The The Transform Technology Summits begin October 13 with Low-Code / No Code: Enabling Enterprise Agility. Register now!
48% of Americans have never heard of the term “open banking,” and only about half of them actually know what open banking is, according to a new report from Axway.
While many players in the financial services world know what open banking is and what services it can provide, many others have yet to make the connection between what a truly open financial ecosystem represents.
Basically, open banking is about letting people control their money. The survey shows that this is a principle people overwhelmingly support: 84% of Americans agree that they should be in control of their financial data and that banks should not prevent the movement of money between other financial services.
âAxway’s research paints a fascinating picture. Although insiders have been considering Open Banking for years, most Americans still have no idea what the term means. But most agree with its general principles when explained – indicating both a solid opportunity and a need for education, âsaid Glen Sarvady, managing director of 154 Advisors and co-host of the fintech podcast BIGCast.
People still trust and need their banks as 81% said they believe their banks provide all the financial services they need in their daily life. Yet 40% of the same people use at least one finance or budgeting app other than their bank’s mobile app, because they’re drawn to new FinTechs offering innovative tools that they really want to use.
Findings from Axway, a global API management company that analyzed new data from 1,000 U.S. consumers regarding their most recent banking experiences, confirms that there is an interesting contradiction in our knowledge of banking and financial services. open.
Read the full Axway report.
VentureBeat’s mission is to be a digital public place for technical decision-makers to learn about transformative technology and conduct transactions. Our site provides essential information on data technologies and strategies to guide you in managing your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the topics that interest you
- our newsletters
- Closed thought leader content and discounted access to our popular events, such as Transform 2021: Learn more
- networking features, and more
Become a member