Privacy-Preserving Management of Open Banking Data

The introduction of open banking in the EU has fostered an environment that drives innovation within the financial sector. This shift has enabled FinTech companies to develop a diverse range of services that leverage open access to banking data. However, by the end of 2024 – six years after its adoption – only 13% of EU consumers actively use these services. The broader adoption of open banking faces several challenges, with this study focusing on one of the most critical: data privacy. Specifically, it explores a quantitative methodology for assessing privacy risks within anonymized datasets, using an open banking dataset generated through synthetic data algorithms. The findings indicate that synthetic data techniques provide an effective solution for mitigating privacy risks associated with managing open banking data.