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Open Banking: How to Design for Financial Inclusion (Paper)

Open banking regimes allow a wide range of users, including fintechs, to access the customer data locked inside banks and other financial institutions to develop innovative financial products and services that are lower cost and better suited to the needs of consumers. While many policy makers and regulators in emerging and developing markets recognize the potential benefits of open banking regimes, they are uncertain how to design them in ways that support their financial inclusion objectives. For this paper, CGAP has examined 12 regimes and identified the critical design components that are most likely to serve the needs of poor people.

CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.