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%).
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. New products and solutions such as HSBC’s
credit application offering have come to market, showcasing the real
life consumer benefits the initiative can deliver.
“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.”
*including credit card but not mortgages
Notes to editors:
All figures, unless otherwise stated, are from Gorkana. Total sample
size was 2,002 adults. Fieldwork was undertaken between 4th-8th May
2018. The survey was carried out online by Censuswide. The figures are
representative of all GB adults (aged 16+).