Essence of Open Banking -Part 1

Aynsley Moore

Sep 14, 2021

In the early stage of Open Banking, data openness was paid more attention because in the era of big data, bank data was recognized as an important “factor of production” with great value but severely underdeveloped. How to make the data owned by banks be used by third parties through reasonable rules and methods has become an important subject in the fintech era.

First of all, the essence of Open Banking is financial data sharing. The core and essence are to re-integrate and configure data as a factor of production or valuable asset in order to encourage financial innovation, discover new financial needs, and create more customized financial products and services that are more convenient and more affordable with lower transaction costs. This will comprehensively improve the level of financial services that benefit all people and enhance the competitiveness of the country’s financial industry. At present, the degree of development of Open Banking has become an important manifestation of the competitiveness of a country’s financial industry. Therefore, in the era of big data, Open Banking is an emerging financial format.

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