Open finance and the future of digital financial services

Open finance is a natural next step after PSD2 and Open Banking, which gave consumers control over their payment account data. The goal of open finance is to provide consumers with full control over all their financial data, underpinned by regulation and enabled by technology. Regulators, policymakers, and innovators are exploring how to achieve this, considering global approaches and wider impact. A successful open finance regime could transform an abundance of products and services across financial services and beyond, making mortgage approvals instantaneous and digital, pension switching automatic, and financial advice more personalized and powerful. With open finance, people and small businesses gain control over their data and receive better, more affordable services in return.

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