Even the promise of tailored offers and decreases in fees and interest rates were not enough to persuade people to open up access to their financial information, according to a survey of 15,000 people by review platform Trustpilot.
Half of consumers also don’t trust mortgage lenders and other financial institutions.
And more than two in five people feel the financial services industry is less trustworthy as a whole than it was five years ago, the research found.
The findings suggest the roll out of Open Banking could run into problems, according to Alan Duncan Europe marketing director, at Trustpilot.
He said: “These numbers should be a concern for UK financial services firms interested in pursuing the opportunities offered by Open Banking.
“Our previous research found Open Banking provides a £1bn opportunity for the UK economy but that depends on consumer take-up.
“The numbers in this major consumer survey suggest the industry still has a lot of work to do in order to build the trust required for consumers to feel comfortable sharing additional data.”
People surveyed typically favoured minimal fees and low cost messages in marketing over ease of applications and convenience, according to the research.
The majority of respondents said reputation and customer service were the most important qualities for finance companies above the cost of services.