Open innovation will help drive efficiencies and competition in financial services through open standards and open data
The Data Spectrum for banking helps you to understand the language of data within the banking sector. Download the data spectrum here (EPS / PNG)
Open data and open systems have the power to reduce friction in the economy and boost innovation and competition that helps stimulate growth. They can also help people identify efficiencies and open up new ways to trade, encouraging transparency and collaboration throughout networks across the sector.
We are working to highlight how open data can enhance FinTech and banking and bring broad benefits to customers, regulators and industry.
We are actively seeking partners who want to help develop open innovation in finance and will be launching a series of initiatives in this area. Deutsche Bank have joined as our first finance sector leader, and we are looking to expand the network further. If you are interested in collaborating, please contact [email protected].
Setting the Open Banking Standard
As part of a joint industry and government Open Banking Working Group we have developed a framework for designing and implementing the Open Banking Standard. In particular we are highlighting how customers can have more control over their data, and how to create an environment that maximises the reuse of data.
The working group brings together industry experts from banking, open data, consumer and business communities with a diverse range of views, and is actively seeking input from other interested groups. Read the Terms of Reference for more.
In ‘Data sharing and open data for banks,’ a report for HM Treasury and Cabinet Office, we explain why making data more accessible, and sharing transactional data via open APIs, could improve competition and consumer experience in UK banking. The paper also touches on the key technologies and how they can be used to support data sharing via APIs that preserve privacy.
Our 2013 ‘Show me the money’ report provides a comprehensive snapshot of the UK peer-to-peer lending (P2P) market, revealing lending by region using data from P2P platforms.