The Open Banking market is expected to grow to $43.15 billion by 2026. It is rapidly becoming the security cornerstone for enterprises adopting cloud technology and building the next generation of business, partner, and consumer services. Open Banking has the potential to reshape the competitive landscape and consumer experience of the banking industry by allowing access and control of consumer banking and financial accounts through third-party applications. While it opens the door to new business opportunities, it also introduces new risks to consumers, and potential liability for companies as data is shared more widely. With Open Banking, third-party developers can use open APIs to build applications and services around existing financial institutions, putting the power of consumer data back into the hands of the users. It’s a system where users’ personal and business data can — with their consent and control — be shared to allow easier access to.