Is Open Banking open for business?

UK entrepreneurs outline what they want.

Open Banking has the ability to transform the market for banking providers that serve small and medium-sized enterprises (SMEs). New KPMG research suggests that the initiative has promise, although it is still early days. While some SMEs are receptive to Open Banking, much work is to be done to win over the sector.

The promise of Open Banking is that data sharing will enable increased innovation, greater competition and improved products and services for the banking industry’s retail and SME customers. As the frst year of Open Banking draws to a close, KPMG’s research reveals that in the SME market at least, many banking customers have to be convinced of the merits of sharing their data to enable value adding services.

In August 2018, KPMG asked 1,000 small and medium-sized enterprises for their views on Open Banking. Almost half of these businesses told us they will not engage with Open Banking, while a quarter warned they will not share data under any circumstances. Smaller businesses, sole traders, domestically-focused enterprises and those owned or managed by the over-45s were particularly sceptical.

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