Moneyhub has found that half of UK consumers would like better access to financial products and services without the need to visit a physical branch, while one-third (33%) believe financial institutions need to “embrace” Open Banking.
The research, which polled more than 2,000 consumers, revealed that another 48% said that using financial apps could help them save more by encouraging better management of their finances.
Of those surveyed, 47% indicated they would like greater access to more personalised advice, while a further 47% wanted greater flexibility when it comes to managing their accounts.
Moneyhub reported that 44% requested more simplified advice about certain areas of their finances and another 44% wanted additional advice about their entire financial situation.
Two-fifths, or 41%, called for faster financial transactions and 40% identified a need for automated guidance on how to improve their financial situation.
The survey also showed that 36% of consumers think Open Banking will have a positive impact on the quality and range of products available to them, increasing to 54% among those aged 18 to 34-years-old.
“Companies embracing Open Banking and Open Finance can already meet and exceed what customers have come to expect from their financial services providers and provide low-friction personalisation at an affordable price point,” Dan Scholey, chief commercial officer at Moneyhub, said.
“The kind of data insights necessary to recognise and meet customers’ needs – and to keep meeting customers’ needs over their lifetime – can only be derived from understanding a customer’s full financial position.”
The new Labour Government intends to pass into law a Digital Information and Smart Data Bill, as announced in the King’s Speech in July.
According to Scholey, it shows that the government “means business” when it comes to advancing the use of data to support economic growth, but that there is “only so much the government can do to bring modern data solutions to its citizens”.
“Financial services, from banks to insurers, building societies to pensions providers or wealth and investment managers, on the other hand, already have the power to make a tremendous difference to their existing customer bases through the quick adoption of Open Finance and Open Banking solutions,” he added.
Last year, UK-based long-term savings and retirement business Standard Life extended its existing partnership with Moneyhub to deliver its commercial pension dashboard.
Moneyhub’s API sales director Jon Hart is speaking at Open Banking Expo UK & Europe on 15-16 October. Find out more about sponsors, exhibitors and speakers, and get your ticket to the show, here.
