This is exactly the angle being discussed here by our guest Kat Cloud, the UK Policy Lead for the Open Banking platform Plaid. Her work focuses on protecting and enabling consumer’s rights to access and use their financial data. Before joining Plaid, Kat was the policy lead for Open Banking and PSD2 at the Financial Conduct Authority. A self-confessed payment-nerd, she has played key roles in delivering Open Banking, PSD2, and now open finance for the UK.
If Open Banking is going to truly revolutionize the financial services industry, then data democracy is the key to lowering the remaining barriers to progress and improving the consumer experience. How consumers access, manage and crucially, control their data has been the focus of the Open Banking debate for years.