Open Banking: Emergent Roles, Risks & Opportunities

Daniel Gozman, Jonas Hedman, Kasper Sylvest

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

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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 customer 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 contribution is made by identifying related challenges and opportunities faced by fintechs and incumbents in the shifting landscape of retail banking. The challenges identified include risk of disintermediation, loss of reputation and transformational failure while the opportunities identified 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 increased collaboration with third party fintechs.
Original languageEnglish
Title of host publicationECIS 2018 Proceedings
Number of pages15
Place of PublicationAtlanta, GA
PublisherAssociation for Information Systems. AIS Electronic Library (AISeL)
Publication date2018
Publication statusPublished - 2018
Event26th European Conference on Information Systems, ECIS 2018: Beyond Digitization – Facets of Socio-Technical Change - University of Portsmouth, Portsmouth, United Kingdom
Duration: 23 Jun 201828 Jun 2018
Conference number: 26


Conference26th European Conference on Information Systems, ECIS 2018
LocationUniversity of Portsmouth
Country/TerritoryUnited Kingdom
Internet address
SeriesProceedings of the European Conference on Information Systems


  • Open Banking
  • Open API
  • Financialization
  • FinTech

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