How could Open Banking help with sales of goods and services which require identity or age verification?
Identity verification often comes with cumbersome processes for business that create sales friction. Open Banking can often solve that problem. For high value transactions or age-related products and services, your business may rely on documents being sent and analysed before decisions can be made. Instead, customer consent to access their bank details means data is coming from a bank where it has already been checked and verified. This can be used as a digital ID meaning you can drive sales at a faster pace and improve service delivery.