Unlocking the Future: key insights on Open Banking

What attendees at the Open Banking Expo 2023, think about the industry's potential

open banking survey image of someone at laptop

Overview

Open Banking is a pivotal concept that promises to reshape the way businesses and consumers interact with financial services. At the recent Open Banking Expo 23 in London, we sought the opinions of attendees and their responses shed light on the industry's potential and its implications for the future.

We asked three key questions, hitting on some of the hot topics being discussed at the Expo.

Which Open Banking use case excites you the most?

47% of respondents, expressed their enthusiasm for "Seamless Mobile Payments."
The resounding interest in mobile payments suggests that the industry must prioritise user-friendly, secure, and convenient mobile payment solutions to meet market demands and consumer
expectations. 
Convenience will be a key driver in the adoption of open banking systems. A significant 26% found "Personal Finance Management Apps" appealing, while other use cases also garnered attention such as the long awaited Variable Recurring Payments (VRP).
which open banking use case excites you

What is your main concern regarding Open Banking security?

A third (33%) of respondents expressed concern about "Data Privacy," while 29% worried about "Unauthorised Access." This highlights the significance of data security and privacy as paramount concerns for those in the industry. These apprehensions are crucial in addressing security challenges.
what is your main open banking concern
To build trust and confidence in Open Banking systems, industry players must prioritise data privacy measures. This includes robust encryption, transparent data handling, and strict access controls to prevent unauthorised entry.

As consumers become more aware of data privacy and security issues, they will expect Open Banking systems to protect their personal and financial information with utmost care and diligence.

Here at Roqqett, we designed our secure purchase journey with bank-grade security to be paramount not just to the industry, but also to ensure consumer confidence.

How do you expect Open Banking to influence financial inclusion?

An overwhelming 49% of respondents expect Open Banking to "Increase Access to Banking Services," highlighting the potential for Open Banking to bring more people into the financial system. However, 23% believe it might also "Foster Competition Among Banks," while an equal 23% had doubts regarding its impact on financial inclusion.
Open Banking can be a powerful tool for expanding financial inclusion, by offering previously underserved populations easier access to financial services. To make this a reality, the industry needs to ensure that Open Banking solutions are accessible and user-friendly. Additionally, fostering competition among banks can drive innovation and lower costs for consumers.but a balance must be struck to encourage competition while maintaining the security of users' data.
how do you expect open banking to influence financial inclusion?
Roqqett is a frictionless and simple way to take payments. By putting the consumers mobile phone at the heart of every transaction, the payment flow becomes intuitive and builds trust with the consumer.

Conclusions


Our survey revealed that the finance industry is at a pivotal juncture.
Respondents are most excited about Open Banking use cases related to mobile payments, emphasising the growing need for seamless and secure mobile transaction solutions.
Simultaneously, concerns about data privacy and unauthorised access should not be underestimated, underscoring the importance of robust security measures and privacy regulations.
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Patrick McDill, CMO of Roqqett of Roqqett said;

”Financial inclusion is a top priority for many, as demonstrated by the majority's belief in Open Banking's potential to increase access to banking services. This aligns with the broader vision of creating a more financially inclusive society. Yet, questions about fostering competition among banks and the need for comprehensive regulation remain.”
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“The future of Open Banking in the UK holds great promise. With a focus on user-friendly mobile payment solutions and robust security measures, businesses can create a more accessible and secure financial ecosystem. Addressing data privacy concerns is pivotal in building trust and ensuring the industry's long-term success.”
The survey results at the Open Banking Expo underscore the need for a balanced approach that combines innovation and security while staying true to the core Open Banking philosophy of financial inclusion.
Open Banking's journey in the UK is a path paved with exciting opportunities and formidable challenges. By addressing the concerns raised and leveraging the enthusiasm for mobile payments, the finance industry can continue to unlock the vast potential of Open Banking, shaping the future of finance in the United Kingdom and beyond.

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