Open Finance for All
Open Banking has so much to celebrate. Still only four years old, over 4 million people and half of small businesses are using it. But it will grow and develop to become so much more. Designed to protect consumers and businesses and improve financial wellbeing, our mission is to make sure it becomes the success we know it can be.
The roadmap to make this happen is shared among government, regulators, and the Open Banking Implementation Entity (OBIE). We’re taking on the challenge to bring all these parties together, to unlock the true potential of Open Banking.
The UK is leading the way in Open Banking worldwide; we’ll make sure that continues. We see the future of Open Banking as the blueprint for Open Finance and Smart Data, available to all parts of society, especially groups that are traditionally excluded, designed to protect against crime, resilient to failure and future shocks to the system.
Smart Data Foundry is ideally placed to drive collaboration with Government, Regulators, FinTech’s and the wider Financial Services community. We will make sure that Open Banking works for everyone and paves the way for a better future.
Shock-proof in a crisis
We’ve brought key stakeholders and others together to make sure open Open Banking can handle a future crisis. No doubt we’ll find gaps through role-playing various situations, and we can make sure these gaps are closed to protect consumers and businesses that rely on Open Banking every day.
Every day’s a school day
Being at the heart of the University of Edinburgh means we can lead the way when it comes to learning. We’ve put academics and industry experts together to design world-class training for the fast-moving and innovative world of Open Banking.
Making sure the tech works for humans
Advances in AI and Machine Learning are behind many decisions that impact our financial lives. But sometimes, bad decisions can be made by these clever algorithms based on bad data. Known as Algorithmic Bias, we’ve started the conversation to shine a light on this. We will soon be publishing a whitepaper and bringing together interested groups to discuss how we can tackle this issue as an industry.