Is Bangkok Ready for Open Banking? A Research Note on Exploring the Variables that Affect Innovation Adoption

Today, the globe is seeing rapid growth in digital banking. Many financial technologies are vital and have been implemented. The most ground-breaking financial technology is open banking. It is based on the principle that it allows third-party financial service providers access to customer banking, transactional, and other financial data from banks and non-banks. However, the implementation of open banking technology is restricted due to the presence of unclear government regulations. Furthermore, there are many variables that influence the adoption of such technologies by customers. Thus, this article aims to examine the numerous variables that influence the adoption of open banking innovation among customers in Bangkok. We extend the unified theory of acceptance and use of technology 2 by incorporating a conceptual model of perceived security. The hypotheses of the conceptual model were subsequently assessed with partial least squares structural equation modelling using an online survey of 210 Bangkok consumers. Our finding reveals that open banking innovation adoption is directly influenced by performance expectations, social influence, price value, and perceived security. The hypothesis model has a significant amount of predictive ability, with an R2 of 51.3%. In addition, Q2 values demonstrated a moderate to high degree of predictability for open banking adoption.