Open finance could pose 'existential threat' to advice market

At the Consumer Duty Alliance's tech forum, Open Finance can open doors & opportunities for advisers, McKenna warned that banks are seeing open finance and open banking as opportunities to re-enter the advice market. However, he added it presents an "enormous opportunity" to enable better conversations between advisers and clients and drive more advice. Following on from open banking, which allows consumers and businesses to share access to payments data with trusted apps, open finance will extend secure data sharing across a much wider range of products and services. Consumers wil...