How Open are UK Consumers to Open Banking? - 2018

How Open are UK Consumers to Open Banking? - 2018

Regular price $10,950.00

Open banking is widely heralded to produce a wave of disruption in banking not seen for decades as consumers are enabled to share their information and as competition from new players increases. 

This critical report will allow you:

  • To understand the opportunity this provides for banks, challengers and fintechs
  • Develop your bank wide/ fintech startegy to both protect and acquire customers
  • Understand consumer pain points and how to solve them
  • Learn how to overcome barriers to entry and develop loyalty
  • Show you how to own the ecosystem to acquire main bank customers

Based on 2000 consumer interviews and combined with market wide insight key highlights include:

  • 1 in 6 consumers are happy sharing their personal data for improved products or services and 3 in 5 are open to understanding the benefits.
  • Banks are still the most trusted institutions to keep customer data safe, but for the first time younger consumers now trust Amazon and PayPal more than they trust their banks and schemes.
  • Trust, brand presence and longevity in financial services breed comfort and these 3 factors continue to be hurdles for the FinTech community.
  • FinTech awareness and usage is increasing marginally over time but no FinTech in the UK has a reach of more than 3% and less than 0 .5% of UK consumers are currently using a FinTech as their main bank.
  • Consumers don’t find their every-day banking relationships challenging, so ultimately the opportunity is not going to arise simply from dis-satisfaction but from offering new propositions.
  • UK consumers are unconscious of the extent to which they are already sharing their personal data. 3 in 10 believe that they do so via apps they use but 7 in 10 consumers use apps that require the sharing of some sort of personal data
  • 1 in 3 consumers find aggregation services appealing.

 

For further information on the report, please contact: Matthew Swainson at mswainson@rfigroup.com