Have your say: CFIT’s first coalition use cases

We are interested in your views on our first coalition use cases. Help unlock data by shaping our coalition planning and strategy.

Firstly, please allow us to thank you for your ongoing support of CFIT.  Many of you provided input during the set-up of CFIT and you will recall that there was strong support for an ambitious Open Finance agenda to capitalise on the foundations that have been built through open banking.

Open Finance – leveraging new data sets

Based on your inputs, we have now announced that we will focus our initial work on unlocking datasets to show the potential of open finance in delivering better financial outcomes for SMEs and consumers across the UK. We want to be bold in our ambition and tackle challenges that can be scaled to impact millions facing financial exclusion and managing the challenges of cost of living. This extends to SMEs, both big and small across the UK, who are restricted by the datasets available to them and therefore struggle to attract the best financing for their businesses.

Finalising use cases

To achieve our goals, we want to identify two or three potential use cases within open finance that will focus on particular problem statements and can help to prove the business case of how to solve these challenging issues through opening up specific data sets to deliver the benefits an open finance agenda. These may be national issues or centred around a particular geographical area, a sub-sector of SMEs, a use case within a specific age group, or a segment of society such as vulnerable customers or those who are financially excluded.

As we have said previously, we aim to do this by bringing together innovators, wider industry participants, academia, policy makers and local government. Over the course of the next six to nine months, we will produce a set of tangible outcomes for these use cases, including the identification of blockers and the creation of prototypes, that can be taken forward by external bodies for implementation, and scaled for wider adoption.

To finalise the use cases, we would like your views so we can gauge the demand for solutions, the level of interest in participation and potential for solutions that can capitalise on current momentum, as well as understand the key data sets and support that will be needed.

Survey

We attach a short survey (deadline for completion – 2nd June) to receive your feedback, and would be grateful if you could distribute this to your members and networks. We are keen to receive wide input to refine this phase of work and deliver on something meaningful this year that leverages the power of financial innovation across the UK.

Next steps

Once we have received this feedback, we will run a number of regional working sessions starting w/c 22nd May, where we will invite interested parties in these areas of open finance to focus on the prioritised use cases. We will look either for your participation or recommendations of important stakeholders to join these sessions to finalise the use cases for this first coalition.

Many thanks

Charlotte & Ez