Customer data access and fintech entry: Early evidence from open banking

• 成果类型: Article
• 署名作者: Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, Filippo; Foulis, Angus; Gornall, Will; Mazzola, Francesco; Yu, Tong
• 署名单位: University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; University College London; Bank of England; Stanford University; Bocconi University; University of British Columbia; heSam Universite; ESCP Business School; Imperial College London
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103950
• 发表日期: 2025
• 关键词: Financial Regulation; Open banking; financial innovation; Data access; Data rights; big data; Artificial intelligence

摘要

Open banking (OB) empowers bank customers to share their financial transaction data with fintechs and other banks. New cross-country data shows 49 countries adopted OB policies, privacy preferences predict policy adoption, and adoption spurs fintech entry. UK microdata shows that OB enables: (i) consumers to access both financial advice and credit; (ii) SMEs to establish new lending relationships. In a calibrated model, OB universally improves welfare through entry and product improvements when used for advice. When used for credit, OB promotes entry and competition by reducing adverse selection, but higher prices for costlier or privacy-conscious consumers partially offset these benefits.