Although the FCA has yet to publish a compliance timeframe, open finance is bound to happen; smart firms are already planning for success and there will be early mover advantages. While the discussion ensues about technicalities, there are many things we already know. Open finance is fundamentally about data and open technologies and much can be learnt from open banking.
GFT has delivered many successful open banking projects in global locations, including BBVA, Santander and HSBC. Our practical experience shows the transformational potential of open banking and we believe open finance expands similar benefits to more parties. We firmly believe the time is right for open finance and that all firms should start planning now.