Banking data exchanges are attractive but scary


Communicating information systems of several banks allows services to consumers, but they have fears.

According to an Axway study, the concept ofopen bank above all arouses the mistrust of consumers who nevertheless expect services from it.

publishedAdmittedly, 81.5% of people questioned for a study carried out on the initiative of Axway only use the financial application of their own bank. This same study underlines the bases of consumer mistrust with regard toopen bank. But, at the same time, the expectations of bank customers who could receive an answer thanks to theopen bank are just as clear.

Regarding the very concept ofopen bank88.6% of respondents said they did not know what this concept refers to. At the same time, 44.1% of those questioned declared that they consult their banking situation through an application, 27.3% through the bank’s website. When it is explained that theopen bank consists of allowing exchanges of bank data aimed at allowing consultation and operations of various banks from a single point, 60% of respondents consider this to be a negative development. The biggest fears relate to security and confidentiality: lack of control over who has access to data (47.4% of respondents), lack of confidence in banking applications other than those of their bank (42.5%) and fear that financial applications continuously monitor their activities (34.5%).

Conversely, 78.8% would like to be able to easily compare banking and financial services or even switch easily from one to the other. In addition, 83.4% consider that their bank did not prevent the movement of their funds between different financial services. Respondents who are in favor ofopen bank recognize as advantages the ease of comparison between their bank and other banks (43.5% of respondents concerned), the ease of comparison between different financial services and the ability to switch from one service to another easily (41% ) and ease of payment through multiple means (26.5%). Nevertheless, even users of open-banking applications have security concerns: only 54.5% believe that these applications keep their personal financial data safe, 80.6% of respondents clearly state that they would change financial application if it were attacked or if a security breach was revealed and only 15.2% would agree to use an application that would not be perfectly secure a priori.

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