Plans & Pricing
Does My Company Subscribe?
Revised EU banking regulations scheduled to take effect in January 2018 will open Europe to a wider range of nontraditional financial services offered by entities other than banks.
The regulations, known as the Revised Payments Service Directive (PSD2), are intended to make it easier for consumers to transfer funds, compare products and manage their accounts without their bank’s involvement.
But a study of UK consumers found them reluctant to share banking information with third-party financial services providers. An August 2017 survey of adult UK internet users by Accenture found more than half of respondents (53%) were uninterested in using such “open banking” services from alternatives to traditional banks.
In all, 69% of respondents said they wouldn’t share their bank account information with online retailers, tech firms or social media companies. Social media companies, in particular, were least likely to get a warm reception from consumers, with 93% of respondents reluctant to share financial information with them.
Similarly, 73% of those polled were uncomfortable with giving retailers financial details.
Consumers cited a number of factors for their wariness, including fraud, data protection risks and the potential for cyberattacks or viruses.
Accenture isn’t the only firm to find UK consumers have trust issues when it comes to digital banking—even when doing business with actual banks. A February 2017 survey of UK internet users conducted by Censuswide for Lithium found that 59.3% of respondents thought digital banking was the most convenient way to complete financial tasks, but less than 25% found it the most trustworthy option.
Likewise, an ING study from February 2017 found that 63% of UK internet users cited a lack of trust in security measures as the reason they didn’t bank by mobile device, making it the largest deterrent to adopting the practice.
There are some segments of the population who could be swayable, however. Despite potential safety risks, younger users polled by Accenture were the most likely to give open banking services a try. More than one-third (39%) of respondents ages 21 or younger said they would be “as likely to use open banking” as their usual method of payment. Just 13% of baby boomers said the same.
You've never experienced research like this.
Nearly all Fortune 500 companies rely on us.
Inquire about corporate subscriptions today.