By enabling customers to direct how their data is shared from existing providers to third parties, open banking represents revolutionary possibilities for individuals, businesses and financial institutions. But unlocking that potential requires an ecosystem of trust, where customers understand both the upside of data sharing and how they can benefit.
Canada’s financial institutions know: solidifying customer buy-in can be easier said than done. Even as the industry relies more and more on this kind of data to build relevant customer experiences, challenges like ensuring security and creating trust continue to put up real barriers.
To understand this landscape, EY worked together with TrueChoice to ask 1,000 Canadian banking customers about their preferences, decision drivers, value perceptions and expectations with respect to a new breed of consumer banking services. We wanted to learn more about how customers view data, what they require to feel comfortable sharing it, and what motivates them to do so.
Several key themes emerged from our research:
- Data sharing is more personal than ever, and that influences what kind of data customers are willing to share.
- Demand for new services requires access to sensitive data, even as many customers become increasingly protective about their personal information.
- Who you are, and how your institution commits to securing data, impact what data customers are prepared to share.
- Sharing data requires value in return. But, just as important, different customers define that value exchange in different, non-financial terms.
- Aligning the right value proposition and the right service with the right customer has never mattered more.
In this report, we connect these findings to key questions financial institutions must ask as they build enhanced data sharing models, supporting the innovative customer experiences and value propositions that will propel progress now and in the future.