Collaboration supports effective data sharing for financial services

Leading business and financial adviser Grant Thornton UK LLP and multinational law firm Pinsent Masons have joined forces to support firms with how they can share data safely, efficiently and effectively across financial services in a push to enable open finance.

Following the FCA’s 2019/2020 business plan, which introduced the concept of Open Finance building on Open Banking, there has been a shift in demand from the market and regulators to provide additional benefits to consumers through greater choice and access to products and services.

The proposed Open Finance concept is much wider than Open Banking; affecting mortgage providers, consumer credit firms, investment and pension funds, as well as general insurers and intermediaries.

The focus of Open Finance is to improve the way consumers and small and medium-sized enterprises (SMEs) manage their finances and improve the way companies in the financial services ecosystem interact with each other and with their customers.

Through this unique collaboration, the two firms will pool their wide range of data expertise, including advice on implementation and technology platforms to support financial services organisations with a range of data challenges critical to the success of open finance.

This will include advice around data sharing and licensing, data ethics, data platforms, data analytics, artificial intelligence, creating data strategies and establishing fit for purpose data management.

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