Open Banking – Charting industry progress and exploring complementary data assets
Download our new Open Banking whitepaper featuring Richard Davies (SME Banking Director at TSB) and Nick Vanstone (Director of Business Information Consulting at Experian).
The paper discusses:
- How far we’ve come with Open Banking in the UK
- The opportunity it presents for small businesses
- The additional value of complementary data assets.
The race is on to develop Open Banking APIs and the CMA9 have rightly focussed early efforts on the consumer market. The scale and value attached to this market in the UK is unrivalled and the penalties far-reaching for falling behind the competition or the regulator’s expectations.
And yet, Open Banking is providing a significant change in the information available for a number of purposes, including SME lending decisions. It is our belief that this will create a catalyst to go one small step further, to gather and analyse Management Account data, in conjunction with Open Banking data, to form a rich and intelligent financial dataset.