A recently released survey has highlighted a widespread lack of awareness among UK adults when it comes to open banking.
The research, from Bluestone Mortgages, showed that 60% of UK adults are unaware of open banking and its benefits.
The figures are all the more suprising given that almost a quarter (22%) of UK adults use three or more individual bank accounts. One of the aims of open banking is to enable consumers to have their data accessible to all of its various banking providers.
According to Bluestone Mortgages, open banking is being used increasingly in the mortgage market, however, the survey showed that almost a third (31%) of respondents would not be willing to share their banking data with a mortgage broker when applying for a mortgage.
Similarly, a fifth (21%) of consumers would be unwilling to share their data in any cicrumstance, even if asked to by their bank, due to cyber security and privacy concerns.
“With awareness of open banking still low, the mortgage industry has a key role to play in educating customers about the benefits of open banking and how it can help their customers secure a personalised mortgage offer more quickly and easily,” said Ryan Davies, strategy director, Bluestone Mortgages.
“Brokers need to arm themselves with knowledge so that they can confidently answer any of their clients’ questions and quieten their concerns.”
