Banks can better engage clients through open banking – Equifax study

The study cited by The London School of Business and Finance found that product developments are the most likely to attract customers to open banking, with 40% of respondents 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.

More than 35% of respondents also said that they would consider sharing their bank data if it enabled them to easily compare products from different financial institutions.

Tailored incentives for switching providers and a more streamlined mortgage application process were also among the top motivations for sharing data, cited by 34% and 28% respectively. A simpler loan application process also appeals to consumers, with 25% saying that they would be willing to share their data if they could have access to this service.