TISA Open Savings,
Investments & Pensions

Consumer Research Findings

“Open Finance is the future of our industry…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.”

HARRY WEBER-BROWN, DIGITAL INNOVATION DIRECTOR, TISA

TISA OSIP Consumer Testing

Prototype User Analysis Findings

August 2021

Background to research ⬅️ ➡️ 

The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, has completed the consumer testing phase of its pioneering Open Finance programme. As part of the trial, TISA and project partners developed a prototype smartphone app to use that enabled users to view all of their savings, investments and pensions portfolios in one interface.

The test phase was conducted with an explicit hypothesis: if people can consolidate the view of their savings & investments due to clear benefits, they will give permission to share their data ​– with the outcome of improving financial wellbeing. The project is complemented by TISA’s efforts in the Digital Identity space, which will enable users to verify and authenticate a single, digital ID across various financial services providers.

Project participants included OpenMoney, Hargreaves Lansdown and Offspring. 79 consumers tested a prototype of an Open Finance app, with all using a smartphone to access the service. To gather actionable data, 64 of the participants were questioned online and 15 live interviews conducted to gather consumer feedback on the project. 

DOWNLOAD THE FULL FINDINGS HERE >>

Top 3 highlights from the research findings:

1. Reaction to the prototype as a concept was overwhelmingly positive – 91% of people found the concept interesting.

2. Having a consolidated view of all accounts was the most popular feature (94% considered it ‘an interesting feature’ and 53% considered it the ‘most interesting feature’)

3. Trust in the security/data protection was of paramount concern and would be an obvious prerequisite before many would commit to using. The vast majority (94%) thought they would be likely to use such an app if security could be guaranteed – strongly supporting our hypothesis that the conceptual benefits behind OSIP would be significant enough to encourage users to connect their accounts.

DOWNLOAD A COPY OF THE FINDINGS HERE

Get involved in TISA’s Open Finance project

With the consumer’s consent, the OSIP programme will open access to consumers’ savings, investments and pensions data in order to enable the user to have a single view of their finances, encouraging them to become financially more engaged. The Programme is in the Proof-of-Concept phase that is testing the best approach for financial services firms and trusted third parties to share data, identify technical standards and test consumer journeys. To find out more and get involved, email us here today.


In the press

TISA completes Open Finance Consumer Testing phase, with a dramatic 91% of participants keen to use Open Finance app when authorised for public

READ THE FULL ARTICLE HERE.

TISA’s Open Savings, Investments and Pensions initiative partners with Moneyhub for Open Finance standards development

READ THE FULL ARTICLE HERE.

With thanks

With special thanks to our Agile Project Working Group Members

Hargreaves Lansdown, OpenMoney, Offspring and Digitidentity

And all of our OSIP Programme Participants for their continues support:

ABI, Aegon, Atos, BNY Mellon, Bravura, Bud, Exizent, EY, Fidelity, FNZ, GBST, Hargreaves Lansdown, InvestCloud, JZONEAPI.COM, Legal & General, Money & Pensions Service (MAPS), Moneyhub, Morningstar, Nationwide Building Society, Northern Trust, Open Banking, OpenWrks, Origo, PLSA, RBS Coutts. Schroders, SS&C, Target, The Investment Association, Truelayer, Visible Capital

“TISA’s research into Open Finance demonstrates the significant benefit to consumers’ being able to see their pensions, savings and investments in one place. We are excited about the potential opportunities not just for consumers but also to drive innovation in the industry. We look forward to continuing to support TISA’s important work in this area.”

Chris Worle – Chief Digital Officer, Hargreaves Lansdown:

“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”.

Alex Jones, Head of Market & UX Research, OpenMoney