The Trustee of the Open Banking Implementation Entity (OBIE) has instructed OBIE to develop a Consumer Evaluation Framework (CEF) to properly assess the impact of open banking on retail consumers and SMEs. The framework is intended to provide the basis for measuring the delivery of key consumer outcomes envisaged by the CMA Order and was developed by the Personal Finance Research Centre at the University of Bristol.
Once the Framework had been developed, OBIE’s next task was to design the analytical approach to populate it and start gathering data. OBIE envisages that the process of fully analysing all outcomes will be a multi-year exercise that requires a phased approach. The first Open banking impact report has been published today, which provides useful and usable outputs. OBIE will continue to build on this foundation in subsequent reports and has committed to delivering it at 6 monthly intervals.
Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity (OBIE), commented:
Read the full report
Notes to Editors:
*OBIE was set up by the CMA and funded by the UK’s nine largest banks and building societies: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.
Contact: OpenBankingMedia@cicero-group.com, 0207 297 5971
About The Open Banking Implementation Entity:
The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver Open Banking. Our trading name is Open Banking Limited.
We are governed by the CMA and funded by the UK’s nine largest banks and building societies: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.
We work with the UK’s largest banks and building societies as well as challenger banks, financial technology companies, third party providers and consumer groups.
Our role is to:
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