Consumer permission is the currency that powers better financial experiences

The research, based on a survey of more than 8,000 consumers across nine markets and 300 senior industry decisionmakers, shows a consistent pattern: Trust, security and convenience are now inextricably linked. Consumers want better digital experiences and understand the upside: More than 8 out of 10 said they would consent to sharing their personal data to simplify loan applications to get better approval and interest rates, and nearly 20% would not only consent, but also pay a fee to access instant account opening. But the value of consent isn’t just a dollar figure — it’s about building trust with their customers, who are more likely to remain loyal if they understand and control how their data is being used.  

That means obtaining consumer permission isn’t just about complying with legal obligations. It’s about delivering a better experience and demonstrating to a customer that you’re a provider worth staying with. 

One of the most important takeaways from this research is that most consumers are open to data sharing in principle. That leaves two questions: What do they receive in return, and how confident do they feel about this arrangement?

The Mastercard research reveals that nearly half of those willing to share their data says it depends on them understanding what their data will be used for — saving time, getting a better rate, completing an application faster, receiving personalized guidance. But when that value is vague or framed in technical language, willingness drops. Confusion and friction don’t just create bad experiences — they reduce consent.

Transparency is also key to understanding the benefits of consumer-permissioned data. To earn someone’s confidence so they opt in to share their data, it’s key to explain who is receiving and using the data, the kinds of services provided, and the rights individuals have to opt out of sharing their data at any time.  

People don’t want surprises. As outlined in the report, they want to know the payoff (“Sharing your data enables faster approvals”), who’s in control (“You can revoke consent at any time”), and whether their data is secure (“We monitor continuously to detect misuse”).

Trust requires clarity: The consumer should always understand what’s happening and why.

On the provider side, the benefits of open finance are increasingly measurable. As consumers receive more value through personalized experiences, they become more willing to share their data — fueling a data flywheel in which greater data access enables better services, driving even more value in return. Consistent with this dynamic, a majority of executives in our study say that open finance efforts are already improving commercial outcomes, including revenue performance.

But the mirror image of that finding is just as critical: Many leaders also believe they’re missing out on meaningful upside because they can’t secure the permissions needed to deliver better experiences. That gap shows up in very practical ways: slower onboarding, incomplete decisioning, payment friction, drop-off in digital journeys and lost opportunities to offer the right product at the right time.

Consumer consent in open banking is not just a trust issue. It's a growth issue. You can’t deliver experiences that drive value without earning consumer permission. 

Advances in AI will accelerate what’s possible with permissioned data, and in some markets, regulation may help shape open finance. But regardless of technology or policy, the direction is clear: Consumers will reward providers that make their financial lives easier — and that respect their data choices along the way.

That’s why I view consent as the real currency of open finance. It’s what powers the flywheel: earning permission, delivering a clear benefit, improving the experience, deepening trust, and unlocking new services that continue to create value.

Open finance isn’t just about connected data. It’s about connected relationships — and the organizations that lead in 2026 and beyond will be the ones that treat consumer trust as something you earn with every transaction.