06 Apr 2021

Open Finance and Inclusion Week

During this campaign week techUK focused on key topics for the financial services and technology industries which are critical to the UK wider economy as we embark on the economic recovery. With members’ contribution, we looked at the opportunities around extending the Open Banking principles to other sectors of financial services including pensions and insurance, and financial inclusion. We will also cover these two topics on Tuesday 20 April at techUK’s Open Finance and Inclusion Summit. You can find out more and register here: https://www.techuk.org/open-finance-inclusion-summit.html

The COVID-19 pandemic has impacted societies across the globe and changed the way many people work and access services. Financial services (FS) sit at the core of the economy and enable a wide range of activities from accessing salaries and benefits, mortgages, and cash and capital management. As the health crisis struck, the industry and the Government reacted quickly and at an unprecedented pace to establish new schemes and processes to continue to support the economy and communities.

Throughout 2020 we have seen the real value of digital finance - how it can transform the way everyone accesses, stores, and moves money. Not embracing the digital transformation journey could be detrimental to the resilience of the ecosystem as well as customers' ability to access essential services. Efforts are also required to ensure that no one is left behind and that everyone can access and benefit from the entire financial services ecosystem.

In the UK, customers can enjoy a wide range of services from multiple providers. The fintech revolution brought to market many new solutions and ways of consuming FS services. Technology is now a core part of banks and other providers’ products. The increased use of artificial intelligence, machine learning, and big data analytics combined with new architecture design supported by biometrics, cloud and distributed ledger technology is a game changer. These developments could not take place without data, and particularly data sharing and mobility.

The big innovation comes from the use of data produced, which has vastly increased during the past decade and can now be shared and analysed to provide customers with better experiences and services. The Revised Payment Services Directive provided a stimulus to the ecosystem, enabling customers to choose to securely share their FS data with third party providers in return for personalised services, advice and analysis of their incomings and outgoings.

As we approach the completion of the final road map for the implementation of Open Banking and regulators and Government’s consultation on Open Finance, we need to bring the ecosystem together to consider the best approach to achieve Open Finance.

Beyond Open Finance, digital finance and the application of new technologies can improve inclusion in the United Kingdom, helping companies reach all customers and respond to the pressing needs of businesses, communities, and individuals. There are also challenges to overcome with regards to accessibility, and here again technology could provide some innovative solutions.

As we move towards a digital finance world, opening many opportunities for the financial services ecosystem to provide new secure services, we must ensure inclusion is a fundamental part of every step of this journey. In the context of the economic recovery and the impact of COVID-19, financial inclusion is key to ensuring we deliver inclusive growth for everyone across the regions and nations. From vulnerable customers to the gig economy and SMEs, the spectrum and needs are diverse and wide.

Tuesday: Digital transformation, a critical step to achieve financial inclusion

LexisNexis Risk Solutions: - Fair and affordable lending for all by Nina Kerkez, Director, Consulting

Sage: Data - The Key to Unlocking Financial Inclusion by Dr. Mike Goodwin, VP Product Data Strategy

Customer Touch Point: How to improve accessibility and inclusion in financial services customer experience by Rick Kirkham, Managing Director

Virgin Media Business: How digital transformation can power the financial services rebound by Mike Smith, Managing Director

Wednesday: The power of data and the future of Open Banking

Thales UK: Who owns your Bank Data? by Howard Berg, Senior Vice President North Central Europe

Intersystems: Sea of change requires a new agility to surge ahead in Open Banking by Tim FitzGerald, EMEA Financial Services Sales Manager

Credera: How banks can achieve the promise of open banking with a data mesh architecture by Mohammad Syed, Managing Consultant

Unboxed Consulting: Open Finance: Why this plays an important role particularly in relation to geospatial and urban planning data by Rhian Lewis, Technologist and Author

Thursday: The policy environment and access to cash

House of Lords: Financial Inclusion - A blog from Lord Holmes of Richmond MBE

LogBox: Financial Inclusion: The Global Issue by Tom Eyre & Gregor Mowat  Co-CEOs and Co-Founders of LOQBOX

frontier economics: Digital Inclusion might be the best approach to the future of Cash by Kristine Dislere, Consultant

Friday: Fixing the challenges around digital exclusion

Shayype Limited: Let’s use our heads to solve digital exclusion by Jonathan Craymer, Chairman

James Challinor

Head of Financial Services, techUK

Ella Gago-Brookes

Team Assistant, Markets, techUK

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