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The Evolving Interdependencies between Banks and Fintechs within Open Banking Platforms

Mansour, Osama LU and Ghazawneh, Ahmad (2023) International Conference on Information Systems (ICIS 2023)
Abstract
The enactment of the revised Payment Services Directive (PSD2) by the European Union, has pushed banks to develop digital open banking platforms to enhance market competition and promote innovation in the banking industry. PSD2 mandates banks to offer APIs to provide access to banking data to external third-party providers (TPPs). This mandate might disrupt the role of banks since external complementors such as fintechs have the legal right to access and leverage banking data to offer innovative banking services. As such, the emergence of regulated open banking platforms engenders complex interdependent relationships between banks and fintechs. Drawing on a case of an open banking platform by Nordea Bank, we aim to examine these... (More)
The enactment of the revised Payment Services Directive (PSD2) by the European Union, has pushed banks to develop digital open banking platforms to enhance market competition and promote innovation in the banking industry. PSD2 mandates banks to offer APIs to provide access to banking data to external third-party providers (TPPs). This mandate might disrupt the role of banks since external complementors such as fintechs have the legal right to access and leverage banking data to offer innovative banking services. As such, the emergence of regulated open banking platforms engenders complex interdependent relationships between banks and fintechs. Drawing on a case of an open banking platform by Nordea Bank, we aim to examine these interdependencies with emphasis on the engagement between banks and external complementors in a regulated platform context. We conclude with insights into the lack of access control by platform owners and new conditions of platform openness. (Less)
Please use this url to cite or link to this publication:
author
and
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
Open Banking, Fintech, Digital Platforms, PSD2
host publication
Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies ICIS 2023 : Blockchain, DLT, and Fintech - Blockchain, DLT, and Fintech
publisher
Association for Information Systems
conference name
International Conference on Information Systems (ICIS 2023)
conference location
Hyderabad, India
conference dates
2023-12-10 - 2023-12-13
language
English
LU publication?
yes
id
e20d5f9b-0e9a-4b49-ab9f-e825657356a6
alternative location
https://aisel.aisnet.org/cgi/viewcontent.cgi?article=1112&context=icis2023
date added to LUP
2023-11-24 20:57:38
date last changed
2023-11-30 15:26:02
@inproceedings{e20d5f9b-0e9a-4b49-ab9f-e825657356a6,
  abstract     = {{The enactment of the revised Payment Services Directive (PSD2) by the European Union, has pushed banks to develop digital open banking platforms to enhance market competition and promote innovation in the banking industry. PSD2 mandates banks to offer APIs to provide access to banking data to external third-party providers (TPPs). This mandate might disrupt the role of banks since external complementors such as fintechs have the legal right to access and leverage banking data to offer innovative banking services. As such, the emergence of regulated open banking platforms engenders complex interdependent relationships between banks and fintechs. Drawing on a case of an open banking platform by Nordea Bank, we aim to examine these interdependencies with emphasis on the engagement between banks and external complementors in a regulated platform context. We conclude with insights into the lack of access control by platform owners and new conditions of platform openness.}},
  author       = {{Mansour, Osama and Ghazawneh, Ahmad}},
  booktitle    = {{Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies ICIS 2023 : Blockchain, DLT, and Fintech}},
  keywords     = {{Open Banking; Fintech; Digital Platforms; PSD2}},
  language     = {{eng}},
  month        = {{11}},
  publisher    = {{Association for Information Systems}},
  title        = {{The Evolving Interdependencies between Banks and Fintechs within Open Banking Platforms}},
  url          = {{https://aisel.aisnet.org/cgi/viewcontent.cgi?article=1112&context=icis2023}},
  year         = {{2023}},
}