Realizing the commercial promise of connected, permissioned financial data in an era of accelerated competition.
Synthesized for Executive Review based on FT Longitude & Mastercard Data
The bar for financial experiences is rising. In a landscape challenged by inflation, consumers are actively seeking out institutions that leverage connected data to provide intuitive, transparent, and personalized financial tools.
Would switch providers to access digital features that make managing finances easier and faster.
Would switch to gain more transparency and control over the use of their personal data.
Would switch to obtain more personalized insights to make smarter financial decisions.
Open finance collaboration is no longer optional—it is table stakes. 18% of consumers would even pay a fee to instantly open a savings or investment account.
of executives attribute revenue growth to using customer-consented data to develop improved products.
average revenue growth in the past year directly attributed to open finance initiatives.
average additional revenue generated across surveyed organizations.
Percentage of executives reporting positive impact on key metrics
Organizations estimate significant missed revenue annually due to customers not granting necessary permissions to data sources.
Average lost additional annual revenue globally
Without personalization powered by connected data, customers simply walk away. Executives recognize this is driven primarily by lack of consent.
Say poor app usability/friction is directly caused by lack of proper data permissions.
Have witnessed customer churn due to an inability to offer desired convenience/personalization.
62% of executives acknowledge that failing to invest in convenient, personalized interaction systems in the next 12 months will result in significant further loss of market share.
While 89% are willing to share data, consent is conditional for the vast majority.
Comfortable sharing only when they understand the usage and the return value.
Comfortable sharing data whenever needed for digital services.
Share to access services, but rarely understand why data is needed.
Avoid sharing even if it means missing out. High skepticism of providers.
When the value of data sharing is clear, consumers feel confident. Speed is the ultimate currency.
Ability to pay faster, less need to double-check account information, frictionless applications.
Seamless account-to-account transfers and automated payment setups.
Tools to manage finances, spending overviews, and budgeting assistance.
APIs are the network connectors. Without high availability, scalability, and security, open finance fails regardless of UI.
Core tech stacks must be upgraded to handle real-time data flows and integrate AI systems seamlessly.
Unified governance across 1st and 3rd party data is required for automated lineage and tracking.
"Transparency by design": Communicate exactly what data is used, the payoff (time savings), and confirm user control.
Integrate security controls at the outset of development to protect customer trust during data targeting.
Reduce vendor lock-in; work with trusted partners to offer collaborative, scalable, and watertight use cases.