Open Banking and the Future of Open Finance
In some funding discussions, a clearer view of financial information can materially improve the quality, speed and accuracy of the initial assessment. Where appropriate, information may therefore be provided securely as part of a more structured and commercially aware process.
This is not about unnecessary administration. It is about enabling a more reliable understanding of position, reducing avoidable friction and helping ensure the requirement is considered on the basis of clearer underlying information.
Why information may be requested
- To gain a clearer view of financial position and affordability
- To reduce reliance on incomplete or manually assembled documents
- To support a more accurate and efficient initial assessment
- To help structure the requirement more effectively before lender engagement
How information is handled
- Information is treated as strictly confidential
- Data is used only for assessing and progressing the requirement
- Access is limited to those involved in the relevant process
- Nothing is shared externally without appropriate context and consent
Your control
- You remain in control of what information is provided
- Any secure access is permission based
- Alternative document led routes can still be used where preferred
- The objective is clarity and efficiency, not loss of control
How this fits into the wider process
- Part of a broader funding preparation process
- Supports a more considered initial discussion
- Can reduce manual document handling and duplication
- Helps present a stronger, cleaner view of the position
A more controlled client journey
Where secure information sharing is appropriate, it should sit within the wider context of the funding conversation, not outside it. In practice, this means the process should begin with a discussion about the requirement, followed by the most suitable route to information gathering, preparation and lender positioning.
Some clients will prefer to begin with a direct discussion. Others may simply wish to provide consent securely at the outset. Both routes are available below.
From Open Banking to Open Finance
Open Banking has already changed how financial information can be shared securely and with permission.
Open Finance is expected to take that principle further, potentially allowing a broader range of financial information to be shared securely across financial services.
For businesses seeking finance, this could eventually give finance providers a more connected and current understanding of financial position, cashflow, commitments, assets and liabilities.
The Financial Conduct Authority has identified SME lending as one of the first priority use cases for Open Finance in 2026, alongside improving access to mortgages.
The FCA has also explored how consent driven financial data could support areas including SME financial health, cashflow management, financial resilience, lending readiness and access to finance.
More information does not automatically mean more lending. It means greater visibility.
That makes preparation increasingly important.
At ASN, our role is not simply to gather information, but to understand it, identify potential issues and position a funding requirement appropriately before approaching lenders.
Technology can provide the data. But data still needs context.
Open Finance remains an evolving area. The FCA’s work is helping to shape how the future framework, infrastructure, safeguards and participation arrangements may develop.
For that reason, ASN views Open Finance as an important direction of travel rather than a finished service or settled regulatory framework.
