3 lessons for open finance
As the UK and EU authorities consider how to achieve open finance, we share key learnings from the roll-out of open banking.
- Start with access rights
- Mind the gap
- Test before making rules
Open finance is based on the principle that the data supplied by and created on behalf of financial services customers are owned and controlled by those customers. Re-use of these data by other providers takes place in a safe and ethical environment with informed consumer consent.
- a European Strategy For Data — looking at a single market for data;
- a Retail Payments Strategy for the EU — developing a vision for realising the benefits of payments across the EU; and
- a broader digital finance strategy.
Individuals should be further supported in enforcing their rights with regard to the use of the data they generate. They can be empowered to be in control of their data through tools and means to decide at a granular level about what is done with their data.