Beyond Open Banking
2000 people tell us what they want from Open Banking and 50 fintech CTOs tell us how they're going to provide it.
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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 Open Banking use-cases
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 to 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.
Time is short
Of the fintech leaders we spoke to, almost 80% said that marketplace banks would be mission critical distribution channels for them in the future. On average they predicted that future would be a reality in 2.3 years.
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