Open Banking Expo: a Vision for a Smart Data Economy
Open Banking Expo 2024 was a hub of innovation and collaboration. As I wandered through the hall, it was clear that the financial industry is undergoing a profound transformation.
One of the key themes that emerged from the event was the growing importance of data sharing – in particular within the Smart Data Economy. This was also the basis of Lord Chris Holmes’s (a prominent figure in the UK’s digital landscape) keynote address at Open Banking Expo 2024. His vision for a smart data economy was centred around the potential of digital technology to improve public services and drive economic growth.
Key points from his speech included:
- The importance of a government-wide focus on innovation: Holmes emphasised the need for all government departments to embrace new technologies and prioritise innovation.
- The challenges of mental well-being: He highlighted the growing epidemic of mental health issues, which is exacerbated by the increasing interconnectedness of our society.
- The potential of smart data: Holmes argued that by leveraging smart data and new technologies, the UK can overcome economic challenges and achieve widespread success.
- The principles of smart data: He outlined the key principles for smart data, including trust, transparency, interoperability, accountability, and assurance.
- The need for a broader approach: Holmes emphasised that the benefits of smart data extend beyond search engine optimization and should be harnessed for areas such as education and mobility.
The Future of Smart Data
Another interesting panel discussion, titled “The King has Spoken: The Future of Smart Data,” featured representatives from NatWest, OD consultancy, Icebreaker One, and Horizon Zero. They discussed the government’s priorities for smart data, including:
- The Smart Data Bill: The government plans to introduce the Smart Data Bill shortly, building on the initiatives from the Data Protection Bill.
- Sector-specific rollouts: The government will announce how the Smart Data Bill will be implemented in different sectors.
- The economic value of open banking: The government aims to deliver the economic value of open banking and establish a governance structure and framework.
- The future of smart data: The government will publish an industry strategy paper on Monday, outlining its vision for the future of smart data.
The Swiss Approach to Open Banking
Finally, another one that stood out to me was what we can learn from the Swiss approach to open banking. Lauren Jones quizzed Sven Siat from SIX at Raidiam, and he shared the importance of a market-driven approach, a central API hub, and a shared liability model.
It was great to connect with clients, analysts and media and get up-to-speed on the key trends and developments in the smart data economy.
Jenny Mowat
CEO
