HM Treasury's Relaunch of Independent FinTech Sector Review

HM Treasury's Relaunch of Independent FinTech Sector Review

Leon Muis

Chief Business Officer at Yolt

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HM Treasury's Relaunch of Independent FinTech Sector Review

23.07.2020 11:15 am

We welcome the Treasury’s decision to relaunch an independent review of the UK’s FinTech sector. At the heart of the review should be a desire to evolve the financial services sector and respond to the changes brought on by the COVID-19 pandemic. And, with an estimated six million people across the UK, equating to 12% of working adults, downloading a banking app for the first time during the crisis, expanding the adoption of open banking should be at the forefront of policymaker’s minds.

But the scope of the review should also range well beyond the immediate crisis-focused future. This is a perfect opportunity to pave the way for a move from open banking to ‘open finance’. We are seeing many companies implement services which use open banking for the benefit of consumers, creating a truly interconnected and open financial sector. These firms should be empowered and enabled by whatever steps come from the review.

“Open Banking technology, such as account information services (AIS) and payment initiation services (PIS), are already helping consumers track their various accounts from a single app and aiding them when they apply for loans. For businesses, universal adoption would bring lower costs, increased efficiency, improved customer insights, better retention, and new markets, as well as set the foundations for a truly open financial system that provides greater possibilities for everyone.

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