Open Finance Framework: focus on financial data creates imbalance

Open Finance Framework: focus on financial data creates imbalance

10 May 2022

Tobias Tenner, Head of Digitalisation, emphasizes the necessary balance between all involved parties:

"The EU Commission has today launched a public consultation on open framework and data sharing in the financial sector.. The aim is to allow customers themselves to decide who they give access to their data through the Open Finance Framework. It means financial products and services can be better tailored to individual preferences. In order for it to work, there needs to be better access to all the relevant data: not only to financial data, but also to data about energy suppliers, mobility providers and retailers.

Focussing exclusively on financial data does not go far enough and creates an imbalance. A data-driven financial system must be accompanied by an opening up of data in other sectors, so that the costs and benefits are balanced for all parties involved. The financial sector should not be expected to do the groundwork on its own again."

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