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Visa Survey: Insights into Consumer Preferences for Open Banking

Visa Navigate | Jun 13, 2023

The U.S. Open Banking Movement Visa research report - Visa Survey:  Insights into Consumer Preferences for Open Banking

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%).
  • 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%)

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


NCFA Jan 2018 resize - Visa Survey:  Insights into Consumer Preferences for Open BankingThe 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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