In May 2018, the Finance Innovation Lab co-convened the Open Banking Convention in partnership with the Open Banking Implementation Entity and Level 39. It was an important opportunity for leading fintechs and civil society representatives to exchange ideas about how Open Banking can deliver better outcomes for consumers and citizens.
Why Open Banking?
Open Banking holds huge potential: it could put people in control of their financial data and enable products and services that work for customers and citizens. But this potential is not guaranteed. There are reasons to fear that Open Banking could increase information asymmetry and complexity, reduce customer control, and exacerbate exclusion and discrimination.
The Lab previously released a briefing summarising the urgent actions needed to ensure that Open Banking works for everyone in society. You can find out more here.
Open Banking Manifesto
The Consumer Manifesto for Open Banking was launched at the Convention, co-developed by the Finance Innovation Lab and 17 consumer groups. The manifesto sets out five prerequisites for Open Banking to deliver useful, affordable and understandable financial services for everyone.
You can download the manifesto here.
Read about what happened
You can catch up on the discussions at the Convention in our briefing document. It summarises the latest thinking about how Open Banking can deliver better outcomes for consumers and citizens, the role of fintechs in that, and the need for a Code of Conduct.
The Open Banking Implementation Entity is now reviewing the event findings, to understand and act on the implications for the delivery and evaluation of their roadmap. We’re delighted that action has been sparked by other stakeholders who attended the event too. In particular, fintechs and consumer groups are exploring ways to continue to support each other, and the debate around how a Code of Conduct and Dispute Resolution Mechanism could be practically useful is being progressed.