Open Finance Regulation: The Bedrock of Fast, Reliable, Personalised Financial Advice
Open Finance Regulation: The Bedrock of Fast, Reliable, Personalised Financial Advice
For more than a decade, the financial services industry has been shaped by two powerful forces: rising regulatory expectations and rapidly changing client behaviour. Consumers now expect the same digital speed and transparency from their financial products and services that they experience in ecommerce, travel and communications. Advisors, meanwhile, are under pressure to deliver deeper insight, faster onboarding and more personalised guidance - without increasing operational cost. This tension between rising expectations and constrained resources defines the modern advice challenge.
The Role of AI in Financial Advice
We’ve heard a great deal about AI tools for advisers, and I’ve spent considerable time researching the products and applications currently on the market. It’s encouraging to see advisors using AI and the advancements in this space.
However, after speaking with hundreds of advisors, the consensus is compelling: AI is only as powerful as the data that underpins it. Without data that is readily accessible, accurate, and structured, even the most sophisticated AI delivers limited value.
Where Open Finance Comes In
This is where Open Finance becomes critical. By extending the proven foundations of Open Banking, it sits at the centre of the advice industry’s next major transformation - unlocking the data infrastructure required for accurate, scalable, and genuinely client-centric financial advice.
Open Finance will provide the structured, consented data access that AI tools need to deliver real value. Instead of working with incomplete or outdated information, advisors will have access to:
- Real-time financial data across all product categories
- Standardised data formats that enable consistent analysis
- Consented access that builds client trust
- Complete financial pictures that support holistic advice
The Opportunity Ahead
For advisors who embrace this transformation early, the opportunity is significant. Those who modernise their data infrastructure now will be best positioned to leverage AI tools effectively, deliver better client outcomes, and build sustainable competitive advantages.
At Finerty, we’re focused on enabling this transition - providing the secure, consent-driven data infrastructure that will power the next generation of financial advice.