Abstract Open finance initiatives are emerging worldwide, yet stakeholders are still lagging in achieving full adoption. Within the financial sector, data democratization is heralded as a novel paradigm facilitating data valorization initiatives that drive innovation and competition. However, there is a scarcity of managerial exploration of these concepts, and limited studies intersect them to uncover the necessities of an open finance ecosystem. This study, based on a systematic literature review of 97 documents from 2000 to 2023 and a qualitative survey of 207 decision-makers from financial companies, identifies the core principles of open finance, data democratization, and strategic data democratization within an open finance ecosystem. The findings produce a data democratization framework, emphasizing practical implications for various data stakeholders (regulators, traditional financial institutions, fintech startups, techfin companies, customers, technology developers, and nonfinancial third parties) and the ecosystem performance. Senior managers are provided with data democratization initiatives (processes, culture, capabilities, and governance) and collaborative strategies to enhance financial and nonfinancial performance in the short and long term within an open finance ecosystem. Policymakers could establish guidelines for data democratization to further stimulate innovation and competition. The study's novelty lies in its strategic approach to data democratization, enabling data stakeholders to develop synergies and coevolve within an innovative and competitive open finance ecosystem.
Bonvino et al. (2026) studied this question.