Open Banking has dominated UK media for several years now, but it struggled to take off in its early days. While many agree that it has the potential to massively benefit consumers, businesses and industries, there have been some challenges when it comes to trust, awareness and willingness to use it. The industry as a whole failed to effectively communicate the potential of Open Banking, and establish much-needed trust and understanding around this key driver of innovation.
As we enter 2021, Open Banking is back in the headlines. And it is not alone. Its successor, Open Finance is now emerging. It seeks to do the same – better oversight, control, processes and decisions – but across a much broader range of financial services, such as pensions, investments, mortgages and insurance. Not just banking.
Open Finance was identified in our recent Fintech PR Playbook as one of the hottest topics emerging in fintech. We expect to see a big increase in news announcements, thought leadership and debate around the topic as the FCA publishes a feedback statement in the first quarter of 2021. But communicators must learn the lessons from Open Banking if they are to avoid the same traps and mistakes of the past.
To help brands navigate this landscape, and after the success of our first playbook, we’re launching our Open Finance PR Playbook – a guide to help you effectively communicate the impact and issues of Open Finance. It encourages brands to learn from the comms mistakes of Open Banking and ensure that they get it right this time.
Crucially, we’ve gathered insights from some brilliant industry leaders on the key challenges they’ve faced with Open Banking, as well the Open Finance opportunity.
If you’d like to contribute to the Open Finance PR Playbook, there is still time. Please get in touch here.
You can also register for a copy of the Playbook as soon as it is live here!