In order to aid Brits in coping with the cost-of-living crisis, the FinTech industry body Innovate Finance has urged regulators to expand open banking to support the deployment of budgeting and affordability algorithms.
Innovate Finance has provided a strategy for how business, regulators, and the government can collaborate more effectively to address cost-of-living pressures in a report co-authored with EY.
According to the report, FinTech have already assisted millions of customers in improving their financial management, finding better deals, coping with unexpected income fluctuations, spreading the cost of necessary purchases, and obtaining more affordable credit.
The report also calls for a limit on the costs associated with disclosing customer financial information for open banking e-commerce transactions.
Read More: Innovate Finance calls for expanded open banking to help with cost-of-living crisis
