Open Finance the next step on from Open Banking
Liz Brandt
A purpose driven leader passionate about the sustainable use of personal data to drive value for individuals, organisations and society.
It's exciting to be a memeber of the FCA Open Finance Advisory Group alongside so many outstanding leaders in their field https://www.fca.org.uk/firms/advisory-group-open-finance.
With the Fingleton report neatly illustrating the direct blood line from Midata, for which Ctrl-Shift were business advisors way back in 2013, you can see how far we've come already. Open Banking has laid many of the foundations for the empowerment of individuals, but as was mentioned in the meeting saying we're leaders is a dangerous laural against which to lean. There is still much to do to enable growth and support value delivery to the individual.
While there is a real need to create focus in Open Finance we can not over look the fundemental role that banks play today in our economies - and potentially into the future. But potenially is definitely part of that sentence as banks battle to maintain relevance in the lives of individuals. We see huge value in bringing much of the work that is being progress in Data Mobility to the Open Banking world, enabling real opportunities for innovation and the development of recombinant innovation that creates previously unseen value opportunities for inidviduals, organisations and society.
I would love to hear your opinions on this next phase of Open Finance, what value do you see most clearly being developed, what are the incentives that need to be put in place to drive market development, what is important for consumers and how do we develop the ecosystem, technologies and interoperability to accelerate.
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5 å¹´My data as a proxy for trust Breaking down the idea of trust leads me back to interpersonal relationships. Trust between two individuals is built on an intimate knowledge of each others' background, context, opinions, priorities, actions, relationships with others etc. Viewed coldly, this is a set of data points that we retain and use to help us predict another person's behaviors with respect to a new hypothetical context. That's the essence of C2C trust. In the same way, for both B2B and B2C relationships, we use data about parties to determine how we treat them. A Dun and Bradstreet Rating or an Experian Credit Score - just computed data points as proxies for trust. Yet those scores were developed in times where data was not readily available, so they are blunt instruments that are applied in today's fine-grained digital world. Value: My vision for Open Finance would be an up-to-date Trust model that will facilitate healthy relationships. Where two parties are able to rapidly gain accurate knowledge of each other allowing them to establish mutually beneficial terms for dealing with each other. So as customers, the offer and terms of engagement can be custom rather than blanket rules. The new currency of trust should operate beyond the financial services industry, which presents a neat technical problem to be solved to create a transportable data format. Consumers: I think that consumers will traverse a spectrum of needs. At one extreme they won't want to be bothered managing a new concept, so a background job running in parallel with every transaction. At the other extreme, when something goes wrong, they need to understand what happened and how to fix it. The fix needs to be universal rather than the current piecemeal inconvenience of trying to resolve an identity theft. So in addition to authentication, provenance is a major enabler.