The October 2022 Aite-Novarica Group report on open banking and finance examines the expansion of API-driven data sharing across commercial banking, retail banking, wealth management, and other financial services. It introduces the concept of the open economy, positioning open API banking as the next phase of digital banking, with applications from real-time data integration to enhanced financial planning. While offering growth and innovation opportunities, open finance also expands the attack surface, requiring robust API security frameworks to ensure secure data access and mitigate cybersecurity and fraud risks.

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