The founding members of the “Open Finance Coalition,” which the Centre for Finance, Innovation and Technology (CFIT) has announced, will work together to demonstrate the value of financial data for SME and consumer outcomes.
In order to unlock the GBP 1.5 trillion now kept in SME bank accounts, CFIT is collaborating with SMEs with the ultimate goal of granting them more access to and control over their data. Similar challenges are faced by consumers.
Although CFIT is aiming for a six-month schedule for its debut Open Finance Coalition, it anticipates that its coalitions will last anywhere from six to twelve months. To address the issues of scaling solutions and generating economic advantages, the company seeks to bring together banks, Big Tech, data providers, fintechs, and politicians.