OPEN BANKING AS A DRIVER OF FINANCIAL SERVICES MARKET DEVELOPMENT
Abstract
The article is devoted to the study of the impact of the concept of Open Banking on the development of the financial services market and the transformation of traditional banking models into customer-oriented digital ecosystems. The relevance of the topic is due to the rapid digitalization of the financial sector, the growth of user expectations for personalization and convenience of services, as well as the need to ensure transparency, security and competition in the financial products market. The purpose of the study is to determine the prerequisites, mechanisms and effects of the implementation of Open Banking and assess its role as a driver of innovation and competitiveness of the financial services market. The research methodology included an analysis of regulatory and legal acts of the EU and Ukraine, a study of the practice of implementing Open Banking in the United Kingdom, a comparative analysis of traditional and Open Banking, as well as a systematic review of the literature on the technological, regulatory, market and consumer prerequisites for the development of Open Banking. The methods of generalization, comparison and system analysis were applied to identify patterns in the transformation of the financial services market under the influence of digital technologies. The results of the study showed that open banking contributes to expanding access to financial resources and services for individuals and businesses, stimulates the emergence of new financial products and services, integrates banking services into digital platforms and increases competition in the market. It was found that the implementation of Open Banking ensures the personalization of financial products, increases the speed and quality of service, but at the same time requires effective regulation and proper data protection to prevent cyber risks and fraud. The perspective of the development of Open Finance as the next stage of the evolution of Open Banking, which expands the scope of application to insurance, investments and pension savings, is considered. The practical value of the article lies in the formulation of recommendations for banks, fintech companies and regulators on the development of customer-oriented financial ecosystems, the implementation of effective mechanisms for personalization and security of financial services, as well as stimulating competition and innovation in the market.
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