Customer Behaviour in Saudi Open Banking: A Mediation and Moderation Model of Data Control and Prior FinTech Experience

Open banking enables customers to provide third parties with financial information, yet this will be successful only when customers are ready to share it. Previous research concentrates on security, trust, and usefulness as direct motivators without paying attention to mechanisms. This research fills this gap by evaluating the effect of Perceived Security Assurance, Trust in Banks and FinTech Providers, and Perceived Usefulness on Willingness to Share Financial Data based on Perceived Data Control, which is based on Privacy Calculus Theory. A combination of cluster and purposive sampling was used to collect data from digital banking users in five regions in Saudi Arabia. There were a total of 384 valid responses that were analysed. SmartPLS 4 was used to run Partial Least Squares Structural Equation Modelling. The results reveal that PSA, TBFP, PUOB, and PDC directly impact WSFD and that PSA, TBFP, and PUOB also have a considerable impact on PDC. The outcomes of the mediation confirm that PDC mediates these relationships partially. Multi-group analysis also shows that these effects are greater amongst users with less experience in FinTech and with younger customers, especially in the pathways that involve perceived data control. The work adds to the theory in two ways. The extension of the Privacy Calculus Theory by adding the perceived control and pointing out the heterogeneity of users in data-sharing behaviour. It also changes the attention from the general adoption intention to the actual data-sharing behaviour in open banking. Practically, the results suggest that to foster customer engagement in open banking ecosystems, it is necessary to improve security, develop trust, prove value, provide user control, and use segment-specific actions.