Assessing perceptions of open banking: The case of digital natives in France

Open banking relies on open bank information systems and sharing customer data with third parties. This study aims to determine how digital natives perceive open banking (OB), what fears they may have, whether there is any difference between those who already use financial technology (Fintech), such as an account aggregator, and those who do not, and how banks can encourage consumers during the transition toward OB to improve consumer trust. To study perceptions of open banking, a primary survey using structured questionnaires was conducted among 556 digital native women. A post-qualitative study involving the director of OB services at Crédit Mutuel Arkéa (France) investigated managerial implications. The results show that OB impacts the level of trust customers have in their banks, whether they use an aggregator or not. Most consumers are against their data being accessible to companies unrelated to their banks, which clearly demonstrates their stance against data sharing. The analyses of these results lead us to offer several recommendations, especially in terms of helping banks begin to leverage open systems so that consumers can have confidence in innovations like OB.