IBSiPodcast Ep.735: How Open Banking is Transforming the Luxury Shopping Experience

IBS Intelligence Podcasts | A Cedar Consulting Unit

Personalised experiences are the hallmark of luxury purchases. It’s not just about the product—it’s about how the customer feels during the purchase. Payments play a vital role in this experience. The payment journey is an extension of the brand, making it crucial to remove friction at checkout, and offer a choice of safe and convenient payment options.

For high-value purchases, open banking provides a safer, faster, and more cost-effective alternative to manual bank transfers, drafts, or cheques. Businesses can cut costs and protect margins by reducing high transaction fees, card fraud, chargebacks, and payment operation costs.

In this episode, Gloria Methri of IBS Intelligence chats with Donal McGuinness, CEO at Prommt, on the impact of open banking and digital payments transformation on the luxury retail and automotive sectors – particularly around remote and online high-value transactions.