Research by Frollo has shown that 1 in 3 consumers would consider switching banks to get Open Banking features.
Consumers are excited about the new and improved user experiences Open Banking can provide.
The company asked more than 500 consumers about the most popular Open Banking use cases and it turns out that most of them would use these features if their bank provided them. 1 in 3 would even consider switching to get access to these features.
Research previously conducted by Frollo and NextGen.Net, showed that some of the most valuable Open Banking use cases for businesses are Income & Expense verification, Personal Finance Management (PFM) and product comparison.
Frollo’s most recent consumer research shows that the majority of respondents are keen to use these features if their bank offered them and 36% would even consider switching banks for at least one of these features.
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