Too Long; Didn't Read
The Open Banking Standard defines how financial data should be created, shared and accessed. By relying on networks instead of centralization, open banking helps financial services customers to securely share their financial data with other financial institutions. Over half of respondents (58%) said they were simply unaware of the initiative. Over 75% of people surveyed by YouGov say that they are unlikely to use Open Banking, with the research suggesting that people are three times more likely to trust a financial services provider, rather than third-party providers.