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It started with Open Banking when regulatory changes (PSD2) in the banking sector required banks and other payment account providers to open their payments data when customers consented. This empowered consumers to instruct their bank to share their data with authorised businesses like Moneyhub via standardised APIs. The aim was to drive innovation within financial services and, ultimately, to create more competitive products for customers.

When this technology expanded into other financial areas such as mortgages and pensions, we called this Open Finance. This allowed companies like Moneyhub to help customers truly understand and manage their financial world.

We have now progressed exponentially, and Open Data enables the wider integration of consumer information across all industries, including sectors like healthcare, retail, and government.

Open Data, like Open Finance and Open Banking before it, is delivered via Moneyhub's secure infrastructure and allows you to connect seamlessly and directly via a single source to thousands of institutions in 37 countries. Businesses can get a unique and holistic insight into consumers’ habits, needs, behaviours, and aspirations and consumers can access all this information in one simple platform.

All data is gathered with consumer consent, so it is completely compliant and the user is always in control.

Platforms such as Moneyhub can bring this data together in one place and with the insights gained businesses can make super-personalised offers on products and services, send notification nudges and enable bank based payments, in a way that is exceptionally relevant.

The benefits of this are huge for businesses and their customers - with the potential to revolutionise how companies engage with consumers. For example, consumers regularly cite applying for a mortgage - alongside moving house - as one of the most stressful life events. With Open Data, the whole process of getting customer information, recommending the right product and using fair affordability checking, can be done in one simple process digitally, which is a revolution for the industry.

By seeing accounts and assets in one place consumers can better manage outgoings, receive useful notifications that support their lifestyle goals, and find products that help them.

Imagine a world where smart nudges recognise you’ve booked a holiday and also see that your annual travel insurance is about to expire, helping you sign up for a new policy and pay in a simple click powered by bank-based payments.