Key Considerations for Open Finance

Open finance is a financial innovation that facilitates customer-permissioned access to and use of customer data held by financial institutions to provide new and enhanced services and develop innovative business models. Open finance frameworks can spur innovation, improve competition, enhance customer empowerment, and foster financial inclusion. However, open finance can also pose new or enhanced risks and requires careful design and adequate safeguards.

As a growing number of countries consider, design, or implement open finance frameworks, CGAP, BIS, IMF, UNSGSA, and the World Bank offer key considerations for designing an inclusive open finance framework that reaches and benefits underserved populations.