Issue: Technological advances, coupled with the increased availability and sharing of data and new regulation, are bringing sweeping changes to the financial services (FS) sector, moving it from a sector, which operates within stand-alone silos, to an integrated, collaborative ecosystem. To thrive, FS providers have to open up their data to other service providers, be open to developing products and services collaboratively and work in an increasingly ‘networked’ fashion.
Activities & outcomes:
techUK has established itself as an important interlocutor on open banking and, further, its expansion into open finance and smart data. We took part in the FCA’s Expert Panel on Open Finance which formed the basis for future consultation and policy development. As the idea of ‘open data’ is being explored across sectors, we have enlarged our policy discourse, involving the wider membership and developing a more comprehensive policy stance.
We have become a leading advocate on the crucial topic of digital identity, collaborating closely with the Open Identity Exchange, Government and a wide range of stakeholders towards the establishment of a digital identity market in the UK.
In 2020, techUK will promote an FS ecosystem which works on collaboration, breaking down barriers and offering a platform for tech companies, banks, internet platforms and digital financial services providers to build understanding and trust and to work together for the benefit of all players. This will be achieved through working group meetings and a regular programme of events. This will include engagement opportunities with a number of partners across industry (i.e. FDATA, OIX, UK Finance, AFB, BSI, City of London and Innovate Finance) and, within techUK, across different programmes (Cyber, AI, Big Data and Analytics, Cloud and Mobile and the Internet of Things).