So, you've found an open banking provider that [ticks every box](https://www.yapily.com/blog/buyers-guide-to-open-banking-providers-50-questions-to-ask). Now, you need to convince those at the top that open banking is worth the company’s investment. But how do you create a case that’s compelling enough to secure their buy-in? 

Keep reading to find out… 

## 1) Align your case with business objectives 

A business case - which will help you justify __why__ your company needs open banking - is a powerful decision-making tool that emphasises benefits and identifies potential risks. But what's the secret to a compelling business case? Simple. It should align with __key business objectives__.

If revenue targets are the key performance indicator (KPI) for this year, make it clear how open banking offers new revenue opportunities. For [lenders](https://www.yapily.com/solution/lending), it could mean improved acceptance rates. For [payment service providers](https://www.yapily.com/solution/payments) (PSPs), it could mean taking back revenue from card fees. 

On the other hand, if the company is looking at new customers as this year’s North Star, make it clear how open banking can help the company serve a wider customer base and expand into new markets - both geographically and feature-wise. 

### Next steps... 

- Gather insights from your company reports and product roadmaps 
- Build your business case leading with the why
- Connect your case with business objectives 

## 2) Illustrate your business case 

Once you’ve built a business case, consider creating a roadmap. While it’s great to have the product vision in your mind, a roadmap will help __everyone__ visualise it. And most importantly, it’ll help stakeholders absorb your big-picture plans at a glance. 

### Next steps… 

- Develop a roadmap covering key milestones, timelines, and strategic goals
- Walk stakeholders through the roadmap, leading with the why again
- For a cast-iron business case, tie your initiatives to specific metrics. A few could be: successful vs failed calls per API, revenue generated per API, and the volume of payments processed per customer.

## 3) Determine what motivates stakeholders 

__What do stakeholders care about?__ That’s the question to ask when it comes to securing buy-in. While facts and figures are important, executive buy-in isn't just about numbers. If they’re excited about open banking, and we mean *genuinely* excited, stakeholders will be more likely to commit to the initiative. 

### For the CEO, this means…

__How does this create disruptive innovation?__ IBM found that [58% ](https://blog.workday.com/en-us/2016/6-priorities-ceos-care-most-about.html)of CEOs care most about disruptive innovation, not mere improvements. That means winning is a strong motivator, and you can leverage it to secure buy-in. How? By drilling down into how open banking could give you a competitive advantage. 

### For the CFO, this means…

__What’s the return on investment (ROI)?__ When the CFO look at open banking, it’s an investment as much as it’s an initiative. This means they’ll have a strategic outlook. If the company pursues open banking, it should help to improve cash flow, top-line revenue and growth, and drive shareholder value. 

### For the CISO, it means… 

__What are the security risks?__ CISOs (and CTOs) will want to understand just how secure open banking is. Questions may arise about *where* your chosen open banking provider hosts their data systems, *how* they protect their infrastructure, and *what* security certifications they hold. 

### Next steps… 

- Look at your business case from a stakeholder’s perspective. What questions can you preempt and prep for?
- If you’re spearheading an initiative to implement an open banking solution, you’re *probably* passionate about the technology. Show it! 
- Ask them to envision a situation where they __lose something__ if the initiative isn't implemented. Why? Because it’s easier to see the value that way. 

## 4) Collaborate with other teams for support

To increase your odds of getting buy-in, get __other teams__ on board with the initiative. We’re talking about non-executive stakeholders in other departments such as engineering and product. After all, these are the people who’ll work with the product every day. 

### Engineering 

The engineering team will be working with the tech day in and day out, so they’re well-placed to help build out the roadmap. Moreover, they can ensure your chosen provider’s technology will integrate with your existing technology stack.

### Product

Engineering and product go hand-in-hand for any successful initiative. It’s wise to involve the product team early to ensure…

- Open banking aligns with your product strategy 
- It fulfils your most important customer use cases

### Commercial

When speaking with the commercial team, revenue will be top-of-mind. So, how can you prove open banking’s commercial value? Enhanced product functionality is a good start (and a great way to get the product team involved, too). But for a bulletproof case, tie your points in with their most significant KPIs, like revenue targets or retention rates.

Looking for proof that open banking really can help support commercial KPIs? Check out these two stats… 

- [Emma](https://emma-app.com/) benefitted from a __267% MoM__ increase in monthly transaction value 
- [Crezco](https://www.crezco.com/) increased their account-to-account payments by __71% YTD__

### Next steps… 

- Talk to individuals from relevant teams early on
- Ask for their opinion. You never know, your initiative to leverage open banking might even tie in with their own goals
- Buy-in trickles down. Meaning the more teams you can get on board, the better!

## 5) Introduce an outside expert  

To excite stakeholders, they need to understand what the company can achieve with open banking. While you know __why__ your company needs open banking, your chosen provider can explain __how__ open banking will power your product innovation. By bringing their expertise into the discussion, you’ll have a stronger business case on your hands.

### Next steps… 

- Request educational materials from your provider (i.e articles and white papers) to pass on to stakeholders 
- Ask if a personalised demo could be held in your office

And with that in mind… 

## 6) Educate, but don’t overcomplicate 

Educating stakeholders is important. But to do that effectively, you need to be on the same page as them. How? By speaking __their language__. In short, jargon and technical explanations won’t cut the mustard if you want to get them on your side. 

Check out our [jargon-buster guide](https://www.yapily.com/blog/open-banking-jargon-buster) to help you keep everyone on the same page.

### Next steps… 

- When you’re educating stakeholders, avoid using acronyms 
- Keep your talking points concise - don’t overcomplicate 
- And most importantly, don’t always assume they know what you’re saying!

## 7) Give examples of how open banking solves key pain points

There are tens, if not hundreds, of [examples](https://www.yapily.com/blog/20-open-banking-use-cases-you-should-know-about) of how open banking is being used. You can leverage these use cases to show stakeholders how open banking is relieving __customer pain points__. And more importantly, how it can generate __revenue__. 

Take invoices, for example. Paper invoices still exist and thousands are going unpaid. The result? Small businesses at risk of bankruptcy. Where paper invoices paid by bank transfer take days, digital invoices paid by open banking settle instantly. 

### Next steps… 

- Start with the problem, then lead into the use case
- Give a clear statement about the pain point…
- … then describe how open banking solves it 

## 8) Listen, and follow up with data 

[92%](https://www.safran.com/blog/how-to-communicate-risk-to-project-stakeholders) of CEOs agree that communicating about risk either makes or breaks a project. That means how you answer their questions could be the difference between securing a __yes or no__. The secret? Follow up on their questions with data-backed, concrete answers. For example… 

1. The __CISO__ may be concerned that customer data could be shared without their consent. But it’s worth pointing out that security is at the heart of open banking technology, integrations are rigorously tested, and solutions like Yapily encrypt data, use SCA authorisation flows, and have security certificates like ISO 27001.

2. The __CPO__ might have questions about the level of control they’ll have over the user flow. You can point out that certain providers, like Yapily, take a white-label approach. This means they’ll exist behind the scenes, so your team has full control over the user experience (UX).  

3. The __COO__ may be reluctant about the operational and compliance responsibilities involved in obtaining licenses. While, yes, obtaining a license can take up to 9 months, there are providers like Yapily who offer a [faster and more affordable license](https://www.yapily.com/product/yapilyconnect) that enables you to go-live in minutes. 

### Next steps… 

- Regularly engage your stakeholders from the start
- Encourage them to ask questions throughout 
- Got abstract ideas? Give a bit more context to justify them

Got more questions? We’ve got more answers! [Get in touch](https://www.yapily.com/company/get-started) to learn how Yapily can support you on your journey. And if you’re still curious about the benefits of open banking, check out these [20 open banking use cases](https://www.yapily.com/blog/20-open-banking-use-cases-you-should-know-about). 


How to get buy-in for open banking  

## What problems does Yonder solve?

According to recent [research by Experian](https://www.experianplc.com/media/latest-news/2022/meet-the-5-million-credit-invisible-brits-still-at-risk-of-exclusion-from-the-financial-system/), over 5 million people in the UK - 9% of the total adult population - have little to no credit history. This greatly reduces their access to mainstream financial services, and the limited options that are available to them typically come with high interest rates and a non-existent rewards scheme, neither of which cultivate a healthy relationship with credit.

### Serving the ‘credit invisibles’

The path towards obtaining credit is notoriously complex, especially for ‘credit invisibles’, like those moving to the UK for work or family. 

While they may have a stable income above the median average, and may even have a mortgage overseas, they generally have no evidence of credit within the UK system. That means they can feel excluded from a system into which they have the means to contribute, and often fall into the self-perpetuating cycle of needing credit to obtain credit. 

Realising the scale of the industry’s problems, [Yonder’s](https://www.yondercard.com/) founding team made it their mission to rebuild customers’ relationships with credit, launching a lifestyle card that eliminates the stress of credit and unlocks the best experiences in their city. 

> “For too long, credit cards have short-changed and taken advantage of consumers with hidden fees, discriminatory credit scoring, and rewards that belong in the 1990s… all in the interest of the bank’s quarterly earnings. We’re challenging the status quo with a card that helps our members discover the best of their city, and a promise to put the customer first.” - Tim Chong, Co-founder & CEO, Yonder

Yonder’s innovative approach and use of open banking are already changing perceptions and attitudes toward credit. Yonder offers everything you would expect from a high-quality credit card provider: travel insurance, rewards points, and zero foreign exchange fees. Where this approach to lending has historically been exclusive, perhaps even elitist, open banking and Yonder makes this inclusive and accessible.

## Where does Yapily come in?

Together, Yapily and Yonder are creating a more accurate, complete, and fairer way to assess a consumer’s creditworthiness through open banking. Yes, even ‘credit invisibles’.

### Data-driven, responsible lending

With the customer’s consent, [Yapily Data](https://www.yapily.com/product/data) enables Yonder to fetch individual bank account information via a secure API, analysing factors such as income and expenses in real-time to create a holistic credit profile. This provides the consumer with a quick and accurate decision, and allows Yonder to lend responsibly and competitively. 

The average credit line for those trying to establish or build their history is around £1200 at 34% APR. But, through Yapily’s open banking platform, Yonder can comfortably offer credit lines of up to £4500 at 24%. This helps customers access the funds they need, while avoiding unaffordable debt cycles.

> “Unfair credit scoring methods, legacy app experiences, and vague pricing techniques are a thing of the past. With open banking, we’re bringing back fairness and equality to the credit industry. Yapily’s technology and open banking expertise are helping to make that vision a reality.” - Tim Chong, Co-founder & CEO, Yonder

### Simplifying payments to increase conversions

And, thanks to [Yapily Payments](https://www.yapily.com/solution/payments), Yonder can offer customers the option to pay-by-bank, an easier, faster, and more secure way to pay off their credit balance through open banking. The simplicity of this process results in fewer late payments, and a better relationship with credit for the consumer. 

Today, over half of all Yonder customers are already using open banking to pay their balance, and more than £3.5m in transactions have been supported by Yapily Payments since launch. 

## The impact

Since launching the card in April, Yonder has experienced continual growth, without sacrificing customer satisfaction. 

With a stand-out NPS score of +77, and with 98% of their Trustpilot reviews being 5-star (the remaining 2% are 4-star…) Yonder is a prime example of how open banking can enable disruptive products that put the customer at the centre.

> “When we started to build Yonder we knew that the user experience was paramount in helping us build a brand in a crowded market. Yapily solved the obvious underwriting problem for us, but it was the ability to control more of the customer experience that made Yapily the right partner for us” 
> - Tim Chong, Co-founder & CEO, Yonder

Since partnering with Yapily, Yonder has:

- Experienced rapid uptake of open banking payments - 1500% growth since April 2022
- Had 23% of customers accessing credit for the first time
- Processed £3.5m of balance payments  through open banking
- Seen an average increase of 132% in payment volumes month-on-month

Case study: How Yonder + Yapily are making credit more inclusive

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How to get buy-in for open banking

Case study: How Yonder + Yapily are making credit more inclusive