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A bottleneck for open banking

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Cañon, Carlos and Ng, Irene C. L. (2021) A bottleneck for open banking. Working Paper. Coventry: WMG; University of Warwick. WMG Service Systems Research Group Working Paper Series (02/21).

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Abstract

We discuss a critical bottleneck of any Open Banking initiative that forces market participants to share granular-level information from their clients. We argue in favor of realigning property rights of personal data with individuals, such that they can monitor, administer and understand pecuniary and non-pecuniary compensations from third-party usage. Finally, we present a novel decentralized technology capable of overcoming the bottleneck.

Item Type: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
K Law [Moys] > KN Common Law, Private Law
Q Science > QA Mathematics > QA76 Electronic computers. Computer science. Computer software
Divisions: Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group)
Library of Congress Subject Headings (LCSH): Banks and banking , Privacy, Right of , Application program interfaces (Computer software), Financial services industry, Right of property
Series Name: WMG Service Systems Research Group Working Paper Series
Publisher: WMG; University of Warwick
Place of Publication: Coventry
ISSN: 2049-4297
Official Date: 29 November 2021
Dates:
DateEvent
29 November 2021Published
Number: 02/21
Number of Pages: 17
Institution: University of Warwick
Status: Not Peer Reviewed
Publication Status: Planned
Access rights to Published version: Open Access (Creative Commons)
Date of first compliant deposit: 29 November 2021
Date of first compliant Open Access: 29 November 2021
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
EP/R033838UK Research and Innovationhttp://dx.doi.org/10.13039/100014013
Fellowship program (2019-21)Alan Turing Institutehttp://dx.doi.org/10.13039/100012338

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