REPORT
Let's talk openly
Welcome to the Disruption Diaries. Mambu’s newly launched research series seeks to understand what people think of the key trends driving the development of financial services today, in an effort to identify opportunities for banks and others.
In this first report we surveyed 2000 consumers globally and they told us what they really think about open banking and open finance.
Rethinking open banking: from promise to smart banking
Open banking hasn’t delivered what it promised. There, we said it. Yes, open banking is being used, and yes, there are advantages. But has it fully delivered on the potential to optimise how consumers move, manage and make the most of their money? We’re saying no. Not yet.
For banks, open banking and open finance both have the potential to build loyalty and profits, but customers are confused as to what open banking really is. To truly be customer-centric it’s time to stop talking ‘open banking’ and show them it’s simply ‘smart banking’.
Change the Record
Demonstrating the opportunity for open banking, the survey revealed that 57% said they would be more likely to use it if their bank had more successfully implemented and promoted it.
Survey results
What do people think about open banking today? And where are the opportunities for banks and others to create value? To find out, we surveyed 2,000 global banking customers.
Our study shows that misunderstanding hinders open banking adoption: 52% of consumers have never heard of it, and 61% haven’t used it, even though 80% use mobile finance apps.
The Big Disconnect
Open banking adoption has grown globally since COVID-19, sparking shifts in attitudes and priorities. Our survey shows 52% of people now seek more control over their finances.
At the same time, 40% said the pandemic had changed their attitudes to privacy and 24% to data sharing. A boost came from the 41% who said they have had more time for research.
Let’s do smart banking
Open banking allows for innovation and customisation in scenarios that institutions cannot possibly predict yet. More opportunities to differentiate. This is the time to personalise services, it is becoming the new norm - smart banking.
As an API-driven SaaS platform, Mambu is uniquely positioned to support your open banking ambitions. If you can dream it, we can help you build it.