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From Open Banking to Open Finance to Open Data

Open Banking was the first chapter, not the whole story. The same principle — consumers and businesses able to securely share their data to get better services — is now expanding across finance and, ultimately, the wider economy.

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Mapping the journey

Open Banking — secure, consent-based sharing of *current-account* data and payment initiation. This is live and mature.

Open Finance — the same model extended to *more financial products*: savings, investments, pensions, mortgages, insurance and credit. A fuller picture of someone’s finances enables more personalised, competitive and inclusive services.

Open Data / Smart Data — the model extended beyond finance into other regulated sectors (energy, telecoms and more), enabling cross-sector data sharing across the economy with the consumer in control.

Smart Data and the Data (Use and Access) Act

The UK’s Smart Data agenda is the policy engine for this expansion, underpinned by the Data (Use and Access) Act, which provides the legal basis for secure, consent-based data-sharing schemes beyond banking. The FCA has also set out its roadmap for Open Finance. Together, these move the UK from a single successful scheme (Open Banking) toward a repeatable framework for regulated data sharing across sectors.

What it means — and what firms should do

For consumers and businesses, the payoff is better decisions and fairer pricing from a more complete data picture, with stronger consent controls. For firms, the trajectory is clear: the organisations that treat data-sharing infrastructure as a capability now — reliable APIs, consent management, participation in trust frameworks — will be ready to offer Open Finance and Open Data services as the perimeter widens, rather than scrambling to catch up.

FAQ

Frequently asked questions

Open Banking covers current-account data and payments; Open Finance extends to all financial products; Open Data extends beyond finance to other sectors.

The UK's programme, backed by the Data (Use and Access) Act, for secure consent-based data sharing across the economy.

Build data-sharing-ready infrastructure and consent management so they can offer Open Finance/Open Data services as the framework expands.