Brits cite money saving product recommendations as the biggest incentive to use Open Banking.
Six months into Open Banking, online research from Equifax, the consumer and business insights expert, reveals that two fifths (40%) of Brits willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money.
Other motivations to share transaction data through Open Banking include the ability to easily compare products from different financial institutions (36%), being offered tailored incentives for switching to a new provider (34%), and a streamlined process when applying for mortgages (28%) and loans* (25% – *including credit card but not mortgages).
Jake Ranson, Banking and Financial Institution expert and CMO at Equifax Ltd, said: “Since the implementation of Open Banking at the start of the year we’ve seen widespread product developments among banks and fintechs alike, as market players recognise the scope of opportunities available. Open Banking is moving the sector forward to the digital world and it’s an exciting time. As the rate of product launches accelerates awareness will continue to grow, providing the uplift in consumer engagement needed for the project to be truly transformational.”
Total sample size was 2,002 adults. Fieldwork was undertaken between 4th-8th May 2018. The survey was carried out online. The figures are representative of all GB adults (aged 16+).