Shaping the future of finance: CFIT showcasing the potential of Open Finance

Cloud & Platforms

Financial Services

FinTech

3 min read

Founded on the recommendations of the 2021 Kalifa Review of UK Fintech, The Center for Finance, Innovation and Technology (CFIT) was launched in 2023 with a mission to ensure the UK remains a pivotal global hub for fintech startups and innovation. CFIT aims to drive sustained economic growth by positioning the UK at the forefront of the fintech industry.

In its inaugural initiative, CFIT chose to focus on the transformative potential of Open Finance. The initiative saw participation from over 60 diverse organizations, forming a broad coalition of industry leaders, fintechs, academics, and consumer advocates, all working to shape the future of financial services.

The consumer workstream

Alongside a select group of coalition partners, esynergy was chosen to lead the consumer-focused workstream, conducting bi-weekly sprints over a four-month period. These sprints enabled productive discussions and significant progress on deliverables, all centered around leveraging Open Finance to enhance consumer financial interactions. Regular sprint reviews, chaired by CFIT and co-led by esynergy, fostered dynamic engagement across CFIT’s ecosystem.

Integration and Outcomes

Two primary deliverables emerged from this collaborative effort:

Open Finance blueprint report

This report outlined five key findings and six recommendations, clarifying the value of Open Finance to the UK’s economy, industry stakeholders, consumers, and SMEs.

Supporting vulnerable consumers

Leveraging Open Finance to enhance services provided by Citizens Advice, the consumer proof of concept indicated that enhanced data sharing could provide up to an extra 150,000 consumers annually with tailored financial advice and help some of the most vulnerable citizens out of financial struggles and debt traps.

Access to finance for SMEs

Demonstrated that access to additional data could significantly improve lending processes, potentially aiding over half of the SMEs that abandon loan applications.

“At CFIT this year, we have seen remarkable progress through our Open Finance initiatives, demonstrating the UK’s capacity to lead global fintech innovation. This is just the beginning. With the dedication of our partners and the ingenuity of our stakeholders, CFIT is not only redefining the financial landscape but also paving the way for a future where financial services are more inclusive, efficient, and attuned to the needs of every citizen. We remain committed to fostering an environment where technology and collaboration create unprecedented opportunities for growth and transformation.”

Ezechi Britton, CEO, CFIT

User consent and security frameworks

A critical area of focus was developing robust user consent and authentication frameworks. Discussions in both the consumer and SME workstreams led to a Proof of Concept platform that exemplified how Open Finance could offer secure, flexible access to financial data.

Proof of Concept Platform

This platform, developed in collaboration with Datavillage, was built using scalable technologies like Next.js for the frontend and Kubernetes for backend hosting. It featured rigorous security protocols, including write-only permissions and comprehensive API documentation. Demonstrated at a CFIT event, the platform successfully showcased a user-centric, secure, and efficient method of data interaction.

Impact and future direction

The Proof of Concept platform not only highlighted esynergy’s technical capabilities but also set a benchmark for the next phases of Open Finance development. With 300 demo users and 795 consent interactions, the platform demonstrated strong engagement and laid the groundwork for expanding Open Finance applications.

“We are proud to contribute to CFIT's groundbreaking Open Finance initiative, and I extend hearty congratulations to CFIT, its partners, working group members, and all supporters on this pivotal achievement. Collaborating across such a diverse and expert group showcases esynergy's commitment to driving innovation and exemplifies our role in spearheading transformative financial solutions.”

- Patrick Crompton, CEO, esynergy

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Shaping the future of finance: CFIT showcasing the potential of Open Finance

Integration and Outcomes

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