Event
On November 7, 2024, the kick-off meeting for the first FiDA (Financial Data Access) Open Finance Dialogue took place with interested parties from various banks. The participants came together at the BearingPoint office in Frankfurt am Main for an expert circle.
The Open Finance Dialogue started with a presentation of the motivation for a joint network and the general basics of the FiDA regulation in order to inform the participants about the current status. Afterwards, Mattias Levin, Deputy Head of Digital Finance EU Commission, gave interesting insights as key note speaker about the objectives behind FiDA and current status of discussions. Afterwards, also the Q&A session gave us some interesting insights.
The FiDA regulation can offer both opportunities and risks for banks. This topic was followed by an exciting discussion between the participants. In addition to improving data access and data quality, the participants also saw opportunities in cooperations with other banks or new business models, including strengthening the EU as a business location. Challenges and risks were seen, for example, in the technical infrastructure, costs incurred (especially for smaller providers) and ensuring the correct use of data.
Another highlight of the FiDA Open Finance Dialogue was the breakout sessions on four different perspectives on FiDA: the key points from the proposed EU regulation, example use cases for innovative services, target image and need for transformation as well as collaborations in the open finance ecosystem.
For a detailed overview of the regulations, the most important statements were extracted from the regulations. The statements were assigned to different categories such as data, obligations, data scheme definition and affected financial institutions.
The most important data for financial institutions was defined. Subsequently, prepared use cases such as the KYC process or a 360° customer advisory service were discussed, and new use cases were developed.
This topic provided an overview of different IT architecture solutions with focus on which basic IT components are required, the integration of external data and data flow from a data architecture perspective.
The fourth breakout session was about finding joint collaborations in the different areas of the ecosystem with customers, service providers, financial institutions.
The day concluded with an outlook on the next steps and dates as well as the expansion of the Open Finance Dialogue network.
Would you like to be part of the expert circle? Register here.
BearingPoint Frankfurt am Main Office
Speicherstraße 1
60327 Frankfurt am Main, Germany
View on map
