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naglowek 18.03

But they don't know what it is. A European study by Mobey Forum confirms that customers are interested in solutions that open banking provides.


Although they are not aware that the services they want to use are based on open banking solutions.

 

In September 2019, the PSD2 Directive entered into force, and opened access to banking systems for third parties - both banks and technology companies. It also enabled creation of a number of new solutions. However, we should ask if bank customers interested in them? Mobey Forum - an international non-profit organization dealing in banking technologies - has decided to conduct a survey among bank customers from five European countries that have introduced open banking solutions to varying degrees - from the pioneer of this solution, the UK, to Finland, where only a few banks have introduced access to accounts in other banks from one account. What are the conclusions?

Over a third of customers are very interested in open banking. The most interesting fields of interest are financial product comparison and identity verification.

Mobey Forum asked about the services that can be enabled by open banking. On average, 33 percent of respondents are extremely or very interested in such solutions. Most respondents were interested in verifying their identity via a bank account and comparing financial products (in both cases 35 percent), and the least - (25 percent) were interested in quick loans and installments.

 

Pay-by-Bank (33 percent) and the ability to access various bank accounts from one platform (32 percent) aroused the average interest of users.

Multibanking? Yes, but in my bank

Access to many accounts via one account is the first of the services related to open banking, which is gaining popularity. Currently, only about 2 percent Europeans use access to various bank accounts in one place. However, many more are interested. 32 percent are extremely or very interested, and together with the moderately interested - 72 percent. Of course, users of 3 or more accounts are the most interested, but even among those who have one or two accounts, the interest is not much slower. Interest does not also change from country to country.

 

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[Source: Mobey Forum, research on 1010 European Consumers, 2019, data collected by banqUP]

 

The vast majority of users would like information about their accounts to be available from their main bank (88 percent). For 6 percent such a possibility could be offered by another bank, and for 6 percent, non-banking entity.

 

Considering the fact that users get attached to their banks, such results are not surprising. It is also the easiest solution to be implemented by banks. However, real innovations lie in other solutions possible thanks to open banking.

Open Banking? What's that?

A large proportion of market users do not connect many of the services introduced by banks with open banking. According to another study conducted last year by PWC, only 18 percent of users know what open banking is. However, the company states that by 2022 the number of people familiar with this concept will increase significantly - up to 64 percent.

 

The fact that despite the interest in services consumers do not know the term "open banking" does not surprise us at all. Most consumers do not know what technologies they use every day when using various devices. Mr. Jourdain, the hero of Molier's "The Bourgeois Gentleman", did not know that he spoke in prose all his life. From the consumer's perspective, the most important thing is that the solution actually meets their needs. The market will be won by the entities that will offer the greatest added value to customers thanks to open banking.

 

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BanqUP is an API-driven platform for open banking solutions, allowing for banks and fintech companies to access a number of European banking APIs.
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