The majority (91 per cent) of users that took part in the testing of an open finance app from The Investing and Savings Alliance (TISA) were keen to use it again, amid growing uptake of open banking solutions.
TISA has completed the testing phase of its Open Savings, Investment and Pensions (OSI&P) programme in which it developed an app that enables users to view their savings, investments and pensions portfolios in one interface.
79 consumers tested a prototype of the open finance app to see whether having experienced the benefits of seeing their savings and investments in one place, they would give permission to share their data to improve their financial well-being.
The post-trial interviews found that 91 per cent of users were interested in the open finance features of the app and 94 per cent preferred the OSI&P feature of the prototype app, which enabled users to view all their savings, investments and pensions in one place.
“Open finance is the future of our industry,” said Harry Weber-Brown, digital innovation director at TISA.
“Open banking has already revolutionised the way we access financial services on an everyday basis. Open finance takes this further, and consolidates the entirety of our savings, investments and pension pots in one easy to access interface.
“Developing this app, and the consumer testing phase in particular, has provided us with valuable, actionable intelligence that will allow us, our partners and the industry as a whole to move forward with this vital project. Ultimately, the main beneficiary is the consumer, who will now be able to view all of their financial products at the touch of a screen.”
“This research proves the concept and confirms that consumers are interested in the benefits open finance can offer,” said Dr Sarah Walton, programme manager at TISA.
“Consumers, providers and regulatory bodies will all benefit from the transparency and ease of use. We are therefore very pleased to announce these results today.”
Project participants included OpenMoney, Hargreaves Lansdown and Offspring.
“Seeing just how many people are interested in being able to do more with their money highlights the real value something like OSI&P could give the regular person on the street,” said Alex Jones, head of market and UX research, OpenMoney.
The full results of the test will be announced at a free-to-attend event on 6 October.