Innovate Finance & KPMG have published their ‘Green Paper’, outlining how industry and policymakers can build on current data sharing in open banking to enable wider data sharing across financial services products including savings, mortgages and insurance.
Open banking in the UK has been described by experts as a driving force for innovation. New legislation will shortly give ministers the powers to extend this to other areas of financial services as well as other sectors like energy and retail. This can provide the basis for open finance across all financial services including savings, mortgages and assets, credit, insurance, and investment. This has the power to unlock huge economic and social benefits, enabling consumers and businesses to easily view and manage their entire balance sheet and make finance work better for them.
Commenting on this, Innovate Finance CEO, Janine Hirt, said: “The UK has been a pioneer in Open Banking, and now has the opportunity to be the pioneer of smart data.
“To realise these benefits however, we must still answer the question: how do we get there? How do we extend consent-based, data-driven services across datasets currently held in different financial service sectors to unlock new use cases and innovative services and products? Innovate Finance is delighted to publish The Open Finance Roadmap with KPMG, setting out a roadmap to take forward the UK’s open finance economy.
“To unlock productivity, innovation and consumer outcomes, we need a clear direction for open finance, setting out the journey to data sharing in and across all financial services.”
KPMG UK payments director, Ellie Hewitt, concluded: “Open Finance represents a huge area of opportunity for the UK. In order to get the most potential out of the technology, it’s important the industry agrees on the direction of travel and key principles for open finance in the UK. This paper aims to contribute to that discussion and sets out a framework for how we can realise the full extent of its potential.”
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