Open Finance

What is Open Finance?

Open finance is the extension of open banking principles to a wider range of financial products, such as savings, investments, and insurance. It allows customers to securely share their financial data with third-party providers to access more personalized and competitive services.

Why It Matters

• It gives consumers more control over their financial data and how it is used.

• It encourages competition by making it easier for users to compare and switch products.

• It enables the creation of more holistic financial management tools and advice.