The value of open data in finance: The EU preparing for the digital
financial transformation
The integration of open data in the financial sector is changing the
way individuals and institutions interact with financial services.
Open data in finance refers to the sharing of financial information,
which expands beyond simple banking transactions to encompass a
broader range of financial products, including investments, mortgages,
and insurance.
[https://www.moneyhub.com/blogposts/difference-between-open-banking-open-finance-and-open-data#:~:text=Open%20Finance%20is%20a%20data,investments%2C%20mortgages%20and%20other%20loans]
This type of information sharing can help financial institutions make
more informed decisions and can provide consumers with a personalised
approach. 

Following the shift to digitalisation in the financial sector, the
Commission has decided to put forward an ‘Open finance
[https://finance.ec.europa.eu/digital-finance/framework-financial-data-access_en]’
proposal. Put forward in June 2023, the proposal aims for open access
to customer financial data that is secure across the EU. With the
legislative package on a framework for financial data access
[https://finance.ec.europa.eu/publications/financial-data-access-and-payments-package_en],
rights for the management of customer data are established, which
protect consumers and motivates them to share their financial data in
a secure way. 

Global organisations, such as the World Bank
[https://data.worldbank.org/], recognise the potential of open data to
drive economic growth and financial inclusion. By making financial
data more accessible, developing countries can improve governance and
attract investment, further integrating into the global economy. Open
data in the financial sector also supports better risk management and
more informed decision-making for both individuals and institutions.
On our platform [https://data.europa.eu/en], you can find 111 000
datasets
[https://data.europa.eu/data/datasets?locale=en&categories=ECON&page=1]
of public institutions on economy and finance, contributing to the
open finance initiative. 

By enabling secure data sharing across financial platforms, open data
gives consumers more control over their financial information and
fosters innovation among service providers. Open data can create a
more dynamic financial ecosystem, helping the EU to be at the
forefront of the digital age. 

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Publication Date/Time
2024-08-28T08:00:00+00:00
How the open finance proposal addresses the benefits of data sharing