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Fierce competition, increasing customer expectations, advancements in technology and changing regulatory landscape are forcing traditional banks to consider new ways to reduce costs, increase revenue, and ensure sustainable growth. Open banking has allowed the traditional banks to offer a wider range of products through sharing of data with third-party applications, on a secure basis with the consent of customers. Banks that are likely to thrive in the open data economy will be those that are able to aggregate data, extract actionable insights from it, and use it to offer superior customer experiences. ‘Open Banking’ may be further extended to ‘Open Finance’, which will enable data to be exchanged between a wide range of financial institutions to create a more comprehensive and accurate assessment of risk of an individual.