Mobey Forum’s survey confirms banks as the preferred suppliers of open banking

Mobey forum

                    Mobey Forum

A new pan- European study from Moby Forum and Aite Group titled ‘Open Banking: Open Minds? Consumer appetites for open banking services’ showed that the majority of consumers prefer their main bank for open banking services instead of other banks or third party providers. The report draws insights from over 1000 customers in Finland, France, Germany, Spain, and the United Kingdom and aims to address the opportunity for banks to leverage the open banking opportunity.

Elina Mattila, Executive Director, Mobey Forum said, “Consumers trust their banks because no-one else does data security and privacy like they do – it’s a cornerstone of their success. Consumer confidence in third party banking services, however, continues to grow. Open banking is the next chapter in the digitalization story and a new generation of agile, specialist TPPs is forming to capitalize on API-based payment and data services. If banks want to protect their place at the forefront of the industry they need to act now, either to offer TPP services under their own brands or to create their own. Either way, they need to move before the TPPs can establish an independent base.”

Mobey Forum’s study has revealed that over one-third of customers are intrigued about in five open banking enabled use-cases: account information services (32%), pay by bank (33%), purchase financing (25%), product comparison (35%), and identity check (35%). 91% of the respondents are willing to shift to another payment method, given the convenience and attractiveness of the offer.

Mario Brkic, co-chair of Mobey Forum’s Open Banking Expert Group, George Labs commented, “Banks must also focus on developing services with convenience and usability in mind. People are already willing to give huge amounts of their personal and financial information to brands like Google, Amazon, Facebook, and Apple. When the services deliver real value, they are ready to share data. Many open banking TPPs can respond to consumer demand faster than traditional banks can, so the race is on. The real winners in open banking will be those that can provide superior customer experiences under a trusted brand.”

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