Open banking creates opportunities for financial firms to partner and collaborate with third-party players (TPPs) and FinTechs to roll out more consumer-friendly offers, to develop new customer insights and loyalty programs, and to disrupt their own markets. But there are risks. The proliferation of TPPs—such as Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs)—cause worry for EU banks over potential disintermediation as they attempt to balance risk and innovation while working to remain competitive and compliant.