Open Finance
Open Finance refers to the collaborative approach among organisations in the financial sector working together seamlessly, to offer simpler, more efficient and highly personalised services. By allowing banks, fintech companies and financial service providers, such as investment brokers and insurance companies, to securely share information (with your consent), Open Finance enables greater control and oversight over every aspect of your finances.
Imagine having a personal financial assistant that can gather data from every aspect of your financial life - including bank accounts, investment portfolios, pension funds, loans, and even budgeting tools — all in one place, regardless of which financial institution holds that information.
This would give you an effortless overview of your finances, allowing you to make more informed decisions. Picture receiving tailored financial advice and access to advanced tools that can help improve your financial wellbeing - from strategies for reducing debt, saving more efficiently, borrowing at better rates, or making wiser investment choices.
At its core, Open Finance empowers you to view your financial situation in a more comprehesive, holistic way and simplifies access to services that are specifically tailored to your needs. It’s not just about making your financial life easier to manage; it’s about giving you the power, insight, and tools you need to make smarter financial choices, while ensuring that you remain in full control of your personal data and how it’s shared.
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The introduction of a Consumer Data Right (CDR) for the banking and electricity sectors establishes a legal framework for Open Finance and, as the Consumer Data Right is extended beyond these sectors, will unlock incredible potential within and across different industry sectors - this is Open Everything. The vision is to, literally, open everything, spanning both private to public sector organisations, such as finance, health and government services.