Some 45% of respondents did not understand the ways they could use Open Banking, despite a description being provided by YouGov, while 18% did understand.

Over three-quarters of those surveyed (77%) would be concerned about sharing financial data with companies other than their main bank.

Matt Palframan, director of financial services research at YouGov, said: “The introduction of Open Banking was hailed as a revolution for the financial sector, however, what we’re actually seeing is more of a slow and silent evolution.

“More needs to be done to allay consumers’ fears about data security, while financial service providers will also need to ensure that there are real benefits for consumers who are prepared to share their data in this way.”

The research found that only 14% of those aged 18-24 had heard of the initiative, whereas 39% of those aged 55+ had heard of it.

Matt added: “It is surprising that the older generation is more aware of Open Banking, as we may expect a younger, more tech-savvy audience to be interested in the groundbreaking products and services.

“The reality may be that true innovation is yet to take place and the products and services currently available are not really considered necessary.”

Account aggregation was seen by respondents as the most innovative service related to Open Banking, with 20% of them stating this.

Almost two-thirds of UK adults (63%) were unsure about the impact Open Banking would have, while 14% believed it would benefit consumers, 22% stated that it wouldn’t.

“It will be interesting to see how things evolve and whether or not a truly innovative product or service can create real disruption in the market and overcome consumers’ concerns about sharing their data,” Matt concluded.