UK Data Sharing in Financial Services Market Report 2023
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Stay ahead of the curve and future-proof your business with Mintel’s UK Data Sharing in Financial Services Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest data sharing market research, trends and consumer behaviours affecting your business.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Consumer financial wellbeing has been greatly affected by rapidly rising inflation, which has caused a profound increase in the cost of living during 2023. This puts considerable pressure on household finances with consumers looking for ways to cut back and prioritise spending.
Motivated by discounts
Data sharing offers opportunities for consumers to access discounts as over a third of consumers are motivated by discounts and rewards to share financial data. Trade-offs have become more prevalent as household finances tighten.
Ever-growing amount of transactional data
The change towards cashless payments, accelerated by the pandemic, continues to grow the amount of transaction-level data available. This offers the opportunity for consumers to make use of data to better understand their purchases, either to improve their financial position or access different products and services.
Purchase our UK Data Sharing in Financial Services Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Credit Card Market Report 2023, or our range of Finance Market Research.
ClearScore, Rita, Starling Bank, Moneyhub, Nutmeg, Santander.
This report, written by Natasha Hayes, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the financial services market and add expert context to the numbers.
2023 marks the fifth anniversary of Open Banking in the UK, reflecting the innovation in technology and data usage in financial services. One fifth of consumers are more willing to share their financial data as a result of the cost of living crisis. This highlights the importance of budgeting tools and data sharing discounts to help consumers navigate the challenging economic environment.”
Natasha Hayes
Senior Financial Services Analyst
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