Next Wave: Open banking may harm borrower welfare by favouring fintech lenders
- The world is moving toward an open-data economy driven by digital technology.
- Open banking is a major topic discussed at TechCabal’s Moonshot conference.
- Open banking empowers customers to share their financial data voluntarily.
The transition to an open-data economy, particularly through open banking, presents both opportunities and challenges. While it empowers consumers and fosters competition, careful consideration is needed to ensure that it does not inadvertently disadvantage certain borrower segments or lead to increased market asymmetry. Ongoing dialogue and regulation will be crucial in navigating these complexities.
