Visa Survey: Insights into Consumer Preferences for Open Banking | National Crowdfunding & Fintech Association of Canada

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.

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• 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%)

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• 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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