Beyond Open Banking 2020
2020 and the Road to Open Finance
The only ongoing source of data on what people want from Open Banking and how the industry is gearing up to provide it.
21 Features explored
We selected use cases likely to be enabled by Open banking. In each case respondents were asked if they would use the feature or not, and if so, what action they would take to access that kind of functionality.
Trust data unpacked
Respondents answered questions around levels of trust in the institutions they engage with such as banks, comparison sites, tech companies and social media companies. The data allows us to understand the role trust plays in feature adoption
Attitudes towards privacy and security
Consumer concerns around security and privacy are two of the primary restraining factors preventing Open Banking adoption. We explored this alongside respondent’s adoption rates to inform our analysis of where the opportunities lie.
What next for Open Banking?
The report exposes both the consumer demand for Open Banking enabled features (based on the results of an ongoing YouGov survey) and the feasibility / readiness of the technology, via 50+ interviews with leading fintech strategists. Through the repetition of like-for-like surveys every other quarter, it represents the only source of data (that we know of) on both consumer-focussed trends and the speed of change within the industry.
What is the 2020 outlook?
The latest version of the report combines consumer and industry data with interviews on key issues for 2020. Get the clearest read on the likely impact of the Open Banking roadmap, using a PISP as a payment channel, the FCA's Open Finance Call for Input and Pensions Dashboards projects.
We're working on understanding the impact of the COVID 19 pandemic on the 2020 projections and we'll update the report as soon as we've crunched the numbers.
Where will Open Banking start to really make an impact.
Both the wealth management and loyalty sectors are making fast progress towards having a critical mass of API-enabled providers. Understand how this will impact consumer uptake and deliver important developments in financial inclusion, transparent access to appropriate credit and financial wellbeing.
Coming up next...
This report is just the beginning in a series of pieces designed to explore the questions surrounding the future of Open Banking. To stay in touch with future reports register below