The future of Open Banking has been a hot topic in 2023, with the launch of the Joint Regulatory Oversight Committee’s (JROC) report in April setting out a clear path forward for the use of open banking and open finance functionality in the UK.
At the heart of this vision is a UK wide ambition to be a leader in financial services, with Government, the Opposition, consumers and industry alike driving to embed greater use of data and innovation in the way industry works. Remaining competitive and growth-focused is key.
This shared ambition means that the regulatory and policy landscape will remain stable. The priorities and themes outlined in the JROC roadmap will continue to guide decision makers over the next two years.
However, with a general election looming there is work to be done to ensure momentum is maintained. With some consumers and policy makers still unclear on how Open Banking works and what it can deliver, industry needs to evidence why a data-driven and innovative financial system will maintain the UK’s lead in this space.
The evolution to Open Finance, and the additional data portability, transparency and access it will require, poses an additional challenge for the sector – over half of MPs (51%) and consumers (54%) haven’t even heard the phrase.
The next two years therefore present a critical window for influence – both in relation to regulatory and policy development and shaping long-term thinking on the future of open banking and open finance amongst the two main political parties.
This is an exciting time for the sector and getting the evidence base right will be key to securing long-term impact amongst those shaping the future operating environment.
In this report, we set out insight into key Government and Labour positions on the issue, and unique MP and consumer data in to understanding of open banking and open finance in the UK. We also unpack key milestones in the evolution to open finance and provide recommendations about how to engage now to shape short and long-term thinking in the run up to the next general election.
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