17% of Brits actively distrust digital-only banks with their financial data. This is a major barrier to increasing market share. Conversely, retail banks and building societies score the highest when it comes to data trust. This is partly due to longevity and brand familiarity. Digital banks must make additional efforts to be proactive on data transparency and the benefits of utilising data for more innovative financial tools.
The main threat to providers is the growing and ever-changing threat of fraud and financial crime. For all the opportunities and innovation AI has brought, it is also being used for new forms and higher volumes of scams. Even for providers with strong anti-fraud detection, there is a real need to keep investing and improving practices to keep pace with new innovations, while also educating customers on emerging threats.
With AI driving the pace of innovation, new opportunities will arrive to utilise consumer financial data. While trust is a major issue, many consumers have simply not been convinced enough of the benefits of sharing their data. AI can change this, with more tailored support and guidance, potentially revolutionising product search and application, and highlighting net cost savings.
This report looks at the following areas:
- Consumer confidence in understanding the use of their financial data, with older demographics in particular showing concern over data sharing.
- Trust in different financial providers when it comes to financial data, with retail banks and building societies leading the way due to their frequency of use and brand familiarity.
- Motivations to share financial data, including the desire for improved product terms, incentives and discounts.
- Barriers to sharing financial data, with widespread concerns remaining over potential breaches as evolving technology and AI creates new forms of fraud.
- Attitudes towards data sharing in financial services, with strong indication that consumers feel more should be done to communicate third-party data access.
The pace of technological innovation will bring new opportunities to utilise data sharing in financial services. However, providers must counter the evolving threat of AI-driven fraud.
Adrian Reynolds, Associate Director
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EXECUTIVE SUMMARY
- Opportunities for data sharing in financial services
- Build trust with proactive data updates to boost transparency
- Increased comfort with data sharing can pave the way for personal AI financial assistants
- Providers must invest in new anti-fraud tools to maintain pace with AI-driven scams
- Market dynamics and outlook
- Interest in financial AI tools will need to overcome scepticism and concerns over data security
- Graph 1: interest in AI tools that use financial data, 2025
- Retail banks and building societies have instilled the highest levels of customer trust
- Graph 2: trust in financial services, by type of provider, 2024
- What consumers want and why
- The pace of innovation will require greater effort when it comes to data transparency
- Graph 3: confidence in understanding of how financial data is used by financial services companies, 2024 and 2025
- Banking and payment providers have gained the greatest data trust due to familiarity and frequency of use
- Graph 4: level of trust in financial services companies with financial data, 2025
- Highlight potential improved product terms to drive data sharing
- Graph 5: factors motivating people to share financial data with a financial services company, 2025
- Financial providers must offer customers with proactive reports on data use and its benefits
- Graph 6: barriers to sharing financial data with a financial services company, 2025
- There is strong consumer consensus on the improvements needed on third-party data sharing
- Graph 7: attitudes towards data sharing in financial services, 2025
- Innovation and marketing
- Third-party Open Banking companies are likely to focus on business partnerships rather than direct-to-consumer products
- Agentic AI shopping will have ramifications for data sharing and security in financial services
- Fintech Aveni launches the first financial services generative AI
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MARKET DYNAMICS
- Market background
- Fraud cases continue to rise with financial providers needing to tighten security measures as scams evolve
- Open Banking use is steadily growing but there is still need for greater awareness
- FCA plans next steps in the evolution of Open Banking
- AI Live Testing could help drive innovation in the use of data in financial services
- Market drivers
- Modest rise in inflation will concern households already struggling with the impact of higher living costs
- Graph 8: CPI inflation rate, 2021-25
- Consumer financial confidence remains fragile in an uncertain economic and geopolitical environment
- Graph 9: financial confidence index, 2020-25
- Graph 10: financial wellbeing index, 2020-25
- The Consumer Duty could build trust and make consumers more receptive to data sharing
- Graph 11: behaviours towards Consumer Duty regulation, 2024
- AI is playing a growing role in financial services but there is a need to boost trust
- Graph 12: use of AI tools, 2024
- Younger consumers’ familiarity with AI will bring opportunities to innovate and utilise financial data
- There is interest in AI tools in financial services, but providers will need to overcome scepticism and data security concerns
- Graph 13: interest in AI tools that use financial data, 2025
- AI auto-switching could help credit card holders ensure they have the best value deal
- Building societies and retail banks enjoy the highest levels of customer trust
- Graph 14: trust in financial services, by type of provider, 2024
- Transparency from providers is vital when it comes to financial data
- Graph 15: factors influencing trust in financial providers, 2024
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WHAT CONSUMERS WANT AND WHY
- Consumer understanding of data usage
- Accelerating innovation will require greater effort to maintain and boost data transparency
- Graph 16: confidence in understanding of how financial data is used by financial services companies, 2024 and 2025
- Reassure older customers with proactive updates on the use of data
- Data comfort of younger consumers can help drive innovative financial tools
- Trust in data sharing with financial providers
- Banks and building societies lead the way for data trust but there remains some caution
- Digital banks lagging behind in trust perceptions, which can limit main account take-up
- Graph 17: level of trust in financial services companies with financial data, 2025
- Trust in financial providers handling of data is on the rise
- Graph 18: level of trust in financial services companies with financial data, 2025
- Familiarity with tech brands has driven trust when it comes to financial data
- Motivators for sharing financial data
- Showcase preferential product terms to drive data sharing
- Graph 19: factors motivating people to share financial data with a financial services company, 2025
- Strong potential for Open Banking and AI tools to help younger customers find better product terms
- Use data sharing and AI to reduce friction in the sign-up process
- Younger consumers are happier to share data to access improved account management tools
- Highlighting improved product terms and cash incentives will reach over half of people
- Barriers to sharing financial data
- Data breaches are still the main barrier to sharing financial data
- Provide customers with proactive reports on data use and its benefits
- Graph 20: barriers to sharing financial data with a financial services company, 2025
- Older customers need transparency and regular communication on data use
- Educate customers on new threats in financial fraud
- Attitudes towards data sharing in financial services
- Consumers want improved communication on data shared with third parties
- Simplify data sharing language to boost customer confidence
- Financial services providers still need to convince many consumers that sharing data brings significant gains
- Increased living costs bring the need for savings but more caution over financial data
- Graph 21: reduced willingness to share financial data due to the cost of living crisis, by generation, 2025
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INNOVATION AND MARKETING TRENDS
- Competitive strategies
- Moneyhub’s consumer app will transfer to WPS Advisory
- Open Banking specialists will focus on business partnerships rather than direct-to-consumer products
- Agentic AI shopping will have ramifications for data sharing and security in financial services
- AI will play a growing role in financial services and data-trust will be paramount
- Launch activity and innovation
- Aveni launches the first financial services generative AI
- NatWest collaborates with OpenAI and is exploring a wide range of AI projects
- Monzo reveals new Fraud Prevention Platform following FCA fine
- Starling looks to increase in-app AI integration to utilise customer financial data
- Payment providers innovate as cybersecurity threats grow
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APPENDIX
- Report scope and definitions
- Consumer research methodology
- Abbreviations and terms
- TURF analysis methodology
- TURF analysis – additional data
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