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48% of Americans have never heard of the term “open banking,” and only half of them really know what open banking is, according to a new report from Axway.
While many in the financial services world know what open banking illustrates and the services it can provide, many others have yet to connect the dots with what a truly open financial ecosystem represents.
At its core, open banking is about allowing people to control their money. The poll shows it’s a principle that people overwhelmingly support: 84% of Americans agree that they should be in control of their financial data, and banks shouldn’t impede the movement of money among other financial services.
“Axway’s research presents a fascinating picture. Although insiders have been contemplating open banking for years, most Americans still have no idea what the term means. But most agree with its overarching principles once it is explained to them, indicating both a strong opportunity and a need for education, ”said Glen Sarvady, managing director of 154 Advisors and co-host of the BIGCast fintech podcast.
People still trust and need their banks, as 81% said they feel that their banks offer all the financial services they need in their daily lives. Yet 40% of the same people use at least one finance or budgeting app other than their bank’s mobile app, as they are drawn to newer FinTechs that offer innovative tools that they really want to use.
Findings from Axway, a global API management company that analyzed new data out of 1,000 US consumers for their most recent banking experiences confirm that there is an interesting contradiction in our understanding of open banking and financial services.
Read the full report by Axway.
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