ABSTRACT
This chapter sets the scene by providing an understanding of the open banking world and its main players. Open banking has raised significant interest at the industry, scholarly and regulatory levels. Against this backdrop, the chapter aims to sketch the contours of open banking as a collaborative data-sharing process. In so doing, the analysis addresses each open banking actor (e.g., banks, third parties and bank customers) and their roles in the data-sharing ecosystem. This discussion is preceded by an examination of the primary open banking technology and then completed through an overview of the global development of open banking. The chapter provides direct insights into the changes that open banking has made in the financial services industry.
