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.
Topics Analysed in this Report
- Analysis of key trends and drivers for data sharing in financial services.
- Analysis of the regulatory environment and competitive strategies.
- Consumer comfort and motivations for sharing financial data.
- Use of different financial services tools and services.
- Attitudes towards sharing financial data.
- Awareness and use of Open Banking.
Data Sharing in Financial Services: Current Outlook
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.
- 61% of adults are comfortable sharing their data with a retail bank or building society.
Data Sharing for Financial Services: Opportunities
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.
- 37% of consumers are motivated by discounts and rewards to share financial data.
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.
- 26% of consumers use their mobile wallet as a method of payment weekly.
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.
Companies Featured in the Full Report
ClearScore, Rita, Starling Bank, Moneyhub, Nutmeg, Santander.
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Expert Insights from a Financial Services Analyst
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
Collapse All
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Overview
- Key issues covered in this Report
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Executive Summary
- The market
- Open Banking brings convenience to consumers in GDPR era
- Open Banking celebrates its fifth anniversary
- Financial wellbeing shows signs of recovery
- Figure 1: Mintel Consumer financial wellbeing index, 2016-23
- Consumers generate an ever-growing amount of transaction data
- Figure 2: Payment method frequencies, 2023
- Committee created to help UK Open Banking grow
- Consumer Duty regulations focus industry’s attention on consumer outcomes
- Companies and brands
- Digital tools help consumers manage finances during cost of living crisis
- FinTech Rita helps consumers to earn from their data
- ClearScore buys budgeting platform Money Dashboard
- The consumer
- On the whole, consumers are comfortable sharing financial data
- Figure 3: Level of comfort sharing financial data, 2023
- Consumers are more sceptical when it comes to lenders
- Use financial rewards to drive data sharing
- Figure 4: Motivators to share financial data with a financial services company, 2023
- Consumers wary about sharing social media and web browsing data
- Figure 5: Types of financial data consumers would be willing to share with a financial services company, 2023
- Sharing BNPL transaction data could help consumers track their spending
- Data privacy is a top concern for consumers
- Figure 6: Attitudes towards trust sharing financial data with financial services companies, 2023
- One if five more willing to share data as a result of the cost of living crisis
- Figure 7: Attitudes towards sharing financial data, 2023
- Pandemic drives adoption of financial apps
- Figure 8: Use of financial apps and services, 2023
- Room for growth in promoting Open Banking technology
- Figure 9: Awareness and use of Open Banking, 2023
- Consumers don’t resonate with Open Banking terminology
- Figure 10: Likely use of Open Banking in the future, 2023
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Issues and Insights
- Open Banking offers tools to help consumers navigate cost of living crisis
- Data sharing offers opportunity for consumers to access discounts
- Reassure vulnerable customers over the benefits of data sharing
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Market Background
- Open Banking brings convenience to consumers in GDPR era
- Six of the nine largest retail banks fully implement open banking roadmap
- Seven million consumers and SMEs now using Open Banking
- Pensions Dashboards will bring similar technology to retirement sector
- Reward data-sharing with eco-spending guidance and rewards
- Figure 11: Sharing financial data for environmental spending guidance, by age, 2022
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Market Drivers
- Financial wellbeing shows signs of recovery
- Figure 12: Mintel Consumer financial wellbeing index, 2016-23
- Trading data for discounts becomes more popular
- Consumers generate an ever-growing amount of transaction data
- Figure 13: Payment method frequencies, 2023
- Financial wellbeing shows signs of recovery
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Regulatory Environment
- FCA becomes data-driven organisation
- Committee created to help UK Open Banking grow
- Consumer Duty regulations focus industry’s attention on consumer outcomes
- Data breaches are a rare but have far reaching impacts
- Warnings over Open Banking failures
- ICO backs new data sharing schemes to protect gamblers
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Competitive Strategies and Launch Activity
- Digital tools help consumers manage finances during cost of living crisis
- Partnerships help to bring better outcomes to consumers
- Moneyhub partners with Voyant
- Equifax uses Open Banking to speed up mortgage applications
- Chase integrates with Nutmeg
- Tech group launches biometrics-based authentication
- FinTech Rita helps consumers to earn from their data
- ClearScore buys budgeting platform Money Dashboard
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Level of Comfort Sharing Financial Data
- On the whole, consumers are comfortable sharing financial data
- Figure 14: Level of comfort sharing financial data, 2023
- Those in more difficult financial situations are less comfortable sharing financial data
- Figure 15: Level of comfort sharing financial data with a retail bank/building society or insurance company, by financial situation, 2023
- Consumers are more sceptical when it comes to lenders
- Under-35s drive comfort sharing data with payment providers
- Figure 16: Level of comfort sharing financial data with payment providers, by age, 2023
- On the whole, consumers are comfortable sharing financial data
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Motivators to Share Financial Data
- Use financial rewards to drive data sharing
- Figure 17: Motivators to share financial data with a financial services company, 2023
- Women are less likely to be motivated by benefits
- Figure 18: Motivators to share financial data with a financial services company, by gender, 2023
- Use communications to demonstrate benefits of Open Banking
- Figure 19: TURF Analysis – Data Sharing in Financial Services, 2023
- Use financial rewards to drive data sharing
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Types of Financial Data Consumers Are Willing to Share
- Consumers wary about sharing social media and web browsing data
- Figure 20: Types of financial data consumers would be willing to share with a financial services company, 2023
- Financial situation does not dictate willingness to share loan and credit data
- Sharing BNPL transaction data could help consumers track their spending
- Figure 21: Types of financial data consumers would be willing to share with a financial services company, by age, 2023
- Consumers wary about sharing social media and web browsing data
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Attitudes towards Sharing Financial Data
- Data privacy is a top concern for consumers
- Figure 22: Attitudes towards trust sharing financial data with financial services companies, 2023
- More than half of struggling consumers worry that sharing data may lead to being turned down
- Figure 23: Concerns that sharing financial information may result in getting turned down for financial products, by financial situation, 2023
- One if five more willing to share data as a result of the cost of living crisis
- Figure 24: Attitudes towards sharing financial data, 2023
- Promote availability of the current account switching service
- Data privacy is a top concern for consumers
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Use of Financial Services Tools
- Pandemic drives adoption of financial apps
- Figure 25: Use of financial apps and services, 2023
- Younger generations drive use of payments apps
- Figure 26: Use of payments apps, by age, 2023
- Online financial advice remains niche
- Consumers stick to using minimal number of apps and tools…
- Figure 27: Repertoire analysis – number of financial apps and tools used, 2023
- …and 25-34s use the most apps and tools
- Figure 28: Repertoire analysis – number of financial apps and tools used, by age, 2023
- Pandemic drives adoption of financial apps
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Awareness and Use of Open Banking
- Room for growth in promoting Open Banking technology
- Figure 29: Awareness and use of Open Banking, 2023
- Significant generational shift in awareness of Open Banking
- Figure 30: Awareness and use of Open Banking, by generation, 2023
- Despite many reporting use of finance apps, awareness of Open Banking is limited
- Figure 31: Awareness and use of open banking, by use of financial services tools, 2023
- Consumers don’t resonate with Open Banking terminology
- Figure 32: Likely use of Open Banking in the future, 2023
- Room for growth in promoting Open Banking technology
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Consumer research methodology
- TURF analysis methodology
- Figure 33: Table – TURF Analysis – Data Sharing in Financial Services, 2023
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