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Open Finance in Europe: What is coming and why it matters

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Abstract

Open Finance is a new development in the financial services industry that entails the sharing, access, and reuse of customer (business and consumer) data with customer agreement across, and in order to provide, a wide range of financial services. This article explains a number of use cases of “Open Finance” in order to understand its potential and then discusses some important aspects of this regime, which are still to be decided upon by the legislator. The advantages and disadvantages are explained in order to have a critical view of this development in the financial services industry. The article concludes with a number of recommendations for financial institutions.

Suggested Citation

  • van Praag, Emanuel & Muçi, Eugerta, 2023. "Open Finance in Europe: What is coming and why it matters," Journal of Financial Transformation, Capco Institute, vol. 57, pages 94-107.
    • Handle: RePEc:ris:jofitr:1702
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    More about this item

    Keywords

    open finance; open banking; data; data sharing; APIs; financial institutions; third party providers;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Y10 - Miscellaneous Categories - - Data: Tables and Charts - - - Data: Tables and Charts

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