72% of UK adults unaware of Open Banking, study shows

A study carried out by market research and data analytics firm YouGov has shown that 72% of UK adults are not aware of Open Banking.

The research surveyed more than 2,000 adults to explore their views on the Open Banking initiative, which was launched earlier this year and requires banks to share financial data with third-party providers with the permission of their customers in order to boost services.

Least aware

Young people were found to be the least aware of Open Banking, with just 14% of 18 to 24-year-olds saying that they have heard of the initiative, compared to 39% of adults aged over 55.

The research also looked at social and economic groups to measure awareness of Open Banking and found that consumers from the higher social and economic group ABC1 are more aware of the initiative, with 35% saying that they have heard of it. This compares to just 18% for those in the lower social and economic group CD2E.  

Despite many respondents being unaware of Open Banking, 28% said that they have heard of the initiative, which is a positive figure considering that the regulation is still new.

Encouraging

Commenting on the research, Frank Jan Risseeuw, CEO of UK fintech company Yolt, said: “The fact that 28% of consumers are aware of such a new piece of banking legislation is encouraging. The focus must now be on ensuring that consumers understand the true value of open banking.”