Snowflake for Open Banking: Leveraging Data Analytics for a More Customer-Centric Banking Experience

Customer-centricity has transformed from a marketing buzzword into a strategic imperative. According to an article from software,Customers who have become increasingly tech-savvy and digitally connected expect seamless and personalized experiences across multiple channels”.  That is why banks face mounting pressure to deliver personalized offerings, anticipate customer needs, and create seamless experiences across all touchpoints. To do this, banks need a better understanding of their customer needs and expectations, and to better adapt to constant market and technology changes. 

Open Banking, enabled by regulatory reforms, fosters data democratization by allowing customers to share their financial data with third-party providers securely. This unlocks valuable information, encompassing spending habits, budgeting preferences, and financial goals, granting banks a profound understanding of their customers previously unimaginable.

Snowflake is a next-generation data cloud platform that acts as the conduit for harnessing the value derived from customer data. It excels at storing, analyzing, and integrating structured and unstructured data from diverse sources, including open banking feeds, internal systems, and external platforms. This orchestration culminates in a 360-degree view of each customer, painting a comprehensive picture of their financial landscape.

Read our other blog post about Open Banking:

But how does this translate into tangible benefits for both banks and their customers?

Personalized Experiences: Imagine a bank that proactively suggests a savings plan tailored to your spending patterns or recommends a credit card aligned with your travel aspirations. This level of personalization, previously a pipe dream, is now achievable with insights derived from Snowflake that are used to create Open Banking solutions. One sample use case from Snowflake is they  break down data silos and enriches profiles with industry data, empowering personalized experiences for wealth management, retail banking, credit unions, and insurance. By leveraging these kind insights, banks can curate targeted offerings, predict financial needs, and deliver relevant products and services at precisely the right moment.

Improved Engagement: Customers crave meaningful interactions and authenticity. Open banking data, when analyzed by Snowflake, empowers banks to identify and capitalize on engagement opportunities. Envision receiving timely financial wellness tips based on recent transactions or proactive alerts when unusual activity occurs. Such real-time engagement fosters trust and loyalty, strengthening the bank-customer relationship.

Increased Loyalty: Today’s tech-savvy customers demand convenience and control. Snowflake enables banks to offer open banking-powered features like account aggregation, budgeting tools, and instant payments, seamlessly integrated into their existing platforms. This enhanced convenience and control over their finances translates to increased customer satisfaction and loyalty.

Unlocking the Potential

The synergy between Open Banking and Snowflake extends beyond individual benefits. It opens the door to:

  • Enhanced risk management: Gain deeper insights into customer behavior and proactively identify potential fraud risks.
  • Collaboration with Fintechs: Leverage the expertise and agility of Fintechs to deliver cutting-edge solutions and personalized experiences.

The Road Ahead

Implementing Open Banking solutions with Snowflake necessitates careful planning, robust security measures, and a commitment to data governance. However, the potential rewards are immense. Banks can build sustainable competitive advantage by truly placing their customers at the heart of their strategy.

Amihan is a digital transformation partner that helps companies benefit from opportunities, enhance customer experiences, and develop capabilities through top-notch digital, data, and cloud services.

Our services include Digital Strategy Consulting, Innovation as a Service, Cloud Enablement, Managed Cloud Services, Resilient Operations, Alfresco Services, and Digital Processing Outsourcing (DPO). To learn more about Amihan, please visit our website:

Bernadette Valerio is a Marketing Associate at Amihan Global Strategies and an experienced graphic designer.