University of Cebu-Banilad Library

Includes index.

1 Open banking ecosystem and infrastructure: banking on openness -- 2 Defining data rights and the role of the individual -- 3 Customer protection and the liability conundrum in an open finance ecosystem -- 3 Customer protection and the liability conundrum in an open finance ecosystem -- 4 Artificial intelligence and machine learning: the opportunities and challenges of using big data -- 5 Data access technology standards: a history of open banking data access -- 6 Taking your data with you: Singapore's approach to data portability -- 7 Open banking and the economics of data -- 8 Open banking, open data, and open finance: lessons from the European Union -- 9 United Kingdom: the butterfly effect -- 10 The Australian consumer data right: the promise of open data -- 11 India's approach to open banking: some implications for financial inclusion -- 12 Digital identity: exploring a consumer-centric identity for open banking -- 13 Decentralized finance: the future of crypto and open finance? -- 14 From open banking to open and beyond: competition and the future of banking.

"Consumers are growing more aware of the importance and value of the data they personally generate across industries and domains. Financial services is one such area where the link between one's personal data and its economic value is most clearly established, and consumers are beginning to agitate for and gain a measure of agency over their data. A study of the phenomenon of open banking provides a focused lens on the broader phenomena of data proliferation and data monetization. Thus, open banking and its related legal and economic issues along with policy ideas, such as consumer financial data rights, can serve as an interesting model for the broader policy discussion on general data rights. Open banking is a specific manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. Among Basel Committee jurisdictions, at least fifteen jurisdictions have some form of open banking, and this number does not even include the many jurisdictions outside the Basel Committee membership with open banking activities. Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there has been recent but limited policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still a little-known concept among consumers and policymakers in the States. This book defines the concept of 'open banking' and explores key legal, policy and economic questions raised by open banking"--Provided by the publisher

Adult

Biore, Christopher College of Business and Accountancy BSBA-Financial Management

Biore, Christopher College of Business and Accountancy BSBA-Financial Management

Text in English