SMEs have mixed views on Open Banking, KPMG survey finds

KPMG partnered with research company 3GEM to survey 1,000 SMEs about their attitudes to data sharing. One third of small businesses are open to the opportunities presented by open banking, if it helps them save time around their payments and taxes, a new survey has found.

However, another quarter of small- and medium-sized enterprises said they would not share their data under any circumstances. High-growth businesses in the technology, media and telecoms, finance and manufacturing sectors were the most interested in open banking, the survey found.

SMEs told KPMG that they would only share their data if it made it easier for them to manage their payments, business accounts, invoicing or taxes, or if it saved them a significant amount of money. Offers and immaterial discounts were no incentive for the respondents.