Abstract

The concept of Open Banking has been around for several years now without being clearly delineated in a legal or otherwise widely accepted definition. Recently, the European Commission announced a Digital Finance package to take Open Banking a step further – but further from what, and towards what? Our analysis shows that opinions diverge. It is clear that Open Banking has something to do with sharing client data beyond banks, but many questions still remain as to the conditions for
such data-sharing. In this regard, policy makers can play a decisive role: bank clients need independent oversight, information and education, but also need to build ‘trust by design’ to create an environment in which everyone feels safe to share financial data.
Original languageEnglish
TypePolicy brief
Media of outputVUB website
Number of pages6
Publication statusPublished - 8 Mar 2021

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