Open Banking - The consumer perspective

Uncovering Australians’ interest in, and concerns with Open Banking powered products and services
Open Banking The consumer perspective header

The consumer perspective

Open Banking in Australia is ready for take-off. At least, that’s what the industry thinks. After a few years of laying the pipes and setting the groundwork, most businesses are planning to start offering Open Banking powered experiences this year.

But what about consumers? How do they feel about being in control of their data? Do they share the excitement about these new products and services?

We surveyed a group of 1,066 people representing the Australian population (18+) to find out. 

Most popular Open Banking use cases for consumers
Open banking consumer testimonial

How do Australians feel about Open Banking?

The report focuses on answering three key questions:

Key consumer insights

This consumer research gives us some powerful insights into how our nation feels about Open Banking and can help you build better, more relevant, and successful use cases for your customers.

Open Banking the consumer perspective key insight 1 - Australians want open banking

1.

Australians want Open Banking-powered products and services

Open Banking the consumer perspective insight 2 - Privacy

2.

Consumers value the privacy and security Open Banking offers

Open Banking the consumer perspective key insight 3 - Trust

3.

Trust has to be built

Open Banking the consumer perspective key insight 4 - Millennials and Gen Z

4.

Millennials and Gen Z are likely the first to get on board

Driving Open Banking success

The opportunity to deliver innovative, personalised products and services with Open Banking is enormous, but it requires its own approach.

The report includes a range of recommendations to  set you up for success in your Open Banking journey.

Open Banking consumer report - Driving Open Banking success

Other CDR Resources

As a leader in Open Banking in Australia, Frollo has published a number of reports, explainers, checklists and infographics to help grow the Consumer Data Right ecosystem.

The state of Open Banking in 2021

An overview of challenges and opportunities in Open Banking, based on surveys and interviews.

Open Banking API performance monitor

Compare API performance by brand for speed and reliability

The definitive guide to CDR Access models

An overview of CDR Access models and what they mean

The only end-to-end Open Banking platform

Open Banking Platform

A modular, end-to-end solution for Data Recipients

Collect

Connect to 90+ banks with an out of the box, customisable consent flow, data sharing dashboard and advanced user management portal.

Enrich

Categorise transactions, detect bills, classify merchants and verify income with market leading accuracy.

Experience

Plug & Play access to Open banking powered solutions for lending, personal finance management and customer onboarding.

Download the Open Banking consumer perspective report