NEWS

Banks still edge out the challengers on open banking trust.

Jonny Kelly

AUTHOR

Jonny Kelly

Creative Director
Strategy, Creative and Curious

As the battle rages in the world of banking and fintech, recent research suggests that UK customers are more likely to trust the open banking apps offered by familiar high street banks than those promoted by new digital challenger banks.

A survey of 2,000 UK consumers by YouGov for a software analytics firm New Relic assessed appetite amongst consumers for a consolidated banking app which uses Open Banking APIs to allow customers to manage multiple financial accounts in one app.

Results showed that 69 per cent of customers would be willing to use a consolidated bank offered by a recognised high street bank, versus 19 per cent who would be willing to use an app from a digital challenger bank. This somewhat contradicts a perception that FinTech startups are leading the charge on the use of Open Banking technology.

69 per cent of customers would be willing to use a consolidated bank offered by a recognised high street bank

However, with the younger generations embracing the challengers and the potential of established brands (Amazon, Google, Apple?) entering the ‘challenger’ scene – surely the balance of power is set to be challenged.

Origin will be at Fintech Connect in London on Dec 5th and 6th – https://www.fintechconnect.com/

Change starts here

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