The New World of Open Banking—Will Consumers Embrace It?

Consumers could change the way they pay online if alternative payment methods offer benefits.

London, 22 October 2019 –Around the world, banks are opening up their customers’ financial data (with the customers’ consent) to third parties through APIs. This global trend, called open banking, allows third parties such as fintech companies to create new financial products and to compete with banks. But will consumers embrace the new services enabled by open banking, and under which conditions?

This report offers a market view on consumer interest in open banking and on the possible roadblocks for consumer adoption. It is based on an online survey that Aite Group conducted, in collaboration with Mobey Forum (a global industry association for providers of digital financial services), in June 2019 of 1,010 consumers in Finland, France, Germany, Spain, and the United Kingdom.

This 31-page Impact Report contains 26 figures. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Amazon, Apple, Facebook, Google, Mobey Forum, and PayPal.

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