What is FIDA and what are its goals?

FIDA, which stands for the Framework for Financial Data Access, is a regulation proposed by the European Commission that aims to transform the way financial data is shared within the European Union. It focuses specifically on the insurance sector, paving the way for Open Insurance.

Here are FIDA’s key goals:

  • Empower individuals: Give individuals control over their financial data and enable them to share it with third-party providers (TPPs) of their choice.
  • Increase transparency: Foster a more transparent financial landscape by allowing easier access to and understanding of financial products and services.
  • Boost competition: Level the playing field for new entrants in the market, encouraging innovation and wider choice for consumers.
  • Enhance customer experiences: Allow for personalized services and easier switching between providers, ultimately improving customer satisfaction and control.

Overall, FIDA seeks to create a more dynamic and interconnected insurance market where individuals have greater control over their data and benefit from more innovative and personalized services.