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Innovate Finance sets out Open Finance roadmap

Innovate Finance sets out Open Finance roadmap

Building on open banking to enable wider data sharing across financial services products including savings, mortgages and insurance, could unlock an extra £30.5 billion GDP a year for the UK, says a paper from Innovate Finance and KPMG.

During a speech at ifgs 2024 on Monday, UK government Economic Secretary to the Treasury Bim Ofolami announced the formation of an open finance task force.

In their paper, Innovate Finance and KPMG say that open finance 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.

To achieve this, an open finance roadmap is needed, setting out the journey to consent-based data sharing in and across all financial services. The green paper sets out:

  • Three models for open finance implementation in the UK, their advantages and disadvantages
  • The common principles and infrastructure required for regardless of the scenarios
  • How to prioritise use cases and decide which services should be developed now and next

Janine Hirt, CEO, Innovate Finance, says: “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?"

Read the green paper:

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