Leveraging Open Banking: Challenges and Opportunities

Abstract

The main goal of this research is to examine the application of innovative open banking models and services through the lens of the end users. Many countries have already started the process of writing regulations for open banking and its assorted services. These regulations are often written before the technology is entirely embraced by its intended users, and for this reason acceptance studies are of crucial importance in ascertaining the user expectations and the intended scope of their use. For this purpose, we present an UTAUT-2 based acceptance study which deals with user acceptance of open banking coupled with other notable technologies such as blockchain. By enabling open banking through the blockchain, many benefits could be achieved, primarily when dealing with trust and privacy of user data. These benefits are expected to play an influential part in raising the acceptance levels of open banking as a whole. Through the analysis of the model, we have identified several notable influential factors that can play a large part in the behavioral intention of users, and as such can be used as a guideline for the development of new and innovative open banking services.