Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
Online Payments

45 percent of UK consumers not likely to use open banking

Tuesday 24 January 2017 | 08:56 AM CET

A poll of over 2000 adults conducted by YouGov on behalf of the credit referencing agency Equifax reveals that 90% of Brits have not heard of the Open Banking initiative, with almost half of respondents claiming they are not likely to use Open Banking when it becomes available.

When asked about sharing personal data through Open Banking, 60% mentioned they would not consent to this. Consumers’ concerns about data being shared included security (67%), and that third parties would be able to contact them (62%). The study also found that 25-34 year olds are most accepting of the scheme, with 41% stating they are likely to use Open Banking (compared to 27% nationally). In this age group, 35% are also likely to consent to their personal data being shared (compared to 24% nationally).

The research found a lack of understanding when it comes to declaring information, with 43% stating they were not aware that the data they share with banks can have a direct impact on the products that banks offer to them. Respondents of the survey do however recognise the positives of Open Banking and would find the following tools important if they were made available through the initiative:

• The ability to better monitor across their bank accounts to help protect against fraud (64%)
• The ability to compare current accounts offerings from different banks (53%)
• The ability to better monitor their spending or debt and see accounts all in one place (51%)
• The ability to access lenders offering better terms for financial products (50%)

More: Link