{"id":10807,"date":"2024-12-05T15:24:46","date_gmt":"2024-12-05T15:24:46","guid":{"rendered":"https:\/\/fintech.global\/regtech100\/?p=10807"},"modified":"2024-12-05T15:24:46","modified_gmt":"2024-12-05T15:24:46","slug":"how-the-uks-digital-information-and-smart-data-bill-will-impact-open-finance","status":"publish","type":"post","link":"https:\/\/fintech.global\/regtech100\/how-the-uks-digital-information-and-smart-data-bill-will-impact-open-finance\/","title":{"rendered":"How the UK\u2019s Digital Information and Smart Data Bill will impact open finance"},"content":{"rendered":"

Originally introduced to the UK Parliament by the previous Conservative government, the Digital Information and Smart Data Bill has been taken forward by the current Labour government, with the legislation currently at the Committee stage in the House of Lords.<\/strong><\/p>\n

\u00a0<\/strong>The DISD Bill will be aimed at bolstering access and the sharing of data in general to benefit public services and public protection. The Bill looks to support the creation and adoption of trusted digital identity products and services from certified providers to help with matters like pre-employment checks and buying age-restricted goods and services.<\/p>\n

In addition, the legislation will look to securely share customer\u2019s data upon their own request, with authorised third-party providers. It will also look to create an electronic system for the registration of births and deaths and apply information standards to IT suppliers in the health and social care system.<\/p>\n

Beyond its general impact on the digital and data trail of the population, there is an area where this bill will also have a huge effect \u2013 in the area of digital finance.<\/p>\n

In the words of South African RegTech firm\u00a0RelyComply<\/a>, putting financial powers back into customers\u2019 hands is a large reason digital finance exists. \u201cFinancial houses have been slowly adopting the move to customer-first platforms through apps or by making their onboarding much simpler. Letting customers run free with their data, with varying levels of digital capability, could be a worry in the hugely connected world open finance offers. But greater regulation in the sector should make it take off,\u201d<\/p>\n

Open finance \u2013 a growing trend globally \u2013 has been one of the UK\u2019s particular \u2018golden paths\u2019 for digitalisation, with the UK being championed for letting customers share their data and connect various products across sectors all in one platform.<\/p>\n

\u201cWhile there\u2019s been a delay for its proposed DISD Bill (which looks to strengthen legal frameworks around data sharing), I think the UK\u2019s ongoing status as a central focal point for open finance can only be a good thing to influence global innovators, from FinTechs to energy companies and so much more,\u201d said RelyComply.<\/p>\n

The reason for this, the firm outlined, is threefold. \u201cOn the one hand, establishing standards for data privacy \u2013 something getting increasingly strict around the globe \u2013 lies with the watchdogs themselves.<\/p>\n

\u201cThe bill looks to give more control to the UK\u2019s data regulator, the Information Commissioner\u2019s Office (ICO), and highly specialised data researchers. This has knock-on effects for maintaining transparency between financial companies and consumers around how their data is used, improving the public\u2019s uptake in embracing open banking concepts.\u201d<\/p>\n

Secondly, the DSID Bill has put forward initiatives to boost the services of digital verification providers. \u2018When biometrics can better facilitate safe onboarding and reduce the threat of AML, it\u2019s a positive for banks and FinTechs and establishes trust in the customers.<\/p>\n

\u201cOn top of this, greater reassurance in digital finance platforms allows people to gain centralised control over their current accounts, insurance claims, personal savings, and pensions, meaning that financial education and inclusion are established in ways that people feel comfortable with,\u201d<\/p>\n

RelyComply also outlined that when services such as banking and finance are improved and made more available through open and regulated data sharing, there are no limits to where RegTech products can enhance experiences for both customers and business.<\/p>\n

\u201cThe UK has the opportunity to road test and spearhead a global open finance movement, and it can be a winner for data compliance well beyond its borders,\u201d RelyComply concluded.<\/p>\n

Smart data model expansion<\/strong><\/p>\n

Meanwhile, Allison Lagosh, head of compliance at\u00a0Saifr<\/a>, said that the DSID bill is poised to have a positive impact and expanded scope on the finance sector and open banking.<\/p>\n

She said, \u201cThis legislation seems designed to pave the way for the smart data model to be used in more sectors, as well as finance including energy or retail. Ideally, customers could compare prices between energy or retail providers, for example, allowing them to find better deals and boosting competition and ultimately the UK\u2019s economy.<\/p>\n

\u201cThis ultimately widens the net for the protection of smart data and enables the usability of more data for the consumer,\u201d Lagosh concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Originally introduced to the UK Parliament by the previous Conservative government, the Digital Information and Smart Data Bill has been taken forward by the current Labour government, with the legislation currently at the Committee stage in the House of Lords. \u00a0The DISD Bill will be aimed at bolstering access and the sharing of data in […]<\/p>\n","protected":false},"author":4,"featured_media":10808,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nHow the UK\u2019s Digital Information and Smart Data Bill will impact open finance - RegTech100<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.global\/regtech100\/how-the-uks-digital-information-and-smart-data-bill-will-impact-open-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the UK\u2019s Digital Information and Smart Data Bill will impact open finance - 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