The news: Most US consumers have adopted tools that depend on open banking as part of their day-to-day banking experience, according to a recent survey from Mastercard:
The data: Convenience is the driving factor in why US consumers turn to technology to complete financial activities, and the top open banking use cases among the cohort support this.
Consumer concerns: While consumers have embraced sharing their banking credentials with third-party apps or services, concerns around data security and privacy still remain.
The big takeaway: The trust enjoyed by legacy banks places them in a pivotal role over how consumers adopt and engage with current and future open banking solutions.
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