According to the survey conducted in regards to Open Banking initiative, the PSD2 deadline on 13th January 2018 saw just one of the Big Five UK banks compliant in time with the deadline.
Even though the deadline has now passed, over half of the consumers still have not heard of the initiative. Just 7% of consumers would choose not to have greater control over their finances via fintechs, yet only a 20% have been informed of Open Banking by their bank.
The most deceptive myth surrounding Open Banking is that it will expose bank accounts to unsafe third-parties. The survey revealed that the biggest driver in any financial decision is the security of personal information. Over 40% of consumers indicated that this is their primary concern when it comes to monetary matters.
Trust, however, is split across respondents, with 35% happy to trust new providers, but 34% cautious about regulated fintechs accessing their information.
This is despite the fact that fintechs undergo a rigorous process to get certified by the Financial Conduct Authority (FCA). Only when they have this license can third-parties access personal information – and this is only at consumer request.
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