What Is Open Finance?
Open Finance is a movement that builds on global open standards, technical requirements, and trusted third-party access to customer data enabled by Open Banking regulations. By harnessing the power of Open Finance, organizations can leverage financial APIs (FAPIs), customer consent, and identity best practices to:
- Secure the financial services ecosystem
- Drive value-added revenue
- Stay ahead of the competition
Mobilize the Three Pillars of Open Finance
Open Banking regulations have transformed the retail banking industry across Europe, Australia, and the Asia-Pacific region. Customers are demanding more personalization, improved experiences, and greater control over their data across a growing range of financial services. The ForgeRock Identity Platform enables financial services organizations to accelerate IT modernization, mitigate emerging cybersecurity risks, and achieve regulatory compliance.
Uplift Customer Experience
Acquire customers faster and deliver consistent, secure, and exceptional omnichannel experiences across physical and digital channels to drive value-added revenue. Leverage the ForgeRock Identity Platform to reduce friction across customer journeys, consolidate data silos to create a single view of customer needs, and give customers the ability to manage how their data is shared with trusted third-parties.
Extend Zero-Trust Security
Embed “identity-first security” strategies at the core of the Open Finance ecosystem by securing FAPIs, accelerating secure access, strengthening authentication, and unifying identities across multiple on-premises, cloud, and hybrid identity stores. Leverage the ForgeRock AI-powered identity platform to eliminate unauthorized access, remove legacy data silos, and rapidly implement Zero Trust and CARTA security models.
Achieve Regulatory Compliance
Secure customer data and the wider financial services ecosystem to align with data protection and privacy regulations. Leverage a wide range of standards-based authentication, authorization, and federation capabilities to comply with strong customer authentication, FAPI, and data sharing regulations while mitigating security risks associated with integrating new Open Finance providers into your ecosystem.
CIAM for Financial Services
Compare digital identity management providers for CIAM within the financial services industry
Consumer Data Right Open Banking
Learn how to leverage strong customer authentication and securely deploy FAPIs to align with CDR regulatory requirements
Transforming the U.K. Pension Industry Through Open Finance
Learn how Open Finance is enabling digital identity to create secure, trustworthy, and user-friendly tools in the UK pension sector