A recent survey conducted by digital solutions company I-Finity has revealed that while Open Banking is a safe and efficient way to conduct online transactions, only 1 in 5 people feel confident in its security. The survey, conducted among 200 individuals who have used or currently use banking apps, aimed to understand the public’s perception of Open Banking and its safety.
Despite the potential benefits of Open Banking, including faster and more efficient transactions, the survey showed that only 46% of people were aware of it. Additionally, 36% of respondents expressed discomfort in sharing personal data with Open Banking apps or platforms, while 47% were unsure about it.
The survey also highlighted some concerns around the security of Open Banking, with 20% of respondents citing the fear of bank details being stolen and 18% worrying about potential scams or phishing sites. However, I-Finity’s Chief Technology Officer Russ Huntington assures that these concerns are unfounded. He explains that Open Banking is highly regulated by the Financial Conduct Authority (FCA) and all third-party providers must adhere to strict standards to ensure the security of customer data.
Huntington also emphasizes the need for more education around Open Banking’s safety and security. He explains that while there may be some scepticism around new technologies that involve personal data and money, Open Banking actually uses secure data-sharing practices such as APIs and encryption to protect customer data.
As a vetted and approved third-party provider of Open Banking solutions, I-Finity has extensive experience in securely connecting newly built platforms with UK banks to pull through authorized transaction data. They also offer support for customers who must undergo annual security pen testing to comply with ongoing FCA regulations.
While Open Banking may still have some way to go in convincing the public of its safety, I-Finity’s survey highlights the need for more education and awareness around this innovative form of banking. With its highly regulated nature and use of secure data-sharing practices, Open Banking offers a safe and efficient way for individuals to conduct online transactions.
