Open banking's financial revolution: are we falling short?

Open banking is becoming progressively more widespread in the world, with approaches ranging from legislatively mandated (as in the EU) to industry-led voluntary systems (as in the US), with a range of roles for regulators in between. There are several definitions of open banking. It is regarded as a financial ecosystem which provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and nonbank financial institutions using application programming interfaces (APIs). Consumer generated data can therefore be transferred (data portability) or accessed by third parties, with the purpose of increasing competition and innovation, thus benefiting both individuals and society more broadly. However, Open Banking also poses a variety of complications and issues.

At this event, our speakers pinpointed and discussed the ongoing regulatory issues and the impact of open banking on payments, competition in the banking markets and financial inclusion.

The event featured the launch of the issue 1.2023 of "European Economy. Banking, Regulation and the Real Sector".