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.