Research by Yolt, the money app backed by ING, reveals that 22% – nearly 1 in 4 – of the public now know what Open Banking is. This represents a significant increase from the identical question being asked in Which? research in October 2017, when the same question revealed that 92% of the public didn’t know what Open Banking was. In the Yolt study, only 39% of consumers had absolutely no idea what Open Banking is – whilst 30% knew it had something to do with banking online or via a smartphone but couldn’t be more specific than that.
Leon Muis, COO, Yolt said:
“Just over a month since the Open Banking process started in earnest, the dial has really moved in terms of consumer understanding of what the Open Banking reforms are all about, which is great to see. If we can move from 8% to 22% in just a few months, it suggests that consumers are receptive to the possibilities Open Banking can offer.”
Additional findings from the Yolt research included:
- 1 in 5 people (20%) said that seeing all their bank accounts in one place is a key benefit of Open Banking
- Only 16% of women knew what Open Banking was, despite research from Allianz showing 51% of women saying they are the ‘Chief Financial Officer’ in their household. This is compared to 28% of men who knew what Open Banking was.
- 20% of consumers would consider using Open Banking if it meant that the products and services offered were tailored specifically towards them. This figure increases to 28% of Londoners and over 30% of millennials
Leon Muis, COO, Yolt, said:
“Open Banking has come such a long way in such a short space of time. As the process progresses and more and more customers start to engage with Open Banking, users will be able to access more genuinely personalised products and services. Only when you have all of your different accounts and products in one place – such as Yolt – can you really start to manage your money properly.
“Yolt is a great example of how Open Banking works in practice, and with more than 100,000 users we hope that more users will embrace the ease, choice and control that it will bring.”