Resumen

The implementation of digitalization technology and the management of large amounts of data has become the tool with the greatest use and positive effect on business competitive development, in which financial institutions are also participants, with the new business model called Open Banking. In this sense, a monographic work was proposed in order to analyze the benefits, changes and opportunities of Open Banking as a new business model for banks and companies, as well as the main challenges involved in its implementation. In order to achieve this purpose, a documentary review was carried out from specialized academic databases, indexed scientific journals and institutional repositories. Among the findings, it is highlighted the need for financial institutions to perceive the new business model as an opportunity and not as a threat, for which it is required to educate users to learn to use digital platforms with a greater approach to it, focusing education on those customers reluctant to the digital world. Also, the shift to open banking could bring great uncertainties and fears for banks, however, should be assumed as benefits and opportunities for change to a new technological market, where costs are minimized with respect to innovation, creativity and marketing of products and services.