Open Banking No Longer Optional for Consumers

As policy and industry leaders continue to debate how Open Banking should take hold in the U.S., consumers already live in an open finance world. Through budgeting apps, loan applications, investment tools, payment platforms, and more, the majority of Americans already use services powered by data sharing, even if they don’t realize it.

According to MX’s latest consumer research, adoption and awareness of Open Banking are both growing. Among Gen Z and Millennials in particular, familiarity is quickly rising. This signals that younger generations not only know about data connectivity, but expect it as part of modern financial life.

The Demand for Financial Freedom

At its core, Open Banking isn’t just about access, it’s about freedom. Freedom to connect accounts, to view finances holistically, to shop around for the best financial products, and to use the tools that best serve individual needs. 

In our latest survey of 1,000+ U.S. adults, 44% of consumers said the ability for them to share their own financial data with third-party providers to get better experiences and services is important. That number climbs dramatically for Gen Z (64%) and Millennials (66%), underscoring the future of Open Banking.

But, even among more cautious consumers, attitudes are shifting. Nearly 6 in 10 (59%) now say they’re willing to share their financial data as long as they trust it’s securely protected — up ten points from just a year ago. 

The Expectation for Connected Accounts

Today, 82% of U.S. adults say they expect to be able to see all of their financial data in one place. This growing demand reflects a broader shift in consumer mindset: financial connectivity is no longer a luxury, it’s a necessity. 

People want the ability to create a unified view of their financial world, from checking and savings accounts to credit cards, loans, and investments. They want personalization, simplicity, and control — all powered by secure data sharing.

As these expectations increase, Open Banking has become the foundation of a modern financial ecosystem. For financial providers, the message is clear: enabling secure data connectivity isn’t optional anymore. It’s what consumers already assume you’ll deliver.

The Cost of Restriction

Still, the path forward isn’t without friction. One key point of discussion in the industry has been if fees for data access should be allowed. However, doing so would likely introduce added complexity and downstream costs for consumers for what many now see as a basic right — to connect your own financial data to the third parties and services you choose. 

Nearly half (48%) of consumers say they would be unlikely to connect external financial accounts to their primary bank if it came with a fee, and that reluctance spikes among older generations. The willingness to pay, where it exists, is highest among Millennials, but even then, cost sensitivity remains high.

Introducing fees or blocking data connections doesn’t just threaten innovation, it threatens consumer trust. Our research found that more than 4 in 10 U.S. adults would be likely to stop using a financial provider that restricted their ability to share data with a trusted third party. That’s not a small risk — it’s a warning signal.

Open Finance Is the Future — and Consumers Know It

The evolution of Open Banking from innovation to expectation is well underway. Consumers no longer simply want access to their banking data. They want seamless control over their financial lives and actionable insights based on their permissioned financial data to help them achieve their goals.

Financial institutions that lean into openness and transparency won’t just meet consumer expectations, they’ll earn their loyalty. Those that resist — or are slow to embrace Open Banking — may soon find themselves left behind.