While Open Banking on the European mainland is still not functioning as smoothly as the European Commission had envisioned at the start of PSD2 in 2015, the next phase in the financial data unlocking project is already underway. Open Finance will lead to banks sharing (much) more financial data from their customers with authorised third parties.
Open Finance should open up a much greater potential for banks than Open Banking. That is why banks should embrace Open Finance to boost their revenues.