Open banking is a revolutionary technology that allows banks to securely share customers' financial data with third parties through APIs, enabling new financial services. It is predicted that open banking will significantly reshape the banking industry as its use and revenue grows substantially, generating $7.29 billion in 2018 and expected to reach $43.15 billion by 2026. Open banking merges FinTech with traditional banks by standardizing how customer data can be accessed and used across different services on the internet.