Origin and Definition of Open Banking -Part 2

In summary, as an “Internet-based” business model, Open Banking means that banks provide SDK (Software Development Kit) to integrate various APPs of cooperative partners based on open platform API (Application Programming Interface) or scenario requirements. By sharing data, algorithms, transactions, processes and other business functions with the business ecosystem partners, provide financial services for the business ecosystem partners and customers with scenario-based financial services in accordance with the operating rules agreed by the partners.

For the bank, it is in the middle and back position of the service chain, mainly as a financial medium to provide financial products and prevent and control financial risks. For the partners, they can achieve resource sharing, scenario integration and complementary advantages with the bank on this open platform to provide customers with a full range of financial services covering clothing, food, housing and transportation. For users, they do not have to provide keys, and based on data security sharing, they can manage different accounts on one interface, comparing them according to their own needs in choosing products and better managing assets.

In this financial ecological chain composed of banks, partners, and customers, through openness and sharing, we will improve the online and offline industrial ecological chain, effectively connect online and offline financial services. Through service upgrades and value recreation, we will realize the perfect combination of users, products and services in order to build digital and full-scene unbounded finance.