Protection of privacy paramount in open finance

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Industry watchdog reiterates that protection of customers' data and the right of consent are of paramount importance in applying open finance

a system to login to a customer’s banking profile as if it were the customer to collect the relevant data. and customers to exert greater control over the data shared, but t have these APIs because they have not had an incentive to build them; they are is susceptible to error and should be used only via trusted third partiesIn its feedback session the FSCA said both methods would be allowed for open finance, though APIs would be preferred.

Realistically, however, we are at least 18 months from seeing open finance in action. In the meantime, financial institutions can capitalise on the data they already have and build tools that give customers value. Alternatively, they can partner and collaborate with third-party fintechs to the same end.

The winners will ultimately be the companies that prepare for open finance, embrace the technology and put their customers first.

 

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