Open banking has emerged as a revolutionary force, changing the financial services sector. Open banking uses technology to enable consumers and businesses to securely share financial information with third-party suppliers. This innovation creates new prospects for better client experiences, increased competition, and the democratization of financial services. Below, we will look at the essential components of open banking, including its benefits, problems, and the future of this disruptive trend. What Is Open Banking? Open banking refers to the practice of enabling third-party developers, such as fintech companies and service providers, to access financial data through secure application programming interfaces (APIs). Financial institutions traditionally acted as sole custodians of customers' data, but open banking breaks this silo, fostering a collaborative ecosystem. Governments and regulators worldwide have implemented frameworks for open banking, with the UK’s Open Banking Stan...