Open banking represents a significant regulatory and technological innovation aimed at increasing competition, improving efficiency, and transforming traditional banking operations. By enabling third-party providers to access banking data through secure Application Programming Interfaces (APIs), with the explicit consent of users, open banking facilitates the development of new financial services and business models. This paper examines the impact of open banking on the transformation of banking operations, with particular emphasis on its implications for competition, cost efficiency, and the role of traditional financial institutions. Special attention is given to the regulatory framework of the European Union, including the Payment Services Directive (PSD2) and its forthcoming reforms (PSD3 and PSR), as well as the process of alignment in Serbia. The research is based on a qualitative methodological approach, including the analysis of relevant literature, regulatory documents, and comparative practices. The findings suggest that open banking contributes to increased market competition, improved allocation of financial resources, and greater availability of innovative financial services. At the same time, it raises important challenges related to data security, regulatory oversight, and the sustainability of traditional banking models.

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