Digital transformation consultancy Woodhurst has launched a new Open Finance community. Named Shift, the community includes founders and leadership teams from some of the UK’s leading FinTechs in the Open Finance space.
Open Finance considers how customers will be able to take control of their data and easily execute payments across all areas of financial services so that new, innovative solutions can be created. It is an extension of the open agenda beyond simply Open Banking, to encompass savings, investments, mortgages, credit, pensions, and insurance, for both individuals and businesses. Financial Data such as mortgages, savings, pensions, insurance, and consumer credit – basically your entire financial footprint – could be opened up to trusted third-party APIs, with user consent.
The innovation presents major opportunities to financial services operators, but before its potential can be realized, collaboration, partnerships and integrations will be essential in the effort to push the Open Finance agenda forward. To help organizations see Open Finance reach this point, Woodhurst Consulting has launched Shift, a new Open Finance network.
The community will help foster collaboration between founders of disruptive financial services firms and other industry participants to progress the Open Finance agenda by tackling specific, member-identified challenges. It will also provide unique access to industry and organizational leaders who collectively want to solve the challenges that Open Finance presents.
Josh Rix, Co-Founder Woodhurst Consulting, commented, “The evolution of Open Banking towards Open Finance will require collaboration and a concerted effort across the industry. Woodhurst created Shift to allow diverse industry participants to work together and push the Open Finance agenda forward at a greater pace.”
The launch of the community comes after the publication of an industry report from Woodhurst, which highlighted over 40 of the key products and solutions that are being developed today, showing how Open Finance can help improve customers’ financial lives. Shift already seems set to become one of the key groups for pushing the Open Finance agenda forward in the UK and includes founders from Akonihub, Aptap, Direct ID, Plend, MoneyHub, Quirk Money, Tred, and many more.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
