Historically, the banking relationship is envisaged as a closed one between bank
and customer. However, the advent of open banking has challenged that closed
model. Open banking involves the sharing of customer data with third parties as
directed and initiated by customers. This sharing assumes that customers ‘‘own”
their banking data and should therefore reap the benefits of such ownership. This
article considers two very different frameworks and analyses how conducive they
are to an open banking paradigm. The first is a duty-based framework comprising
banking secrecy and data protection provisions; the second is a tailored rights-based
framework that accords customers greater control over their banking data with
open banking specifically in mind. The article concludes that, given the new ways in
which banking data is used in an open banking paradigm, a rights-based framework
that bolsters customer control over data is more conducive to open banking.