AWARENESS
2. APPLICATION
SylviaPanicked,
has not Sylvia spends hours trolling through the internet
previously been successful
looking for a lender not knowing if she’s missing offers or
applying
how tofor a loan
compare with her existing bank, so
them
2 APP
Sylvia
throug
financ
the 1989 business
statement has
she must search for years of paper statements
to be in here
somewhere
from Automatic
multiplecomparisons
banks to prove her financial Digita
health• Easy comparison with automatic price searching
elsewhere. Branches reopen but she • Bran
• Personalized offerings aligned to individual circumstances • Switc
is uncomfortable going toatone
• Know the best rate available duetime
any given to COVID open
health concerns • Virtu
How Consumer Data Right can help
Digital onboarding enabled by access
to Sylvia's customer, product, account
ugh the internet
issing offers or
2 APPLICATION
Sylvia doesn’t apply for a loan with her existing bank so she must delve
through years of paper statements from multiple banks to prove her
3
and transactionalASSESSMENT
removing the need
data on her consent
forpass,
Weeks a branch visitfrom the bank. Sylvia’s practice is
it’s radio silence
closed while she waits. She is worried that her turnover dropping
financial health. Branches reopen but she is hesitant to go due to Covid-19 Virtual chat with due
personalised loanthe assessment
to Covid-19 will impact
suggestions based on Sylvia's data
Digital onboarding Whole of wallet view Transaction
ching • Branch visit not needed • Link years of consistent datasets for lender
fee to analyse
- $350
circumstances • Switch effortlessly with automatic handling of account • No need to manually source financials from multiple accounts
me opening and administration
• Virtual engagement to offer personalised loan suggestions
© Oliver Wyman 2
ne afternoon, Sylvia is treating a patient
enquiries
when her
please contact
and the suction stops flowing. The chair is dead.
1800-JOB
KEEPER
Open Data Is Essential For Small Business Recovery
Sylvia is a 38 year old dentist operating her own practice in the inner Sydney suburb of Surry Hills. One afternoon, Sylvia is treating a patient w
dental chair malfunctions. The chair’s suspension comes to a grinding halt, the drill stops spinning and the suction stops flowing. The chair is
1 AWARENESS
Panicked, Sylvia spends hours trolling through the internet
looking for a lender not knowing if she’s missing offers or
how to compare them
2 APPLICATION
3. ASSESSMENT
Sylvia doesn’t apply for a loan with her existing bank so she must delve
She
through is ofworried
years that from
paper statements themultiple
shortbanks
revenue
to prove decrease
her
financial health. Branches reopen but she is hesitant to go due to Covid-19
3 ASSES
Weeks pass
closed while
due to Covi
she experienced due to COVID-19 will impact
her assessment
Automatic comparisons Digital onboarding Whole of wa
• Easy comparison with automatic price searching • Branchthe
visit notbusiness
1989 needed • Link years
statement has
• Personalized offerings aligned to individual circumstances • Switch effortlessly with automatic handling of account
to be in here
• No need to
• Know the best rate available at any given time How Consumer Data Right can help
opening and administration
somewhere
CLOSED • Virtual engagement to offer personalised loan suggestions
for urgent
enquiries
please contact
Automated credit assessment based
on real time transaction data and more
1800-JOB
KEEPER
accurate forecasting of cash flows
must delve
rove her
34. DECISION ASSESSMENT
Sylvia’sWeeksloanpass,
The eligibility
application is rejected.
it’s radio silence
criteria excludes
from the bank. Sylvia’s practice is
closed while she waits. She is worried that her turnover dropping
businesses
1 2 3
ue to Covid-19 due to Covid-19 will impact the assessment Loan
ASSESSM
declined
inAWARENESS
operation for less than 12 months. APPLICATION
Sylvia’s practice
Panicked, Whole
Sylvia spends is view
hours
of wallet 11 months
trolling through old
the internet
Transaction
looking for a lender not knowing if she’s missing offers or
Sylvia doesn’t apply for a loan with her existing bank so she must delve
through years of paper statements from multiple banks to prove her
Weeks pass, it’s
closed while sh
fee - $350
• Link years
how to compare them of consistent datasets for lender to analyse financial health. Branches reopen but she is hesitant to go due to Covid-19 due to Covid-19
• No need to manually source financials from multiple accounts
How Consumer Data Right can help
Automatic comparisons Digital onboarding Whole of walle
• Easy comparison with automatic price searching • Branch visit not needed • Link years of c
Fairer and faster credit decisions based on
• Personalized offerings aligned to individual circumstances
• Know the best rate available at any given time
• Switch effortlessly with automatic handling of account
opening and administration
• No need to m
real time financial performance data that will • Virtual engagement to offer personalised loan suggestions
enable more accurate assessment of current
performance (including e.g. COVID impacts)
and future cash flow serviceability
4 DECISION
Sylvia’s loan application is rejected. The eligibility criteria excludes
businesses in operation for less than 12 months. Sylvia’s practice
is 11 months old. Ms. Sylvia, we regret to inform
5 5. DISBURSEMENT
DISBURSEMENT
After multiple rejections Sylvia finally has her loan approved elsewhere.
After multiple
She checks her bankrejections Sylvia
account obsessively,
with a hefty transaction fee
Loan
declined
the finally has
funds have arrived along
6 PAYM
After just 2
receives a d
of her chair
you that your 2 most recent
her loan approved elsewhere. She checks
direct debit payments for your
Behaviour prediction outstanding loan were declined
Transaction
fee - $350
her bankmovement
Smoother account obsessively, the funds have
of funds Outcome p
• Track aggregate spending patterns to extrapolate future outcomes • No payment delays • Proactive
such and
• Avoid biased rejections due toanomalies we will
widerbeeconomic
removingimpacts
your arrived along with a hefty transaction fee
• Direct account-to-account payments eliminate transaction • Receive st
(such as COVID-19) dental chair from your premises costs charged to the customer upcoming
to reclaim the funds. Yours d
Sincerely, Mr Bank
How Consumer Data Right can help
Faster and lower cost payments
enabled by account-to-account payments
How Open Banking can help
authorised at point of sale when
4 66. REPAYMENTS 5 6
write access is introduced to the CDR
DECISION
PAYMENTS DISBURSEMENT PAYMEN
Sylvia’s loan application is rejected. The eligibility criteria excludes After multiple rejections Sylvia finally has her loan approved elsewhere. After just 2 mis
pproved elsewhere. After 2 missed repayments due to bad timing
businessesAfter
is 11 months
in operation for less payments
just 2 missed
old.
than 12 months.
due to Sylvia’s
bad practice
timing of direct debits Sylvia She checks her bank account obsessively, the funds have arrived along receives a defa
have arrived along receives a default notice from her bank. They are taking possession with a hefty transaction fee of her chair to
of direct debits
of her Sylvia
chair to reclaimreceives a default
the outstanding debt notice
from her
Behaviour bank. They are taking possession
prediction
Ms. Sylvia,
Smoother movement of funds Outcome pred
• Track aggregate spending patterns to extrapolate future outcomes • No payment delays • Proactive rest
of• Avoid
herbiased
chair
Outcome toprediction
reclaim
rejections the and
due toanomalies outstanding debt
wider economic impacts • Direct account-to-account payments eliminate transaction • Receive strate
(such as •COVID-19)
Proactive restructuring to avoid dishonor penalties we
costs regret
charged to inform you that
to the customer upcoming pay
nsaction • Receive strategically timed ‘nudge’ notifications for your 2 most recent direct debit
upcoming payments
How Consumer Data Right can help payments for your outstanding
loan were declined due
to insufficient funds.
Real time alerts from continuous connection
to
Howunderlying operating
Open Banking can help accounts enables As such you are now in default
timely nudges for upcoming payments and and must take action
to clear your debt...
proactive restructuring to avoid penalties
Yours Sincerely,
Mr. Bank
© Oliver Wyman 3
Open Data Is Essential For Small Business Recovery
THE PROMISE OF OPEN DATA
For consumers and businesses, Open Data should unlock materially smoother, faster and more
innovative experiences. Processes that were previously paper-based and cumbersome can now
become digital and instant. Customer onboarding and account switching can be completed in
a few clicks. Brand new services such as subscription management and behaviour-based offers
can become more common. While the use cases are far and wide across industries
and segments, the common denominator is that they lead to better customer outcomes.
In the context of the COVID-19 pandemic, a critical opportunity that we believe Open
Data must enable is easier, faster and more robust access to credit for small businesses.
Historically, obtaining small business credit products from lenders has been challenged
by manual processes, long timeframes, and high rejection rates. While fintechs and some
leading banks invested to address these challenges pre-crisis, few have been able to continue
lending at scale. Despite substantial government support, new loans to non-financial
businesses are down 2.2% from March to August this year according to APRA. We believe
that real-time secure access to business financial performance data through Open Data can
be a key enabler of sustainable credit for small businesses post COVID-19.
As Sylvia’s business loan application journey above illustrates, Open Data can unlock more
digital customer experiences, real-time and verified data across providers as well as faster
and more accurate credit assessment and monitoring. While some of these experiences
can be provided now, they are expensive to build and not all players have access to the data
required to deliver them.
Off to a slow start
Australia’s CDR regime went live on 1 July 2020 following eight months of industry testing
with early data recipients and the major banks (see exhibit 1). CDR will first apply to the
banking sector followed by telecommunications and energy sectors.
There remains, however, a general lack of customer awareness of the potential benefits
of the CDR. The CDR ecosystem is still immature and is largely discussed in just banking
and technology circles. While a few early adopters have started to experiment, the current
challenging economic context means that take-up at major financial institutions has been
slower than hoped.
A key barrier to utilisation of CDR is the process to become an Accredited Data Recipient (ADR).
Companies seeking to receive data needed to be accredited by the Australian Competition and
Consumer Commission (ACCC), which has high standards for technical, business and customer
readiness. These standards come with costs and therefore needs a clear commercial case. With
oversight shifting from the ACCC to the Treasury recently, there will be renewed emphasis on
increasing awareness and participation in the CDR ecosystem.
© Oliver Wyman 4
Open Data Is Essential For Small Business Recovery
Exhibit 1: Overview of key CDR milestones from 1 July 2020
July 2020 November 2020 July 2021
CDR goes live. Major Major banks make All other non-major banks
banks (ANZ, NAB, CBA, available account and and lenders are required
WBC) make available transaction data for home to allow customers to
account and transaction loans, personal loans and share product, account
data for deposit accounts, mortgage offset accounts and transaction data for
debit and credit cards to all banking products
Accredited Data Recipients
Source: ACCC, timeline simplified for illustration
While there are many use cases for the first implementations of CDR, those that address
existing business problems and customer experiences are likely to be prioritised over
creating new capabilities.
UNLOCKING SMALL BUSINESS CREDIT
IN THE NEW NORMAL
2 in 5 small businesses expect reduced ability
to pay operating expenses over COVID-19
Source: Australian Bureau of Statistics
Access to credit is the lifeblood of small business
COVID-19 has brought an unprecedented change to our definition of “normal”. Australia’s GDP
is expected to decline by over 5% in 2020 and small businesses have been especially hard hit.
The recovery may be long and will vary significantly by sector and region.
Our research with small businesses in Q1-Q2 this year raised that access to credit and managing
cashflow are the most pressing needs across sectors. Small business owners highlighted that
visibility and control over expenses and cash reserves (>70% did not have this), quick and easy
access to credit to overcome short term cash needs (most either had loan applications rejected
or felt the process took too long) and collecting payments on time (>50% of invoices were paid
late) were three factors critical to their survival and recovery.
© Oliver Wyman 5
Open Data Is Essential For Small Business Recovery
Accordingly, there is an increasing need for lenders to help by providing greater access to capital.
Small businesses require capital both to sustain cash flows in the short term, as government
support is withdrawn, as well as to deliver business model changes required to address
behavioural shifts that the pandemic has accelerated. These include a step change in the adoption
of digital payments, e-commerce and virtual ways of working that are changing the way services
for small businesses need to be provided.
I need instant decisions to fund shortfalls in my cashflow.
I was hoping the government guarantee would allow lenders
to offer more affordable loans but I can’t justify the cost.
It’s just too high.
Hairdressing salon owner
When the government announced its AU$40 billion SME loan guarantee scheme in March 2020
business owners were hopeful the stimulus package would provide quick, simple access to
affordable credit. By July, the well-intentioned economic support had not realized its potential
with just 15,600 new business loans worth AU$1.5 billion issued. While the government
guarantees half of the potential losses, lenders are exposed to the remaining amount, a risk
that is particularly heightened due to lack of visibility into future cashflows.
This lower utilization highlights the issues for small business credit on both the supply and
demand side. On one hand, business owners need speed and certainty on any credit decision.
They cannot afford to wait for weeks for a decision in the current climate and are uncomfortable
taking on additional credit that might also require personal collateral to secure. Many also prefer
not to pay the higher rates that non-bank lenders offer as an alternative.
On the other hand, lenders want to provide credit, but are challenged to efficiently collect
the data required to make a fast, robust lending decision. Where some lenders have enabled
digital collection of data (for example through screen scraping), underlying models and
processes will still need to change to develop a view of the current and potential future
performance of the small business in the “new normal”. While updates to the scheme were
introduced from October, it remains to be seen whether increasing the loan size, tenure or
security requirements will do much to address these challenges in the short term.
© Oliver Wyman 6
Open Data Is Essential For Small Business Recovery
Credit assessment needs to change
There is a growing challenge for lenders to originate and manage credit in the “new-normal”.
Existing credit assessments are typically backwards looking and calibrated on a historical
period of very little financial stress (in Australia). This means their ability to efficiently assess
the ongoing viability and credit worthiness of businesses using traditional approaches, often
anchored on accounting metrics and more qualitative assessment of business performance,
will be materially lower than before. Ongoing government support schemes such as JobSeeker,
JobKeeper, Government backed loans, interest and principal holiday periods, and tax write-offs
add significant complexity to any assessment of financial viability.
From a practical perspective, this means that the time and cost of assessing credit for small
businesses is only set to increase unless new data and ways of assessing viability can be
incorporated. The CDR provides direct transaction level access to operational and credit accounts
that allow lenders to secure real time information on how a company has managed its cost
and revenue profile through the crisis. Utilisation of this data and capability will be essential
for bridging the supply and demand challenges of cost and complexity vs. speed and
transparency for small business lending. Open data has already started to be used to solve
lending problems, as shown in Exhibit 2
Exhibit 2: The first CDR powered loan approval, 1 July 2020
3,000 transactions Next morning
A few hours
securely shared 20 seconds 2 minutes applicant
for RAB credit
with Regional to complete to undertake electronically
team to approve
Australia Bank in data collection categorisation accepted the
the loan
just a few seconds loan offer
Source: Basiq, Regional Australia Bank
© Oliver Wyman 7
Open Data Is Essential For Small Business Recovery
REIMAGINING CREDIT WITH CDR
The CDR in Australia is providing a timely and much needed opportunity for lenders to upgrade
the efficiency and effectiveness of their credit assessment and management processes. While
there are many beneficial applications of the CDR, we observe two important use cases related
to credit in the short term:
Exhibit 3: Illustrative viability assessment of a department store
A department store could see up to 4x variation in liquidity requirement based
on how the economy recovers
Recovery Scenarios Affordability Assessment Outcome
$'00M
6
5
4
3
Smart and 2
Affordable
also lucky
1
0
-1
-2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021 Years: 19 20 21 22 23 24 25 26
$'00M
5
4
3
2
Plausible but 1
Maybe
pessimistic affordable
0
-1
-2
-3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021 Years: 19 20 21 22 23 24 25 26
$'00M
4
3
2
1
Economic 0 Not
crisis affordable
-1
-2
-3
-4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021 Years: 19 20 21 22 23 24 25 26
Illustrative cases of COVID-19 Free Cash Flow not usable Able to pay the debt
and partial lockdowns to pay the debt Not able to pay the debt
Free Cash Flow usable Total new debt
to pay the debt
Source: Company filings; Oliver Wyman Analysis
© Oliver Wyman 8
Open Data Is Essential For Small Business Recovery
Use Case 1
Next-gen credit decisioning
It will be challenging to assess credit decisions going forward by looking at the prior year financials
of a business and making a qualitative assessment of its ability to compete. Assessment in the
new normal needs to form a view of both how the business is performing now, using up to date,
granular financial information (such as transaction level cash flow data) as well as how it will be able
to service its debt going forward. CDR will provide access to digital, verified, up to date financial
account information (up to seven years of historical data) that enable forward looking estimates
of loan serviceability based on granular cash flow analyses of cost profiles, revenue seasonality,
diversity and concentration under future sector recovery scenarios. As the data is provided in digital
form, manual verification tasks are reduced and opportunities for automation are increased.
This will provide a positive experience for both the lender and the small business. The small
business will have a loan assessment that would require materially less paperwork, a faster time
to decision, and an assessment that takes into account their latest financial performance.
The lender would have a materially more efficient data collection process, lower operational risk,
more granular, accurate and up to date financial information, and the ability to overlay future
recovery scenarios in a consistent and efficient manner at the point of credit decision.
Use Case 2
Proactive portfolio monitoring
One of the biggest challenges that lenders are wrestling with through the crisis is how to build
an accurate, current picture of their small business portfolio health. Understanding which
businesses are struggling or require credit support is impossible to do efficiently without access
to holistic, up to date, granular business financial performance data. Even lenders that act as
the main financial institution (MFI) for the small business (i.e. they provide the small businesses
primary transaction account) cannot comprehensively do so as they would not know if the
business has other financial service products or accounts at another financial institution,
let alone have up to date data on them.
The CDR aims to provide ongoing real-time access to all customer permissioned transaction,
savings and credit products by next year. Access to this information will enable lenders
to generate real-time reporting and analyses of small business financial performance based
on transaction data. It also enables more accurate, proactive predictions of potential hardship
and customer support requirements, reducing costs for the customer and improving
risk outcomes for the lender.
© Oliver Wyman 9
Open Data Is Essential For Small Business Recovery
IMPERATIVES FOR LENDERS
As small business lenders reset their strategic priorities in the new normal, credit innovation
leveraging CDR should be at the top of the agenda.
We recommend three actions to get started:
• Prioritize use cases along the credit journey based on impact and return on investment (ROI).
Assess how your baseline capability serves existing or target customers’ credit needs.
Identify CDR use cases that resolve gaps along the customer journey and increase business
efficiencies. Develop a use case roadmap and business case based on customer impact
metrics e.g. cost of acquisition, time-to-yes and ROI e.g. revenue uplift, NPL reductions,
lower recovery costs.
• Secure accreditation as a Data Recipient in the CDR ecosystem.
To become an Accredited Data Recipient (ADR), there are specific technical and security
standards required to be compliant. This requires an ongoing program of work to keep up
with evolving CDR standards. Running proof of concepts in a simulated CDR environment
enables faster testing of internal and customer experiences prior to accreditation.
• Design forward looking credit platform and capabilities.
Double down on investments in the capabilities required to implement identified use cases
such as transaction-based credit models using machine learning, scenario-based cash flow
and liquidity forecasting, and real time portfolio monitoring with early warning signals.
For many this will likely also include the identification and deployment of new technology
and data capabilities to enable real time ingestion of the CDR data services.
Interview with Jill Berry — Co-Founder and CEO of Adatree
Adatree is an Australian regtech that offers an Open Banking industry sandbox to explore
a full ADR experience as well as a Data Recipient Platform with the technical components needed
to participate in the CDR ecosystem.
What use cases enabled by CDR are you seeing lenders implement across the small business
credit journey? Can you give an example of what one looks like?
We see lenders become a part of the CDR to implement three main use cases: credit assessment,
credit monitoring, and customer onboarding.
Let’s take Bill, the owner of the local pizza restaurant who wants to expand into four new
postcodes. Bill applies for a business loan through a digital non-bank lender. The non-bank
lender is an ADR and Bill gives permission for them to access his data. Bill applied for the loan
through a digital app, consenting for the ADR to access his data. The lender can see up to seven
years’ worth of transaction history, and while Bill’s credit score isn’t great, they believe he has
capacity to pay the loan since they look at all of his transactional behaviours. Within a few days,
Bill’s application has been approved. His onboarding is quick and paperless.
© Oliver Wyman 10Open Data Is Essential For Small Business Recovery
Within the first four months of paying down the loan, the lender notices some red flags in
Bill’s finances since they actively monitor his transactions as an ADR. They actively reach out
to him to offer financial assistance so they can improve Bill’s situation and fix it before things
get any worse. After 1.5 years, the lender automatically identifies a better product for Bill based
on the CDR data they can access and offer him a more suitable alternative, based on his actual
behaviours. This new product saves Bill a substantial amount each month and the lender
is rewarded with ongoing loyalty from Bill.
While the CDR is in its infancy in Australia, it is pretty easy to see an example like the one above
coming to life. Innovative lenders are taking on CDR as an amazing opportunity to leverage vast
amount of data to better service customers and grow their business.
What impact do you see these use cases having on the industry — customers as well
as lenders?
CDR will transform the way industries offer credit and both lenders and their small business
customers will benefit greatly.
Cash flow is critical to small business survival, and sometimes access to credit when businesses
need it can be difficult to get. Maybe their credit score isn’t where it needs to be, or the lengthy
application process or red tape is a barrier? CDR will both speed up the time to get credit and
broaden the scope of people accessing credit.
CDR will enable lenders to create their own ‘credit score’ for small businesses based on up to
seven years worth of financial data. No longer having to rely on potentially out of date credit
scores means lenders can increase the reach of customers they may not have targeted before
and can be more confident in a small businesses ability to repay due to greater transparency
of their financial situation. The reduction of this credit risk and the financial implications of the
reduction in bad debt will drastically transform the industry. Access to this data will be available
to any ADR, making the opportunity ripe for new entrants into the market. In addition,
the automation of the process will have a dramatic cost saving effect.
This is a win-win situation. Businesses will access credit when they need it most in a quick,
simple and secure way, and they can be helped should they get into financial trouble.
Innovative lenders can acquire customers, understand customers’ actual behaviours, better
manage their front and back books, and create significant cost efficiencies through process
improvement and automation.
What hurdles should ADR aspirants be prepared for and how can they be overcome?
I think the main hurdles are around becoming part of the CDR ecosystem and actually becoming
accredited as an ADR. If you did want to do things yourself, costs can run into the millions just
for technical and security readiness from examples we have seen.
© Oliver Wyman 11Open Data Is Essential For Small Business Recovery
It isn’t just about being accredited; it is about maintaining it too, with keeping up to date on
technical and security standards for e.g. when joint accounts and more complex scenarios are
introduced. The time needed to understand the legislation, the software and security expertise
required to become an ADR and the ongoing software and engineering costs can be a barrier
to entry for some organisations.
One of the best ways to overcome these barriers is to partner with an out-of-the-box Open
Banking Provider like Adatree. At Adatree we have created technology solutions for organisations
to comply with the CDR and access Open Banking easily. We offer a turnkey software solution for
organisations to give them security, reliability and adherence to the legislation that is quick and
cost efficient, at least 90% cheaper than building it yourself. Integrating into Adatree’s one API
enables you to focus on your customer value propositions instead of compliance.
The Open Banking future is upon us and organisations that do not want to get left behind need
to start thinking today about how CDR will enhance their business and help them grow their future.
© Oliver Wyman 12Oliver Wyman is a global leader in management consulting that combines deep industry knowledge with specialised expertise in strategy, operations, risk management, and organisation transformation. For more information, please contact the marketing department by phone at one of the following locations: EMEA Americas Asia Pacific +44 20 7333 8333 +1 212 541 8100 +65 6510 9700 AUTHORS Chris Evans Partner Chris.Evans@oliverwyman.com Nihal George Principal Nihal.George@oliverwyman.com Copyright © 2020 Oliver Wyman All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of Oliver Wyman and Oliver Wyman accepts no liability whatsoever for the actions of third parties in this respect. The information and opinions in this report were prepared by Oliver Wyman. This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal or financial advisors. Oliver Wyman has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information is provided without warranty of any kind, express or implied. Oliver Wyman disclaims any responsibility to update the information or conclusions in this report. Oliver Wyman accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this report or any reports or sources of information referred to herein, or for any consequential, special or similar damages even if advised of the possibility of such damages. The report is not an offer to buy or sell securities or a solicitation of an offer to buy or sell securities. This report may not be sold without the written consent of Oliver Wyman. Oliver Wyman – A Marsh & McLennan Company www.oliverwyman.com
You can also read
