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Ipsos MORI Open Banking Research

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Paul Stamper, Head of Financial Services, Ipsos MORI, presented our latest research into attitudes to Open Banking at an Ipsos MORI Future of Research event in London on 1 November 2017. Are consumers ready for change and how will they feel about having more control over their banking data? Will they really change behaviour or will the “status quo” bias prove insurmountable? What opportunities and risks does this pose for traditional financial institutions? Which FinTech disruptors are going to step into the breach? What are the global implications?

Publicada em: Economia e finanças
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Ipsos MORI Open Banking Research

  1. 1. Ipsos MORI – Future of Research WIDE OPEN? PAUL STAMPER, HEAD OF FINANCIAL SERVICES, IPSOS MORI
  2. 2. Ipsos MORI – Future of Research THE COUNTDOWN TO PSD2 HAS BEGUN… AND THE SIGNS ARE ALREADY APPEARING
  3. 3. Ipsos MORI – Future of Research 3 FIRST DIRECT TRIALS SMART COMPARISON TOOL The Daily Telegraph 19 Oct 2017 HSBC BEGINS BETA TESTING AGGREGATOR APP Finextra 28 Sept 2017 ING ROLLS OUT ITS FINTECH APP YOLT MORE WIDELY IN THE UK Finextra 1 June 2017
  4. 4. Ipsos MORI – Future of Research 4 HOW DO CONSUMERS FEEL ABOUT THEIR DATA?
  5. 5. 5Ipsos MORI – Future of Research Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 75% % agree I would like to have access to the data that companies hold about me, as it could really help me make better decisions – for example about how I spend my money
  6. 6. 6Ipsos MORI – Future of Research 40%I am comfortable providing information about myself to companies who are online in return for personalised services and products Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree
  7. 7. 7Ipsos MORI – Future of Research 71%I don’t know what my rights are over the way companies handle my personal information Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree
  8. 8. 8Ipsos MORI – Future of Research 73%I often don’t bother fully reading terms and conditions on a website before accepting them Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree
  9. 9. 9Ipsos MORI – Future of Research 82%It is inevitable that we will all lose some privacy in the future because of what new technology can do Global Trends Survey : Base size: 1,002 GB adults 18-65, Online, 2016 % agree
  10. 10. Ipsos MORI – Future of Research 10 USE CASES… WHAT ABOUT OPEN BANKING
  11. 11. 11Ipsos MORI – Future of Research WE INTRODUCED FOUR EXAMPLES… ▪ SMART COMPARISON TOOL ▪ ALL-IN-ONE FINANCIAL APP ▪ SPEEDING UP THE APPLICATION PROCESS ▪ DIRECT PAYMENTS
  12. 12. Ipsos MORI – Future of Research 12 ESTABLISHING INITIAL REACTIONS 43% 32% 21% HOW STRONGLY DO YOU AGREE THAT THESE SERVICES ARE… UNIQUE TO ME BELIEVABLE TO ME RELEVANT TO ME MOTIVATED TO SIGN UP 63% Base size: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 (TOP 4 BOX 1-10 SCALE)
  13. 13. Ipsos MORI – Future of Research 13 OR A STEP TOO SOON? IS IT A STEP TOO FAR CAUSE FOR CONCERN?
  14. 14. Ipsos MORI – Future of Research 14 32%19%21%17%11% ARE THEY MOTIVATED TO SIGN UP? Base size: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 ACTIVE ADOPTERS MEASURED EVALUATORS CONSERVATIVE TRADITIONALISTS FINANCIALLY DISENGAGED TECHNICAL LAGGARDS HOW DO OUR CONSUMERS SEGMENT?
  15. 15. Ipsos MORI – Future of Research 15 68% 40% 14% 15% 1% ARE THEY MOTIVATED TO SIGN UP? Base size: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 ACTIVE ADOPTERS MEASURED EVALUATORS CONSERVATIVE TRADITIONALISTS FINANCIALLY DISENGAGED TECHNICAL LAGGARDS
  16. 16. 16Ipsos MORI – Future of Research Active Adopters : Base size: 113 UK adults 18+, Current account holders, online, 1-30 August 2017 ACTIVE ADOPTERS Use social media at least once a day67% Think the all-in-one financial app is very/extremely appealing45% Trust a well-known payment provider to provide Open Banking services37% Manage their finances on banking apps65%
  17. 17. 17Ipsos MORI – Future of Research Measured Evaluators : Base size: 173 UK adults 18+, Current account holders, online, 1-30 August 2017 MEASURED EVALUATORS Are concerned about how their personal financial data will be used with Open Banking 68% Use online banking89% Place their trust in established banks to provide Open Banking services74% Are comfortable using new technology92%
  18. 18. 18Ipsos MORI – Future of Research Conservative Traditionalists : Base size: 207 UK adults 18+, Current account holders, online, 1-30 August 2017 CONSERVATIVE TRADITIONALISTS Would be happy sharing their personal financial data15% Would be confident knowing how to use Open Banking services24% Go to a banking adviser in-branch to manage finances37% Are concerned their personal financial data could be obtained by criminals 89%
  19. 19. 19Ipsos MORI – Future of Research 62% prefer online payments Uses of Cash and Electronic Payments HMRC 2016 804 telephone interviews, business with fewer than 20 staff and turnover below £10m, January- February 2016. WHAT ABOUT SMALL BUSINESSES? Fees associated with such payments remain an issue Account software use cases consistently well-received
  20. 20. Ipsos MORI – Future of Research 20 GRAB THE OPEN BANKING WHO IS BEST PLACED TO OPPORTUNITY?
  21. 21. Ipsos MORI – Future of Research AVERAGE ACROSS ALL FOUR USE CASES 84% 29% 21% 18% 7% 4% 4% Base size: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 A company that manages digital payments An established bank A well-known payments and card brand Another well- known digital brand A new-to- market fintech A newer bank TO PROVIDE THESE SERVICES? WHO WOULD YOU TRUST A company that specialises in mobile tech
  22. 22. Ipsos MORI – Future of Research 9% 15% 11% 11% ▪ SMART COMPARISON TOOL ▪ ALL-IN-ONE FINANCIAL APP ▪ SPEEDING UP THE APPLICATION PROCESS ▪ DIRECT PAYMENTS VERY/EXTREMELY APPEALING (TOP 2 BOX) 45% Base size: 1,001 UK adults 18+, Current account holders, online, 1-30 August 2017 WHICH IS THE MOST APPEALING USE CASE?
  23. 23. 23Ipsos MORI – Future of Research A slow start among active adopters WHAT CAN WE EXPECT IN 2018? With a steep acceleration as awareness grows Small businesses a key potential audience Communication now the most critical need
  24. 24. 24Ipsos MORI – Future of Research YOU.THANK

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