An empirical study on the intention to use open banking in Kenya
Sabula, Alvin Kemuel
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The banking relationship is perceived as a closed one between bank and customer. However, the arrival of open banking has challenged that closed model. Open banking involves the sharing of customer data with third parties as directed and initiated by customers. This sharing assumes that customers "own" their banking data and may therefore reap the advantages of such ownership. the most important goal this paper is to formulate the concept of Open Banking and, thus, to organize the inspiration for the whole analysis. Unambiguous meanings of the key terms are not just important for delimiting the examined issues from other related issues in Open Banking yet additionally fundamental for guaranteeing the consistency of the estimation and demonstrating approaches proposed later through review method. through survey technique. The banking system in Kenya, as an emerging economy, is considered an economy stuck to traditional banking, but providing banking facilities to the 'unbanked' in Kenya has proven difficult. Consumers aren't able to change to new, improved technology-based products, with technology readiness defined as "people's propensity to embrace and use new technologies for accomplishing goals in society both professionally and reception, the stickiness to traditional banking remains highly significant. to review the utilization intention for open banking in Kenya, a primary survey was conducted using the convenience sampling technique through a structured questionnaire. Software SPSS 22.0 was wont to analyze the info gathered from the survey. The results of the analysis demonstrate that the genera/level of Open Banking knowledge and technology readiness is a smaller amount than 60%. The outcomes infer that buyers are not as prepared to receive innovation, which should be considered by banks while doing product improvement and contributing changes to create consumer loyalty. The consumer-financial services relationship in terms of PCV and UNT for open banking shows Kenya is not prepared for Open Banking due to the profoundly huge tenacity to conventional/traditional banking.