Proceedings of the International Conference on Information Economy, Data Modeling and Cloud Computing, ICIDC 2022, 17-19 June 2022, Qingdao, China

Research Article

Research on the Development of Open Banking in China under the Background of Internet Finance

Download678 downloads
  • @INPROCEEDINGS{10.4108/eai.17-6-2022.2322702,
        author={Lei  Zhou and Cheng Xin  Shi and Shan Lu  Chen and Ya Di  Liu},
        title={Research on the Development of Open Banking in China under the Background of Internet Finance},
        proceedings={Proceedings of the International Conference on Information Economy, Data Modeling and Cloud Computing, ICIDC 2022, 17-19 June 2022, Qingdao, China},
        publisher={EAI},
        proceedings_a={ICIDC},
        year={2022},
        month={10},
        keywords={internet finance; fintech; open banking; open platform; api},
        doi={10.4108/eai.17-6-2022.2322702}
    }
    
  • Lei Zhou
    Cheng Xin Shi
    Shan Lu Chen
    Ya Di Liu
    Year: 2022
    Research on the Development of Open Banking in China under the Background of Internet Finance
    ICIDC
    EAI
    DOI: 10.4108/eai.17-6-2022.2322702
Lei Zhou1,*, Cheng Xin Shi2, Shan Lu Chen1, Ya Di Liu3
  • 1: School of Business Suzhou Vocational University
  • 2: School of Management Suzhou Vocational University
  • 3: School of Economics and Management Southeast University
*Contact email: zhlei@jssvc.edu.cn

Abstract

Open banking is a product of transformation and upgrading of traditional banks under the background of internet finance, aiming to provide customers with "one-stop" integrated services by opening up data and business. By methods of literatures review and cases comparative study, this paper summarizes the characteristics of open banking and gets following conclusions. The new rules of internet finance and FinTech are the important motivation for the development of open banking. With open API as the technology and platform cooperation as the form, open banking has realized the "seamless connection" between financial services and production scenarios. Driven by internet finance, Chinese commercial banks have formed three different modes of open banking including scenario access, platform export and integrated mode. In order to promote the further development of open banking in China, it is necessary to strengthen the strategic thinking of win-win symbiosis, improve the platform and open IT architecture, release the value of data elements, and shape the new ecology of FinTech.