Open Banking is a financial service model that allows third-party developers to access bank data through application programming interfaces (APIs). This enables consumers to share their banking information securely with authorized apps and services, promoting innovation and competition in the financial sector. By using Open Banking, customers can benefit from personalized financial products, better budgeting tools, and improved payment options. It enhances transparency and gives users more control over their financial data, making it easier to manage their finances and find the best services tailored to their needs.