PNC is developing a decisioning dashboard that will give customers control over where their financial data is shared. 

The Section 1033 open banking rule published by the Consumer Financial Protection Bureau on Oct. 22 gives banks new opportunities to increase client engagement — or risk losing them, Natalie Talpas, executive vice president and senior group manager of digital banking and payments at PNC, said during a panel this week at Money20/20 in Las Vegas.

The $552 billion bank has a decisioning dashboard which allows customers to see which data aggregators, fintechs and banks have access to their data, Talpas said, adding that the bank aims to add features like allowing customers to stop sharing data with anyone at any time.

The initiative is one way to “bring greater transparency, greater control for our customers,” amid open finance, and perhaps increase customer engagement, revenue opportunities and bank trust, she said. 

“Financial institutions are in an interesting space in this, where they are on both sides of the equation,” Talpas said. “They have to comply, but they also probably have to compete in order to stay relevant.” 

Open banking innovation 

To retain customers, many banks and fintechs are planning new products and solutions around open banking both to help make consumers feel secure about their data and to drive engagement, Udi Ziv, chief executive at data-driven personalization and customer engagement company Personetics, told Bank Automation News. 

Financial institutions can generate real monetary value if they “are able to improve [their] primacy, because [they] can look at the data and make smart, contextual, proactive offers to individuals,” Ziv said. 

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