TechnoXander 206 Navigating the future of finance
TechnoXander 161 CFIT Open Finance Coalition's Vision for Financial Transformation
Empowering Futures: CFIT Open Finance Coalition’s Vision for Financial Transformation

The Centre for Finance, Innovation, and Technology's (CFIT) Open Finance Coalition envisions a transformative financial landscape beyond Open Banking. The initiative aims to empower individuals and SMEs by providing a holistic view of financial ecosystems. Anticipating a 1.5% GDP surge in the UK by 2030, Open Finance is positioned as an economic growth catalyst with an estimated annual benefit of £27.8 billion through personal data sharing. For SMEs, the focus is on overcoming credit access challenges and improving cash flow management. The coalition identifies over 30 datasets crucial for financial transformation, emphasising the data revolution's significance.