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Consumers and Data Sharing in Financial Services - UK - February 2018

“Open Banking has often been described as ‘bad news’ for the UK’s big banks. However, consumers are far more likely to share financial data from other providers with their main bank than they are to give rival banks access to their information. This could give banks an opportunity to improve engagement with their existing customer bases, setting them further apart from the competition.”

- Paul Davies, Associate Director – Financial Services

This report will look at the following areas:

  • The big banks still hold the advantage
  • Security concerns are likely to hamper the success of Open Banking

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Table of contents

  1. Overview

    • What you need to know
      • Scope of this Report
      • Executive Summary

          • The market
            • Consumers have extensive financial portfolios
              • Figure 1: Repertoire of ownership of selected financial services products, October 2017
            • Companies and brands
              • FinTechs lead the way
                • HSBC trials Open Banking beta
                  • Six banks given an extension by the regulator
                    • The consumer
                      • Consumers are most likely to share data with their main bank
                        • Figure 2: Willingness to share data with different types of providers/companies, October 2017
                      • PayPal and Amazon most likely tech/online firms to gain access to financial data
                        • Figure 3: Technology/online companies that consumers would be willing to share financial data with, October 2017
                      • Only one in four potential data sharers willing to share via smartphones
                        • Figure 4: Willingness to share financial data when using different devices, October 2017
                      • Consumers are most likely to share data to save time and money
                        • Figure 5: Things that would encourage consumers to share financial data, October 2017
                      • Big banks hold the advantage when it comes to aggregation
                        • Figure 6: Account aggregation preferences, October 2017
                      • Aggregation can help consumers to become more savvy
                        • Figure 7: The appeal of account aggregation, October 2017
                      • Consumers favour occasional data sharing
                        • Figure 8: Attitudes towards sharing data permanently vs occasionally, October 2017
                      • What we think
                      • Issues and Insights

                        • The big banks still hold the advantage
                          • The facts
                            • The implications
                              • Security concerns are likely to hamper the success of Open Banking
                                • The facts
                                  • The implications
                                  • The Market – What You Need to Know

                                    • Consumers have extensive financial portfolios
                                      • Majority are happy with the status quo
                                        • GDPR will emphasise the value of data sharing
                                        • Market Overview

                                          • Consumers have extensive financial portfolios
                                            • Figure 9: Repertoire of ownership of selected financial services products, October 2017
                                          • Majority are happy with the status quo
                                              • Figure 10: Current account holders’ switching intentions, June 2017
                                            • Current account acts as the gateway
                                              • Figure 11: Financial product ownership and cross-sales, June 2017
                                            • GDPR will emphasise the value of data sharing
                                            • Companies and Brands – What You Need to Know

                                              • Starling first to release Open APIs
                                                • Bud looks to partner rather than compete
                                                  • HSBC trials Open Banking beta
                                                    • Six banks given an extension by the regulator
                                                    • Competitive Strategies

                                                      • Open Banking
                                                        • FinTechs lead the way
                                                          • High street banks prepare their strategies
                                                            • Insurers and data sharing
                                                            • The Consumer – What You Need to Know

                                                              • Consumers are most likely to share data with their main bank
                                                                • PayPal and Amazon most likely tech/online firms to gain access to financial data
                                                                  • Only one in four potential data sharers willing to share via smartphones
                                                                    • Consumers are most likely to share data to save time and money
                                                                      • Big banks hold the advantage when it comes to aggregation
                                                                        • Consumers favour occasional data sharing
                                                                        • Sharing Financial Data with Different Providers

                                                                          • Consumers are most likely to share data with their main bank
                                                                              • Figure 12: Willingness to share data with different types of providers/companies, October 2017
                                                                            • Security concerns remain a key barrier
                                                                              • Two thirds of consumers are open to sharing data
                                                                                • Figure 13: Repertoire of willingness to share data with different types of providers/companies, October 2017
                                                                              • Open Banking can help IFAs and insurers to interact with Millennials
                                                                                  • Figure 14: Willingness to share data with different types of providers/companies, by generation, October 2017
                                                                              • Sharing Financial Data with Technology Firms

                                                                                • PayPal and Amazon most likely tech/online firms to gain access to financial data
                                                                                    • Figure 15: Technology/online companies that consumers would be willing to share financial data with, October 2017
                                                                                • Device Preferences

                                                                                  • Smartphone security is still a stumbling block
                                                                                    • Only one in four potential data sharers willing to share via smartphones
                                                                                        • Figure 16: Willingness to share financial data when using different devices, October 2017
                                                                                      • Over-55s even more reluctant to share data via smartphones
                                                                                        • Figure 17: Willingness to share financial data when using different devices, by age, October 2017
                                                                                      • Mobile data sharers want aggregation, simplifications and recommendations
                                                                                        • Figure 18: Things that would encourage consumers to share financial data, by willingness to share financial data when using a smartphone, October 2017
                                                                                    • Ways to Encourage Data Sharing

                                                                                      • Consumers are most likely to share data to save time and money
                                                                                          • Figure 19: Things that would encourage consumers to share financial data, October 2017
                                                                                        • Convenience is key for Millennials
                                                                                          • Figure 20: Things that would encourage consumers to share financial data, by generation, October 2017
                                                                                        • Consumers who want aggregation would share data with different banks…
                                                                                          • …whilst those who want personalised offers would give access to non-banking brands
                                                                                          • Account Aggregation Preferences

                                                                                            • Big banks hold the advantage when it comes to aggregation
                                                                                              • Third-party aggregators must differentiate
                                                                                                • Figure 21: Account aggregation preferences, October 2017
                                                                                            • The Appeal of Account Aggregation

                                                                                              • Aggregation can help consumers to become more efficient…
                                                                                                • …and more financially prepared
                                                                                                    • Figure 22: The appeal of account aggregation, October 2017
                                                                                                • Attitudes towards Sharing Financial Data

                                                                                                  • Only 9% would share data with a brand they don’t already use
                                                                                                    • Figure 23: Attitudes towards sharing financial data with companies, October 2017
                                                                                                  • Consumers want providers to keep them informed
                                                                                                    • Figure 24: Attitudes towards receiving updates about financial data usage, October 2017
                                                                                                  • Only a quarter of consumers trust providers to handle their data safely
                                                                                                      • Figure 25: Attitudes towards data security, October 2017
                                                                                                    • Consumers favour occasional data sharing
                                                                                                        • Figure 26: Attitudes towards sharing data permanently vs occasionally, October 2017
                                                                                                      • Consumers want the right to be forgotten
                                                                                                          • Figure 27: Attitudes towards erasing data, October 2017
                                                                                                        • The advantages of portability are yet to be clear
                                                                                                          • Figure 28: Attitudes towards data portability, October 2017
                                                                                                      • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                          • Abbreviations
                                                                                                            • Consumer research methodology

                                                                                                            Consumers and Data Sharing in Financial Services - UK - February 2018

                                                                                                            £1,995.00 (Excl.Tax)