THERE IS AN URGENT NEED FOR HEALTHCARE PROVIDERS TO MAKE BETTER USE OF AVAILABLE DATA .
S C R U B B I N G U P
THERE IS AN URGENT NEED FOR HEALTHCARE PROVIDERS TO MAKE BETTER USE OF AVAILABLE DATA .
The financial services precedent
In addressing these challenges , there is much that healthcare could learn from the experience of the finance sector . Implemented in 2018 , the UK ’ s Open Banking model serves as a powerful example of how enhanced data accessibility and interoperability can transform an industry . This initiative revolutionised the financial sector , granting consumers unprecedented control over their financial data and igniting a dynamic FinTech market . It demonstrates the transformative impact of enabling seamless data sharing and integration .
The interoperability and data sharing mandated by Open Banking have spurred innovation in the financial sector . FinTech startups and established financial institutions alike have developed new apps and services , from personal financial management tools to more efficient payment services , all leveraging access to banking data . Moreover , this has allowed individuals to securely share their financial data with third-party providers ( TPPs ), as well as empowering them to make more informed decisions , access better financial products and manage their finances more effectively .
Learning from FinTech : Empowering users to control their data
The financial sector ’ s journey offers valuable lessons for healthcare , particularly in empowering end-users . FinTech has thrived by enabling consumers to control their financial data , leading to more personalised services and products . Similarly , in healthcare , giving patients control over their health data could revolutionise the way they interact with healthcare services . This empowerment can lead to better-informed decisions and a more proactive approach to health and
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