Smart Data Group (SDG), the industry body established to scope and design the shift from open banking to open finance in the UK, announced recently that Dr. Ruth Wandhöfer, a payment industry veteran, was appointed to spearhead the initiative.

According to the SDG announcement, published on December 23, Wandhöfer has been appointed as independent Mobilization Lead as the industry steps up efforts to unlock the next phase of Open Banking. The goal is to build the foundations for a scalable, secure, and resilient smart data economy in the UK.

“The appointment comes at a critical moment for the sector, as policymakers and industry grapple with how to move Open Banking from a regulatory competition remedy into a commercially sustainable model that can support growth, competition, and innovation for the UK economy as a whole,” the announcement said.

SDG continued ot say that Wandhöfer will support industry-led engagement on the proposed Open Banking Future Entity (FE), working independently to listen to and reflect views from across the ecosystem.

She would then support the final design and mobilization of the FE, ensuring that it stays robust, capable, and future-ready in order to support Open Banking, while laying the foundations for a broader, cross-sector smart data infrastructure aligned with the UK’s Data Act.

Providing Better Outcomes For Businesses And Consumers

The announcement went on to say that this approach was designed to create a resilient data highway that can support open finance and wider smart data use cases, thus securing improved cyber resilience, as well as operational efficiency, and overall better outcomes for businesses and consumers alike.

Wandhöfer is believed to be the right person for the job, as she brings over 20 years of experience across global banking, payments, regulation, governance, and cybersecurity. Her appointment also signals a push for greater clarity and momentum in the industry, as it evolves from high-level design to concrete delivery decisions.

Commenting on her appointment, Wandhöfer said that she is excited to support the open banking community as it looks to move into the next phase of design and mobilization.

“There is a real opportunity to shape a Future Entity that will be instrumental in building the secure future data highway for the UK economy and thus deliver meaningful value for both businesses and consumers. I look forward to working with all stakeholders across the broader ecosystem of our economy to help realise a resilient data economy across all industries,” she said.