The European Commission, through its Data Strategy, has set a goal to build a Single Market for Data in Europe – an open data economy. It has also made fostering a data driven financial sector one of its priorities, including a commitment to present a proposal for a new Open Finance Framework by mid-2022.
2021 will see the Commission continue with discussion and activity enabling this transition, to help power regulation and directives coming down the line including, inevitably, PSD3 and support for the European Payments Initiative.
Eventually this could lead to cross-sector industry data being available across the European Union, with the necessary control and protection from GDPR. Innovators and technology companies can use this access to create applications and other products that make consumers’ lives easier, drive financial inclusion and continue the evolution of financial ecosystems from Open Banking to Open Finance.
Where Open Banking paved the way to making data available to third parties to put better decision-making tools in front of consumers, Open Finance will allow companies to offer advice on financial wellbeing and create a broader array of products and services in an informed way, whether it be car insurance, home insurance, loans, credit cards and mortgages. Open Finance may allow institutions to think differently about how data can be harnessed to improve decision making and design and build products and services to add increased value to their customers.
This webinar focuses on:
- The regulations, directives, guidance and advice that can be expected from the European Commission in 2021 and beyond
- How financial institutions are to turn the cost of additional regulatory compliance into a competitive advantage in the market
- Where will the key revenue streams be in an open data ecosystem?
Speakers:
- Gary Wright - Head of Research, Finextra [Moderator]
- Adrian Mountstephens - Senior Manager, Payments & Banking, Equinix
- Laura Mian - Open Banking Innovation Driver, ING Wholesale Banking
- Krzysztof Grzeszczuk - Open Banking Director, Alior Bank
- Tanja Imamovic - Open API Business Owner/Tribe Leader, Raiffeisen Bank International
> Watch the webinar now