FIDA and the future of financial services

The financial services landscape is evolving. A significant transformation is underway, driven in Europe by the Financial Data Access (FIDA). Unlike most regulations, it is not simply a compliance checkbox, it is intended as guiding light towards a data-driven future.At its core, FIDA compels all participants in the financial services value chain to adapt or risk falling behind. But, what exactly does FIDA entail and how will it reshape the financial services industry?FIDA mandates that financial institutions unlock their vaults, the repositories where customer data resides. This data is the key to a wealth of information - the transaction histories, behavioural patterns, and preferences - that will shape the future of finance. Unlike PSD2, however, FIDA isn't merely a regulatory requirement; it is potentially a gateway to revenue and new business opportunities.The proposed timeline for FIDA demands that financial services providers must revamp their systems, processes, and mindsets quickly. Legacy systems are unlikely to be fit-for-purpose, as FIDA necessitates a substantial changes that enables real-time access and permission management.

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