What do we mean by conversion rate?

By this we mean the total number of customers who start the process of sharing bank data, compared to the number of customers who actually complete the process and successfully share data. In concrete terms: if 100 customers start the application and 80 complete it, the conversion is 80%.

Varies per application

First of all: the context in which Open Banking is used has a major influence on the conversion rate. For example, some of our customers require the sharing of transaction data to qualify for credit, while others offer it as an option. You will logically see a difference in conversion. The type of service also makes a difference. For example, we usually see high conversion rates with:

1.Lenders

2. Factoring companies

3. (Financial) lease

4. Budget apps (to map personal or business finances)

5. Accounting software

Conversion rates

Taking into account the different applications, we see the following conversion rates:

1. Mandatory data sharing

For companies that require the sharing of bank details, for example when applying for a loan or financial lease, we see conversion rates between 65% and 70%.

2. Optional data sharing

Companies that make sharing banking information optional typically achieve a slightly lower conversion rate, between 60% and 65%.

3. Data sharing with alternatives

Some of our customers offer multiple routes, for example digital sharing via open banking, but also the alternative of sharing MT940 files or bank statements. In these situations, conversion rates are between 30% and 50%.

Increase conversion rates

We are happy to help you increase conversion. Here are some tips to improve conversion rates:

• Transparency and education: Ensure customers fully understand why they need to share their banking information and how their data is used and protected. Make sure you have layers in this. Pages full of explanations don't work. Provide a short and concise explanation of the basics. Show more information for customers who need it, for example via an overlay or in-depth page.
• User-friendly interface: It may go without saying, but not everyone is digitally literate, so a simple and intuitive interface is crucial for a good conversion.
• Offer incentives: Consider offering customers additional benefits or incentives for sharing their banking information. This can vary from small discounts to better conditions for their loan or credit. It doesn't always have to be a financial reward. Speed ​​is also an incentive. Sharing directly online versus having to make the effort to collect all the data manually is also a win. Or a faster response via the digital route versus a longer response time via the paper route.
• Security and Trust: Customers must be able to trust that their data is safe. Communicate clearly to your customers what you are doing to protect their data.
• Own control: always emphasize that the customer is 'in charge' of his or her own data. Consent can be withdrawn at any time.

Practice shows that it differs per case and that small nuances can make a big difference. We have committed ourselves to maximizing conversion and are happy to help you with this. Curious about what is realistic in your specific case? Or do you already use open banking and want to improve your own conversion? Then we would be happy to think along with you! You can contact us here.