Customers don’t want to share their transaction data
However, many are willing to provide access if it means they'll get a better banking deal.
A new research poll has found the overwhelming majority of Australians believe their banking data belongs to them and they should have the right to control who is able to access this personal information.
The poll, commissioned by the Customer Owned Banking Association (COBA) and conducted by Essential Research, revealed almost two-thirds (66%) of Aussies are adamant their personal banking data is theirs and an even greater proportion (88%) suggest they should decide who can access it.
Around one in five (19%) consumers believe this data is the property of their banking institution, while a similar percentage (17%) weren't sure who owns this information.
Older generations (77% of those aged 55+) were more insistent that their banking data belonged to them than younger Australians (53% of those aged under 35).
Gender can play a significant role in determining investment strategies, risk management and personal financial goals. Women (67%) were slightly more likely than men (61%) to ownership of their banking data.
Only a small number (4%) of Australians were willing to relinquish control of their data to banks.
When quizzed about their thoughts on "open API", many Australians were receptive of the practice.
"Open API" allows customers to authorise the sharing of account data held by their financial institution with a third party, including new fintech providers, offering a range of unique apps, products and services.
Just under half (42%) of those surveyed said they would be interested in providing access to their data to other financial institutions if it meant they could get a better deal.
Almost half (49% of those aged under 35) of the youngest respondents were willing to try open API, compared with about a third (32% of those aged 55+) of older Australians.
The majority of those surveyed could see the benefits of an Open API system in Australia, providing competitive and comparable banking options, new services and an alternative to the big four banks.
Earlier this month we reported that one in four Australian workers stress about their finances, however, most Australians care more about happiness than money.
Around two thirds (67%) of consumers were interested in gaining access to performance measures, enabling them to better compare banking institutions, while a similar proportion (69%) support the publishing of quality of service information.
Comparison websites were the most commonly selected (41%) information source for consumers attempting to get the best deal on mortgage, credit card, or transaction account products.
Put more money in your pocket by comparing rates and fees from a range of different banks.
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