Half of consumers have 'never heard of Open Banking’

More than half – 52 per cent - of consumers have never heard of Open Banking, according to a Censuswide survey commissioned by financial services platform Mambu.

In addition, 61 per cent of the 2,000 respondents said they have never used Open Banking, despite 80 per cent of respondents using one or more mobile finance apps.

The research also covered how the pandemic has changed consumer attitudes towards personal finance.

According to the survey, 52 per cent of consumers said they wanted more control over their finances, while 40 per cent said the pandemic had changed their attitudes to privacy, and 24 per cent said it had changed their attitude to data sharing.

In addition, 41 per cent of respondents said they have had more time for research during the pandemic.

The research also covered consumers' concerns about Open Banking, with 48 per cent of consumers saying they are ‘scared’ to use it, while 53 per cent of respondents said they believe Open Banking is a dangerous use of data sharing.

Almost half of Mambu’s respondents claimed that their banks did provide reassurance on the safety of Open Banking or provided information on what the benefits are, with another 24 per cent stating that, while it was explained, it “could have been done in a better way.”

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

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

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