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Open Banking: Open Minds? Consumer Appetites for New Banking Services

7th of November 2019
Report

A Report from Mobey Forum’s Open Banking Expert Group
Co-chaired by:

Mario Brkić, Erste Bank
Jordi Guaus, CaixaBank
Luis Rodriguez, Strands

Editors:
Elina Mattila, Mobey Forum
Ron Van Wezel, Aite Group

Around the world, banks are opening up their customers’ financial data (with the customers’ consent) to third parties through application programming interfaces (APIs). The global trend of open banking allows third parties, such as fintech companies, to create new financial products. Open banking responds to customer demand for more choice, better customer experience, and more control over their data. While still in initial stages, open banking will lead to the next wave of digitization in payments, reconfiguring age-old value chains and changing business models. Third party providers (TPPs) can compete with banks to offer new financial products, opening opportunities for new entrants to innovate and compete with incumbent banks.

In September 2019 the revised Payment Services Directive (PSD2) came into full effect in the European Union, following an implementation deadline for the regulatory technical standards. The question now is whether consumers will embrace the new services enabled by open banking, and under which conditions.

Mobey Forum and Aite Group conducted an online quantitative survey in June 2019 and surveyed 1,010 European consumers. The study was conducted in five countries; the United Kingdom, France, Spain, Germany and Finland, with approximately 200 participants in each of the five countries. This report reveals how interested they are in five open banking services: Account Information, Pay by Bank, Product Comparison, Purchase Financing, and Identity Check. The objective was to obtain a market view on consumer interest in new open banking services and the possible roadblocks for consumer adoption.

 

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