Open Banking

Author: Linda Jeng
Publisher: Oxford University Press
ISBN: 9780197582879
Published In: April 2022
Format: Hardback
Jurisdiction: ? Disclaimer:
Countri(es) stated herein are used as reference only

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Open banking is a silent revolution transforming the banking industry. It is the manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank, but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. Among Basel Committee jurisdictions, at least fifteen jurisdictions have some form of open banking, and this number does not even include the many jurisdictions outside the Basel Committee membership with open banking activities.

Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there have been recent policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still a little-known concept among consumers and policymakers in the States. This book defines the concept of 'open banking' and explores key legal, policy, and economic questions raised by open banking.

Foreword by Chris Brummer

Introduction by Linda Jeng

Chapter 1: Open Banking Ecosystem and Infrastructure: Banking on Openness by Andres Wolberg-Stok

Chapter 2: Defining Data Rights and the Role of the Individual by Kaitlin Asrow

Chapter 3: Customer Protection and the Liability Conundrum in an Open Finance Ecosystem by Steven Boms and Sam Taussig

Chapter 4: Artificial Intelligence and Machine Learning: The Opportunities and Challenges of Using Big Data by Matthew Adam Bruckner

Chapter 5: Data Access Technology Standards: A History of Open Banking Data Access by Don Cardinal and Nick Thomas

Chapter 6: Taking Your Data with You: Singapore's Approach to Data Portability by Zee Kin Yeong and David Roi Hardoon

Chapter 7: Open Banking and the Economics of Data by Yan Carrière-Swallow and Vikram Haksar

Chapter 8: Open Banking, Open Data, and Open Finance: Lessons from the European Union by Douglas W. Arner, Ross P. Buckley and Dirk A. Zetzsche

Chapter 9: United Kingdom: The Butterfly Effect by Gavin Littlejohn, Ghela Boskovich and Richard Prior

Chapter 10: The Australian Consumer Data Right: The Promise of Open Data by Julie McKay

Chapter 11: India's Approach to Open Banking: Some Implications for Financial Inclusion by Yan Carrière-Swallow, Vikram Haksar and Manasa Patnam

Chapter 12: Digital Identity: Exploring a Consumer-centric Identity for Open Banking by Greg Kidd

Chapter 13: Decentralized Finance: The Future of Crypto and Open Finance? By Nic Carter

Chapter 14: From Open Banking to Open Data and Beyond: Competition and the Future of Banking by Brad Carr

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