Salad Group board member Lord McNicol argues that the UK should build on its Open Banking lead to unlock the wider potential of smart data for consumers, businesses and the economy.
SEPTEMBER 2024
In a City AM article, Lord McNicol set out the case for making smart data a central part of the UK’s future economic and financial-services strategy.
He argues that Open Banking has already shown what is possible when consumers can securely share their financial information with authorised providers, enabling better services, greater competition and more informed financial decisions. The next opportunity, he says, is to take those principles further across the economy.
Salad is highlighted in the article as an example of the social impact this technology can deliver. Using Open Banking, Salad has been able to assess people based on their real financial circumstances and extend access to affordable credit to consumers who may otherwise be excluded by traditional approaches. City AM also points to the wider impact of the model, including savings in interest costs and the identification of unclaimed benefits for customers.
For Lord McNicol, the opportunity goes well beyond financial services. Smarter use of data can help create more personalised products, give individuals and businesses greater control and support innovation across multiple sectors, provided it is underpinned by the right regulatory framework.
Read Lord McNicol’s full article in City AM here.