“Ethical Markets welcomes this Consumer Manifesto for Open Banking from our friends at the Financial Innovation lab, based in London.
~Hazel Henderson, Editor“
Open Banking requires the nine biggest banks and building societies to open up their data. Now, new players like start-ups and big tech companies are able to access information about our finances and payments. What does this mean for citizens, and who will benefit from these changes?
At the Lab, we want to make sure that this process benefits everyone. So, on 1 May, we brought together civil society and fintechs at the Open Banking Convention to find out how the Open Banking revolution could truly benefit citizens.
Collaboration has already yielded some great results. The Convention saw the launch of the Open Banking Manifesto for Consumers, supported by 18 civil society and consumer groups, which sets out the principles finance and tech companies can follow to ensure all customers benefit from new developments.
Find out more about the Convention: filab.uk/OBconvention
Read the Manifesto: filab.uk/OBmanifesto
AI and Open Banking: changing finance for good
The roll-out of Open Banking and the increasing use of AI are shaking up the financial sector. Will these changes help increase people’s financial wellbeing, or will they entrench inequality?
We are at a make or break moment for finance: this is why we’re urging people from industry professionals, to civil society and entrepreneurs to help shape the future of finance for the better.
Find out more in our latest briefings.
Read about the ethical use of AI in finance: filab.uk/ethicalAIfinance
Read about Open Banking and financial health: filab.uk/openbanking
The Lab is a Living Wage Employer!We’re officially a Living Wage Employer! Behind the Living Wage is the idea that everyone deserves a fair wage that covers the cost of living. We are very proud and excited to be part of the movement: fair pay is a cornerstone of fair finance, and we urge all organisations working in the financial sector to join us.
Read more: filab.uk/2rXmHZUBuilding a new community bank for London
Our own Head of Programmes Marloes Nicholls, alongside Financial Health Fellows Greater London Mutual, will be speaking at an online event introducing an emerging network of co-operative banks in the UK. The seminar will be co-hosted by the RSA and Community Savings Banks Association on 25 June.
Sign up: filab.uk/2HWa1cx