Taking our cue from Open Banking, we think about Open Finance in terms of open Application Programme Interfaces (APIs). But it would be unrealistic for us to say that those decisions are easy. One cannot underestimate the fundamental role of APIs in Open Banking initiatives. Open Banking’s ambition is to improve the consumer experience and the value they get from banking services by encouraging secure sharing of data with third party providers with consumer consent. While the delay in implementing Strong Customer Authentication requirements may have slowed the take up of Open Banking, over 135 new account information services and payment initiation services have been either registered or authorised and customer awareness is expected to continue to develop and grow. How do we then reconcile the principle with the practicalities, the fact that revoking the consent doesn’t erase the data which has already been shared? What role does the FCA play? All of which happens with full responsibility and, potentially, control resting with the consumer. But we need to ensure that we remain plugged into these international discussions as they set the tone and future for the realisation of cross-sector, and international data sharing. And you can start to see how this evolves into a package which works in the interest of consumers: advice, frictionless changes between products, information on spending whenever you want or need it.
Third party providers would be able to access the same information and perform the same functions as are available online to the relevant customer. Open Banking uses the latest technology to provide a true snapshot of your applicant’s finances.
But in its simplest form, Open Banking demonstrated a practical solution for how data could be securely shared with third party providers. Your current account history and spending habits.
These APIs allow Third Party Providers to create financial products, services and applications which leverage user data - provided with consent - to share across verified firms. Of course, this a decision for firms which will be balanced against the benefits and incentives, something I’ll come to later. It’s something the FCA has been considering very carefully in our Retail Distribution Review and Financial Advice Market Review. For example, on the firm side, sharing consumer data might be in tension with their commercial interest.As we consider our regulatory toolkit through our assessment of the 'Future of Regulation', the possibilities Open Finance could offer in unlocking new ways to use our pre-existing tools will become increasingly important. Check the FCA’s Register or the Open Banking Directory.
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