开放金融开启新时代

Key takeaways1 2Open finance aims to provide moreinclusive services for minorities andimmigrants, more trust and transparencyfor consumers, and simplified andpersonalized product offerings. companies—peer-to-peer payment services, mobilebanking apps, and trading platforms—offer consumerspowerful toolsto manage their money and extend theirbanking capabilities. According to the online data platformStatista, the worldwide number of consumers using openbanking services is projected to reach132.2 millionby 2024.Open banking, which allows consumersto securely share their banking data withthird-party providers (TPPs), continuesto transform financial services. A newgeneration of financial technology (fintech) 3U.S. regulations for open finance are setto change by early 2024, when financialservice providers will be obligated tomake data available to consumers, apps,and fintechs. While open finance presents challengeswith security and interoperability,institutions can partner with aggregatorsthat have expertise in areas like dataminimization for support. With open finance, the next iteration of open banking,consumers can control and share their financialinformation securely with TPPs or financial institutions,accessingan array of financial servicesincluding digitalbanking, lending, payments, renting property, andinvesting. For consumers the services promise fairness,new products, safety, transparency, convenience, andchoice—the ability to control and manage their own datafor their own benefit. To deliver, open finance requiresstrong guardrails for cybersecurity, regulations, andeducation to ensure consumers can make soundfinancial decisions. Systems that evaluate consumer data can be fraughtwith biases. In the UK, the Financial Conduct Authority(FCA) foundindividual credit informationis significantlydifferent across its three large credit reference agencies(CRAs). It reports relatively low understanding aboutcredit among consumers, and found it is difficult toaccess credit information, or to raise disputes. Inclusive financial services For many, access to financial services like credit isessential for autonomy and economic freedom. However,the credit system’s rigid categories and controls leaveout some consumers. According to a TransUnion 2022global study, 8.1 million people in the U.S. (3% of adults)are considered credit unserved, and another 37 millionare considered credit underserved (14% of adults); inCanada, 9.6 million people are either credit unservedor underserved, more than 30% of adults. Similarly, a 2015 U.S. Consumer Financial ProtectionBureau (CFPB) study looked at“credit invisibles”—individuals with no credit or a limited credit historywho are less likely to be approved for loans basedon the data provided by the three nationwide creditreporting agencies (NCRAs). The CFPB concludesthis bias disproportionately affects Black and Hispanicfinancial consumers. “One of the hopes and advantages of open banking oropen finance is that we are creating more of that positivetrajectory, and over time, financial services wouldbecome more inclusive.” Raja Chakravorti, Universal Access Lead, Plaid Immigrants encounter bias in credit scorecalculations as well. Raja Chakravorti,universal access lead at financial servicescompany Plaid, says Fair Isaac Corp-oration (FICO) score calculations do notconsistently pull data properly acrossborders, something he hopes openfinance can help fix. “One of the hopesand advantages of open banking or openfinance is that we are creating more ofthat positive trajectory, and over time,financial services would become moreinclusive,” he says. financial services and a wider varietyof providers. A TPP that can focus on aconsumer’s individual data to introduceand recommend services or specificproducts the consumer might nototherwise discover, such as bettercredit card options or loans thatmatchtheir expenses and income, alsoknown as cash-flow lending. Thismakes it easier for consumers tomake good choices, says Penny Lee,president and CEO of the FinancialTechnology Association, a U.S.-basedtrade association. Chakravorti says traditional credit bureau data is notthe only way to find out whether a consumer is a goodfinancial risk. Alternate data—such as investments, loans,utility payments, and subscription payments—can showa person’s financial behavior and also indicate financialhealth, he says. How a consumer manages personalfinances, like paying bills on time and consistently, canshow how likely they are to meet financial responsibilities,he says. No uniform approach to regulation Governments are creating regulations to encourageinnovation for open banking and open finance, althoughapproaches differ. This may help the global industrydiscover the most effective processes, Kean says.“Different regions are learning from each other andrealizing that there is something they need to adopt,”she says. Trust and transparency The UK’s Competition and Markets Authority (CMA) lawwas the fir