The Open Banking Catalyst: Where Trust Fuels Commerce
From instant coffee payments to seamless mortgages: How invisible financial infrastructure is transforming daily life and powering business growth
I remember sitting in research groups a decade ago, listening to consumers describe the frustration of applying for mortgages—the endless paperwork, printing bank statements, and physically presenting assets to their bank. Fast-forward to today, and I'm experiencing the transformation firsthand. When I recently applied for my mortgage, the process was almost instantaneous: Connect your accounts, verify your data, and within 15 minutes, both parties have a verified picture of your financial landscape.
To gain deeper insight into this transformation, we partnered with Mastercard to launch the “Open banking: The trust imperative” report, which surveyed consumers and B2B audiences in the U.S., U.K., Nordic, and Australian markets. The findings reveal we've reached a mass market tipping point. Amid a strong appetite for improved digital financial experiences, open banking has become a crucial component of future business growth. Today, 76% of consumer respondents connect financial accounts directly to tools to conduct financial tasks, while 92% of businesses agree that "open banking is essential for future-proofing my organization."
Five key insights reshaping the financial landscape:
1. The Connected Commerce Catalyst
Open banking has ushered in an era where digital wallets, applications, and transactions seamlessly integrate into our daily lives. When technology works perfectly, we barely notice it - and that's exactly what's happening. The data confirms this shift: 73% of consumers want more convenient financial experiences, while 93% of businesses acknowledge that providing customers with greater convenience is critical to commercial success. This convenience isn't just about transactions - it's becoming the gateway to personalized financial futures, with 58% of consumers willing to share their data with trusted organizations for more personalized experiences.
2. The Cross-Generational Trust Wave
What's remarkable about open banking is its broad generational embrace. Gen Z leads the charge, with 82% using it for both bill payments and money transfers. Millennials (82% and 79%) and Gen X (81% and 79%) are not far behind in using open banking. While boomers somewhat lag younger generations in open banking usage, 71% of them use open banking to pay bills, and 66% use it to transfer money. This cross-generational acceptance signals a fundamental shift in how consumers manage money.
3. The Security-Trust Imperative
Security isn't just a feature - it's everything. An overwhelming 94% of consumers say it's crucial that their bank keeps financial information secure. This emphasis on security translates directly into trust relationships: consumers trust sharing their financial data with banks (66%) and credit card companies (56%), with credit card companies leading in trust for protecting account connections (50%). Moreover, 86% of consumers will walk away from an online transaction that isn't verified by a brand they trust.
4. The Commercial Cost of Disruption (CCoD)
In today's fast-paced digital economy, time is money - and disrupted transactions mean lost revenue. Our research reveals that 71% of consumers will walk away from an online transaction that requires switching to another platform to complete a payment. This isn't just about convenience; it's about maintaining the integrity of the customer journey.
5. The Connected Commerce Advantage
When banking systems and B2B operations align, the benefits ripple throughout the ecosystem. The efficiency of open banking is delivering measurable business outcomes: 64% of businesses report improved profitability, while 63% note a positive impact on revenue. Looking ahead, open banking is evolving beyond simple transactions to enable sophisticated financial planning and personalized decision-making, fundamentally changing how consumers interact with their money.
Why This Matters: The Future of Financial Fluidity
We're standing at an inflection point in financial services where convenience, security, and personalization are no longer competing priorities but essential, interconnected elements. The data tells us businesses and consumers are aligning on what matters: 93% of business leaders expect industry momentum to increase in the coming five years, while 91% believe their firm's use of open banking will grow during that time.
Looking ahead, open banking isn't just about smoother transactions—it's about reimagining financial services. We're seeing the emergence of a new financial ecosystem where data flows securely, decisions are made instantly, and value is created continuously.
As Jess Turner, Executive Vice Global Head of Open Banking and API at Mastercard notes, "Across the industry, we must work together to advance open banking in ways that responsibly support all parties in the ecosystem, ultimately allowing all boats to rise."
The challenge ahead isn't just technical - it's about maintaining the delicate balance between innovation and trust. With new regulations emerging in regions such as Australia, Europe, and the U.S., the industry faces both an opportunity and responsibility to establish best practices that will give consumers and businesses the confidence they need to embrace these capabilities fully.
For businesses navigating this transformation, the message is clear: open banking isn't just another technical capability—it's becoming the new language of financial services. Those who speak it fluently, prioritizing both innovation and trust, will thrive in this era of connected commerce.
Big shout out to Abbey Lunney, Amanda Christman, Elias Alling, and Esther Kwon who led this report, along with our fantastic partners at Mastercard.
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Penned by Libby Rodney and Abbey Lunney, founders of the Thought Leadership Group at The Harris Poll. To learn more about the Thought Leadership Practice, just contact one of us or find out more here.
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