Open banking boost and brake: an extended technology acceptance model

Purpose This study investigates the adoption process of open banking with a specific emphasis on Account Information Services (AIS). Its objective is to identify the primary factors that facilitate the acceptance of these services by financial advisors, as well as to examine how their personal technology propensity and cyber risk aversion affect attitudes toward open banking. Design/methodology/approach The research employs the Technology Acceptance Model framework to investigate the uptake of open banking services, assessing the influence of personal technology propensity and cyber risk aversion. Financial advisors can play a key role in the digital innovation process due to their unique ability to drive the adoption of AIS. To this end, we examined survey responses from a cohort of 356 Italian financial advisors. Findings The results support the hypothesis that financial advisors' personal technology propensity positively influences the adoption of open banking services, serving as a “boost.” Conversely, cyber risk aversion among financial advisors serves as a “brake,” potentially hindering the adoption process. Notably, our findings reveal that the inhibiting effect of cyber risk aversion is particularly pronounced among respondents who are already engaged in providing AIS, while it is less significant for others. Additionally, cyber risk considerably undermines the perception of ease of use more than that of usefulness, suggesting a greater lack of confidence in the service approach rather than the service itself. This highlights a critical vulnerability in financial technology innovation: concerns about perceived security when sharing sensitive personal data. Originality/value This study contributes to the literature on open banking services by offering valuable insights into the factors that shape attitudes towards these services, particularly emphasizing the role of financial advisors in the adoption of digital innovations. It sheds light on the significance of personal technology propensity and cyber-risk aversion in influencing open banking adoption, especially within the context of financial advisors. Furthermore, it highlights the need for investments in digital financial education to mitigate the negative effects of cyber-risk aversion on the adoption process.