08/11/2022
Anyone else get a little confused with all the terms and meanings of your personal finance and banking?
Look no further, now if you've heard of Open Banking (check out previous Open Banking post fi you haven't😉) well... there's there's also Open Finance.
Now this can seem scary but we're here to explain!
Now, much like Open Banking, Open Finance allows access and sharing of your financial data (through your own personal choice to accept) just like Open Banking. Only now Open Finance means you can share your data to wider financial products and services! So in short, it enables integration of your financial data with non-financial industries creating a more personalised product for customers by the consumers that can see your data.
Again, the question of "is this safe?" arises. Rest assured, aslong as you have given authorisation it is safe, all providers are under strict data protection rules and GDPR. This includes giving you the information of what data they will use and how long for. BUT always check that the specific provider is authorised before giving your information. Any bad feelings, you should always always contact your bank to find out more.