Open Banking and Payments Survey

Skepticism about security and functionality of Open Banking is slowing down the opening and transparency of the financial sector

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 (including Turkey) are willing to share their financial data with banks or third-party providers. The ratio of Turkish consumers (29%) who are willing to share their data is above Europe average. Turkey and Poland are among the most willing countries for sharing data. These insights are important on Turkish customers’ point of view on Open Banking.

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.

Moving forward

• Open Banking: still only very slightly open – further convincing required with right use cases
• Actual data sharing beyond banking suggests wider reach is possible – but which use cases will help?
• Shopping discounts are most desired benefit across countries; popularity of other benefits varies
• Banks need to act now to leverage their status as most trusted player
• With the secondary regulations becoming effective and the organizations with open banking activities becoming widespread, awareness will increase and an atmosphere of trust for data sharing will be provided