Open Banking Expo has launched two co-located shows for 2024 – the Open Finance Show and Smart Data Show – in recognition of the direction the ecosystem is moving in.
The new Smart Data Show, which runs across both days of the Expo, will feature sessions on the Financial Data Access (FIDA) framework, Open Insurance, Open Data-enabled product innovation and the future of Smart Data.
The road to Smart Data
It has not been smooth sailing for smart data in the UK, which has faced several setbacks.
In the Autumn statement delivered by then Chancellor Jeremy Hunt in November 2023, it was confirmed that the government would “seek to maximise the benefits from incoming Data Protection and Data Information (DPDI) Bill Smart Data powers”. In the following Spring Budget in March this year, the Chancellor announced the expansion of smart data schemes to the energy and transport sectors.
Then, in April, the UK government published a Smart Data Roadmap setting out its plans to explore the use of smart data powers in the DPDI Bill. The Roadmap identified banking, finance, energy and road fuels, telecoms and transport as “priority” sectors for Smart Data.
At the time, it was estimated that wider data mobility in the UK could increase GDP by £27.8 billion per year.
However, when former prime minister Rishi Sunak called a general election for 4 July, the DPDI Bill failed to complete its passage through parliament before the end of the ‘wash up’ period.
With the election of a new Labour government, the Open Banking and Open Finance ecosystem was keen to see the DPDI Bill resurrected and Smart Data firmly back on the agenda.
The Bill was reintroduced, albeit in a slightly different guise, in the King’s Speech on 17 July. The new Labour government will pass into law a Digital Information and Smart Data Bill, to “harness the power of data for economic growth”.
While the timeline of the new DISD Bill remains unknown, some details emerged in the King’s Speech, including that it will give “statutory footing to three innovative uses of data that people can choose to participate in”, one of which is Digital Verification Services.
The government also pointed to Open Banking as “the only active example of a regime that is comparable to a ‘Smart Data scheme’”.
Smart Data economy
Since then, the UK’s SME Finance Taskforce published its first report, ‘Smart Data: improving SME lending to drive economic growth’. The Taskforce, comprising banking and financial services organisations, has developed a seven-point action plan to accelerate lending and access to finance for UK SMEs, with Smart Data at its centre.
The recommendations are designed to ensure the UK’s 5.5 million SMEs get increased access to data that means they can secure funding and, subsequently, scale.
Lord (Chris) Holmes of Richmond MBE
In response to its publication, Economic Secretary to the Treasury, Tulip Siddiq, said: “New and innovative technologies, such as Open Finance, can play an important part in unlocking the potential of SMEs across the country and I will carefully consider the taskforce’s recommendations.”
Lord Holmes, in a recent op-ed published by Open Banking Expo, wrote that he would like to see in the DISD Bill “a clear medium-term roadmap extending Open Banking to Open Finance”.
Hear from the experts
Visitors to the Smart Data Show in October can expect to hear from government representatives, including Agnieszka Scott, head of Smart Data at the Department for Business and Trade.
Lord Chris Holmes, member of the UK House of Lords, will deliver a keynote on day two of the Smart Data Show in which he’ll set out the government’s vision for a Smart Data economy.
Stuart Coleman, director, consultancy and learning at the Open Data Institute, Gavin Starks, founder and chief executive officer of Icebreaker One and Tamian Godfrey, market development lead, payments and data at NatWest will also take to the stage at the Smart Data Show.
The Open Banking Expo UK and Europe 2024 agenda features more than 150 powerhouse speakers across the two days. These industry leaders will impart their insights, knowledge and experience to delegates.
These are some of the show features to look out for:
Longstanding partners
Global Open Banking payments platform Token.io is returning as headline partner of Open Banking Expo UK and Europe for the fourth consecutive year, having first come on board as a partner in 2019.
Token chief executive officer Todd Clyde
Todd Clyde, chief executive officer of Token.io, said: “As the only event of its kind in the UK and Europe, Open Banking Expo serves as an essential meeting point for banking and payment professionals. It also provides an impetus for tackling vital issues and fuelling progress.”
Stages and sessions
This year, there is an array of stages covering Payments and Retail, Fraud and Financial Crime and Open Banking For Good. Join the Main Stage sessions for thought-leadership, inspirational keynotes and to hear conversations that will drive progress across financial services.
The sessions are created for the industry, by the industry. With more than 60 sessions to choose from, delegates will have the opportunity to explore the latest innovations in Open Banking, Open Finance, Smart Data, payments, regulatory updates, fraud prevention, and use cases from around the globe.
Networking Zone
The show offers unrivalled networking opportunities. More than 1,200 delegates from financial institutions, TPPs, payments players, regulators, and policymakers are expected to come through the doors of the Business Design Centre, representing sectors such as retail banking, SME lending, utilities, gaming, telecoms, transport, and retail.
Visitors can connect, innovate, and collaborate in the Networking Lounge, the expanded exhibition hall, the Bar and at the Oktoberfest-themed after party.
Rise, created by Barclays Zone
Open Banking Expo has partnered to introduce the Rise, created by Barclays Zone, which will give emerging fintechs an opportunity to showcase their latest innovations and technology.
The new exclusive space on the Expo floor offers qualifying fintechs a discounted stand at £2,000, from which they can demo their product or service to more than 1,200 diverse visitors.
To be eligible, fintechs must have been in operation for three years or fewer, and have raised £5 million, or less, in funding.
Awards and Qualco Live
Join us for the Open Banking Expo Awards 2024, which celebrates the innovators, trailblazers and visionaries from across the Open Banking, payments and Open Finance ecosystem. Now in its fourth year, the winners of the Awards will be announced at a ceremony on 15 October at the Business Design Centre in London.
Qualco Live, an annual event for the collections and recoveries industry and clients of Qualco, will be co-located with Open Banking Expo UK and Europe 2024 on 16 October.
Sessions will include a keynote from a prominent figure in the sporting industry, an economic outlook on consumer credit, as well as the launch of Qualco’s Open Banking solution, Togglit.
Click here to find out more about Open Banking Expo UK & Europe and to get your ticket.
This article first appeared in Government Business Magazine 31.05 – view the digital edition here.
