Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Visa Survey: Insights into Consumer Preferences for Open Banking
Visa Navigate | Jun 13, 2023
Visa’s study highlights the pivotal role of value proposition and consent management in consumer adoption of open banking services, shaped by preferences and distinct consumer personas.
- A study by Visa underlines the importance of two pillars, value proposition and consent management, in fostering a strong relationship between financial service providers and consumers within the open banking landscape.
- As providers prioritize these areas, open banking-driven services are likely to be more accepted, leading to increased consumer comfort and trust, lower costs, higher revenues, and mitigated risks.
- The research identified three consumer personas – "Cautious and Careful," "Steady Forward," and "Full Speed Ahead," aiding businesses to develop personalized solutions.
Select Consumer Preferences - Read the full report
- Consumer Comfort is Key: Comfort levels improve when consumers receive open banking-powered services in exchange for authorized access. This promotes trust and increases customer interactions, propelling the adoption of such services.
See: Will Open Banking Launch in Canada This Year?
- Desired Benefits:
- Consumers are more willing to share their data with third parties when certain benefits are offered.
- These include sending and receiving money digitally (65%)
- Viewing finances in a single app (50%), and
- Personalized products and services (46%).
- Expanded access to credit & financing is also favored but at a lower rate (31%).
- Consumers are more willing to share their data with third parties when certain benefits are offered.
- Communications:
- Consumers prefer different methods to be informed about how their data is shared and used by third parties.
- The majority prefer within the app (75%)
- Followed by email (53%)
- Text alerts (26%)
- Bank portals (20%)
- Consumers prefer different methods to be informed about how their data is shared and used by third parties.
See: “Open banking” May Cause Deposit Outflows, Warns U.S. Regulator
- Three Consumer Personas:
- Visa's survey reveals three distinct consumer personas - Cautious and Careful, Steady Forward, and Full Speed Ahead.
- Understanding these personas could help financial institutions and fintechs tailor their approach to cater to varying customer demands for open banking services.
Download the 21 page PDF report --> here
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