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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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