Skip to content

Demonstrated demand for FIDA: Addressing misconceptions and market realities.

-

In the financial sector, innovation is already happening—but without the frameworks needed to support it at scale. That’s where FIDA comes in. It isn’t about adding complexity. It’s about giving structure to what’s already in motion and helping financial institutions operate more efficiently, securely, and transparently.

At Insurely, we see the demand for regulated financial data access every day. We’ve built solutions around it. And we’ve seen firsthand how access to real-time, structured data enables better customer experiences, smarter business outcomes, and faster innovation.

Let’s break down what the demand looks like—and why now is the time to act.

Proven demand: What’s already working. 

In several European markets, services that align with FIDA’s objectives are already live and delivering real value. In Sweden, for example, 10 to 20 percent of the population shares financial data through open finance solutions every year. This has been possible thanks to a combination of digital infrastructure, regulatory clarity, and strong consumer demand.

At Insurely, we help more than one million Europeans share insurance, pension, and investment data annually. That number is expected to grow to around three million in 2025. We work with over 40 financial institutions across six European markets—including banks, insurers, and pension providers—who use our tools to reduce churn, improve onboarding, and offer more relevant products and advice.

Use cases we support include:

  • Financial overviews that help customers understand their complete situation

  • Tools that simplify comparing and switching insurance and pension products

  • Better advice experiences, based on up-to-date, shared financial data

The outcome? More loyal and informed customers who are more likely to save, invest, and insure appropriately—while businesses improve results through greater clarity and trust.

All of this has emerged without mandated data standards or infrastructure. Data is accessed through existing customer interfaces and authenticated with single sign-on. Third-party providers handle standardisation. And recent legal rulings—such as Sweden’s Supreme Administrative Court decision—support access on behalf of the consumer.

What’s missing is a common framework to make this possible across Europe.

Indirect demand: A market already sharing data—inefficiently. 

Even in markets without FIDA-style infrastructure, financial data is still being shared. It’s just happening through outdated and highly manual processes.

For example:

  • In the Baltics, customers are legally required to send in proof of insurance every year—often by post.

  • In France, Germany, and Italy, it’s still common to bring printed financial documents to in-person advisory meetings.

Advisors report spending more than half their client time interpreting these documents. That’s time better spent helping customers plan for their future.

The point is: the need for data access is already there. The process is just broken. Businesses are investing time and resources to get the information they need—without the tools to do it well.

FIDA would fix that. Secure, real-time digital access would reduce manual workloads, lower costs, and streamline advice and onboarding processes across the financial sector.

Latent demand: What consumers don’t know they’re missing. 

The biggest opportunity may lie in what’s not yet fully visible.

Most consumers don’t know what’s possible with full, real-time financial data access—because they’ve never experienced it. But the demand is there, hidden in daily frustrations:

  • Managing finances across multiple apps

  • Re-entering the same data over and over

  • Making big decisions based on incomplete information

According to the Commission’s consultation on open finance, 57% of consumers believe data sharing would help them find more relevant financial services. The OECD (Organisation for Economic Co-operation and Development), which advises governments on economic policy, echoes this: real-time access drives transparency, competition, and better outcomes.

With FIDA, businesses can create:

  • Smarter personal finance tools to help consumers track and plan

  • Seamless product comparisons and switching tools

  • Advice built on a full picture of each individual’s finances

These aren’t hypothetical use cases. They’re solutions waiting for the right infrastructure.

The power of a single financial data market. 

FIDA isn’t just about enabling data access. It’s about enabling a single, secure financial data market across Europe. That means lower compliance and integration costs for businesses, easier scaling across markets and a level playing field for all players, not just the big ones.
Open banking has already shown what’s possible. FIDA builds on that foundation—creating standards and trust for a broader range of financial data.

The result: more competition, more innovation, better advice, and more empowered consumers.

Let’s build what the market is already asking for. At Insurely, we’re ready to help financial institutions across Europe unlock the full value of open finance—building trust, efficiency, and better outcomes for everyone.

Want to see what that could look like in your organisation? Let’s talk.

 

Other Stories