Consent management in open banking: trust, transparency and data control

1Introduction

Open banking rests on one principle: customers own their financial data, which may be shared with third parties only with informed consent.

2Discussion

Effective consent is specific (which data, for what purpose, for how long), informed (in plain language) and revocable at any time.

Technically, OAuth 2.0 and financial-grade security profiles enable limited, time-bound authorisation; complete consent and access logs are essential for regulators and complaints.

3Conclusion

Leading markets show that success depends more on public trust than technology. A dashboard listing all active permissions is the simplest way to earn it.