EU OPEN FINANCE RULES
THE FUTURE OF FINANCE : BEYOND OPEN BANKING
EU data strategy places finance first among 14 sectors The selection of financial services as the initial sector for increased EU regulation points to its potential impact on data sharing across industries in the future .
“ If the data economy proves successful – which will need to be demonstrated and validated by participants – I envision a promising future for financial services , as it will generate significantly better value for clients ,” Chris observes .
The implications extend beyond individual services to the broader financial ecosystem . “ This will
The financial landscape of 2030 will bear little resemblance to today ’ s world of open banking . As regulatory frameworks evolve , and data sharing becomes more sophisticated , entirely new possibilities are emerging for financial services .
“ The unlocking of other data pools such as mobility , energy or health entails a massive opportunity for further embedded finance products and services ,” says Chris . This crosssector integration promises to revolutionise how financial services are delivered and consumed .
The impact on personalisation will be particularly significant . “ Financial products can be tailored / customised not only to the financial situation of the customer but from all areas of life – reflecting its individual life situation ,” he notes .
Looking ahead to the end of the decade , the very nature of consumer purchasing could be transformed . “ Eventually the financing of one ’ s consumption in all areas will become part of the product choice and is automatically financed in the best possible way taking data points from all different sectors into consideration .” fintechmagazine . com 17