Raidiam Co-Founder and CEO Barry O’Donohoe reflects on a significant milestone for UK Open Banking and shares his vision for the path ahead.
Last week, the UK celebrated seven years of Open Banking – a transformative journey that has reshaped financial services.
The numbers speak for themselves. Open Banking has created 5,000 skilled digital jobs and contributed £4 billion in economic value. Today, 1 in 7 consumers in the UK use Open Banking tools to take greater control of their finances, while 20% of small businesses regularly benefit from its technology.
At Raidiam, we’re proud to have played a key role in this success. By defining the standards and delivering the trust and security services that underpin the ecosystem, we’ve helped shape the future of financial services.
But as impactful as these achievements are, they’re just the beginning. Open Banking’s trusted, transferable frameworks and standards provide a launchpad for something even greater: a Smart Data economy that could transform industries far beyond financial services.
In my recent article for Business Reporter, I explore what it will take to realise this vision. From strong political leadership to advance the Data Information and Smart Data (DISD) Bill, leading to investment in the creation of a dedicated entity to oversee and implement Smart Data schemes, I outline the steps needed to unlock Smart Data’s potential and secure the UK’s position as a global leader in the Smart Data economy.
Read the full article here to discover how we can turn today’s Open Banking foundations into a thriving Smart Data future.
Barry O’Donohoe is CEO and Co-Founder of Raidiam.
