Open Banking

OPEN ARCHIVE

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Open Banking

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Titel: Open Banking
Emergent Roles, Rules, Risks & Opportunities
Forfatter: Gozman, Daniel; Hedman, Jonas; Sylvest, Kasper
Resume: The phenomenon of financialization has received increasing attention, especially following the global financial crisis. We broaden the scope of research on financialization by investigating Open Banking initiatives. Such initiatives aim to enhance the banks’ ability to personalise cus-tomer experiences. Consumers and businesses can now easily share their data with banks and third parties to manage personal accounts and compare banking services. Such initiatives raise important questions regarding the future role of banks as well challenges and opportunities inherent in the new Open Banking landscape. We empirically investigate five Open Banking initiatives through twenty-five interviews conducted with users of Open Banking APIs as well as those managing the various initiatives. From these interviews, we develop a taxonomy and identify four open banking roles: integrator, producer, distributor, and platform. A further con-tribution is made by identifying related challenges and opportunities faced by fintechs and in-cumbents in the shifting landscape of retail banking. The challenges identified include risk of disintermediation, loss of reputation and transformational failure while the opportunities iden-tified include enhanced service innovation and risk mitigation. Overall, the study provides first insights into how the retail banking industry will adapt to new service innovations and in-creased collaboration with third party fintechs.
URI: http://hdl.handle.net/10398/9682
Dato: 2018-11-08
Note: Paper presented at the 26th European Conference on Information Systems (ECIS2018): Beyond Digitization – Facets of Socio-Technical Change. June 23-28 2018, Portsmouth, UK.

Creative Commons License This work is licensed under a Creative Commons License.

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