Open Banking Transforming Financial Services

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Open banking is redefining financial interactions by facilitating secure data exchange between banks and third-party providers through APIs, promoting transparency and personalized services. This report presents a global perspective, with a particular focus on the GCC and Saudi Arabia, outlining primary applications such as payments and financial management. It assesses critical challenges, including regulatory compliance and data security, and considers the evolving role of open banking in driving efficiency and customer-centric innovation across the financial sector.