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The US banking system is falling behind its more glorious opponent: the world's emerging open banks. Open banking simply refers to sharing consumer data and exchanging that data smoothly with third-party services via open Application Programming Interface (API) technology. The biggest resistance so far has come from the banking sector itself – due to high investment costs, lack of IT staff to implement open API technology, and a lack of regulation. The reluctance of traditional financial institutions is a stumbling block to innovation, says Frida Ghitis.