Open banking is the future of fintech. Young consumers’ entire lives are online and they’re aware their data is pretty much everywhere. It’s almost impossible at this rate to go through life without sharing personal data online, but for banks and fintechs, it’s an opportunity that benefits both themselves and consumers. Since young people want efficient, easy to use, and personalized financial experiences, they’re “seeking out better, more forward-thinking alternative payment methods.” YPulse’s Fintech report shows that Gen Z and Millennials have an affinity for making online purchases, payments, and money transfers because they’re quick and convenient. According to Worldpay, “open banking will reach 8% of the [U.S.] volume for all ecommerce activity…[and] these efforts could strengthen merchant-to-consumer relationships, build loyalty and trust, and encourage repeat business.” (Finextra)
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