Abstract
Open banking, mandated in the UK under PSD2 and operationalised through the Open Banking Implementation Entity (OBIE), signifies not merely a technological innovation but a regulatory reconfiguration of consumer financial agency. While existing scholarship has mostly concentrated on adoption determinants using technology acceptance frameworks, this study diverges from the pre-adoption focus and empirically investigates the post-adoption effects of open banking on financial inclusion, resilience, and wellbeing, employing an integrated framework that includes the Unified Theory of Acceptance and Use of Technology 2 and the DeLone and McLean Information Systems SuccessModel. Notably, technology Acceptance Models (TAM) and their evolution into the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) offer behavioural explanations for digital adoption, incorporating constructs like performance expectancy and social influence. However, they often fail to account for longer-term user outcomes. The Diffusion of Innovation (DOI) theory adds a contextual layer by analysing the role of social systems in technology diffusion, while the DeLone and McLean Information Systems Success Model (ISSM) provides a systemic framework to assess post-adoption success through system use, user satisfaction, and net benefits. Each theory contributes partial insight, yet none alone adequately captures the pathway from access to sustained financial impact.
Therefore, this study proposes a novel hybrid framework that integrates UTAUT2’s behavioural constructs with the systemic outcome focus of the DeLone and McLean model, introducing financial literacy as a moderating variable, acknowledging its pivotal role in mediating users' ability to convert access into tangible financial health gains.
The empirical analysis is based on a cross-sectional design and primary data collected over 14 months across the UK, utilising Partial Least Squares Structural Equation Modelling (PLS-SEM). Results reveal that while open banking platforms have the potential to improve financial decision-making and inclusion, these benefits are not uniformly distributed. Importantly, results confirmed most UTAUT2 determinants, namely, performance expectancy, effort expectancy, social influence, facilitating conditions and perceived trust and security as significant predictors of open banking adoption. However, Hedonic motivation and habit played weaker but meaningful roles, while price value was not significant. In addition, the study showed strong support for open banking's impacts on financial inclusion, financial resilience, and financial well-being. Finally, the study demonstrated a positive moderating role of financial literacy on the impacts of open banking on financial health outcomes.
This study makes three main contributions. First, it broadens digital finance theory by empirically validating a hybrid behavioural-systemic model that links adoption and outcome literature. Second, it highlights the importance of user capability, especially financial literacy, in shaping Fintech outcomes, moving beyond simple inclusion metrics. Third, it provides practical insights for policy and platform design, arguing that the democratising potential of open banking cannot be achieved without considering user diversity, digital skills, and embedded learning. The research concludes that for open banking to be truly inclusive, it must be governed not only by regulatory standards and innovation incentives but also by equity-centred design and literacy-aware implementation strategies.
Keywords: Open Banking, Financial Inclusion, Financial Literacy, UK Fintech.
| Date of Award | 21 Jan 2026 |
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| Original language | English |
| Awarding Institution |
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| Supervisor | Naheed Roni (Supervisor), Faruk Bhuiyan (Supervisor) & Yongsheng Guo (Supervisor) |