Finding better broadband deals
According to an EY survey on the UK telecoms sector, many consumers are looking for better deals and advice from their telecoms providers. Sixty per cent agree that cost-of-living challenges have made them more likely to shop around for better deals, while three-quarters of respondents “believe broadband providers should offer more fixed-price guarantees”.
Integrating open banking with broadband payment systems could provide consumers and SMEs with more flexible payment options that adapt to their actual data usage. Instead of being locked into fixed monthly tariffs, both could adopt usage-based billing, paying only for the data they consume. The potential savings, particularly for businesses with varying data needs, could be sizeable.
Case study
Streamlining broadband switching with the Emma app
Money management app Emma aims to simplify the broadband switching process, allowing users to explore broadband deals and enter their details to generate a personalised list of broadband options from a wide range of providers to inform their decision-making.
Features, such as monthly fees, average speeds, and contract lengths are displayed, with users given the option to explore each deal in detail. To refine the search, Emma offers filtering tools that allow exact requirements to be specified, such as minimum speed thresholds or preferred contract durations. This customisation ensures that users can tailor their search to find the most suitable and cost-effective broadband solutions, while eliminating the need to visit multiple websites or contact providers individually.
Once a user identifies a broadband deal that meets their needs, the switching process is initiated by the click of a button which directs them to the chosen provider's website to complete the switch.
The new provider typically manages the entire transfer process on behalf of the user, including coordinating the switch-over details and notifying the previous provider of the change.
Real-time expenses monitoring
Greater transparency in billing is another potential benefit, with open banking allowing users to link their broadband accounts directly to their bank accounts for real-time expenses monitoring.
Consumers and SMEs could identify patterns in their data usage and adjust their plans accordingly, avoiding overpayments and ensuring that they are on the most cost-effective tariff.
Personalised cost saving suggestions
The integration of smart data within broadband services means providers can proactively offer users personalised cost saving recommendations.
Comprehensive, real-time analysis of date usage and financial behaviour would allow providers to offer bespoke advice on the most suitable plans, so consumers and SMEs always get the best deal.
Easier switching between providers
When it comes to switching broadband providers, open banking can enable consumers to move to better deals quicker without the headache of paperwork.
This can stimulate competition among providers and drive down prices for consumers and small and medium-sized businesses.
Case study
How Snoop sources better value broadband and mobile tariffs
Money management app Snoop aims to help users manage their bills and enable them to find better value broadband and mobile tariffs by making it straightforward to find and compare offers.
The Bill Timeline in the Snoop app allows users to see upcoming bills – ranging from car insurance and loans to pet insurance and pensions – and their balances. This helps them stay on top of their finances.
In the ‘switching’ section of the app, users can easily check for current deals on their existing bills and explore other offers. The app presents deals which are relevant to their current services first, and users can tap on products to compare prices.
Additionally, Snoop allows users to add end dates to their bills, providing reminders when it's time to renew, making it easier to switch providers when ready and facilitating the switching process.
Typical customer cost savings for broadband services are around £200+ and around £80+ for mobile contracts.
