On 20 June 2019, the Lab and Fellows NestEgg, and joined forces to explore how Open Banking can help build a financial system that serves people and planet.
Open Banking offers huge potential. It could put people in control of their financial data, enabling products and services to better meet our needs – but there are also significant risks around consent, bias, exclusion and exploitation. The Lab has worked to raise awareness of the opportunities and risks via our work on Open Banking and Financial Health and by working with consumer groups to co-develop an Open Banking Consumer Manifesto. This event explored the opportunities and risks of Open Banking and provided real examples of how Open Banking can be a force for good.