The Roadmap to Open Finance in the UK: How can the UK build on innovation in open banking to enable data-sharing across further financial services products including insurance, savings and mortgages?
It is clear we need a roadmap for Open Finance, setting out the journey to data sharing in and across all financial services. To aid and accelerate this process, KPMG and Innovate Finance have collaborated on The Roadmap to Open Finance in the UK, which:
Summarises where we are starting the journey: what has already been achieved or is underway.
Highlights additional building blocks needed to enable the implementation of Open Finance.
Sets out a set of scenarios or route options for the roadmap.
Identifies some of the common infrastructure needed for any journey option.
Provides a framework for deciding on the UK’s route to open finance - clarifying the trade-offs involved in different approaches and how data sets and use cases can be prioritised.
Our aim is to provide a framework and provocation for conversation and debate, to help develop thinking on what the right roadmap (or roadmaps) should be for Open Finance in the UK. We want a big conversation across the ecosystem, with users and consumers; all financial services and institutions; FinTechs; BigTech; regulators; policymakers and government.
Innovate Finance and KPMG will be organising further discussions and we hope you will use this as a tool for your own discussions. Let us know what you think - what is your preferred route to open finance?
You can also read the report on KPMG’s website here.
Contributors and points of contact:
KPMG
Ellie Hewitt | Director, Open Finance Lead, Payments Consulting
Peter Harmston | Partner, Head of Payments Consulting
Connor Clark | Manager, Payments Consulting
Innovate Finance
Janine Hirt | CEO
Adam Jackson | Director of Policy
