Green Paper

AI and open finance: shaping the future of financial innovation

25 September 2025

Can artificial intelligence (AI) unlock the next wave of innovation in open banking and open finance? In OBL’s first green paper, we explore questions on the role AI could play in transforming how financial data is provided, accessed, and used within the open banking ecosystem. We ask the open banking community to join the conversation and share their insights to help shape the future of financial innovation in the UK.

Why now?

AI is already redefining industries – from automating processes to powering personalised services. In financial services, it’s helping firms cut costs, improve efficiency, and deliver smarter products. But what does this mean for open banking today – and open finance tomorrow?

How can AI deliver for the ecosystem?

We want to understand how AI can support the ecosystem, reduce friction in the provision of data, and help build better services for consumers and businesses.

We ask the ecosystem, and other industry players, to answer the four core questions below that we believe are critical to unlocking AI’s potential in open finance:

Read the Green Paper

Can AI reduce the cost and complexity of API data provision?
Especially in legacy systems and multi-tech environments, can AI streamline how data is accessed and shared?

Does the Open Banking Standard give AI what it needs?
Are any changes needed to the Open Banking Standard for AI driven services? What improvements could make it more AI-ready?

Can AI help build new products from scratch?
Beyond enhancing existing services, can AI be used to create entirely new customer- and business-facing solutions using open banking data?

What have we missed?
Are there other opportunities, risks, or use cases we haven’t considered that could shape the future of AI in open finance?

AI and the Open Banking Standard

The Open Banking Standard is open source and widely accessible, but we know there’s room to improve how it interacts with AI. Some AI models interpret different versions of the Standard inconsistently, which can lead to inaccurate outputs. We think we should fix that.

We’re exploring how to make the Standard more readily able to handle AI and whether we should prioritise certain AI models in future updates. This will help us to future-proof the Standard so it can continue to support innovation.

We want to hear from you

We’re calling on ASPSPs, AISPs, PISPs, TSPs, fintechs, banks, insurers, investment firms, data scientists, and AI experts to share their views. Your insights will help us shape the future of open finance – and ensure AI is used effectively.

Join the

conversation


The most important thing about this green paper will be your responses. You can reply to the four questions set out in our
ONLINE SURVEY HERE >>

or EMAIL your responses to any of the questions raised in the paper to consultations@openbanking.org.uk

We’ll publish a summary of responses and use your feedback to guide future work on AI, open finance, and smart data, and transform open finance.

The deadline is Friday 24 October

“This green paper is an open invitation to the industry. By sharing insights, we can ensure AI is used effectively to support the ecosystem and shape the future of open finance together.”

Henk van Hulle, CEO OBL