EU OPEN FINANCE RULES
drive FinTech growth and advance the monetisation and exchange of data as a core component in future financial service delivery ,” Chris says . “ We ’ ll see the industry ’ s reputation and impact strengthen .”
Strategic planning required for implementation success As Chris emphasises , FinTech companies must begin preparation for FIDA implementation . “ Get thoroughly involved with the regulation – understand it , study it and engage with all parties who will be your future partners in data sharing schemes ,” he says .
This planning process will require engagement with multiple stakeholders . “ Engage in dialogue with everyone who will shape these schemes and determine how you want to utilise them moving forward ,” he advises . “ Consumer protection agencies will also play a role in the scheme .”
Companies need to develop clear value propositions . “ Establish how you ’ ll provide additional value to potential clients and begin mapping out user journeys that will ultimately convince them of your service ’ s merit ,” notes Chris .
The implementation requires a multifaceted approach . “ It ’ s a combination of commercial perspective , strategic vision and technical considerations regarding how to access and leverage the regulation to become part of the ecosystem .
FOR MORE INFORMATION ON EY GETE CONTACT Sharon Chen , Senior Manager , Global Emerging Tech Ecosystem , EY