Are you ready for open finance?

Like its predecessor, it aims to promote competition among financial providers, drive digital innovation and promote new, open, data-driven services. The ultimate beneficiaries are customers who should enjoy greater access to enriched and tailored products and favourable pricing models for the individual’s needs. The Financial Conduct Authority (FCA) describes open finance as having the potential to ‘transform’ the way consumers and businesses use (...)

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.

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To discuss this topic further, please get in touch with our specialist

Richard Kalas

Senior Solutions Architect