Every year since Open Banking was introduced, Bud has commissioned YouGov to survey a nationally representative sample of 2000 UK adults on the kind of use-cases they'd like to see in the market.
Consumer demand is only half of the Open Banking picture. Each issue of the report features in-depth research from 300 digital leaders in financial services covering their Open Banking projects in 2020- what has worked, what hasn't and their plans for 2021.
Despite spending cuts across the board the impact has not been distributed evenly. Those on relatively high incomes have been able to cut spending significantly. The result is a large group of predominantly young, tech-forward group that is saving significantly for the first time.
At the other end of the income spectrum, there is a large group suffering significant financial shock. They are characterised by non-traditional income sources and are at risk of exclusion from the financial system.
Open Banking presents opportunities to help both groups - find how in the report.
In the context of a credit system that already had its legacy issues, the Covid-19 relief payment holidays have added another layer of opacity.
In our (very conservative) estimation, at least 350,000 loans were made last year to people with masked credit files. Open Banking stands ready to provide the necessary transparency and businesses are moving to adopt new ways of working. Find out more in the report.