Teoria del Open Banking en Colombia

Abstract

Study the whole development around the concept of “Open Banking” in Colombia, as this presents an enormous challenge not only for the community, but also for Colombia's legislation, given that the regulatory system is designed to regulate basic structures of economic exchange, which are mainly based on the traditional banking system, which for years has been the fundamental pillar in the organization and circulation of economic resources, has evolved considerably establishing rules for the access and use of financial data based on the principles of security, transparency and consent. The financial system worldwide is in a process of innovation, facing a situation that generates aggressive competition in some cases, and is that new players have been integrated that have forced traditional banking to reinvent itself and create a new way to reach the financial consumer, who currently has high expectations of personalization and added value in their relationship with the system. Open Banking is a tool that allows consumers to authorize the financial institution to access their information in order to offer them more personalized and efficient services.