Pain points and industry challenges in the UK
Launch
Announcing the Coalition theme on Fighting Economic Crime Through Enhanced Verification
Stage 1
Engagement
Engaging the ecosystem to join the Coalition as Coalition Partners or Supporters
Stage 2
Discovery
Working with coalition partners to identify opportunity areas and set the foundations for delivery
Stage 3
Delivery
Creating Coalition outputs and defining the recommendations and final blueprint, including Proofs of Concept
Stage 4
Advocacy
Working with the ecosystem to test and demonstrate the application and impact of Coalition outputs
Stage 5
Empowerment
Enabling industry and other stakeholders to take the outputs forward and deliver positive impact
Stage 6
Practical impact for individual consumers, businesses and banks
Pain points and industry challenges
Identify key issues that businesses and individuals face that can be resolved with the CFIT coalition model.
Data opportunities
Assess the required data sharing and collaboration between banks, regulators, fintechs, academics and others.
Identify ‘Use Cases’
Define the range of practical applications where data collaboration can have a meaningful outcome.
Evaluate solutions and other partners
Assess potential solutions that can answer the challenges and identify the required partners that are needed, including technology, partnerships, and governance.
Build working prototypes
Develop prototypes to validate if the solutions work in real-world contexts.
Present findings and showcase the impact
Demonstrate that the solutions will provide measurable impact for consumers and businesses.
Feb 2023
CFIT is launched as a key recommendation of the Kalifa review on UK Fintech
July 2023
Open Finance coalition launch
First coalition on Open Finance created
July 2024
Digital verification coalition launch
Coalition 2, Digital Verification is formally started
April 2025
Start of Digital Company ID Trust and Governance, and Market Opportunity working groups
June 2025
SME Access to Finance kick off
October 2025
Smart Data, Open Property and Home Buying coalition kick off
March 2026
End of the Trust & Governance Working Group and the Market Opportunity Working Group
May 2026
End of Phase 1 of the Smart Data, Open Property and Home Buying coalition
Phase 1 was building a roadmap for DBT, Phase 2 will be building product with industry