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42 per cent of Gen Z consumers are using open banking, while a further 32 per cent said they haven’t used it yet but would be willing to do so.
According to a new survey by TransUnion, adoption and awareness of open banking is healthy across all age groups in the UK.
Almost one in seven (68 per cent) said that they are aware of open banking, while 17 per cent have used it in the past.
Read more: UK leads open banking surge across Europe
Among existing users, 93 per cent said they would be likely to use it again in the future.
However, despite increased adoption, one in five (21 per cent) adults said that while they know what open banking is, they aren’t willing to consent to it.
“We know that the main drivers behind open banking usage are the ease and convenience of automated processes (51 per cent) and the fact that it is quicker to get a decision on finance applications (51 per cent),” said Shail Deep, chief product officer at TransUnion in the UK.
Read more: Open banking mooted as solution to SME financing woes
“Meanwhile, 47 per cent of open banking users are motivated by not having to dig out old bank statements to open accounts.
“But open banking isn’t a standalone technology. It forms part of the consumer journey, and what UK consumers care most about is its role in providing a faster and friction-right experience, whether providers go out of their way to label it as open banking or not.”
Read more: Nearly half of financial institutions have adopted open banking
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