The sustainable value of open banking: Insights from an open data lens

Open Banking has emerged as an initiative which has the potential to disrupt the retail banking sector by improving competition and innovation in the industry. But is Open Banking capable of producing sustainable value? This is a question that is relevant for all open initiatives given the transfer of value from incumbents to newer entities with the aim of improving innovation and customer benefit. It is particularly relevant for Open Banking at this stage of its maturity. This study undertakes a global analysis (across 17 regions) on Open Banking through the lens of Open Data. We contribute to the open data lens and provide insights into the potential success of Open Banking. Specifically, we synthesise a definition of Open Banking, we highlight that Open Banking is not entirely 'open' compared to other open initiatives, and we discuss how Open Banking may provide sustainable value for consumers, Fintech's, and traditional banks.