Abstract
This paper aims to explore the role of open banking as a catalyst for responsible business practices and positive societal transformation. Open banking has become a key player in the technological landscape. By enabling and encouraging the sharing of financial information online with consumer consent, it can incentivize businesses towards more transparent, inclusive, and responsible practices, especially in an era where ethical business and digital innovation are at the forefront of societal change. In the lending industry, open banking allows companies to streamline access and processing of customer data for credit risk assessment, leading to more innovation, competition, and the development of personalized loan offerings. This research will investigate the current gaps in understanding of open banking and responsible business practices, thereby proposing new areas for further investigation to support progress. SDG 17 aligns well with open banking, as collaboration and partnership form the foundation of this system. With strong partnerships, all other SDG goals can potentially be achieved. Effective collaboration across various sectors depends heavily on the regulatory environment, where regulations play a vital role as a supporting pillar.