"Open finance" is a simple descriptor that applies broadly across a large class of SC-facilitated crypto-primitive fin protocols + apps.
It has no specific meaning but I think of it as "open source" meets "increased accessibility".
As a protocol, it is agnostic. It is as open or as closed as the apps (and their underwriters/liquidity providers) on top want or need to be.
Borrowing against NFTs or cryptocurrencies is currently underserviced, too expensive, or not serviced (no one will underwrite it) today.
- automated debt obligations b/w dif SC apps (eg, to get around Plasma "thawing" periods)
- trustless savings accounts
- initial debt offerings
- tokenized municipal bonds.
In countries like Brazil, APR on loans is so high that consumer loans are impossible to obtain despite credit worthiness.
Crypto-lending protocols/apps may be able to source cheaper loans for persons in these countries.
Crypto-lending protocols/apps may permit underwriting in other jurisdictions (w/ looser restrictions) or sourcing debt through novel vehicles like initial debt offerings.
And you're right. *Some* of these apps may be possible today. But some aren't even available today yet are already available on Ethereum (eg, *low-fee* crypto-collateralized loans).
Open finance crypto protocols/apps will start small, by serving crypto-native and un/underserviced persons or use cases, and will grow over time.