An empirical study on the intention to use open banking in Kenya
Date
2021
Authors
Sabula, Alvin Kemuel
Journal Title
Journal ISSN
Volume Title
Publisher
Strathmore University
Abstract
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.
Description
Submitted in partial fulfilment of the requirements for the Degree of
Bachelor of Business Science in Finance at Strathmore University