The Journey to Open Finance: Learning from the Open Banking Movement

Pascalis, Francesco De

doi:10.54648/eulr2022018

Cited by 3 publications

(2 citation statements)

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“…At present, the legal system of data sharing in our country is still not perfect, which brings great security risks to data sharing. In the process of open banking data sharing, real-time data and core data are involved, and core data such as customers' personal property information, personal identity information and personal biological information may be leaked [8]. The existence of open banking mode will objectively lengthen the chain of data storage, transmission and use.…”

Section: Risk Of Data Breachmentioning

confidence: 99%

Research on Regulation of Personal Financial Data Sharing in Open Banking

2023

AJESS

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Open banking is a platform-based and ecological business model based on data sharing, which has the characteristics of "disruptive innovation". The value of data is mainly reflected in the fusion and mining on the basis of sharing, and the essence of open banking is data sharing. As a new key production factor driving the development of financial industry in the era of digital finance, personal data still has many challenges in the practice of open banking, such as data leakage risk, data sharing authorization risk, correlation risk of data sharing with third-party institutions, and lack of supervision risk. Based on the word frequency statistics and comparative analysis with non-bank financial institutions, the empirical study shows that China’s banking industry has significantly increased the construction of open banking since 2018, among which banks with poor profitability and high risk level regard open banking as an important direction of transformation and upgrading. However, open banking also brings new risks such as data leakage and network security and the empirical results also confirm that open banking construction significantly improves the probability of bank violations. Combining with the existing three types of compulsion, such as Self-regulatory, Self-regulatory l and boost the regulatory, this paper argues that it is suitable for our country to adopt the boost regulatory mode.

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Section: Risk Of Data Breachmentioning

confidence: 99%

Research on Regulation of Personal Financial Data Sharing in Open Banking

2023

AJESS

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“…This corpus of regulations is intertwined with the Open Finance framework, whose arrival in the financial industry has placed customers and their willingness to share data at the centre of operations in a range of services, from banking and insurance to asset management (De Pascalis, 2022;Grassi et al, 2022a;Standaert & Muylle, 2022). On the contrary, in the past with Open Banking, the only sphere involved was bank account information (Chan et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

In a world of Open Finance, are customers willing to share data? An analysis of the data-driven insurance business

Grassi

2024

Eurasian Bus Rev

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In the financial system, the customers’ willingness to share their data is pivotal, because otherwise, banks and insurance companies are powerless to build on customer data. The key step now is to understand whether there is such willingness and what form it takes. In this study, we investigate how willing customers are to share various kinds of data (on physical health, home, driving style, travel, family, social networks) with their insurance company, in return for different rewards (customised products and services, reduced insurance claims risk and insurance premiums adjusted to personal habits and behaviour). Applying the privacy calculus framework to 1501 responses in a web-based survey, we found that rewards, especially when financial, such as insurance premium benefits, play a pivotal role in driving customer decisions about sharing data. Furthermore, customers associate the data they are asked to share with different levels of privacy, influencing their willingness to share. We also found that, when customers are asked to share various kinds of data in return for different rewards, their own personal innovativeness comes into play. Our findings suggest that, in the data-driven insurance business, different rewards offered in return for specific types of data could help companies minimise the “data acquisition cost” and maximise the data collected. In the era of open data, insurers can explore the many opportunities for segmentation, but new kinds of financial exclusion could emerge, resulting in potential biases and thus misinterpretations should analytics and artificial intelligence models be built upon these premises.

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Fintech Platforms to the Test of Micar Regulation: Evidence From the FTX Case

Silla

2024

Preprint

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The Journey to Open Finance: Learning from the Open Banking Movement

Cited by 3 publications

References 1 publication

Research on Regulation of Personal Financial Data Sharing in Open Banking

Research on Regulation of Personal Financial Data Sharing in Open Banking

In a world of Open Finance, are customers willing to share data? An analysis of the data-driven insurance business

Fintech Platforms to the Test of Micar Regulation: Evidence From the FTX Case

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