Around 30% of UK adults would be comfortable sharing their financial data with trusted tech companies, such as Apple, Google or third-party apps using such platforms.
Following the journey of Open Banking from the start, Prepaid International Forum (PIF) has released its research study, revealing that many consumers, especially younger consumers, are happy to provide their financial data to regulated third parties.
The study showed that as many as 34% of those aged between 18 and 24 would be happy to share their financial data to a company, such as Apple. Slightly fewer (30%) said they would trust Google with the same data.
Even amongst older customers, just under a quarter (24%) of those aged 65 or older said they would provide Apple with permission, opening the door for more tech companies and other third parties to offer more innovative and secure financial products and services.
Alastair Graham, spokesperson for PIF, commented: “Smartphones and search engines have become essential tools for everyday life and this research shows that people are now willing to consider adding open banking to the list of services that such devices help to improve.
“Mobile devices already offer many payment services, often using the prepaid platform to facilitate simple and secure transactions. To many people, adding open banking feels like a small step.”
Suresh Vaghjiani, managing director of global processing services added: “We work with many fintechs, helping them to innovate and launch truly innovative products and services that are making a real difference. Now with the opportunity to access the banks’ APIs, I am sure we’ll see even more innovations that rapidly translate into benefits for customers.”
“Open banking will only increase this trend by encouraging innovation by new Fintech companies who are adding real value to consumer and business banking in a way the banks would never have done so in the past and are struggling to do so even now,” Graham concluded.