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 - written by Emanuel van Praag and published in The Capco Institute Journal of Financial Transformation - 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.
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