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November 5, 2021   Digital, NEO, Open Banking, Open Finance, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Personal Finance, Research, Stories, Voices   No comments

US consumers agree trust in protecting assets is essential before they’ll share their bank credentials

eMarketer | Matthew Gaughan  | Nov 4, 2021

Awareness of open banking by country - US consumers agree trust in protecting assets is essential before they’ll share their bank credentials

A June 2021 survey from Klarna and Nepa found that 52% of US adults trusted banks, while just 17% trusted neobanks. The fragmentation of open banking in the US has led to slow adoption of the technology by consumers—55% of US adults have never even heard of the service.

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According to a PYMNTS.com survey conducted in collaboration with MX, more than a quarter of US consumers surveyed said trust in their financial institution to protect their financial assets is the most important factor in sharing bank credentials with third parties.

  • 16.0% said that trust in the third party they were connecting to was the most important.
  • 14.4% picked the belief that the connections are secure as their top choice.
  • 11.6% noted that transactions becoming much easier because the accounts are connected as their top factor.

Having said this, among survey respondents that connected third-party apps to their bank accounts, 29.9% were very or extremely interested, and 25.7% were somewhat interested in using an open-banking portal offered by their personal bank. The level of interest grew within certain groups—particularly younger generations or those already comfortable with sharing credentials.

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  • 47.1% and 37.2% of Millennials and Gen Z, respectively, were very or extremely interested.
  • 59.8% of consumers that were very or extremely comfortable sharing credentials showed the same high level of interest for open banking as younger generations.

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NCFA Jan 2018 resize - US consumers agree trust in protecting assets is essential before they’ll share their bank credentials The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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