Consent Management 3.0

In today's open banking ecosystem, financial institutions face the critical challenge of sharing customer data with third-party providers while maintaining security, trust, and regulatory compliance. Consent management serves as the cornerstone of this data-sharing framework, enabling banks and financial institutions to:

Protect customer interests and maintain trust in an increasingly open financial ecosystem
Meet regulatory requirements for data privacy and customer protection
Enable innovation through secure third-party integration
Maintain control over data access while supporting customer choice
Mitigate risks associated with unauthorized data access

The stakes are particularly high for financial institutions because:

They handle highly sensitive financial data that could lead to direct monetary loss if compromised
They operate in a heavily regulated environment where consent-related violations can result in significant penalties
Their reputation and customer trust depend on demonstrating strong data governance
They must balance security with the seamless customer experience expected in modern financial services
Basically, consent management is the explicit expression of the customer's will that something may be carried out in their name. In a sense, consent is an authorization (in which the intentions and consequences are made explicitly clear to the customer). In OpenBanking, where SUs are in place in addition to FIs, a basic consent is the question to which extent a SU may access customer data at the FI: Who is allowed to access what (service / data) for how long? How to revoke a given consent?

This section covers the motivation, impact, and technical implementation of Consent 3.0