40% of Brits cite money-saving product recommendations as biggest Open

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40% of Brits cite money-saving product recommendations as biggest Open Banking incentive

Martin Greenland | 16:58 Wednesday 4th July 2018 | 9

Two-fifths of Brits (40%) willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money, according to new data.

The latest online research from Equifax asked people what would be the biggest incentive to use Open Banking six months after the scheme was launched.

Some 36% of respondents said the ability to easily compare products from different financial institutions, 34% chose being offered tailored incentives for switching to a new provider, while others opted for a streamlined process when applying for mortgages (28%) and loans (25%).

“Since the implementation of Open Banking at the start of the year, we’ve seen widespread product developments among banks and fintechs alike, as market players recognise the scope of opportunities available,” said Jake Ranson, banking and financial institution expert and CMO at Equifax.

“New products and solutions – such as HSBC’s credit application offering – have come to market showcasing the real-life consumer benefits the initiative can deliver.

“Open Banking is moving the sector forward to the digital world and it’s an exciting time.

“As the rate of product launches accelerates, awareness will continue to grow, providing the uplift in consumer engagement needed for the project to be truly transformational.”

40% of Brits cite money-saving product recommendations as biggest Open Banking incentive

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