UK Open Banking launched to much fanfare in January 2018. But initial adoption and use by consumers remained low. Early services had challenges: poor user experience, inconsistent and unreliable service from the banks, and lack of consumer understanding all meant challenges for both consumers and third party service providers in delivering the much spoken about value of Open Banking.
This report, based on a survey of over 2,000 UK consumers in September 2020, explores consumer perceptions on payment methods, and outlines willingness to adopt Open Banking payments in various use cases and situations.
The research was conducted by Censuswide, with 2,028 consumers in the UK surveyed. The fieldwork took place between 09.09.2020 -11.09.2020. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
The survey examined consumer behaviours towards payments in general, and in particular payments in the following 12 sectors: Everyday Retail (e.g. groceries); Fashion Retail; Large Ticket Retail (e.g. furniture, appliances); Flights; Package Holidays; Financial Services; Insurance; Utilities; Education; Government; Charities & Gaming.