Open Banking is currently the most significant global trend in financial services and financial technology (FinTech). Launched in the UK in 2018, Open Banking is a pioneering initiative to rebalance markets in favour of consumers by using shared financial data through secure open Application Programming Interfaces to increase competition and innovation, leading to better products and services.
Open Banking is driving opportunities for collaboration between FinTechs, banks and universities to create innovative new data-driven services. The UK is a global leader with first mover advantage in Open Banking which has potential to become a cornerstone of the UK’s digital economy.
Crucially, Open Banking is now evolving into Open Finance, taking into account other areas of Financial Services such and Pensions, Investments and Insurance. Open Finance will also begin to link directly into other sectors, creating new opportunities for products and services, for example there is a need to better understand the opportunities and impacts of this financial data evolution for society, the economy and the environment.
The Global Open Finance Centre of Excellence (GOFCoE) is being established in Edinburgh to provide leadership, coordination, research and capability to support this rapidly evolving phenomenon.
Building on developments in Open Banking to date, GOFCoE has the following mission:
‘To safely unlock the potential of customer data as a force to improve lives’
Hosted by the Edinburgh Futures Institute, supported by the Edinburgh Parallel Computing Centre and led by the University of Edinburgh, the Financial Data and Technology Association and FinTech Scotland, the Centre will deliver six key objectives:
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