All in one place. And you can start to see how this evolves into a package which works in the interest of consumers: advice, frictionless changes between products, information on spending whenever you want or need it.

For example, on the firm side, sharing consumer data might be in tension with their commercial interest.As we consider our regulatory toolkit through our assessment of the 'Future of Regulation', the possibilities Open Finance could offer in unlocking new ways to use our pre-existing tools will become increasingly important. But financial services, and the financial services regulator, are not the only actors in this space. This was a concern voiced by third party providers over access to payment accounts through "dedicated interfaces" i.e. The cost of infrastructure may be daunting for firms who are already facing cost-cutting measures and tighter bottom lines. While the delay in implementing Strong Customer Authentication requirements may have slowed the take up of Open Banking, over 135 new account information services and payment initiation services have been either registered or authorised and customer awareness is expected to continue to develop and grow. And while that doesn’t necessarily imply poor outcomes for consumers, it is not good for incentivising competition.The development of Open Finance gives us the opportunity to consider both 'public', and 'private' solutions to the challenges of digital ID verification, above and beyond the authentication requirements of PSD2. What I mean by this, is what will drive firms to share consumer data, for other firms to provide products using this data, and consumers to adopt these products, and what are the barriers in all these cases.
While the FCA considers that Open Banking has been successful and that Open Finance is the means to introducing more innovation and competition (and it is backed by the Government in this view), there is an opportunity to learn the lessons from the roll-out of Open Banking, and to improve the model before it is applied more widely.
Of course, this a decision for firms which will be balanced against the benefits and incentives, something I’ll come to later. But this takes me onto my final point on consistency: this is not just a challenge for UK financial services. To date, we’ve seen over 135 entities which the FCA has approved to provide Open Banking-enabled services to consumers and SMEs. As the vision for open finance evolves, it’s crucial that we ensure the industry has the space and right environment to help develop concept into reality.

It is vital that financial services firms take note of this Call for Input, contribute to ensure the best model for Open Finance is rolled-out and, where possible, start preparing now.The Call for Input asks whether Open Finance is likely to develop without the FCA's regulatory intervention. The World Economic Forum is currently exploring mobile verification instead of a passport. Check the FCA’s Register or the Open Banking Directory. But consistency, again, is key.The truth is, we are already seeing fantastic industry initiatives across sectors, but we need to make sure that trend continues. the FCA in the UK).Account Servicing Payment Service Providers provide and maintain a payment account for a payment service users and, are entities that publish Read/Write APIs to permit, with customer consent, payments initiated by third party providers and/or make payment services users’’ account transaction data available to third party providers via their API endpoints e.g. making an investment or applying for credit).Similarly, there are potential competition and operations risks. Now, one of the consistent defining features of retail markets, is that some consumers are less engaged than others. And these challenges are further amplified when we realise that our typical approach to mitigating these biases (mostly disclosure remedies), is relatively ineffective in helping to improve consumer decision-making. As consumers become responsible for more of their own financial decisions, advice becomes especially important. But Open Finance has the capability to transform that decision-making process. Consumers should not have to track through multiple dashboards to understand where their data has been shared, while we simultaneously promise them simplified access to their financial data. But of course, it’s not just consumer benefits that prompt our interest in Open Finance.Now you’re all extremely familiar with that example.

Now, it’s not going to be as simple as 'copy and paste' across the rest of financial services, and I don’t claim to be an expert on the underlying technology behind Open Banking. For example, in terms of poor customer outcomes, it is suggested that "reducing friction" in customer relationships associated with execution-only services could increase the chances of harm to a consumer where they would have been better off taking advice. Advice should be easy to understand and accessible at any time. Despite its potential, however, Open Banking is currently limited in scope - it only gives consumers access to their payment account data; it does not offer consumers a holistic view of their finances. Equally, there are disadvantages if no-one follows suit.However, there is still a key lesson we can draw from its implementation at this stage: Consistency.

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