Open finance presents a major development for the future of finance. It builds on open banking and aims to open up more data about people’s finances, including insurance, mortgages, pensions and investments – not just payments. But, what do open banking, open finance or ‘open X’ as it is becoming known, mean for consumers and citizens? What is the nature of the revolution they are driving in financial services? What impactful market change, or outcomes, have they delivered – and for whom? What does a vision for open finance that puts the needs of individuals, communities and society first look like?
With practical insight and learnings from the Financial Innovation Lab, StepChange and the third sector, we are starting a new conversation about open finance, exploring in depth the relevance of current open banking use cases to vulnerable people and how the increasingly data-driven finance sector is evolving for them. As the expectation for more and more data sharing and portability grows, it is time to ask how ‘open X’ could transform markets and what that will mean, not only for our financial futures, but for wider society and the environment too.
As a first step, we held an online workshop tailored to consumer and civil society organisations and responsible finance providers. Through a series of short presentations, followed by Q&A, we built understanding and shared knowledge about open finance and what it means for consumers and citizens. Speakers included:
- David Beardmore, Ecosystem Development Director, Open Banking
- Siobhan Dennehy, Head of Economic Regulation, Department for Business, Energy & Industrial Strategy
- Andy Lamb, Product Manager, and Vanessa Northam, Head of Strategic Relationships, StepChange
- Faith Reynolds, Independent Consumer Representative
Read about this webinar and watch a recording here.