Only slightly ajar
With the introduction of PSD2, a world of new payment options and digital financial services was supposed to be established in Europe. However, reservations about open banking offerings are still high among Europeans: only 20% of respondents across 12 European countries are willing to share their financial data with banks or third-party providers.
European consumers are most likely to be persuaded to share their banking data by means of purchase discounts, free use of banking services or automated tax returns.
European respondents still trust traditional banks and card providers most when it comes to sharing personal information (17%). Compared to the previous survey, however, these banks and card providers have lost four percentage points of their trust. Payment service providers (9%) and retailers (8%) were able to hold their own against neobanks and FinTechs, which would receive data far behind only 3% of consumers throughout Europe.
"Is the move to cashless payments, and the related increase in available data, already fueling Open Banking? Not quite yet."
Mischa Koller, Johannes Gärtner, and Louisa Klebe also contributed to this survey.