More than 40% of British businesses are eager to integrate open banking into their operations, recognizing the potential benefits of enhanced security and fraud prevention. However, many are hindered by a lack of understanding, according to a NatWest study.
The survey, which involved over 800 business leaders regarding NatWest’s Payit open banking payment offering, revealed that two-thirds of firms have encountered issues with payment processing that disrupt their operations. Additionally, more than 20% of respondents report spending over six hours each month managing and storing sensitive customer information, such as card details. Furthermore, 44% face inefficiencies that frequently lead to cash flow problems.
Although 42% of businesses are willing to adopt open banking technology, 28% have yet to implement it due to insufficient understanding. In terms of trust, 90% of businesses feel confident in established banks to provide secure open banking solutions, while three-quarters express similar trust in fintech alternatives.