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2023 | OriginalPaper | Chapter

7. Open Banking: Opportunities and Risks

Author : Christoph Frei

Published in: The Fintech Disruption

Publisher: Springer International Publishing

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Abstract

Open banking, which allows third-party providers to access and modify financial transaction data with customer consent, is transforming the financial sector. This chapter delves into the opportunities and risks of open banking, highlighting its potential to increase competition, accessibility, and innovation in financial services. It also discusses the challenges, such as data breaches, discrimination, and regulatory inconsistencies, and provides a global overview of open banking initiatives and their varying approaches. The chapter concludes by emphasizing the need for a suitable framework to ensure privacy and consumer protection while fostering financial innovation.

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Title: Open Banking: Opportunities and Risks
Author: Christoph Frei
Publisher: Springer International Publishing
Book: The Fintech Disruption
Print ISBN: 978-3-031-23068-4

Electronic ISBN: 978-3-031-23069-1

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-3-031-23069-1_7