Objectives On completion of this tutorial, you will be able to:

• Identify how open banking works and how the model has evolved and developed in various jurisdictions around the world
• Recognize the key considerations relating to data privacy, data security, and the technology architecture used to facilitate open banking
• List the means by which open banking presents banks with the opportunity to monetize their data and capabilities
• Recognize how open banking is evolving into open finance and how ultimately this could be expanded into a much broader open economy concept

Tutorial Overview Open banking - the sharing of customer financial data with third parties with customer consent - is a transformative initiative in banking, finance, and potentially beyond. With roots in the EU's second Payments Services Directive (PSD2), open banking has become something of a global phenomenon, promoting competition and innovation in the financial sector and disrupting legacy business models. This tutorial describes open banking in detail and how the depth of its influence is now being reflected in emerging open finance and open data/open economy initiatives. Prerequisite Knowledge Digital Banking - An Introduction Tutorial Level: Intermediate Tutorial Duration: 50 minutes