Beyond finance – open everything
Open banking has paved the way to ‘open everything’ and is being delivered in part by the government’s introduction of smart data legislation. The aim of this legislation is to help consumers and businesses navigate complex markets and find cost-effective tariffs for essential utilities such as energy, water, mobile phone packages, and broadband, potentially saving hundreds of pounds on bills.
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It also has the potential to tackle the loyalty penalty – the difference between what existing and new consumers pay for an identical service – and which is estimated to cost households around £1,100 a year for mobile tariffs, mortgages, and broadband services.
Imagine a world where consumers can quickly and easily compare prices, but also facilitate the switch to a cheaper or more relevant product in a single click. For example, downloading mobile phone consumption data to find a better package and have the price comparison site or provider complete the transfer in minutes.
As the UK swiftly moves to both open finance and on to ‘open everything’, we look forward to seeing the many additional benefits and cost savings it can deliver to consumers and businesses, creating a truly connected economy.
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