This study aims to examine the factors that influence the intention to use Open Banking in Vietnamese commercial banks through the e-commerce channel. It focuses on performance expectancy, effort expectancy, social influence, facilitating conditions, perceived credibility, hedonic motivation, price value and perceived barriers. It also explores the mediating role of perceived barriers in the effect of the intention to use Open Banking on use behavior.
Data collected from 365 Open Banking users on e-commerce platforms in Vietnam. Structural equation modeling was used to quantitatively analyze data. The data is analyzed through two steps including evaluation model analysis and structural model analysis.
According to the results, the intention to use Open Banking is most positively impacted by perceived credibility, followed by performance expectancy, effort expectancy and social influence. Price value and hedonic motivation also favorably impact the intention to use Open Banking. The results also support the moderating role of perceived barriers in the relationship between the intention to use Open Banking and use behavior. Perceived barriers have a negative impact on the intention to use Open Banking.
Although this study provides significant contributions regarding the factors influencing the intention to use Open Banking in commercial banks in Vietnam, there are still some limitations. First, the study mainly uses a quantitative approach with data collected from surveys, which may not fully reflect the psychological factors and underlying motivations of users. Combining qualitative methods, such as in-depth interviews, could offer a better understanding of the actual barriers or drivers behind the decision to use Open Banking. In addition, the scope of the study focuses on customers in Vietnam, so the results may not be fully generalized to other markets where the level of acceptance of financial technologies could differ. Furthermore, while the study examines the factors influencing the intention to use, it does not deeply explore the process of transitioning from intention to actual behavior. Therefore, future research could expand the model by incorporating additional factors such as real-life experiences or post-use satisfaction for a more comprehensive view of user behavior.
These findings not only contribute to the theoretical framework of use behavior in digital banking but also have practical implications for Vietnamese commercial banks. Increased awareness of the value proposition of Open Banking, betterment of user experience and support conditions, and lessening perceived barriers will translate into enhanced access and use in the future.
This study contributes to Technology Acceptance Mode theory by extending and testing the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model in the domain of Open Banking of Vietnamese commercial banks. A second contribution of the research lies in its effort to include PB, which is usually excluded from current technology acceptance models. The results suggest that whereas perceived barriers can reduce intention to use, it can be converted into an indirect determinant of heightened intention through mechanisms that boost awareness and enhance user experience. This offers a new understanding of financial innovation adoption theory in the sense that PB not only undermines but may also be a driver for technology acceptance behavior.
This study emphasizes how crucial it is to remove obstacles to increase Open Banking’s uptake in Vietnam. To boost intention to use, banks should prioritize improving user experience, building credibility and lowering obstacles, according to managerial implications. Longitudinal and qualitative approaches could be used in future studies to gain a deeper understanding of use behavior.
