Advertisement Advertisement Open banking is about faster, more flexible banking services Open banking represents a paradigm shift for banks. It transfixes the open mindset and open-software principle to the rigid world of finance. Open banking is about leveraging technology to create platforms for transactions and banking services that are more flexible and faster than what is available today. It is about enabling fintechs and other financial startups to drive innovation and offer consumers more choice at lower prices. But mostly, open banking is about data. Specifically, it systematizes the reality that the most important asset for a financial service institution (FSI) today is no longer capital or scale, but rather data. It opens up access to customer data to third-party developers, leveling the playing field in a sector that consistently ranks among the lowest in its ability to innovate.