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Consumers still wary of Open Banking

Consumers still wary of Open Banking

Just over half of people have never heard of open banking and many who have still worry about sharing their data, according to a global survey from Mambu.

Of 2000 people surveyed, 52% have never heard of open banking and 61% have never used it, in spite of 80% of respondents using one or more mobile finance apps.

With the Covid-19 pandemic accelerating the shift to digital financial services, 52% of respondents say they now want more control over their finances and 24% are now less worried about sharing data.

Yet 48% of consumers claim they are ‘scared’ to use open banking and 53% still believing that it is a dangerous use of data sharing.

Almost half of respondents say that their banks did provide reassurance on the safety of open banking or provide information on what the benefits are, but 24% say that, while it was explained, it could have been done in a better way.

Elliott Limb, chief customer officer, Mambu, says: “The research reveals the majority of customers don’t understand what open banking is, how it works and what it means for them. But it also reveals they do care about receiving better financial services that support their lifestyles - smart banking.

"If banks address this need and lack of understanding, it will help banks build customer loyalty and provide genuinely innovative, differentiating, revenue-generating services.”

Comments: (2)

Melvin Haskins
Melvin Haskins - Haston International Limited - 15 April, 2021, 10:48Be the first to give this comment the thumbs up 0 likes

I'm  sorry, but a survey of 2000 people out of 8,000,000,000 people in more than 200 countries does not strike me as being comprehensive. Anyone trying to draw conclusions from this survey should think long and hard about the breadth of the data.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 16 April, 2021, 17:16Be the first to give this comment the thumbs up 0 likes

"What number do I dial if I want to speak to Europe" - Donald Rumsfled, ex Defence Secretary, USA.

What app do I open if I want to use Open Banking?