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What is next for Open Banking? 

The Beyond Open Banking report exposes both the consumer demand for ‘marketplace banking’ (based on the results of a YouGov survey,) and the feasibility / readiness of the technology, via 50+ interviews with leading fintech strategists. 

  • Phone hand hold 1

    21 Features explored

    We selected use cases likely to be enabled by Open banking. In each case respondents were asked if they would use the feature or not, and if so, what action they would take to access that kind of functionality.

  • Gauge dashboard 1

    Trust data unpacked

    Respondents answered questions around levels of trust in the institutions they engage with such as banks, comparison sites, tech companies and social media companies. The data allows us to understand the role trust plays in feature adoption

  • Multiple actions shield

    Attitudes towards privacy and security

    Consumer concerns around security and privacy are two of the primary restraining factors preventing Open Banking adoption. We explored this alongside respondent’s adoption rates to inform our analysis of where the opportunities lie.

Asset 1 2x

Time is short

Of the fintech leaders we spoke to, almost 80% said that marketplace banks would be mission critical distribution channels for them in the future. On average they predicted that future would be a reality in 2.3 years.

Asset 10

Apathy and the opportunity for banks

The most startling of all the results uncovered in the report focused on the opportunity surrounding apathy. Across all of the 21 use cases that we explored, users were almost twice as likely to engage in open banking-enabled features if they were provided by their bank.. 

People were less likely to use the features we researched if they had to download a new app to use them. In fact, the single largest group of respondents were those that would use the tested features but only if their bank provided it. 

Coming next

This report is just the beginning in a series of pieces designed to explore the questions surrounding the future of Open Banking. To stay in touch with future reports register below 

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