With the regulatory and legislative agenda accelerating towards Open Finance, the delivery of the Pensions Dashboard Programme and the inclusion of Smart Data in this year’s Queen’s Speech, an end-to-end Open Finance regime is set to become a reality in the UK.
This report, developed jointly by The Investing and Saving Alliance (TISA) and Ernst & Young LLP (EY), aims to address the current gaps in research on what is known about market and industry responses to open finance, what is likely to drive adoption and how to make initial offerings most valuable for customers. We would be delighted to discuss these findings in more detail, to learn about other studies not referenced here, and to hear your reactions to our thoughts on the governance approach. We encourage all industry participants to engage in the development of data standards and application programming interfaces (APIs), which are being prototyped and tested now.
“THE ADOPTION OF OPEN FINANCE-TYPE APIs IS A HUGE OPPORTUNITY FOR CONSUMERS, PROVIDERS AND REGULATORS ALIKE. CONSUMERS WILL BE TO EASILY AND SECURELY VIEW THEIR FINANCIAL POSITION BY DRAWING DATA FROM MULTIPLE PROVIDERS ENABLING THEM TAKE MORE CONTROL OF THEIR FINANCES, IT IS THE NEXT, GREAT STEP FORWARD IN PERSONAL FINANCE.
BUT WE SHOULD BE CLEAR ABOUT THE BARRIERS TO CREATING A WORLD-CLASS OPEN FINANCE ECOLOGY. THE SECURITY OF PRIVATE DATA MUST BE ASSURED AND SIGNIFICANT INVESTMENT MADE INTO DESIGNING USER-FRIENDLY AND OPEN APIs. CORE PRINCIPLES FOR ANY OPEN FINANCE SOLUTIONS MUST CONSIDER AFFORDABILITY, PARTICULARLY TO ENSURE ACCESSIBILITY FOR SMALLER MEMBERS, A FAIR ALLOCATION OF COSTS AND THE CAPACITY FOR ONGOING DEVELOPMENT.
TISA’S OSIP PROGRAMME HAS BEEN TRIALLING A NUMBER OF RESPONSIBLE SOLUTIONS TO THESE QUESTIONS, AND I WOULD LIKE TO TAKE THE OPPORTUNITY TODAY TO INVITE THE INDUSTRY TO PARTICIPATE IN OUR INITIATIVES AND POOL RESOURCES AND INFORMATION TO CREATE A WORLD-LEADING OPEN FINANCE FRAMEWORK, TOGETHER WITH THE REGULATORS AND THE GOVERNMENT.”HARRY WEBER-BROWN, CEO, TISA DIGITAL
New Open Finance report from TISA and EY reveals consumers consider Open Finance Dashboards among most valuable future personal finance apps
Read the full article here.
OSIP enables industry to go beyond Open Banking by providing standard and accessible APIs to accounts not currently required by regulation. Together TISA members are leading the industry to Open Finance, empowering the UK to continue to lead the world in a truly open economy that is transparent, accessible and good for both consumers and industry.
If you want to find out more or join TISA’s OSIP programme, get in touch today
Disclaimer: This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Member firms of the global EY organisation cannot accept responsibility for loss to any person relying on this article.