Title: Open API in Indian banking and economic development of the poor: opportunities and challenges

Authors: Shailesh Rastogi; Akanksha Goel; Adesh Doifode

Addresses: Symbiosis Institute of Business Management Pune, Symbiosis International (Deemed University), Pune, India ' Symbiosis International (Deemed University), Pune, India ' Pune Institute of Business Management, Pune, India

Abstract: Open API in banking (open banking) provides a unique, easy to use, and cost-effective mobile-linked platform for financial transactions. This study attempts to explore the potential of 'open API' for economic development and the growth of the poor. Different scales are adapted and used to measure the constructs (unobserved variables) of the study. Exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structured equation modelling (SEM) are deployed to establish the validity and reliability of the constructs, and to explore the association among the variables. The results of the study bring a new perspective to the efforts of digitalisation and financial inclusion in India. The findings of the study can work as a catalyst to the ongoing efforts of financial inclusion (FI) for economic development (ED) of the poor. This is a pioneer study to link open API to the ED of the poor through FI.

Keywords: open banking; financial inclusion; online payment; UPI; open API.

DOI: 10.1504/IJEBANK.2020.114772

International Journal of Electronic Banking, 2020 Vol.2 No.4, pp.321 - 348

Received: 12 Sep 2020
Accepted: 01 Feb 2021
Published online: 05 May 2021 *

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