Open Banking creates the necessary environment to empower consumer choice and capability. Consumers will now have the ability to consent to providing third party service providers with unprecedented access to account information. These third parties are the new generation of FinTech companies with innovative solutions for analysing their customers’ bank balances and transactions, comparing market offerings, initiating payments and ultimately providing the consumer with tailored financial products and/or services in a digital economy.
As a hugely disruptive change to long established practices, Open Banking entails uncertainties for both providers and consumers and on both technical and behavioural levels. It consequently drives a requirement for guidance and support for all parties as they navigate the benefits, challenges and pitfalls of an open banking ecosystem.
This initiative is bringing together representatives from the technical, financial and academic sectors with the objective of collaborating to develop a shared understanding of what is expected by, and of, innovators in this emerging market.
Tangible outputs of the initiative will include a set of consumer-centric use cases that leverage partner software to demonstrate the new possibilities created by Open Banking, and also unearth new revenue models and technical/regulatory considerations for start-up and evolving FinTech organisations as they bring new products and services to a wider market.
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