Recently, the UK customer experience company Network Research announced the launch of an on open banking market research product. Network Research is a full-service insight agency, specialized in exploring the customer experience across the entire customer journey. With over 30 years background in the field, the company offers both qualitative and quantitative in-house services in its 3 locations: London, Bristol and Edinburgh.

Focused on the retail bank sector, the new product, Open, will provide users with consumer insights on open banking. It will combine quantitative and qualitative research, making use of online reporting, analytics and the company’s knowledge sharing platform Fabric (a knowledge management tool to help companies better engage with customers, interpret behavior, and plan actions customized to their business needs).

Richard Gaze, client director at Network Research said: “Open will allow traditional retail banks, savings and investment providers and fintechs to understand the changing attitudes of consumers and allow them to react quickly to public perception.”

A subject of constant debate in the last years, open sources offer many advantages for researchers, including ready-to-use technology, cost savings and immediate access to customer insights. However, many researchers avoid using this kind of sources for various reasons: lack of trust in the authenticity of data, overflow of open sources and information etc.

Even so, especially in the area of retail banking, official press releases from major players and quarterly communicated reports can be easily matched with the different open sources in order to check the reliability of information. In this context, I think that the benefits offered by open sources are often underestimated by researchers.

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