Open banking: a systematic literature review | Journal of Banking Regulation

Abstract:  This article provides a systematic literature review of Open Banking. Given its complexity and richness, this paper focuses on how the innovations introduced by the Open Banking environment influence the relationship between financial institutions (fintech and incumbent banks) and consumers. It is a domain-based structured review in which the 'Preferred Reporting Items for Systematic Reviews and Meta-Analyses protocol is applied. This study contributes to the academic literature by providing a classification criterion for organizing articles according to the analytical perspectives of their authors. Moreover, it offers an overview of Open Banking by studying the advantages and disadvantages of its implementation for financial institutions and consumers, including increased competition, innovation, and access to financial services, as well as concerns around data privacy and consumer protection. The insights provided by this systematic literature review are worth for researchers, regulators, and market participants. It also provides a research agenda encompassing five management research lines.