The impact of the FiDA framework on open finance: Exploring legal, business, and customer dimension
Mäki, Denisa (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025052315151
https://urn.fi/URN:NBN:fi:amk-2025052315151
Tiivistelmä
The EU issues different types of legislation guided by its treaties, with the primary aim of harmonising standards across member states to ensure the free movement of people, capital, goods, and services, hence creating a single market. Challenges like digital security and climate change, but also consumer protection and anti-competitive practices, need coordinated action at the EU level, which legislation facilitates.
This thesis explores the proposed regulatory framework for Financial Data Access (FiDA), initiative aiming to reshape the financial sector through improved data sharing, with focus on individual and business customer data.
Currently, third-party services can access a customer's payment account data once permission is given by a customer. This allows then apps to analyse cash flows, but such access does not extend to data from savings accounts, loans, mortgages, or insurance. For customers interested in using new innovative services it is difficult to give access to other types of data because of security concerns, and in addition, financial institutions are not required by law to share customer data with third parties.
The objective of this thesis is to investigate FiDA's potential impact on compliance requirements, its interaction with existing EU legislation such as PSD2, GDPR, DORA, and its influence on creating a balanced ecosystem for customers, financial institutions, and third-party providers. At the time of writing this thesis, FiDA has not been finalised and is undergoing negotiations between the European Parliament, the Council of the EU and the European Commission, which means the final text can still change.
Key areas: regulatory compliance, economic implications, customer trust, innovation potential and sustainability. The study uses a qualitative research approach, which includes a theoretical framework and insights from industry experts collected through semi-structured interviews. These insights are important in understanding better what FiDA is, why it was proposed, how it could promote the development of new financial products and what impact it might have on different stakeholders in financial sector.
The thesis identified key factors for FiDA’s successful implementation, including the strategic readiness of financial institutions and other stakeholders involved. Robust cybersecurity and high data quality are important, along with developing infrastructure for effective data exchange. Additionally, clear legislative guidelines and a well-defined scope are critical as well. Ultimately, FiDA’s success will depend on market adoption and customer trust to share data. Finding balance between costs, benefits and risks will be crucial.
This thesis explores the proposed regulatory framework for Financial Data Access (FiDA), initiative aiming to reshape the financial sector through improved data sharing, with focus on individual and business customer data.
Currently, third-party services can access a customer's payment account data once permission is given by a customer. This allows then apps to analyse cash flows, but such access does not extend to data from savings accounts, loans, mortgages, or insurance. For customers interested in using new innovative services it is difficult to give access to other types of data because of security concerns, and in addition, financial institutions are not required by law to share customer data with third parties.
The objective of this thesis is to investigate FiDA's potential impact on compliance requirements, its interaction with existing EU legislation such as PSD2, GDPR, DORA, and its influence on creating a balanced ecosystem for customers, financial institutions, and third-party providers. At the time of writing this thesis, FiDA has not been finalised and is undergoing negotiations between the European Parliament, the Council of the EU and the European Commission, which means the final text can still change.
Key areas: regulatory compliance, economic implications, customer trust, innovation potential and sustainability. The study uses a qualitative research approach, which includes a theoretical framework and insights from industry experts collected through semi-structured interviews. These insights are important in understanding better what FiDA is, why it was proposed, how it could promote the development of new financial products and what impact it might have on different stakeholders in financial sector.
The thesis identified key factors for FiDA’s successful implementation, including the strategic readiness of financial institutions and other stakeholders involved. Robust cybersecurity and high data quality are important, along with developing infrastructure for effective data exchange. Additionally, clear legislative guidelines and a well-defined scope are critical as well. Ultimately, FiDA’s success will depend on market adoption and customer trust to share data. Finding balance between costs, benefits and risks will be crucial.