Understanding Purchasing Behavior

PSD2 enables businesses to access customer bank transaction data. This means that companies can obtain detailed information about where, when, and how often customers make purchases. By analyzing this data, you can quickly discover trends and patterns that can be used in marketing. Bank transactions can provide insights into which products or services are most popular, which stores or platforms are most frequently used, and even which payment methods are preferred.

Personalized Service

With the collected data, businesses can create precise customer profiles. Customers can be categorized into different segments based on their purchasing behavior, interests, and preferences. This allows companies to make tailored offers and recommendations that align perfectly with the customer's needs. For example, a customer who regularly buys sportswear can receive a special discount on a new pair of sports shoes, while someone who frequently engages in travel-related transactions can receive an offer for a vacation package.

Optimizing Marketing Efforts

With the data provided by PSD2, businesses can optimize their marketing efforts. They can target their advertisements to specific customer segments, making them more relevant and increasing the likelihood of conversions.

Security, Trust, and Added Value

One of the biggest concerns for customers when sharing their transaction data is security and privacy. For businesses utilizing PSD2, it is essential to clearly communicate the security measures in place to protect the data. Building trust with customers is crucial to fully capitalize on the benefits of PSD2 as a marketing tool.

Moreover, customers want to see actual added value in exchange for sharing sensitive information. In some cases, a better service experience may be sufficient. Financial incentives, such as a higher discount percentage or faster accumulation of rewards points, can be even more effective.

Want to Learn More?

Curious about what open banking can mean for your business? Contact us to find out.