Complex, large, agile, transparent, secure. All under one cap – OPEN. Open Banking can be done only with a large amount of trust implemented in organizational and technical aspects and a right set of team members.
The idea is that banks provide their own APIs to third party providers, and thus create new market segment of entirely new services, as well as providers of the same. Most prominent and notable innovations which European Commission brings through PSD2 directive are related to changes in account information services and online purchases.