Article: Kat Cloud: How Do We Unlock Open Banking? The Answer’s in the Data

Money, Open Governance

Kat Cloud: How Do We Unlock Open Banking? The Answer’s in the Data

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.

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Article: Open banking: Why should retailers care?

Money, Open Governance

Open banking: Why should retailers care?

The future of finance is an open one, that much is clear. Already transforming the way we control our finances and pay for products and services, Open Banking shows great potential to disrupt financial services while creating a prominent market opportunity.

Open Banking allows consumers to share their spend data. Everything from individual bank transactions, to regular payments they make and companies they buy from, can be shared with authorised providers. Budgeting apps are one example of Open Banking where consumers share their spending data in exchange for a summary of where they spend their money, gaining value from the data exchange.

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Article: FCA publishes industry feedback on Open Finance

Money, Open Governance

FCA publishes industry feedback on Open Finance

The call for input, which closed in October 2020, was initially laid out in the FCA’s 2019/2020 business plan and was intended to help drive forward the UK’s adoption of Open Banking, eventually reaching a point when Open Finance would be achieved. The FCA defines Open Finance as the re-use of data supplied and created by customers of financial services by a third-party in a safe and ethical environment to improve financial transparency.

The regulator published its feedback to the 169 market responses that it received, including some key insights on the industry’s attitude towards Open Finance. Cost was among the chief concerns, with respondents signalling that ‘the cost of delivering Open Banking had exceeded what was originally expected,’ and as a result, work needed to be put in place to ensure Open Finance ‘could be delivered at a lower cost.’

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Article: FCA to define new rules about data ethics in evolution of Open Banking

Money, Open Governance

FCA to define new rules about data ethics in evolution of Open Banking

Open Finance refers to the extension of Open Banking-like data sharing to a wider range of financial products, such as savings, investments, pensions and insurance.

The FCA published a Call for Input in December 2019 on the shift to Open Finance, which could potentially offer significant benefits to consumers, including increased competition, improved advice and improved access to a wider and more innovative range of financial products and services.

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Article: Open Banking – Progress in Past and Future

Money, Open Governance

Open Banking – Progress in Past and Future

The COVID-19 pandemic affected performance in most sectors in 2020, but crucially it did not hinder innovation in financial services. Indeed, many providers have invested to gain a competitive edge in the post-COVID world, making the sector a rare example of progress in 2020.

Open banking already had impressive momentum before the pandemic, doubling the number of users in the UK to reach one million in the preceding six months – but since then it has flourished and now exceeds the three million mark.

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