Open Finance Barometer 2022
Press Release
Open data & Open Finance combined with Open Banking.
Finally the real start?
Imagine… You find the house of your dreams and you have to make an offer quickly because the competition to acquire this property is high. The key point to decide? The possibility of obtaining your mortgage. But you are worried the analysis from your bank will take too long and make you miss this opportunity...
For nearly 3 years, PSD2 and Open Banking have made their mark in the world of Belgian payment.
In a context of problems of complex procedures, lack of standardization and of interoperability, unsuitable processes, etc., bank and fintech customers have not seen a large number of innovative and attractive solutions.
Let's go back to the house of your dreams... What if now, an app allows you to access a multitude of instant banking data (comparison of loans and credit cards for example) to allow everyone to make faster decisions? The house could be yours! This is the power of open finance that gives birth here to instant credit risk.
Today, many players are therefore pleading in favor of extending open banking to open finance and, more generally, to open data. In this context, FinTech Belgium and Pulse Consult are releasing the third edition of the Open Finance barometer in order to verify whether this trend towards the expansion and complementarity of data is confirmed.
Brussels, June 20th, 2022
Today, open banking players face choices:
1. Comply in strict sense with the legal framework put in place through the PSD2 directive
2. Broaden the scope of the data used to include more financial information and other data relating to consumption habits in order to offer more innovative solutions
Today, it is obvious that all the technical constraints already identified in the past have not yet completely disappeared. The problems of previous years remain but are in the process of being resolved. So the whole question is whether the new trends to exploit information from open banking and open data could be a vector of acceleration for the resolution of the remaining problems.
The 2022 Open Finance barometer highlights an increasingly strong desire from banks and fintech players to derive real benefits from PSD2. For this, each seeks to differentiate itself from its competitors. The common basis is open banking, as provided for by the European PSD2 regulation, which is unfortunately insufficient to develop attractive enough products and services. Success will depend on expanding to other data. It is therefore a question of going beyond simple open banking and embracing open data.
The majority of the survey respondents confirm this trend and wish, but also confirm that the technical basis of open banking still needs to be stabilised. Thus topics such as the documentation or standardisation of APIs, the quality of implementation procedures, but also the extension of the period of validity of consent and the opening of a large number of accounts of different types (savings, , …) are essential prerequisites.
We can therefore say that if a PSD3 (or at least an optimized PSD2) were to see the light of day, it would have to be mainly focused on optimizing inter-company relations through the quality of the data they provide, the integration of new types of accounts and finally the adjustment of the principles of consent, all against a backdrop of stabilisation, and technical and legal standardisation.
These developments will then make it possible to fully combine banking data with other data to offer individuals and businesses a wide range of innovative products and services that can go far beyond the strictly financial framework.
For more applications and concrete examples, we invite you to our event on Thursday 23/06/22 (19:00-20:30, Brussels - https://events.bizzabo.com/409489/home) and we remain at your disposal for an interview.
About Fintech Belgium asbl/vzw :
Fintech Belgium (www.fintechbelgium.be ) is the non-profit association of Fintechs active in Belgium. Created in 2015, it is the only federation representing the Belgian sector. With more than 120 members, the federation brings together startups, scale-ups but also more mature companies that have in common to combine technology and finance. The association organizes the most important event in the digital finance sector in Belgium: www.digitalfinancesummit.com. Since 2020, Fintech Belgium has been a member of the European Digital Finance Association. (https://europeandigitalfinance.eu/).
Our 3 main missions are:
• Constitute a platform for dialogue with regulators and other stakeholders.
• Actively and concretely promote the Fintech sector in Belgium as well as Belgian Fintechs abroad.
• Promote the exchange of good practices and expertise inside and outside the community.
About Pulse Consult :
Founded in June 2021 by Arnaud Sirtaine, Pulse Consult (www.pulse-consult.eu) is a consulting company specializing in solutions for the acquisition and processing of electronic payment transactions. It offers strategic analysis, business development, operational process definition, project coordination and training services.
The company is also working on the development of innovative mobility solutions in companies, in perfect synergy with the world of payment.
For more information, the report and illustrations, and to attend our event on 06/23/22 for free:
Fintech Belgium
Alessandra Guion – General Manager
alessandra@fintechbelgium.be / + 32 475 95 63 30
