open banking: living up to the hype? - mhp communications€¦ · open banking: living up to the...

1

Open Banking: living up to the hype?

@mhpc | #MHPOpenBanking

Once the functionality rolls-out fully, the transparency brought to the market will skyrocket; the barriers to shifting provider will be reduced; and the ability for consumers and businesses alike to manage their financial lives more effectively will be transformed.

1

O P E N B A N K I N G : A T R U LY T R A N S F O R M A T I V E

M O M E N T F O R F I N A N C I A L S E R V I C E S

M I K E R O B BManaging Director, Head of Financial Services, MHP

Open Banking has the potential to crack some of the toughest and most persistent nuts that have dogged the industry for many years.

Once the functionality rolls-out fully, the transparency brought to the market will skyrocket; the barriers to shifting provider will be reduced; and the ability for consumers and businesses alike to manage their financial lives more effectively will be transformed.

The openness of the new world will radically change the way providers act. Where larger suppliers could previously rely on inertia and a lack of understanding to maintain a customer base and healthy margin, quality of customer service, user experience and product innovation will become crucial. Those that fail to change will see customers voting with their feet.

But for the providers that embrace Open Banking and innovate to establish a market leadership position, the possibilities are endless.

Some of the practical benefits of Open Banking on a personal level will undoubtedly be game-changing, but it is in delving deeper that the biggest potential can be seen. In a world where a consumer can view their entire financial life in one place, for instance, their ability to better manage multiple balances and avoid problem debt is significantly enhanced. The impact of this on millions of people, and particularly those on lower incomes, cannot be understated.

For businesses, too, the possibilities are significant. Indeed, faster and more transparent funding processes have the potential to have a tangible impact on an SME’s growth, and the knock-on impact on the economy overall could be measurable.

But there remain undoubted challenges to Open Banking’s success. Most obviously, the fanfare of 2018 did not live up to the hype, with a lack of awareness of the roll-out timeframe leading to an underwhelming first year. There remains, however, a more systemic problem once all functionality is live, with data security concerns from consumers themselves – whether real or perceived – posing a significant barrier to uptake.

This is where good, regular and consistent communications are critical. In today’s Networked Age, where consumers are

empowered and views spread among like-minded people faster than ever before, the impact on those providers that fall behind could be more than just gradual decline.

I hope this collection of views from leading experts in the industry provides some of the answers as to what Open Banking has in store and that you find the scale of change we could see in financial services in the coming years as exciting as I do.

W H AT O N E T H I N G A R E YO U E X C I T E D A B O U T O P E N B A N K I N G I N 2 0 1 9 ?

The ability to have a single window into my financial life and being empowered to make positive decisions

to improve it.

2

Imagine not having to send paper or PDF statements to your mortgage broker. Imagine small businesses being able to borrow from non-bank lenders as easily as from their own bank. Imagine automatically sweeping your surplus funds to a savings account with another bank, and sweeping in from an alternative overdraft provider when you’re short of money. Imagine how many more critically in debt people can be helped by debt advisors preparing a detailed restructure plan in 40 minutes and not the current eight weeks. And imagine this being infinitely quicker and simpler. Imagine understanding your true financial position. Dare to imagine that YOU are in control of your data.

Imagine what people will be able to do when Open Banking is a reality. This reality is starting to unfold now, and should be commonplace by the end of 2019.

The difference between Open Banking and most other forms of regulatory intervention is that consumers and SMEs will only benefit if businesses take advantage of it to build new services. It is a classic case of “if you build it, they will come” – a leap of faith in the imagination of businesses to make the most of the opportunities that Open Banking provides.

We’re midway through our “build” phase. Our third and most extensive version of the Open Banking standard – which is designed to enable a quick, secure and simple customer experience – was published in September 2018 and will start to be used by banks in the Spring of 2019.

Despite having no blueprint to build on, and being the first country in the world to develop Open Banking, we are already beginning to witness the emergence of a vibrant, dynamic and rapidly developing ecosystem. We expect this ecosystem to develop with even greater momentum throughout the year as we see greater conformance with the implementation of the standards as well as greater innovation in the market. We start 2019 with nine major banks using our standards (although we have over 30 providers now ready and able to offer Open Banking services), and by the end of the year you will be able to use Open Banking-powered products and services with nearly all of your bank, credit card and building society accounts.

We are continually surprised and excited by the pipeline of innovative products and services being developed and look forward to the opportunities it will bring across the economy and society as a whole. Today there are real customers benefiting from real services. Mass adoption – turning our imaginations into reality – is just a matter of time.

I M A G I N E A D I F F E R E N T W O R L D W H E R E Y O U A R E I N C O N T R O L

O F Y O U R D A T A

W H AT O N E T H I N G A R E YO U E X C I T E D A B O U T O P E N B A N K I N G I N 2 0 1 9 ?I’m going to sound nerdy, but app-to-app redirection – which starts in March – will make using your FinTech app as easy as Touch or Face ID makes your mobile banking app. It’s a real game-changer.I also think we’ll see Open Banking becoming a blueprint for secure, controllable data transfer in other sectors, too.

A L A N A I N S W O R T HHead of Policy, Open Banking

3

R A C H A E L S I N C L A I RDirector of Strategic Planning, Nationwide Building Society

When Open Banking was launched just over a year ago most people saw it as an opportunity to increase competition in the industry. No matter how long it takes for Open Banking to reach its peak, what really matters is that we’re not just innovating for the sake of it and that we remember there’s potential for it to have a positive impact on people’s lives.

Nationwide was founded over 150 years ago to improve living conditions for everyday people. This social purpose governs how the Society operates today. Things have improved drastically in the intervening years, but challenges remain; specifically, around financial capability and the evolving labour market in the UK.

According to the Money Advice Trust, as many as 12.7 million people are one financial shock away from real difficulty and the job market is becoming increasingly more fluid with more people on fluctuating incomes. We can’t look to the innovations of the past to tackle these issues; we need to look forward. This means embracing new opportunities, such as Open Banking, and working with more agile, creative partners to support our members across the country.

At Nationwide, we want to see Open Banking used for social good. That’s why we’ve launched the Open Banking for Good initiative to bring together organisations and people from across the industry to create solutions to these issues. We don’t want to innovate for innovation’s sake, we do it with our purpose, not profit, in mind. By working with expert partners (such as Money Advice Trust, Citizens Advice, The Money Charity, and Money and Mental Health Policy Institute) and analysing our own members’ data, we’ve identified several areas where Open Banking could improve the processes and outcomes for those who are struggling with their finances.

The challenge, born of the Inclusive Economy Partnership (IEP), will see us working together to solve some of society’s toughest challenges. If we can encourage a truly innovative approach, combining the experience of Nationwide, the creativity of smaller fintechs and the expertise of third parties like the Money Advice Trust who are committed to solving these issues, we believe Open Banking can benefit those who most need help managing their money.

As a mutual organisation, we believe we can achieve more together than we can alone. We are uniquely placed to bring together the industry to deliver innovation for meaningful social change. Given this opportunity, we’d be remiss not to seize it with both hands.

O P E N B A N K I N G G I V E S T H E I N D U S T R Y A C H A N C E T O P U T

P E O P L E B E F O R E P R O F I T

12.7m people are one financial shock away from real difficulty

4

O P E N B A N K I N G : P O T E N T I A L LY T H E N E X T P L A T F O R M

C R E A T I N G H U G E VA L U E F O R C O N S U M E R S A N D F O R I N V E S T O R S

D A N C O B L E YManaging Partner, Blenheim Chalcot (former Google UK MD)

Over the past decades, our world has been transformed at a pace never seen before. Our lives are more different to the lives of our grandparents than for any previous generation. And this pace of change is driven by technology.

It can be helpful to think about this technological disruption in terms of platforms and applications. The platforms are the new technologies, adopted by the majority of the population, that typically start doing one thing well then evolve to support doing a whole suite of things in a different and better way. The applications are the solutions to specific problems that are made possible by the new platforms.

At the turn of the 20th century, the automobile (or more correctly, that plus the new road network) gained mass adoption and became a new platform to support multiple new solutions and industries. Cars enabled not just petrol stations and car washes, but also motels and out-of-town superstores. At the turn of the 21st century, the internet became the platform that supported the rise of Google and Amazon.

At Blenheim Chalcot, we look for new platforms and the opportunities they present to solve consumer problems and build valuable businesses. For example, our conviction that the smartphone platform would be the way people would manage everything in their lives, from their personal finances to their workplace education, led us to build companies like ClearScore and Hive Learning.

The latest potential platform we are excited about is Open Banking. It has not quite tipped into ubiquitous usage yet, but with the continued support of the Open Banking Trustee, we are confident it will. And as it does, it will transform consumer banking as fundamentally as the automobile or the internet have transformed shopping. That is why we are excited. We are investing in Open Banking

infrastructure through API aggregator OpenWrks, and building a new consumer debt management business, only possible due to Open Banking with Tully.

But this is surely just the start. With each new platform development the truly transformational applications take a while to emerge. As Author Carl Sagan observed, on the launch of the Model T Ford, it was easy to predict mass car ownership, much harder to predict Walmart. I am optimistic there will be ‘Walmart-sized’ value created on the Open Banking platform. I wonder who will create and capture it?


2019 will be the year that applications of Open

Banking go well beyond what was possible with

screen scraping, to enable whole new consumer

offerings supporting brand new exciting businesses.

5

O P E N B A N K I N G C A N P L AY A V I T A L R O L E I N H E L P I N G P E O P L E W I T H

M E N T A L H E A L T H P R O B L E M S

K AT I E E VA N SHead of Research and Policy, Money and Mental Health Policy Institute

One in four of us experiences a mental health problem each year. This can make many aspects of life more difficult, including managing relationships, family life, our work and looking after ourselves. It shouldn’t surprise us then, that our finances can also be seriously affected.

Some people will find that they need to reduce their hours or stop working altogether if they become unwell, which can mean their income falls substantially. But it’s not just the money coming in that changes; mental health problems can also make managing money much harder, by affecting our cognitive and psychological functioning. Common symptoms include:

• Memory problems, which can make it difficult to remember when bills are due

• Increased impulsivity, making controlling spending harder

• Reduced concentration, reducing our ability to shop around to get the best energy or mobile tariff

• Lower motivation and depleted energy – when you can’t see a way forward, managing finances often just doesn’t seem that important.

These challenges mean that people experiencing mental health problems are three times as likely to be in problem debt – and the deprivation and feelings of shame that come with this can make mental health problems even worse.

Because these financial issues are the result of symptoms of illnesses, they’re not something that people can just work out by reading a few blogs and being inspired to budget better. Instead, when unwell, we need practical tools that can help us do the hard work, like intuitive budgeting tools, which help us keep track of changes in our spending behaviour and when bills are due. Open Banking can play a vital role in helping us develop those services, and get them to people who need them, rather than waiting for big banks hampered by legacy IT systems.

These opportunities will only be realised, however, if we design inclusive tools and find effective channels to get them where they’re needed. That’s why Money and Mental Health are delighted to be working with Nationwide on the Open Banking for Good Challenge, as part of the government’s Inclusive Economy Partnership. It’s initiatives like this that mean, in 2019, Open Banking could become more than a toy for the financially savvy, and make a real difference to people’s lives.

W H AT O N E T H I N G A R E YO U E X C I T E D A B O U T O P E N B A N K I N G I N 2 0 1 9 ?I’m really excited to support the fintech companies participating in the Open Banking for Good Challenge. We’ve been talking about the potential for Open Banking to support people experiencing financial difficulties or mental health problems since 2016, and it’s brilliant to be at the stage where we’re starting to develop the actual tools and apps which could help so many people.

6

Technology has changed many aspects of our lives, yet when we apply for financial products we are assessed based on arbitrary credit scores. With Open Banking our eligibility for financial products can be based on a personalised view of our affordability.

A year into Open Banking, the often confusing debate about how and if the APIs will work is being replaced by live use cases that leverage Open Banking to improve people’s everyday lives.

Let’s explore a handful of these use cases and how they make our experience and engagement with financial services more personalised…

Buying a home without the mortgage admin stressCurrently, the process of applying for a mortgage is a long-winded form filling exercise, at best it feels like a bombardment of brain-teasing questions about our personal and household finances and at worst an interrogation.

Open Banking can streamline the process, significantly reducing the volume of questions you are asked and entirely removing the need to provide payslips, bank statements and other paperwork to evidence affordability. Open Banking can be used to establish individual and household affordability within seconds. When integrated within a mortgage application consumers can get a mortgage in principle within minutes instead of weeks or even months.

Making saving a part of spendingIt’s been predicted that the UK's savings gap will reach £25 trillion by 2050. Life (think life we desire) is becoming more expensive, it’s easier than ever to spend our money (think contactless payment) and studies show we are losing the saving mindset (think instant gratification). But, Open Banking offers a simple solution, linking saving with everyday spending by automatically rounding up our spending and adding it to a savings pot.

Some fintechs are already proving that this model is appealing to consumers, with Revolut, MoneyBox and Starling leading the way. Lockstepping these micro savings with our spending helps us to become a saver through habit. This makes saving easier and also helps consumers build improved financial resilience against unexpected expenses which often put finances under stress (e.g. the boiler breaking) covering these expenses from savings not through credit.

Help for those that need it mostFor those that find themselves in financial trouble or simply struggling to pay for life's essentials, Open Banking has the ability to make their lives that little bit easier.

Current solutions for debt advice can result in repayment plans which are hard to stick to. Open Banking enables a collaborative, digital and personalised way for consumers to understand what they can afford and how to prioritise debt repayments. By putting the consumer in control of a budget they believe Open Banking can also enable the consumer to service their debt through a repayment plan which flexes with their affordability rather than being a fixed amount every month, making it easier to stick to.

All of these use cases are live and already improving the everyday lives of consumers. But this is just the start, there’s much more to be explored, developed and delivered to consumers in 2019.

O L LY B E T T SCEO, Openwrks

E M E R G I N G T H R O U G H T H E M I S T O F J A R G O N A N D T E C H N O B A B B L E :

H O W O P E N B A N K I N G W I L L C H A N G E O U R L I V E S

7


In 2018, we ironed out the creases in the Open Banking standard and got the tech working. In 2019, we’ll see this technology changing people's lives for the better, using Open Banking as a force for good. I’m most excited about all of the customer-centric use cases that will surface over 2019, benefiting from the increasing scope of Open Banking APIs to include all payment accounts, creating an ever more complete picture of people’s finances.

7

8

O P P O R T U N I T I E S F O R O P E N B A N K I N G T O

H E L P P E O P L E I N D E B T

J O A N N A E L S O N O B EChief Executive, Money Advice Trust

The start of a new year can bring with it financial worries as the impact of festive spending takes its toll. At National Debtline and Business Debtline, the two free debt advice services run by the Money Advice Trust, January is almost always our busiest month.

In recent years however, the level of demand for our services, providing free advice to individuals, small business owners and self-employed people in debt, has risen and is set to rise even higher. In 2017, the Money Advice Service, now called the Single Financial Guidance Body, estimated that 8.3 million people in the UK were struggling with debt.

A challenge, for us and the whole debt advice sector, is trying to meet this growing need for our services.

Open Banking presents a significant opportunity to prevent some of the difficulties faced by these 8.3 million people. This could be by helping people to manage their finances, using alerts and nudges to help people save, or by identifying financial stresses early on so that preventative steps can be taken before debt issues spiral.

A crucial part of the debt advice process is completing a budget, working with our clients to establish exactly what money they have coming in and going out. Drafting this income and expenditure statement can take up to 20 minutes or longer and due to missing or inaccurate information, may involve further call backs or contact with our services.

An Open Banking solution could make a huge difference. Using Open Banking to provide fast and accurate data from a range of sources would speed up and improve an important part of the advice process.

Crucially, this has the potential to free up advisers to help more people at a time when demand is so high.

On this point, we are pleased to have partnered with Nationwide Building Society on their ‘Open Banking for Good’ challenge, part of the Cabinet Office’s Inclusive Economy partnership. The challenge invited the fintech community to develop Open Banking solutions to debt advice and money management problems and we are looking forward to seeing how some of these ideas can be taken forward.

At this early stage we have an excellent chance for Open Banking to be a force for good, with the potential to widen access to useful, affordable and understandable financial services. Building products and services with vulnerable customers at the centre of the design process is key and we look forward to continuing to work with partners to make the most of this opportunity.


For Open Banking to be a force for good through developing ways

it can make a real difference to the people we help at National Debtline and Business Debtline. This could be by speeding up and improving the accuracy

of budgets, through to earlier interventions before people get

into financial difficulty.

9

O P E N B A N K I N G : T H E S M E M A R K E T H O L D S T H E P O T E N T I A L T O R E A L LY

K I C K T H I N G S O F F

Open Banking is in a period of “managed roll-out” and as such has yet to have major consumer impact – 2019 will see some very important developments, principally in terms of the functionality on offer and the pressure on the banks as the linked PSD2 regulations get implemented.

At KPMG we think it’s the SME market that holds the potential to really kick things off.

In autumn 2018 we worked with 3Gem to ask 1000 SMEs their attitudes to data sharing and Open Banking to test whether my theory stands up.

We discovered that most SMEs are at least familiar with what Open Banking is. 24% said they were very familiar with Open Banking while 64% have at least a little understating of what the regulation is all about. A promising start!

More interestingly, almost half of SMEs told us they would be willing to share data under certain circumstances. 7 in 10 sole-person businesses say they would not share data, compared to around 2 in 10 businesses with over 20 employees.

More specifically, high-growth SMEs in telecommunications, media and technology (TMT), finance, and manufacturing were most receptive to the idea of Open Banking.

We found that a third of SMEs are wide open to the idea of exchanging data in return for saving time on processing payments, invoicing or tax.

Almost 80% of SMEs already use banking apps; 57% use accountancy software and 38% use time management software or apps. Therefore, the transition to Open Banking is a fairly natural one. A third of respondents said they would switch bank for software that automatically moved money between accounts and a quarter even said they would pay for it.

Naturally, not all SMEs were open to the idea. Fears mainly revolved around security and privacy concerns. Most SMEs that are opposed to Open Banking said they feared that sharing data meant losing control over how their data is used, or even leaving themselves open to fraud.

This won’t come as a surprise to anyone but, it once again reinforces the importance of building and maintaining customer trust. In large part that means more effective communication around what data firms hold, why they hold it and how the customer benefits.

SMEs are equally as clear on what they don’t want their data to be used for: offers, discounts and services. Impersonal marketing materials had no sway with our respondents.

Throughout our survey, time and time again SMEs told us they wanted smarter systems for things like payments and invoices but they did not want more materials filling their inboxes consuming time and adding little value.

The potential of Open Banking is vast but UK entrepreneurs are very clear on what they need in return for their data. This sort of clarity gives banks and other participants a huge head start in knowing where to begin.

Open banking is yet to deliver the competition the regulator intended, and a large segment of the population has yet to be convinced by its potential. But, the SME market is ripe for disruption.

W H AT O N E T H I N G A R E YO U E X C I T E D A B O U T O P E N B A N K I N G I N 2 0 1 9 ?I’m most excited about seeing it start to become a reality. I think many were underwhelmed in 2018, but this year Open Banking will start to deliver some of the competition and innovation the regulator intended.

J O H N H A L L S W O R T HPartner and Open Banking Lead, KPMG UK

10

W H A T W I L L O P E N B A N K I N G A C T U A L LY M E A N F O R

P E O P L E I N 2 0 1 9

J A M I E C A M P B E L LHead of Awareness, Bud

2018 was a huge year for consumers, they just don’t know it yet. The finance industry has spent a year re-thinking the way it will be serving its customers in the future, building capacity, and getting new systems in place – none of this has had much impact on people yet but it’s shaping up to be a major shift.

It has been an unsurprisingly slow process. A managed roll-out of the regulations allowed the big banks to spend the period between January and April working out the kinks in the new APIs. This meant that third parties only really got down to testing the new capabilities in May and it wasn’t until September that Open Banking started to be used by meaningful numbers of people. At Bud we brought the Open Banking APIs into the work we’ve been doing with HSBC and First Direct and a number of other people did similar things – Yolt & Barclays, for example, both used them to help people bring the data from their current accounts together in one place.

These are only the very early use cases for Open Banking – essentially just helping people get access to their financial data in new ways. It’s useful if you’re actively budgeting but they’re not really compelling enough to reach a mainstream audience. We’ll start to see that changing in 2019.

It’s already been announced that the regulations will expand to cover e-wallets and credit cards and in March, we’re expecting new experience standards to be published, meaning easier journeys for customers to access their data. The more the regulations make it attractive for companies to make products that are more portable, the more flexibility there will be for innovative companies to design compelling experiences. We’re already working with a number of credit reference agencies, for example, to help people share rental payments and build out their credit files. Utility switching is another area where we’re expecting to see early adoption in more mainstream audiences.

All of this really comes down to the fact that the regulation was designed to give people control over their data. Once they have that control it re-frames the power balance between people and institutions so the onus moves to the industry to create compelling reasons for people to use their service. That’s the real change. We’ve seen the very tip of that particular iceberg in 2018. In 2019 we’ll start to see a lot more of it.

We’ve seen the very tip of this particular iceberg in 2018, in 2019 we’ll start to see a lot more of it.

11

T H E C O M M U N I C A T I O N S C H A L L E N G E S O F O P E N B A N K I N G :

G O I N G B A C K T O B A S I C S

G E O R G I N A R U D K I NAssociate Director, MHP

Open Banking could be a key part of restoring consumer trust in financial services, but the importance of effective communications to achieve this should not be underestimated.

The introduction of Open Banking undoubtedly provides a catalyst for change in financial services. The last two decades has seen the complete erosion of trust in the industry, with crises highlighting a lack of competition, opacity and abuse of power in every sector, from retail banking to investment management. It was only once the world suffered a tumultuous economic downfall that we could truly assess the extent of the damage caused to consumer confidence in financial services.

Open Banking, designed to pave the way to new products and services that enable enhanced control and transparency, marks arguably the biggest practical step towards re-building this long-term trust since the financial crisis of 2008.

But the first year since its introduction saw a sluggish start to delivering on this promise. To date, just 22%1 of UK consumers have heard of Open Banking and only 9% have used technology that utilises Open Banking.

So, what are the factors contributing to this apathy and what role can communications play in encouraging uptake?

The answer to both lies in the simple promotion of understanding, not necessarily of Open Banking in and of itself, but of the products, services and ways of working that it enables.

Open Banking is a rare good story for the consumer, but much work needs to be done to combat the existing cynicism. Firstly, if we are to build trust, then its attributes should be unravelled from complex and unnecessary jargon (a major criticism of the industry). A wave of nimble fintechs and challenger banks are grasping the vitality of this and using it to their commercial advantage, but the banking ‘establishment’ is proving slow to move.

Building a consumer’s knowledge is also fundamental in addressing concerns around data protection. From fintech to bank to industry body, all have a role to play in clearly explaining the systems and processes which facilitate Open Banking upfront, so that the consumer can make an informed decision before sharing their data, and indeed have confidence in doing so.

As we enter 2019 we need clear, transparent and simple communication of the principles and merits of Open Banking. If this becomes a reality as functionality rolls-out, we will go some way to building the trust Open Banking was designed to restore.


Watching the surge in uptake as consumers get to grips with the huge potential this has on their financial capability.

11

1 Source: Splendid Unlimited

12

O P E N B A N K I N G A T A G L A N C E

12

Just 9% of adults in the UK have touched a piece of technology that has been enabled by Open Banking (source: Splendid Unlimited)

financial services firms are using Open Banking (source: OBIE)

100

64%22%

9%

£7.2bn

17.5m usages of Open Banking in November 2018, up from 1 million in May (source: OBIE)

Open Banking could become a £7.2bn revenue opportunity by 2022 (source: pwc)

71% of SMEs will adopt Open Banking by 2022 (source: pwc)

of consumers will adopt Open Banking by 2022 (source: pwc)

of consumers have heard of Open Banking (source: Splendid Unlimited)

71%

1313

17.5m

S U P P O R T I N G Y O U T O E N H A N C E Y O U R R E P U T A T I O N

M H P A N D F I N A N C I A L S E R V I C E SWe are a leader in financial services across fintech, banking, payments, asset management, pensions, wealth, insurance and market infrastructure. We are putting our campaigning experience, with some of the biggest organisations in the world, to work for financial services. Want to hear more?

Contact [email protected]

MHP is a leading multi-disciplinary communications consultancy with 160 people providing deep expertise in corporate reputation, brand strategy and specialist audience engagement. We have offices in London, Hong Kong and Singapore and partners worldwide. For more information on The Networked Age please visit mhpc.com

We currently work for more than 50 financial services clients across the industry

MHP’s asset management clients have combined assets under management of more than £2.5 trillion

MHP is made up of 160 communications experts

We provide global support with offices in London, Hong Kong, Singapore and Sydney

£2.5 trillion50+

160We currently act for approximately 10% of the UK’s defined benefit pension schemes, representing £100 billion in assets

10%

14

N O T E S

15

N O T E S

16

N O T E S

17

Engine exists to future-proof organisations. Our unique model allows us to curate specialist teams around clients' needs. Driven by ideas. Fuelled by data. Powered by technology. We are a single business with a single vision to help clients outperform in the present, and win in the future. We work with some of the largest and most admired brands in the world including Sky, E.ON, Disney, Unilever, Royal Navy, Warburtons and Coca-Cola. And with skill sets ranging from business transformation to data insights, brand consultancy to experience design, performance marketing to reputation management, PR to creative communications, no other company is better placed to help your business compete today, and thrive tomorrow.

Find out more at enginegroup.com.

18

6 Agar StreetLondonWC2N 4HN 020 3128 8100

mhpc.com @mhpc

open banking: living up to the hype? - mhp communications€¦ · open banking: living up to the...

Documents