ABSTRACT
Open banking is an evolving topic that will change the financial industry and help financial institutions to better serve customer needs. It will enable many business opportunities for banks and other financial companies. Open banking, in which data is exchanged in a standardized and secure manner in order to offer customers better products and services, is enhanced in digital ecosystems, which create added value for customers and business relationships with overarching goals through the cooperation of many stakeholders in order to serve customers and help them meet customer goals. In this chapter, the causes and accelerators of this transformation as well as the new business models and opportunities that arise from it for the financial industry and for customers, are discussed.
