BANKING
Second , there is always the possibility that banks may not adopt open banking standards quickly or effectively enough , resulting in a fragmented customer experience .
Third , as with any new technology , there is always the risk of unforeseen problems arising .
There are also many other potential benefits and disadvantages of open banking which have not been covered here . However , the points above should give a good overview of both the advantages and potential challenges associated with open banking .
The role of data in open banking The significance of data in open banking cannot be overstated . " The main tenet of open banking is that there is real value and power in financial data , and each individual should be empowered to take ownership of their data and how it can be used ," stated Dan Jones , Special Counsel at Baker Botts .