# Equifax finds 90% of Brits have not heard of Open Banking Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-01-25 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Are Brits Ready for Open Banking? Equifax Research Reveals Meta Description: Equifax study shows 90% of UK residents unaware of Open Banking, with 45% unlikely to use it & 60% unwilling to share personal data. Learn more. URL: https://financedigest.com/equifax-finds-90-of-brits-have-not-heard-of-open-bankinghtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/three-businesspeople-in-a-b-1736844246796-compressed.jpg) - 45% said they were not likely to use Open Banking - 60% would not consent for their personal data to be shared Research from Equifax, the consumer and business insights expert, reveals that 90% of Brits have not heard of the Open Banking initiative, with 45% of respondents then going on to say that they are not likely to use Open Banking when it becomes available. When asked about sharing personal data through Open Banking, 60% said they would not consent to this. [Consumers’ concerns about data being shared](https://www.financedigest.com/ups-shares-fall-as-consumer-caution-dims-e-commerce-outlook.html "UPS shares fall as consumer caution dims e-commerce outlook") included security (67%), and that third parties would be able to contact them (62%). 25-34 year olds are most accepting of the scheme, with 41% stating they are likely to use Open Banking (compared to 27% nationally). In this age group, 35% are also likely to consent to their personal [data being shared](https://www.financedigest.com/u-s-yield-curve-inverts-after-strong-jobs-data-world-shares-mixed.html "U.S. yield curve inverts after strong jobs data; world shares mixed") (compared to 24% nationally). The research found a lack of understanding when it comes to declaring information, with 43% stating they were not aware that the [data they share](https://www.financedigest.com/world-shares-rise-u-s-yield-curve-inverts-after-strong-jobs-data.html "World shares rise, U.S. yield curve inverts after strong jobs data") with banks (e.g. if they have a [mortgage or require a loan](https://www.financedigest.com/metro-bank-posts-second-quarter-of-profitability-on-mortgage-loans-demand.html "Metro Bank posts second quarter of profitability on mortgage loans demand")) can have a direct impact on the products that banks offer to them. Respondents of the survey do however recognise the positives of Open Banking and would find the following tools important if they were [made available](https://www.financedigest.com/lyme-disease-treatment-market-forecast-to-2031-made-available-by-top-research-firm.html "Lyme Disease Treatment Market Forecast to 2031 Made Available by Top Research Firm") through the initiative: - The ability to better monitor across their bank [accounts to help protect](https://www.financedigest.com/midlands-accountants-say-its-never-too-early-to-get-financial-protection.html "MIDLANDS ACCOUNTANTS SAY IT’S NEVER TOO EARLY TO GET FINANCIAL PROTECTION") against fraud (64%) - The ability to compare [current accounts](https://www.financedigest.com/coffee-current-accounts-and-the-commoditisation-conundrum.html "Coffee, current accounts and the commoditisation conundrum") offerings from different banks (53%) - The ability to better monitor their spending or [debt and see accounts](https://www.financedigest.com/hmrc-annual-report-and-accounts-2020-21-debt-at-an-all-time-high.html "HMRC Annual Report and Accounts 2020/21 – Debt at an All-time High") all in one place (51%) - The ability to [access lenders offering better terms for financial products](https://www.financedigest.com/why-make-fintech-products-accessible-for-all.html "Why Make Fintech Products Accessible For All?") (50%) Jake Ranson, Banking & Financial Institutions Director at Equifax UK, said: “The implementation of Open Banking is quickly progressing and the start of this [year will see](https://www.financedigest.com/the-next-upcoming-years-to-see-the-aesthetic-lasers-and-energy-devices-market-get-through-the-best-of-both-innovation-and-inquisition.html "The Next Upcoming Years To See The Aesthetic Lasers And Energy Devices Market Get Through The Best Of Both – Innovation And Inquisition") personal customer transaction data available on a read-only basis. There is not much time [till the Open Banking Standard’s full scope](https://www.financedigest.com/lime-market-overview-scope-and-advancement-outlook-till-2027.html "Lime Market Overview, Scope and Advancement Outlook till 2027"), including business, customer and transactional data is complete. “It’s concerning that such a high number of the population are unaware of Open Banking, something the [industry needs](https://www.financedigest.com/global-crises-that-need-the-finance-industry.html "Global Crises That Need The Finance Industry") to remedy for all parties to reap the full benefits.  Not only will the initiative transform the customer [banking experience by enabling consumers](https://www.financedigest.com/the-new-wave-of-consumer-friendly-banking.html "The new wave of consumer-friendly banking") to compare and save on current accounts, it will also help them look for mortgages more easily and access better terms for loans. “More [needs to be done to educate customers of how they can personally gain from Open](https://www.financedigest.com/why-ev-charging-stations-need-to-accept-open-cashless-payments.html "Why EV Charging Stations Need to Accept Open Cashless Payments ") Banking. By working with customers to help them better understand how it works, banks can help their customers realise the advantages, especially when searching for the most suitable financial products for their [individual](https://www.financedigest.com/insurance-that-every-individual-needs.html "Insurance that every individual needs…") needs.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---