Customers worldwide hesitant about Open Banking, Mambu study shows

The study provides insights into what customers think of the key trends driving the development of the financial services industry in order to identify opportunities for banks and other market participants. 52% of the 2000 respondents surveyed worldwide had never heard of Open Banking and 61% have never used it, even though 80% of them use at least one mobile finance app. According to a Mambu representative, the majority of customers don't understand what Open Banking is, how it works, and what it means to them. Overall, 48% of consumers are ‘afraid’ of using Open Banking. Furthermore, 53% think that Open Banking is a dangerous form of data transfer.

The study also asked consumers what they want from Open Banking. 48% of the respondents wanted the option of making instant transfers. Closely behind this, 38% of those surveyed wanted to be able to see consolidated account balances at a glance. 36% of those surveyed would also like support in saving with the help of automatic calculation of spending behaviour and shifting excess money into savings or investments. 34% would like tips on how to manage money better and would like to receive a total monthly account statement. A quarter would like savings suggestions for their bills and 26% would like to allow access to bank data in order to receive automatic suggestions for saving money on bills and insurance.