The concept of open banking has gained ground worldwide, transforming how financial institutions operate and interact with their clients. In Chile, this model is in an emerging phase, driven by the Fintech Law, which seeks to regulate and encourage financial innovation. However, its implementation faces several challenges that must be overcome for successful adoption.

Visual representation of open banking and financial interoperability.
Driven by the Fintech Law, this model is progressing, but it still faces challenges for effective adoption.

What is Open Banking?

Open banking allows users to securely share their financial data with authorized third parties through application programming interfaces (APIs). This paves the way for personalized financial services, increased competition, and innovation in products such as loans, insurance, and financial advisory.

Main Challenges for the Market

Regulation and Compliance
Although Chile’s Fintech Law represents significant progress, there are still regulatory gaps that create uncertainty for businesses. Effective implementation requires a robust legal framework that ensures data security and establishes clear rules for all stakeholders involved.

Cybersecurity and Data Protection
Opening up financial data increases the attack surface for cybercriminals. Companies must invest in advanced protection technologies and comply with data protection regulations set by the Personal Data Protection Law (Law 19.628).

Technological Infrastructure
Many companies—especially SMEs—lack the technological infrastructure needed to integrate open banking systems. This calls for significant investment in technology and personnel training.

Cultural Shift and Internal Resistance
Open banking involves a cultural change for both financial institutions and their corporate clients. Resistance to change—whether due to lack of knowledge or fear of competition—can be a relevant obstacle.

Financial Education
There is a knowledge gap regarding the benefits and risks of open banking. Financial education, for both businesses and consumers, is crucial for successful adoption.

Despite these challenges, open banking presents significant opportunities for the Chilean business market. Companies will be able to access more personalized financial solutions, optimize processes, and foster innovation in financial services. Moreover, increased competition will lead to better offerings for corporate clients.

The transition toward an open banking ecosystem in Chile requires a joint effort between the private sector, regulatory authorities, and business users. Overcoming these challenges will not only unlock new business opportunities but also position Chile as a leader in financial innovation in the region.