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.
-
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.
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.
Parenthood driving adoption
Across every use case and for every demographic, parents of young children over-indexed on their eagerness to adopt the kind of features described in the survey.
Despite showing no significant difference regarding privacy or security concerns, parents with children under 4 were consistently the most enthusiastic amongst the respondents.
Available now / coming soon
The preview to the report is available now, containing results and analysis of the YouGov survey. Later in September we'll publish the full report, including further statistical analysis and insight into the supply-side market dynamics through interviews with 50+ fintech leaders.