New KPMG Study focuses on Open Finance & FiDA in Consumer Banking

The Financial Data Access Regulation (FiDA) of the European Union is currently the key topic for everyone in the financial sector working with data or data-driven products and business models. KPMG recently published a new study, "Open Finance & FiDA im Retail-Geschäft," on the subject and surveyed more than 3,000 consumers about their needs and attitudes.

One of the study’s co-authors is Knut Besold — and he says that the new financial data ecosystem brings new rules of the game, new customer expectations, and new opportunities for both established players and new market entrants. Jens Siebert, KPMG Partner, is also credited as a contributor to the study.

>> Read “Drei Fragen an Knut Besold, Partner KPMG, Partner at KPMG (Financial Services)” - In German
>> Download the study: Analyse und Tipps zu Open Finance und FiDA - KPMG in Deutschland

A Quick Overview of the Study

The study shows how FiDA will accelerate Open Finance by requiring financial institutions to share customer data securely, transparently, and in real time — but only with explicit consent. FiDA moves Open Finance from “innovation topic” to regulated market infrastructure.

Customers are open — but cautious.
A KPMG survey of 3,000+ German consumers reveals that 54% are willing to share their financial data if trust, security, and zero extra costs are guaranteed. Younger, higher-income groups are significantly more receptive.

Across all demographics, three conditions dominate:

1. High data security

2. No additional costs

3. Trustworthy providers

What customers truly want are convenience and financial improvement.
Top-rated use cases include:

• Consolidated financial overview

• Personalized investment or insurance recommendations

• Automated contract comparisons and switching
  These services turn the idea of Open Finance into real-world value. 

For financial institutions, FiDA becomes a strategic choice, not just a compliance exercise. KPMG highlights four potential roles: Regulatory Follower, Opportunistic Monetizer, Process Optimizer, and Open Finance Champion. Each reflects a different ambition level in using data to shape customer relationships.

The study also showcases high-impact use cases:

• An integrated financial dashboard

• An AI-based financial coach

• Frictionless digital onboarding & product journeys
  These offerings strengthen loyalty and unlock cross-selling by reducing customer effort. 

The Bottom Line

Open Finance will only succeed when institutions combine FiDA’s regulatory foundation with customer-centric, value-adding digital services. The race to own the financial customer interface has already begun.

>> Download the study: Analyse und Tipps zu Open Finance und FiDA - KPMG in Deutschland

>> Read “Drei Fragen an Knut Besold, Partner KPMG, Partner at KPMG (Financial Services)” - In German