What is next for Open Banking?
The Beyond Open Banking report exposes both the consumer demand for ‘marketplace banking’ (based on the results of a YouGov survey,) and the feasibility / readiness of the technology, via 50+ interviews with leading fintech strategists.
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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.
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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
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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.
There are early wins to be had
Explore the areas where technical readiness and consumer needs already coexist. In product areas with little regulatory overhead the technical capacity to provide marketplace distribution already exists - utility switching for an example - is both possible and in demand, particularly amongst certain demographic groups. Time-poor parents of younger children were consistently the most enthusiastic amongst respondents.
Apathy and the opportunity for banks
The most startling of all the results uncovered in the report focused on the opportunity surrounding apathy. Across all of the 21 use cases that we explored, users were almost twice as likely to engage in open banking-enabled features if they were provided by their bank..
People were less likely to use the features we researched if they had to download a new app to use them. In fact, the single largest group of respondents were those that would use the tested features but only if their bank provided it.
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