Volume 5 • Issue 2 • PP: 20–27 • 2025
Open Banking Platforms: Value, Trust, and Governance
Open Access & Copyright
© 2025 The Author(s). Published by ASPG. This article is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
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Open banking is moving beyond being a access technology for regulators to a platform infrastructure for financialsector transformation. However, having APIs alone does not mean there is any innovation, competition, or customer value. This integrative review brings together a set of 26 peer-reviewed studies that are available by 31 March 2025, which span four intertwined areas of research related to platform architecture, value creation, consumer trust and inclusion, and ecosystem governance. The evidence shows that the benefits of permissioned data mobility can help to alleviate information friction, and enable modular services, but can only be realised if interfaces are reliable, complementors are capable, consent is intelligible, there exists liability clarity, and redress is effective. Openness can widen the competition and personalisation, as well as create third party reliance, cyber vulnerability and exclusion risks for less digitally competent consumers. To link these insights, a layering of governance is developed and a four-stage maturity framework is proposed from compliance access to open-finance readiness. It then proposes research priorities related to sustained adoption, distributional effects, API assurance, interoperability, and system resiliency. The review does not view open banking in isolation from the other elements of an organization and institutional change, but rather as a coordinated change, and offers a short and simple framework for researchers, financial institutions and regulators.
Keywords
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