In today’s competitive business environment, companies are constantly seeking ways to improve customer interactions, optimise workflows, and reduce costs. One of the most transformative advancements driving this change is open banking. By integrating Payment Initiation Services (PIS) and Account Information Services (AIS) into Customer Relationship Management (CRM) software and other business platforms, companies can streamline financial processes, enhance payment efficiency, and improve data-driven decision-making.

This article explores how open banking can revolutionise CRM systems, business software, and other platforms, providing businesses with real-time financial data, embedded payment solutions, and cost-saving opportunities.

Open banking enables businesses to connect their CRM and other business platforms directly with bank accounts via secure APIs, offering real-time access to financial data and seamless payment initiation.

• Account Information Services (AIS): AIS allows businesses to automatically retrieve financial data from multiple bank accounts, offering a complete financial overview to inform customer interactions, credit assessments, and transaction tracking.
• Payment Initiation Services (PIS): PIS enables businesses to initiate direct bank-to-bank payments from within their CRM or business software, bypassing card networks and reducing transaction fees.

By integrating open banking into CRM, ERP, invoicing software, and e-commerce platforms, businesses can automate reconciliations, streamline payment processes, and enhance customer experiences.

1. Real-Time Customer Insights for Smarter Decision-Making

• AIS integration allows businesses to view customer financial data directly within their CRM.
• Enables better credit risk analysis and tailored payment plans based on real-time financial information.
• Reduces reliance on outdated financial reports, leading to more accurate decision-making.

Statistic: Businesses leveraging real-time financial insights through AIS see a 30% increase in customer retention (Source: Open Banking Implementation Entity, UK).

2. Faster, Cheaper, and More Secure Payments with PIS

• Eliminates card processing fees, reducing costs by up to 90%.
• Instant bank transfers, ensuring payments are completed quickly and efficiently.
• Enhanced security with bank-grade authentication, reducing fraud and chargebacks.

Statistic: Businesses using open banking payments cut their transaction costs by an average of £15,000 annually (Source: UK Finance).

3. Automating Reconciliations for CRM and Accounting Efficiency

• Seamless transaction matching between customer records and financial data.
• Reduces manual errors, administrative workload, and reconciliation time.
• Provides finance teams with real-time payment tracking within CRM software.

Statistic: Companies automating reconciliations with open banking reduce financial admin time by 65% (Source: Deloitte UK).

4. Embedding Payment Links into CRM and Invoicing Software

• Businesses can generate instant payment links directly within CRM-generated invoices.
• Customers can pay directly from their bank accounts in just one click, reducing delays and improving cash flow.
• Reduces administrative efforts spent following up on late payments.

Statistic: Businesses embedding payment links in CRM invoices experience a 75% faster payment collection rate (Source: PayUK).

5. Improved Compliance and Security

• Strong customer authentication (SCA) ensures high security and fraud protection.
• Real-time financial reporting simplifies regulatory compliance for businesses.
• Protects customer data by reducing the need for storing sensitive card details.