THE WORKING PRINCIPLES OF OPEN BANKING AND ITS BENEFITS FOR FINANCIAL INSTITUTIONS AND STARTUPS

The development of open banking is equally beneficial for consumers, traditional banks and FinTech companies.

The attitude of traditional banking along with the growing importance of open banking is discussed in

terms of the growing role of FinTech companies, including possible collaborations that should ultimately help

banks and consumers.

The current structure of the banks' business models may prove unsustainable in the future under the increasing

pressure of customers to offer them innovative and convenient mobile products; Bank-FinTech Collaboration

Shifting further collaboration will help banking institutions successfully embrace the transformative nature of

open banking.

With the development of open banking, banks can make better informed decisions, ensure improved resilience

and systemic stability. The Fin Tech industry is evolving to meet their needs based on collaboration, reduced systemic

costs, increased innovation and sufficient regulation. Financial market regulators must constantly refine

relevant regulations to keep up with the rapid innovations to come. from FinTech companies.