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Moneyhub: Calls for greater data sharing by financial firms | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

Moneyhub: Calls for greater data sharing by financial firms

Moneyhub: Calls for greater data sharing by financial firms

  • Moneyhub has responded to the FCA’s consultation on Consumer Duty citing the need for greater access to data
  • Open Finance can also improve financial organizations’ understanding of their customer
  • The FCA’s proposal seeks to improve the standard of care that retail financial firms provide to their customers
  • Submitted a response to the FCA’s consultation pointing to Open Finance as an effective tool
  • Called for a requirement for financial institutions to make customer data more readily available through the adoption of Open Data standards
  • Smart Data Initiative has identified that slow digital transformation has resulted in this having limited the benefits

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