This substantial report has been put together by financial services consultants Woodhurst, based on conversations with many of the sector’s key participants and recent research into consumer awareness and attitudes.
The report starts with a balanced take on progress in open banking, with this year’s rapid growth set in contrast to expectations that have yet to be fulfilled. Against this slightly downbeat background, the report’s focus is on the potential – particularly for the wider open finance movement.
After a quick overview of the open finance ecosystem, the heart of the report looks at opportunities / pain points and some of the most interesting services being developed. Eight categories are discussed: cross-sectoral, savings, wealth management, pensions, insurance, consumer credit, mortgages and SMEs.
Finally, the authors put forward their views on the five key foundations to developing a truly open financial system.
The report is heavily UK-focused, and perhaps a little light on the potential for open finance and small businesses. But overall it pulls together an excellent in-depth primer on what open finance has to offer while highlighting emerging success stories.