From Open Banking to Open Everything: The Rise of Cross-Sector Data Sharing

Open Banking Was Just the Beginning

Open banking proved that when consumers control their data, innovation follows. APIs made account aggregation, personal finance tools, and embedded lending easier than ever. But the core value was not the banking data itself. It was the principle of user-permissioned access to data held by institutions.

Now, this same model is being applied to:

• Energy: allowing users to share electricity usage with switching platforms and smart home apps
• Telecommunications: enabling better service comparisons, credit scoring, and bundling
• Insurance: offering faster claims assessments and tailored coverage
• Healthcare: empowering patients to grant app-based access to their medical records
• Education and Employment: verifying credentials and income for loans or renting, without the paperwork

The shift is clear: data mobility is becoming foundational infrastructure across industries.

A Global Movement Toward Open Data

While implementation varies, the open data movement is taking shape in many regions:

• United Kingdom: After pioneering open banking, regulators are exploring extensions into open finance and smart data across sectors
• European Union: The upcoming Financial Data Access (FiDA) proposal expands the PSD2 framework and hints at broader open data principles
• United States: Under Section 1033 of the Dodd-Frank Act, the CFPB is laying groundwork for consumer data rights that could apply far beyond banking
• Singapore and South Korea: Governments are enabling secure API-based data sharing ecosystems across finance, insurance, and more
• Brazil: The Open Finance initiative already includes banking, insurance, pensions, and investment data, with energy and telco on the radar

This is not a coincidence. It is a convergence.

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The Benefits of Cross-Sector Data Sharing

As APIs unlock data across industries, we can expect:

• Faster onboarding and verification: No more faxed payslips, scanned ID cards, or multi-step utility account lookups
• Smarter products: Energy usage patterns can inform home financing. Mobile usage can improve credit models
• True portability: Consumers will move providers with fewer barriers, increasing competition and service quality
• Personalised experiences: Companies can offer more relevant products with fewer manual inputs

Just as open banking catalysed hundreds of new fintechs, open data across sectors will enable new ecosystems of apps, tools, and platforms.

The Infrastructure Challenge

While the opportunity is enormous, enabling this future requires robust infrastructure. Every sector has:

• Different data formats and legacy systems
• Unique consent and privacy considerations
• Varying regulatory maturity and standards adoption

Building cross-sector, API-driven systems means dealing with compliance, interoperability, and reliability at scale. For organisations trying to go it alone, the complexity is often underestimated.

This is where managed infrastructure providers like Fiskil come in, helping organisations plug into evolving data ecosystems without the overhead.

What Should You Be Thinking About Now?

Whether you are a bank, utility, fintech, or SaaS platform, now is the time to:

1. Understand your market’s open data roadmap
   What sectors are next? What is mandated versus voluntary?

2. Evaluate your role
   Will you be a data holder, a data recipient, or both?

3. Design for extensibility
   Infrastructure built solely for open banking may not scale to energy or telco without rework

4. Prioritise user trust
   Consent, transparency, and security are non-negotiable in every sector

Cross-Sector Data Sharing Is the Future

Open banking showed us what is possible when data barriers fall. Now, the same forces are coming to other sectors. The organisations that succeed will be those who treat data access as a product, not a compliance checkbox.

At Fiskil, we are building infrastructure for this open future, starting with finance and energy, and ready to scale wherever open data goes next.

Want to stay ahead of the open data curve?

Talk to us about future-proofed data sharing infrastructure, built for what's next.