In an era defined by rapid technological progress and shifting consumer expectations, the financial world is undergoing a profound transformation. No longer confined to institution-centric models, tomorrow’s finance will place users and data at its center, powered by a robust, shared architecture of open standards.
Architecture is not about static diagrams; it is a bulwark of capital protection, compliance, and survival for institutions navigating rapid change.
Why Architecture Matters in Open Finance
The journey from open banking to open data encompasses more than banking APIs—it necessitates a cohesive blueprint for integrating payments, savings, investments, pensions, insurance, credit and even non-financial sectors such as energy, telecoms, health and transport. Regulators now embrace the concept of a smart data economy frameworks, mandating common standards for data formats, APIs, identity, consent and security.
Enterprise architecture is evolving from static diagrams to live, financially integrated, compliance-aware architectures that adapt continuously to regulatory and technological shifts. Frameworks like TOGAF 10 and Open Agile Architecture champion modular, product-centric design, enabling organizations to pivot swiftly and maintain operational resilience.
From Open Banking to Open Data
The evolution unfolds in three key stages, each expanding the scope of data sharing and collaboration:
- Open Banking: Third-party access to payment account data and initiation via standardized APIs (PSD2/PSD3 and equivalents).
- Open Finance: Extension to savings, investments, pensions, insurance, SME finance, mortgages and credit files, fostering a holistic financial view.
- Smart Data Ecosystems: Integration of financial and non-financial datasets—energy consumption, property records, employment and health information—to power innovative services.
Key milestones include the UK FCA Open Finance Sprint and a comprehensive Smart Data Strategy targeting a full open finance rollout by 2030, with a clearer regulatory roadmap emerging around 2026.
A Vision of Finance in 2030
By 2030, finance will be open, secure, intelligent and highly personalised. We can anticipate:
- Open: Data is available, portable and standardised across providers and sectors.
- Secure: Robust privacy protections, FAPI-grade API security, strong authentication and transparent trust frameworks.
- Intelligent: AI-driven analysis and agentic assistants delivering real-time insights and proactive recommendations.
- Hyper-personalised: Automated, proactive financial management tailored to individual circumstances.
- Cross-sectoral: Financial data combined with energy, transport, property and health metrics for holistic decision-making.
- Inclusive and Resilient: Services adapt to diverse needs, embedding education and empowerment for SMEs, variable income households and vulnerable customers.
These characteristics rest upon foundational pillars: robust data privacy and security; interoperability and cross-sector collaboration; adaptive, collaborative regulation; financial education; and proactive services backed by industry sandboxes.
The Architectural Stack of Tomorrow
To realize this vision, we can conceptualize a multi-layered architecture where each tier contributes unique capabilities while interlocking seamlessly.
Below, we unpack these layers in greater detail.
Data Layer: The Foundation of Trust
The data layer consolidates retail and SME transaction histories, balances, savings, investments, pensions, insurance policies, tax records, and identity attributes. It also integrates non-financial metrics like energy consumption, employment records and health data, enabling powerful risk assessments and personalized services.
In this regime, data must be available, portable and standardised to foster collaboration, provenance, traceability and auditability. By adopting harmonized schemas and privacy principles—data minimisation, purpose limitation and privacy by design—organizations can deliver reliable AI-driven insights while upholding consumer trust.
API and Integration Layer: The Nervous System
APIs serve as the circulatory system of modern finance, replacing brittle point-to-point links with a dynamic, scalable and secure network. Standardized interfaces allow any authorized party—be it a fintech startup or an established bank—to access real-time data and services.
- Discoverable API catalogs with clear documentation
- Version control and backward compatibility
- Granular scopes for read and write permissions
Security is paramount: APIs must encrypt traffic with TLS 1.3, implement multi-factor authentication, and comply with Financial-grade API (FAPI) profiles. Regular penetration tests and compliance scans reinforce a resilient ecosystem.
Identity, Consent, and Trust Layer
Digital identity underpins every interaction in an open ecosystem. Secure, reusable identities minimize fraud, streamline onboarding and support compliance. Yet, without proper governance, identity systems risk exclusion or concentration of power.
Transparent consent frameworks, featuring clear scopes, durations and revocation options, are essential. Techniques like tokenised consent and public-key-based credential models empower users to manage permissions. Governance bodies define roles, liabilities and dispute mechanisms, creating a foundation of mutual trust.
Intelligence and Automation Layer
Artificial intelligence and automation convert raw data into tailored insights. Personal finance platforms become proactive advisors, monitoring spending, predicting cash flow and recommending debt consolidation or saving strategies. Enterprise risk teams harness real-time analytics to adjust credit models dynamically.
Agentic AI assistants will soon negotiate better interest rates or rebalance portfolios on behalf of users. By embedding AI into the ecosystem, institutions deliver services that are context-aware, customer-centric and continuously evolving.
Governance and Market Context
No architecture stands alone. Regulatory frameworks and market incentives shape adoption. In the UK and Europe, bodies like the FCA, Ofcom and sectoral regulators are aligning around a shared roadmap, believing that open data ecosystems drive competition, innovation and inclusion.
Incentives such as regulatory sandboxes allow innovators to pilot new offerings under supervision. Compliance-ready standards reduce barriers to entry, enabling both newcomers and incumbents to collaborate. By aligning business models with open standards, organizations gain both operational agility and strategic resilience.
- Dynamic regulation and collaborative rulemaking
- Industry-wide sandboxes and pilot programs
- Cross-sector data-sharing agreements
Conclusion: Building the Financial Architecture of Tomorrow
As 2030 approaches, the convergence of technology, regulation and market dynamics is constructing the scaffolding for a truly open financial ecosystem. By embracing open standards—from data schemas and APIs to digital identity and AI frameworks—we unlock a future where finance is more inclusive, intelligent and responsive to individual needs.
The opportunity is immense: to design systems that empower users, drive innovation and safeguard trust in an increasingly interconnected world.
