Open Finance: A Guide to Knowledge Resources

Open finance is a financial innovation that facilitates the sharing of customer data – with the customer’s consent – between financial institutions and third-party providers (such as other financial services providers or fintechs) in order to provide new and improved financial services.

Through open finance, providers can leverage customer data to expand and enhance their services, offering personalized savings, credit, insurance or investment products. Open finance frameworks have the potential to improve customer experience and empower consumers, increase competition in the financial sector, spur data-driven innovation and expand financial inclusion. For these reasons, a growing number of countries are considering, designing or implementing open finance frameworks.

However, open finance can also pose new or enhanced risks as more data is exchanged between more parties. Therefore, public authorities have a critical role to play in carefully designing their open finance frameworks and ensuring adequate safeguards are in place.

This FinDev Guide points readers to key resources on open finance from various organizations as a complement to Key Considerations for Open Finance, the recent 2024 publication by CGAP, BIS, IMF, UNSGSA and World Bank.