Open Finance will see the extension of the core Open Banking concept of making customer payment and bank account data safely available to share with regulated institutions, into the realm of consumer credit and investments, pensions, general insurance, and mortgages. Open Finance will therefore extend the impacts of open APIs in finance, to customers who employ any of these services and beyond banks, building societies and customer credit firms to the following financial services providers:
The Financial Conduct Authority in the UK has made a clear commitment to supporting the expansion of open APIs in the Financial ecosystem, through its ‘Call for Input issued in December 2019. The FCA was due to publish a paper based on responses to the Call for Input in March but this is now due in October 2020.
As we await the FCA’s feedback, we consider the outcomes and lessons learned from Open Banking and look ahead to the potential of Open Finance to share insights including:
- The benefits and use cases of Open Finance
- The projected course for Open Finance in the UK
- Thoughts on how institutions will need to prepare to participate in Open Finance
- The likely timelines for roll-out of Open Finance
- 10 key actions firms should take now.
Looking to learn more about Open Finance and how Capco can help your firm? Please contact Matthew Hutchins.