Signing off for 2018

  • By AB+F Editorial

The AB+F team will be signing off for the year but will be back in on the 14th of January.

We wish all our readers a safe and happy festive season. The year has certainly brought much change in both regulation and innovation.

We thought we would sign off the year with a few stats on the sector from RFi Group.

Open banking

- According to RFi Group Research, 39 per cent of respondents are not concerned with open banking and its data sharing implications.

- Younger respondents, aged 18-34, were far less concerned (59 per cent had no concerns) than older Australians, aged 55-80 (only 22 per cent had no concerns).

Faster payments

- In June 2018, awareness of PayID and Osko increased slightly, with 33 per cent of smartphone owners aware of at least one of the services.

- These results could be a reflection on the length of time that the New Payments Platform has been available to consumers and are likely to increase over time. However, the fact that consumer awareness for PAYID and Osko remains relatively low, suggests it is unlikely that significant changes in consumer behaviour will occur until awareness of the NPP increases.

Global perspectives

- Nearly one in two Chinese consumers are open to using a fintech as their main bank

- Despite one in two consumers in Hong Kong and Singapore having used a fintech, very few are comfortable with them as their main bank

- RFi’s Global Digital Banking survey shows that 30 per cent of consumers very comfortable using an alternative provider for their payments

- In terms of broader awareness of UK’s new open data regime, 16 per cent of consumers have previously heard of Open Banking while 18 per cent of consumers were aware it had been introduced.

- Furthermore, 24 per cent of consumers claimed to have a good – 6/10 – level of understanding of the terminology and what it means for them.