Open banking (or open banking) refers to a banking system where external financial service providers have secure access to financial data through APIs . This enables the creation of account and data networks between banks and non-bank financial institutions. Essentially, it enables new types of products and services within the traditional financial system.

However, DeFi produce a completely new financial system that is independent of the current infrastructure.

For example, open banking that are allow the management of all traditional financial instruments in a one  application by retrieving data from several banks and institutions in a secure way.

Decentralized finance, could allow the management of entirely new financial instruments and new ways of interacting with them.