5 key pain points open banking solves for businesses.

After hundreds of conversations with businesses across industries, five recurring pain points continue to surface. These challenges impact profitability and hold back business success and customer satisfaction. Fortunately, open banking provides precise solutions for each of them. Let’s dive straight into the most common issues businesses face and how open banking is helping to solve them.

High processing fees remain a constant concern, particularly for businesses operating on tight margins.
Open banking offers a low-cost alternative to traditional payment methods like credit cards, significantly reducing transaction fees. For businesses handling a high volume of payments, these savings can add up quickly, directly improving profitability.

A cumbersome payment process can cost businesses customers, with abandoned transactions at checkout being a major pain point.
Open banking streamlines the payment experience, offering faster and smoother authentication methods like mobile bank IDs. This makes the checkout process seamless, reducing friction and improving conversion rates.

For many businesses, waiting days for payments to clear is a frustrating and often costly problem.
Open banking addresses this by enabling near-instantaneous payment settlements. No more waiting two or three business days for funds to be accessible — even weekends are no longer a barrier.

Offering a variety of payment methods is critical to capturing every possible sale.
Open banking adds a secure, modern payment option to the mix, appealing especially to tech-savvy customers. By providing this alternative, businesses can increase conversion rates and ensure that customers find their preferred way to pay.

In industries where margins are slim and competition fierce, staying ahead means adopting the latest innovations.
Open banking gives businesses a competitive advantage, delivering a more cost-effective, secure, and efficient payment solution. Those who embrace this technology are better positioned to attract and retain customers while improving operational efficiency.

These five pain points—identified from hundreds of customer conversations—are clear obstacles to business growth. Finsharks’ open banking services provide straightforward solutions, offering businesses a way to reduce costs, enhance the customer experience, and ensure business success.

Curious to learn more about how open banking can drive business success? Contact us, and we will show you!