Open banking and regulation: Please advise the government

Open Banking allows consumers to take advantage of data-driven financial services by sharing data held at one organization with another organization, typically between institutions and trusted third parties. is consumer controlled, secure, protects privacy. These new represent an innovative growing market. Clear fair rules, industry coordination, technical standards are needed avoid fragmentation build a robust market that serves all Small Medium Enterprises (SMEs). International developments in jurisdictions such as the UK Australia have demonstrated expected benefits can deliver consumers. The challenge governments North America adopt consistent framework provides security protections need while same time providing flexibility for innovation streamlining banking using model. A key question implementation will be balance activity involvement government private sector. An unbalanced model likely fail; balanced bring tremendous value society. This teaching case asks students first understand challenges many stakeholders, then recommend on how proceed (or not) implementation. written from American perspective, is, USA Canada.