Just under a third of UK adults (30%) have said they would be happy to sign over access to their financial data to trusted tech companies, according to the latest new research.
The not-for-profit trade body the Prepaid International Forum (PIF) carried out research just after the start of Open Banking in the UK.
This revealed that many customers – especially younger people – said they were happy to give permission to companies such as Apple and Google to gain financial benefits or better insights into how they manage their money.
Some 34% of respondents aged 18-24 said they would be happy to give permission to a company, such as Apple, with 30% saying that they would trust Google.
Just under a quarter of people aged 65 or older (24%) said they would provide Apple with permission.
“Smartphones and search engines have become essential tools for everyday life and this research shows that people are now willing to consider adding Open Banking to the list of services that such devices help to improve,” said Alastair Graham, spokesperson for PIF (pictured above).
“Mobile devices already offer many payment services, often using the prepaid platform to facilitate simple and secure transactions.
“To many people, adding Open Banking feels like a small step.”
Suresh Vaghjiani, managing director at Global Processing Services, added: “We work with many fintechs, helping them to innovate and launch truly innovative products and services that are making a real difference.
“Now with the opportunity to access the banks’ APIs, I am sure we’ll see even more innovations that rapidly translate into benefits for customers.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth posts £10.6m pre-tax profit
OakNorth has announced that it made a pre-tax profit of £10.6m last year.
Revolut launches disposable virtual cards
Mobile banking platform Revolut has announced the introduction of a disposable virtual card feature to its premium service.
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.