PSD2 and ongoing Open Banking developments around the world clearly demonstrate the rapid progress of this concept. The Open Banking initiatives, which started with the world of payments, have now taken on a new meaning. In general, Open Banking represents not just a relationship, but a reshaped ecosystem. The static relationships between banks and customers in the past have now become dynamic, and this transformation not only involves two parties and a third player entering the stage, but also signifies a new era where all players establish multiple relationships among themselves.
Legally, Open Banking may compel players in the banking and financial sector to comply with specific processes to satisfy fintechs with the opportunities provided to them. However, it also enables different ecosystems, especially e-commerce, to converge with the banking and financial sector. Along with this longer-term transition, various solutions that can enter our lives with Open Banking are already starting to emerge.
Open Banking's ability to create mutual benefits and provide convenience for all parties involved can be an effective way to reach the unbanked population (2 billion people worldwide) who are currently outside the reach of the banking system and have not been included in this system for various reasons. For example, fintech companies that have been established to meet hundreds of new needs such as topping up phone credit, sending pocket money on a card, or buying various rights in games, have begun to open the door to a completely new world with a different vision.
One of the topics covered in the Open Banking Opportunity Index, a study prepared by EY (Ernst & Young - an international audit and consulting services firm operating in approximately 140 countries worldwide), is the relationship between consumer trust and regulations. The study emphasizes the need to gain consumer trust for the success of Open Banking.
