3.3 What Open Banking may develop into
We step back to see the enormous power and creativity that “opening up”, standard platforms and APIs havealready unleashed in many industries. We suggest that Open Banking is just the beginning of a widerdevelopment for finance and part of a global cross-industry trend. We share some of the regulations emergingacross the world that aim to promote the wider sharing of data (not only for payments and finance) and forcreating a more level playing field across many industries. There are some challenges – which will be noted –that need to be overcome but the goal is an API Mashup Economy connecting all and providing new businessmodels and opportunities for all. Some of these we already see.