Open Banking: A Bibliometric Analysis-Driven Definition

Abstract

Open banking was initially developed in the UK regulation to foster competition in banking through the spread, under consent, of client data amongst competitors. Today, it is regulated in several of the most relevant banking jurisdictions. Despite its growing relevance, consensus about the definition of open banking is lacking. This study examines 282 articles on open banking using bibliometric clustering techniques. Moreover, within the 282 articles and applying discourse analysis, we analyze 48 idiosyncratic definitions of open banking to test an integral framework that supports our proposed definition of the concept. Our paper contributes to the literature with a generalized multidisciplinary definition of open banking. It identifies the four main drivers behind the concept: business model change, client data sharing, incorporation of technological companies (fintechs and others), and regulation. These four elements foresee open banking as a critical enabler of a new strategic dynamic in banking, which should also be considered in any new regulation in a globalized banking sector.

Keywords: Open banking, bibliometric analysis; VoSViewer, HHI, clustering, banking customer

JEL Classification: G2, L50