This expansion would help Brits with the cost-of-living crisis
IN BRIEF:
- Extension of open banking would support the deployment of budgeting and affordability algorithms
- The report, written with EY, suggests Open Banking is extended to priority areas including all savings accounts, credit and mortgages so consumers can get a clearer view of their finances
- The report also calls for a cap on fees charged to release consumers’ financial data for open banking e-commerce payments
What does this mean?
Janine Hirt, CEO, Innovate Finance, says: “There is more fintech companies can be doing to help people - especially with open banking, but this can only be made possible by regulatory change. We are at a critical juncture, with consumers facing increasing pressures on their personal finances, and it’s essential there is a swift change in regulatory policy."
