Survey Reveals Only Half of Americans Have Ever Heard of Open Banking
10 Agosto 2021 - 02:00PM
Business Wire
Open Banking is often misunderstood but offers
possibilities many consumers already embrace
A survey by global API Management leader Axway (Euronext:
AXW.PA) reveals half of Americans have never heard of the term
“open banking,” but 84% agree with its central tenet that they
should have control of their financial data.
Open banking is the use of APIs to unlock financial data,
enabling third-party software providers and banks to build new,
customer-centric financial applications and services. Axway powers
open banking implementations around the world on its Amplify API
Management platform, and is currently deploying its first packaged
product, built on Amplify, for open banking in Brazil.
The 2021 survey found 81% of Americans feel their banks offer
all the financial services they need in their day-to-day life, and
yet at the same time, 40% of the same people use at least one
finance or budgeting app other than their bank’s mobile app.
“We’re at a transformational moment,” explains Axway’s Head of
Open Banking, Eyal Sivan. “People still trust and need their banks,
but these new FinTechs are offering amazing tools that people
really want to use. Open banking is the solution to making sure
traditional financial institutions and FinTechs can work properly –
and securely – together.”
The systems functioning behind the scenes to enable these types
of experiences are still obscure to the general public: when the
concept of open banking was explained to them, half of survey
respondents did not think open banking was positive and worried
about issues surrounding constant monitoring of their financial
activity (33%), losing control over access to their financial data
(47%), or even financial institutions using their data against them
(27%).
“At its heart, open banking is about letting people control
their money,” Sivan added. “It’s encouraging that there is some
awareness of the term, although clearly there’s a misperception
that ‘open’ means less secure. In fact, open banking would give
people significantly more control over their financial data than
they have now, as well as improving security in general.”
Axway sees open banking as a strategic imperative as the world
moves steadily toward an expanded financial ecosystem, as
demonstrated by Europe and Australia’s open banking laws. “It’s not
just about compliance with regulation,” concluded Sivan. “It’s
about making sure you're ready for the digital economy of the 21st
century, opening up silos and freeing data so it can be controlled
and leveraged by its rightful owner: the individual who created
it.”
Read why Axway’s Eyal Sivan believes Open Banking can
transform customer experiences
See the Open Banking Infographic here
About Axway
Axway gives heritage IT infrastructure new life, helping more
than 11,000 customers worldwide build on what they already have to
digitally transform, add new business capabilities, and drive
growth. With our Amplify API Management Platform — the only open,
independent platform for managing and governing APIs across teams,
the hybrid cloud, and third-party solutions — we help companies
move forward faster, reach new markets, and create brilliant
digital experiences. Our MFT and B2B integration solutions have
been trusted for 20 years. Axway (Euronext: AXW.PA) employs over
1,800 people in 18 countries. Learn more at axway.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210810005223/en/
Todd Holbrook Tel. (480) 371-0113 tholbrook@axway.com
Grafico Azioni Axway Software (EU:AXW)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Axway Software (EU:AXW)
Storico
Da Mar 2023 a Mar 2024