The implementation of open banking as an innovative tool of the angolan banking system. Challenges and Perspectives (2020-2023)
Challenges and Perspectives (2020-2023)
Keywords:
Financial System, Financial Innovation and Open Banking.Abstract
This study investigated the implementation of Open Banking in the financial system in Angola, exploring challenges and perspectives. The objective was to analyze this implementation as an innovative tool, aiming to improve the customer experience, stimulate innovation and promote financial inclusion. The research used a qualitative-quantitative approach with questionnaires and interviews, analyzed with Python. The sample included 3,014 clients and 6,012 industry professionals. Most participants are in the age group of 25 to 34 years old 36.9 percent and have completed higher education 43.5 percent, residing mainly in Luanda 40.6 percent. Knowledge about Open Banking is low by 60.2 percent, with the internet as the main source 45.5 percent. Benefits for banks include cost savings of 7.6 percent and increased operational efficiency of 26.5 percent, and for customers, improved experience of 30.3 percent and increased transparency of 8.9 percent. The challenges are security 32.8 percent and lack of regulation 29.4 percent. Most customers have a positive outlook 61.5 percent and believe it will bring innovation 63.1 percent, but not revolutionize the industry 58.8 percent. The main products and services mentioned are new products 36.6 percent and improved experience 24.4 percent, and 54.7 percent believe that banks are prepared to adopt Open Banking. It is concluded that collaboration between stakeholders and investments in technology are crucial for the success of Open Banking in Angola, promoting a more inclusive and modern economy.
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