Open Banking Data Sharing Dilemmas

This report prepared by Ipsos MORI for Barclays Bank is designed to understand the human side of Open Banking.

The author(s)

  • Steven Ginnis Ipsos Public Affairs, UK
  • Paul Stamper Head of Financial Services
  • Ameila Byrne Ipsos Public Affairs, UK
  • Cameron Garrett Ipsos Public Affairs, UK
  • Colin Strong Behavioural Science, Ipsos, UK
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Ipsos MORI was commissioned by Barclays to conduct research with consumers to better understand their attitudes, emotions and likely behaviour in the context of the launch of Open Banking. The main component of the study was a full-day deliberative workshop, with 27 participants who already used online or mobile banking.

The report presents a hierarchy of considerations that consumers face when deciding whether to adopt Open Banking. As most participants approached Open Banking with a degree of caution, we explored how underlying perceptions, such as personality type or individual trust in technology can relate to their decision making. These were placed alongside their general attitude towards financial data disclosure and the perceived accountability of the bank, as primary considerations that consumers tackle before then thinking about the benefits or risks involved.

Discussions with consumers were also balanced with a more specific focus on the operational process behind Open Banking, essentially exploring how it works in practice. Concentrating on methods of consent, revocation and redirection, consumers were largely supportive of current guidelines. For them, priorities included flexibility, transparency and a preference for interacting with their bank over potential third parties.

Our research has been designed to understand the human side of Open Banking. By exploring the attitudes and emotions of consumers, we aim to facilitate the design, execution and communication of this important development.

The author(s)

  • Steven Ginnis Ipsos Public Affairs, UK
  • Paul Stamper Head of Financial Services
  • Ameila Byrne Ipsos Public Affairs, UK
  • Cameron Garrett Ipsos Public Affairs, UK
  • Colin Strong Behavioural Science, Ipsos, UK

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