On a mission to get curious people invested in the world, Saxo Bank is one of the leading online trading platforms connecting investors and traders to global financial markets. Before implementing open banking payments, adding funds to investment accounts was often a dreaded task for Saxo Bank’s customers as they had to login to their online bank and create a manual bank transfer from their primary bank account to their Saxo account.
“The payment experience was complicated and time consuming. Our customers were unsure of how to top up their accounts, and they often worried about how long it would take for the money to arrive to the Saxo account,“ explains Saxo’s Chief Experience Officer, Camilla Dahl Hansen.
Saxo Bank teamed up with Mastercard for a secure and seamless top-up process, improving the customer experience to increase funding conversion rates. For Saxo Bank, it was important to find an open banking partner with the same ambition and direction as Saxo Bank and with a proven record of accomplishment when it comes to delivering scalable solutions to major financial platforms — and that’s why they chose to work with Mastercard.
With the open banking partnership in place, Saxo offers seamless top-up payments directly embedded in the investment platform. In that way, customers can instantly fund their account with open banking payments in a smooth and intuitive way — and as a result, Saxo has quickly improved conversion rates for its investment customers. Thanks to the open banking solution, the conversion from open bank account to funded bank account has increased by 26%. Furthermore, 21% of new funds are added through the open banking solution.