An Assessment of Fintech for Open Banking: Data Security and Privacy Strategies from the Perspective of Fintech Users

The use of Fintech for open banking gradually increased as it allows consumers to share their data with third party providers and access their products and services. Due to a lack of trust in data security and privacy, there is a disinclination of consent to share personal data and a fear of losing control over the data hoarded during open banking. Despite significant research, there is still no research from the users’ cognitive and behavioral perspectives to demonstrate the challenges associated with Fintech use. This study presents a research model for assessing the position of Fintech in the open banking context, especially from the customers’ perspectives on data security and privacy issues. The article lays out the protocols and constructs relevant to the model. Using a quantitative approach, this study will collect data through online survey questionnaires and employ the structural equation modelling technique to test the model. This study is expected to help develop appropriate policies to enhance the use of Fintech by consumers in the Australian banking sector.