10 things you'll learn from our latest research report

2022 has been a perfect storm where social, political, and economic issues have emerged and converged globally. The UK in particular is facing the highest rates of inflation since the early 1980s, and the cost of living is rising faster than the average household income. Both consumers and businesses are struggling, and it’s clear everyone needs better access to financial education and support. And soon.

That’s why we surveyed 2,000 UK consumers and 500 UK business and financial decision-makers to understand the relationship between financial wellbeing and new financial products and services.

These insights informed our latest research report: Connecting the Dots: Open Banking and Financial Wellbeing, where we explore how everyone is responding to these financial pressures, the type of support they’re seeking, and how open banking can help.

Keep reading for a sneak peek of what’s included in the full report. We’ve even included page numbers to help you easily find more information about the insights you’re most interested in.

“Our research proves that businesses and consumers are seeking new ways to ease the burden of the cost of living crisis. At the same time, open banking is helping people access better and fairer financial services when they need it most. But until it is more widely understood and implemented, open banking’s power to cushion the blow of this inflationary pinch will remain out of reach for the masses. If open finance is the inevitable direction of travel, then the cost of living crisis is the unexpected catalyst that will — and must — get us there sooner.” - Stefano Vaccino, CEO and Founder of Yapily

Looking at consumers…

  1. How worried are consumers about the cost of living crisis? Find out on page 7
  2. How much does the average person save every month? Find out on page 8
  3. What financial products and services are people using to weather economic turmoil, and which of these have they used for the first time ever in the last 12 months? Find out on page 9
  4. How confident are people that they understand the financial options available to help them manage their money? Find out on page 14
  5. What percentage of consumers have heard of open banking? Find out on page 14

And at businesses…

  1. How have businesses changed their processes as a result of the cost of living crisis? Find out on page 16
  2. What percentage of businesses think the UK government is doing enough to support SMEs? Find out on page 17
  3. What financial products and services have businesses been using to cope in the last 12 months? Find out on page 17
  4. Why is trust shifting from traditional banks to challenger banks? Find out on page 19
  5. What are the top three benefits of open banking? Find out on page 21

Bonus: We also share five case studies of companies offering financial products and services powered by open banking, highlighting how they’ve helped both consumers and businesses, and the positive business impact they’ve seen as a result.

Curious? Download the report now.


Insights

As thousands of people across the UK watch their financial security plummet, how can open banking build financial resilience?
Money management

Iain McDougall, Chief Commercial Officer

23rd June 2022

5 min read

Coping with the cost of living: how open banking can build financial resilience

Thousands of people across the UK are watching their financial security plummet in real-time. ‘The next few months will be tough,’ UK Chancellor Rishi Sunak warned early this month, as he and his Government scramble to ease cost of living pressures on the country.


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