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The Rise of Open Banking and Its Impact on Financial data aggregators

Author(s) Surya Ravikumar
Country United States
Abstract The emergence of Open Banking, made possible by advances in technology and regulatory changes, has drastically changed the worldwide financial landscape. Open Banking enables innovation, competition, and better consumer experiences by facilitating safe and secure data exchange between third party vendors and financial institutions through APIs. This paper explores more about the rise of open banking and how it affects financial data aggregators. Since standardized APIs have been introduced, open banking has changed the way financial information is being shared and how customers can grant access to their banking information to third party service providers. This paper aims at understanding how this change has affected Financial Data Aggregators, how their position is changing in the value chain, the new possibilities for innovation that have emerged, as well as challenges on the data privacy, security and regulatory compliance fronts. In addition, this paper looks at how the competitive landscape has been transformed by open banking, as new business models emerge while traditional banking models are disrupted. Using regulatory frameworks, market dynamics, technological advancements, the paper aims to shed light on the strategic implications to financial data aggregators, their relationships with banks, and the possibility to offer valuable services.
Keywords Open Banking, Financial Data Aggregators,, API, FinTech, Data Security, Consumer Privacy
Published In Volume 4, Issue 6, June 2023
Published On 2023-06-07
Cite This The Rise of Open Banking and Its Impact on Financial data aggregators - Surya Ravikumar - IJLRP Volume 4, Issue 6, June 2023. DOI 10.5281/zenodo.15026467
DOI https://doi.org/10.5281/zenodo.15026467
Short DOI https://doi.org/g88f5k
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