The open banking revolution will only fulfil its promise of better, more personalised financial services if people allow licensed providers access to their account transaction data. The key question is: will the revolution be held up by consumers being too nervous to grant access to this very sensitive information?
While over half of UK consumers like the idea of viewing all their finances in one place – one of the benefits of open banking – according to an Ipsos Mori poll just 13 per cent are confident enough to share their financial data between providers. This shows that for financial businesses to gain consumer confidence and deliver the real benefits of open banking they will need to establish and communicate strong security and access control.
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