According to the Altus survey into attitudes towards online personal finance and the potential impact of Open Banking on millennials, part of the success of Open Banking lies in the younger generations’ willingness to share their data for frictionless and convenient accessibility to services.
Altus surveyed 1,000 UK working adults, younger and older generations, across the UK, as part of their consumer research. The survey revealed that over half of 25-34 year-olds (54%), who are comfortable using an online service, are also happy to share information on all of - or a combination of - their savings, investments, pensions, other assets and their debts. Compared to older generations, the percentage of the millennials is significantly higher: 49% of 35-44 year olds, 44% of 45-54 year olds and only 35% of over 55.
Researchers concluded that younger users are attracted to both accessibility and convenience, as they are open to an online service, which allows them to have all of their financial information in one place across all providers (balance, savings, pensions, loans, mortgages etc.).
When it comes to Open Banking, Altus’ survey suggests that 68% of 25-34 year olds would be interested in an online service that stored their personal, financial and medical information in one place, prioritising the value exchange of convenience and benefits over any potential security threat.
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