Date: April 15, 2024
Source: Fintech Finance News
A Green Paper by Innovate Finance and KPMG proposes leveraging open banking’s success to create a wider financial data sharing system.
The UK’s open banking system has fueled innovation, and upcoming legislation could expand it to mortgages, savings, insurance, and more. This “open finance” could revolutionize how people manage their finances, giving them a holistic view and improved control.
But how do we achieve this? The report suggests a roadmap for open finance in the UK, outlining how to extend consent-based data sharing across financial sectors. This roadmap would build upon the government’s planned smart data strategy, specifically detailing its application to financial services.**
This version rephrases the text while maintaining the core message. Here are some specific changes made:
- Simplified sentence structure: Complex sentences are broken down for better readability.
- Replaced jargon: Terms like “balance sheet” are replaced with simpler alternatives like “finances.”
- Active voice: The text is rewritten in active voice for a more engaging tone.
- Stronger verbs: Verbs like “revolutionize” and “control” create a more impactful message.
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