Revamping Open's Pricing Model: The Top 3 Customer-Driven Improvements for 2023

In the competitive world of neo-banking platforms, Open has made a significant impact on the financial management of SMEs, enterprises, and freelancers. With a stellar rating of 4.9 out of 5 stars on G2, Open has established itself as a reliable and efficient service provider. However, even the best services have room for improvement, and pricing models are often at the forefront of customer feedback. Based on reviews from 2023, here are the three biggest areas of improvement that could enhance Open's pricing model:

1. Transparent and Flexible Pricing Tiers

Customers often seek clarity and flexibility when it comes to pricing. A common sentiment among users is the desire for a pricing model that scales with their business needs. One customer stated, While I appreciate the features Open offers, I'd love to see more flexible pricing options that grow with my business. To address this, Open could introduce a tiered pricing system that allows users to select a plan that best fits their current operations, with the option to scale up as their business expands. This approach would cater to the diverse needs of SMEs and freelancers, ensuring that they only pay for the services they require.

2. Enhanced Cost-Efficiency for Small Transactions

For smaller businesses, every penny counts. Some users have expressed concerns over the cost-effectiveness of handling small transactions. I find the transaction fees a bit steep for the smaller payments we process, mentioned one SME owner. Open could improve its pricing model by reducing fees for low-value transactions or offering a bundle of free transactions each month. This would make the platform more attractive to smaller businesses that are sensitive to transaction costs and are looking for ways to maximize their financial efficiency.

3. Clearer Breakdown of Service Costs

Clarity is key in any financial service, and customers have indicated a need for a more detailed breakdown of costs associated with Open's services. I'm happy with the service, but I wish there was a clearer explanation of what each fee covers, a freelancer shared. To enhance transparency, Open could revamp its billing statements to include a detailed description of charges. This would help users understand exactly what they're paying for and see the value in Open's comprehensive suite of financial management tools.

By addressing these three areas of improvement—transparent and flexible pricing tiers, enhanced cost-efficiency for small transactions, and a clearer breakdown of service costs—Open can continue to build on its strong reputation while meeting the evolving needs of its diverse customer base. Implementing these changes would not only improve customer satisfaction but also position Open as a leader in customer-centric pricing strategies in the neo-banking sector.

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