OpenBanking:CreditMarketCompetitionWhenBorrowersOwntheData∗ZhiguoHeJingHuangJidongZhouFebruary2,2022AbstractOpenbankingfacilitatesdatasharingconsentedbycustomerswhogeneratethedata,witharegulatorygoalofpromotingcompetitionbetweentraditionalbanksandchallengerfintechentrants.Westudylendingmarketcompetitionwhensharingbanks’customertransactiondataenablesbetterborrowerscreening.Openbankingcanmaketheentirefinancialindustrybetteroffyetleaveallborrowersworseoff,evenifborrowershavethecontrolofwhethertosharetheirbankingdata.Wehighlighttheimportanceoftheequilibriumcreditqualityinferencefromborrowers’endogenoussign-updeci-sions.Wealsostudyextensionswithfintechaffin...