As Charlotte Crosswell signs off as trustee of the Open Banking Implementation Entity, she has hit out at the lack of long-term vision to move beyond the current environment to a "Smart Data" economy
In Brief:
With Open Banking well established, the OBIE, currently overseen by the CMA, will be transitioned to a new entity next year
The report notes that while Open Banking has demonstrated its effectiveness, it is still only used by three in 20 digitally active UK Adults and that Account Information Services users has stalled
Crosswell recommends that Open Banking Limited (OBL) continues in its current state as it moves to the interim state to secure the ongoing four key requirements of directory, monitoring, standards and promotion of Open Banking
What does this mean?
Crosswell commented: "One of the impediments to progress has been the absence of clear cross-department vison for developing the UK into a Smart Data economy, where people and businesses have rights to access their data, wherever it may be held, and benefit from a wide range of new choices and innovations. This lack of clear long-term vision for Smart Data has made it increasingly difficult to develop a roadmap to move from the current Open Banking ecosystem to a full Smart Data ecosystem."
