Consumer attitudes towards Open Banking

Abstract

This qualitative study aims to generate insight to consumers attitudes towards open banking and addresses two research questions: 1. What are the consumer attitudes towards open banking? and 2. Are there differences in consumer attitudes towards open banking services between younger and more mature consumers? The main literature is the diffusion of innovations theory by Rogers (2003), the decision process on innovation adoption (Rogers 2003) and the innovation resistance theory by Ram and Sheth (1989) as well as prior research on adoption of digital payments. The primary data collection method used was a total of four semi-structured focus group interviews with a total of 18 participants between the ages of 27-66. A thematic analysis based on the transcribed interviews was used as the data analysis method. The findings of this study show that consumers are skeptical about the concept of open banking and the transparency of it. The main concerns were identified as risk barriers, including e.g., risk of losing money and risk of sensitive information ending up in the wrong hands. Lack of knowledge and trust for new financial institutions was also identified as risk barriers. The results of the thesis are linked to the theoretical framework and the presented previous studies.