Could Open Finance Transform Industry? Call for Input
Open banking has had an undeniably significant effect on the banking industry, with a wide range of faster, more convenient choices now competing for customer attention. Could extending the principles of open banking – the (optional) sharing of bank data with third parties – to other financial products further transform financial services?
The UK’s Financial Conduct Authority (FCA) has recently launched a call for input on the risks and opportunities presented by open finance. With data and technology increasingly shaping financial markets, the FCA wants to know how, as a regulator, they should best respond to these changes. What would be needed to develop open finance in the best interests of consumers? And what role would the FCA need to play to support it?
The FCA has also set up an open finance advisory group, consisting of industry experts, consumer and business representatives, academics and government departments. Their conclusions can be read here.
Input is welcome until 17 March, and the FCA will publish a statement on the issue in summer 2020.
Read more and find out how to take part here.
