New data access bill paves the way for evolution of open banking to open finance
The UK Government has passed the Data (Use and Access) Bill through the House of Parliament, paving the way for expansion of open banking and smart data sharing across multiple business sectors.
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The legislation is a key lever to support the expansion of open banking beyond payments to a more general open finance model, giving consumers the power to share their data more widely across new use cases in energy, telecoms, transport and retail sectors.
This broader vision expands the open-data concept beyond banks to encompass insurance, investments, pensions, and other financial services. One example would be an insurance company offering an overview of existing pension products or the access to loans and deposits data from different banks in one application.
The UK Centre for Finance, Innovation and Technology (CFIT) has already built two working prototypes of open finance applications for providing financial advice to vulnerable consumers and to speed up credit assessments for SME loan applications.
Other use cases could include the sharing of mortgage data to grease the wheels of the property market and provide the best deals on utility bills.
Open Banking Limited CEO Henk Van Hulle comments: 'This is a landmark moment for the sector, but it is just the beginning. Now is the time to turn these foundations into real-world outcomes which empower consumers, drive innovation, and unlock growth.
'Having set the legislative foundations for a smarter, more connected data economy, government, regulators and industry need to come together to make this a reality. The coming months will see important choices made that will frame the type of ecosystem and outcomes we deliver in the years to come.'
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