Almost half of consumers are
‘SCARED’ OF OPEN BANKING By Elliott Limb, Chief Customer Officer at Mambu
T
he last 18 months have supercharged the digital banking movement. As physical branches closed for business and public anxiety around cash handling reached fever pitch, the pandemic saw digital banking services go from nice-to-have to necessity.
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But banks shouldn’t assume their customers are comfortable with this rapid shift in the way we manage our money. And there’s work to be done if the industry wants to prevent a return to pre-pandemic habits. According to a recent Mambu report, nearly half (48%) of 2,000 consumers surveyed are ‘scared’ of open banking. That is, the principles that enable third-party providers access to
customer data to deliver a range of digital and online financial services.
The data conscious consumer Nearly three in five customers think open banking is a dangerous use of data sharing, while more than two fifths (43%) point to data sharing as their biggest concern regarding the banking practice.
