The only insights report to provide ongoing tracking of both consumer uptake and industry provision of Open Banking services.
This year's report comes in 2 parts. Part 1 covers the macro changes in people's financial lives brought on by the pandemic and explores the role of Open Banking in servicing these newly created customer needs.
In it, we look at the 6 million new savers who are looking for help managing wealth for the first time, the gig workers in financial shock who need help budgeting and a credit system with a crisis of transparency.
Part 2 (coming soon) uses data from our survey of 300 digital FS leaders to create a "how-to" for organisations looking to work with Open Banking data. We look at the factors which correlated with successful implementations and use them to draw a roadmap to success with Open Banking in 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.
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