It’s clear that the UK is closer to adopting open finance than ever, with the Data Protection and Digital Innovation (DPDI) Bill currently being amended in the House of Lords. What’s not clear, however, is whether pension data will be explicitly included in the data that this bill enables UK consumers to access and share with third-party providers through APIs.
When the DPDI Bill receives royal assent, however, the UK will have a solid consumer data sharing right, which will set the foundation for sharing financial data.
The recently published Smart Data Roadmap outlines the steps the government is taking to share customer data in seven key sectors: banking, energy, finance, home buying, retail, telecommunications, and transport. These sectors have been chosen due to existing progress with smart data or because of the impact that schemes in these sectors could have on the cost of living.
It’s our hope that the government will also establish clear requirements for pension providers to unlock pension data. By seamlessly sharing pension data, Putting Pension Data to Work consumers are better positioned to receive strategic financial guidance and make more informed pension decisions.
Pension providers and FinTechs can illuminate and accelerate the benefits of sharing data. By teaming up, FinTechs and pension providers can better understand how to efficiently share pension data and incorporate innovative approaches to make pension data more accessible and meaningful for consumers.
At Envestnet® | Yodlee®, we’re here to help support open finance and FinTech innovation. For example, we partnered with The Pension Lab to enable customers to quickly connect to their pension data and view the total value of their pension pots through a unique and inclusive dashboard.
If you’re offering financial solutions that could benefit from pension data or other consumer-permissioned data, our team is here to consult with you. By leveraging the power of pension and other data, the possibilities for financial innovation are endless.
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