11:FS, Plaid release joint report on open finance

The report considers the transformative impact of the UK's Open Finance framework across a customer’s total financial experience. Based on both company’s experiences and their joint submission to the Financial Conduct Authority's (FCA) Call for Input, the report details the shortcomings and successes of Open Banking and recommendations for how the UK should approach Open Finance.

The report examines:

• A framework for ‘open’ financial services: comparing the regulatory-led paths of the UK, Europe, and Australia with more market-led jurisdictions such as the US and Canada to date;
• Policy considerations: delivering an optimal path for implementing open finance, including comprehensive financial data rights for all consumers, and allowing accredited third parties who specialise in API development and integration to build open finance’s infrastructure;
• The impact on customers: how and why the early success will be sectors that are adjacent to payment accounts data under PSD2. This includes non-invested savings, credit and loans, mortgages, SME finance, pensions, and digital identity;
• The potential benefits: how making data available from a wider range of segments and industries will act as a catalyst for new, highly personalised digital services, as well as attracting more non-financial services to the sector.