Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_373752964
March 14 2018

Open Banking has “returned power to consumers”

Marc Shoffman News, Open Banking Crealogix, fintech, Mike Bradford, open banking, p2p

ONLY half of consumers have switched banks despite many more experiencing problems with their current provider, but Open Banking is predicted to change that.

Research by mobile banking software firm Crealogix UK, released on Wednesday, found 82 per cent of people surveyed had experienced issues with their bank but just 51 per cent have switched.

The poll of more than 2,000 consumers found only 24 per cent would switch immediately if they saw a better deal on offer, while 41 per cent would wait to see if their bank could match it.

Read more: Zopa launches income verification tool using Open Banking data

Mike Bradford, chief executive of Crealogix UK, suggested Open Banking – which mandates high street banks to share customer data with third parties such as peer-to-peer lenders – could help remove the complications of switching.

Read more: Most people in the dark about Open Banking

“Long gone are the days when moving banks was made overly complicated by those eager to keep hold of their customers from cradle to grave,” Bradford said.

“From the seven-day switch to the recent Open Banking initiative and API-driven banking, the power is being returned to the consumer. Banks need to change if they are to avoid the fate of the mobile phone networks – once all-powerful now transformed to mere dumb pipes.

“Only those banks that start delivering a more personalised experience to drive engagement and loyalty will survive. The stakes are high.”

Read more: Open Banking could provide £1bn boost for UK economy

Funding Circle US names PayPal exec as managing director SMEs becoming more aware of P2P lending

Related Posts

investors clash

Industry News, News, Top 3

Relief and frustration at absence of P2P and fintech in the Budget

Pavel Klema

Global News, Industry News, News, Top 3

Bondster names new chief executive

Fintech. Financial technology text on virtual screen. Business, internet and technology concept.

Industry News, News, Top 3

Fintech lending can solve financial exclusion

Popular posts:

  • Chancellor unveils recovery loan scheme
  • The House Crowd goes into administration
  • Budget outlines plans for £15bn of green bonds in 2021
  • Sunak to announce stringent CBILS successor scheme
  • FCA warns The House Crowd investors against using…
  • BBB sets out further details on recovery loan scheme
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by