‘I wouldn’t use open banking’, say three in four Moneywise users

Published by Helen Knapman on 30 January 2018.
Last updated on 30 January 2018

Open banking arrives in the UK – what does it mean for you?

Nearly three in four (73%) Moneywise.co.uk users would not use open banking, according to the results of our recent poll of over 900 people.

When we asked; would you use open banking? One in 10 (10%) said ‘no’, as they are happy with the existing process for comparing and switching current account, while nearly two thirds (63%) said ‘no’ because they don’t want third parties to access their data.

Open banking arrived in the UK on 13 January 2018. Its launch means the UK’s biggest banking brands can now share current account data with third parties – if consumers give their permission – to help make it easier to compare and switch accounts.

But some banks missed the deadline and won’t have open banking up and running until autumn. Meanwhile, as Moneywise’s poll results reveal, many consumers have concerns over the security of the scheme.

For other consumers, there’s simply a lack of understanding as to exactly how open banking works – 14% of those who answered our poll said that don’t understand what it is.

Meanwhile, fewer than one in 10 said they’d use open banking, with 5% saying it’s a good initiative to improve competition and 4% who think it’ll make it easier to compare current accounts.  

See the full poll results in the pie chart below. 

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