TISA completes Open Finance Consumer Testing phase, with a dramatic 91% of participants keen to use Open Finance app when authorised for public
- TISA has completed the Consumer Testing phase of its pioneering Open Finance programme, on the 23rd August, with initial results announced today. Project members included OpenMoney, Hargreaves Lansdown and Offspring.
- An overwhelming 91% of test users found the concept interesting, and an even greater number (94%) would likely use the app if security could be guaranteed.
- The full results of the test will be announced at a free to attend and open to all event on the 6th of October.
The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, has completed the consumer testing phase of its pioneering Open Savings, Investment and Pensions (OSIP) 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, after the conclusion of the trial, 64 of the participants were questioned online and 15 live interviews conducted to gather consumer feedback on the project.
The post-trial interviews revealed that 91% of users were interested in the Open Finance features of the app. 94% of the 79 users preferred the consolidate feature of the prototype app, which enabled users to view all their savings, investments and pensions in one place.
The full results of the trial will be presented at a free to attend and open to all event on the 6th of October, organised by TISA. Those interested are invited to register their interest here: Open Finance Virtual Open Meeting – TISA.
Harry Weber-Brown, Digital Innovation Director at TISA said: “Open Finance is the future of our industry. 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.”
Alex Jones, Head of Market & UX Research, OpenMoney: “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”.
Dr Sarah Walton, Programme Manager at TISA, added: “This research proves the concept and confirms that consumers are interested in the benefits Open Finance can offer. 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.”