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The difference between open banking and traditional banking

They differ in the following ways:

1. Open banking is a platform cooperation model that utilizes open API technology to achieve data **** enjoyment between banks and third parties, thereby enhancing customer experience. Traditional banks, on the other hand, are a product-oriented model that provides financial services through self-built channels and scenarios.

2. Participants in open banking include banks, third-party organizations and customers. Participants in traditional banking are mainly banks and customers.

3. There are four construction modes of open banks, namely, self-built mode, cooperative mode, platform mode and hybrid mode. The construction mode of traditional banks is mainly the self-built mode.