Iranian Journal of Information Processing and Management

Iranian Journal of Information Processing and Management

Assessing the Importance of Various Dimensions of Data Quality in Open Banking Processes

Document Type : Exploring the Relationship between Data Quality and Business Process Management

Authors
Hamid Hassani 1
Hamid Reza Khedmatgozar 2
Farideh Farahnak 3
1 PhD in Information Technology Management; Iranian Research Institute for Information Science and Technology (IranDoc); Tehran,
2 Associate Professor in Information Technology Management; Iranian Research Institute for Information Science and Technology (IranDoc); Tehran
3 University of Isfahan,; Isfahan,, Iran
10.22034/jipm.2024.2025028.1581
Abstract
Data is considered the most crucial element in open banking processes and services. Therefore, it is necessary to pay attention to various aspects of the quality of this data in order to provide appropriate and expected services to customers. In this research, various dimensions representing different aspects of data quality were investigated in the field of open banking. This research has been conducted in two main steps: The Delphi method and the pairwise comparisons method. In the first step, various dimensions of data quality in open banking were extracted based on the Delphi method. In the next step, the importance of each of these dimensions was assessed relative to each other using the pairwise comparisons method, and the most crucial dimensions were determined. Based on the results obtained from these two methods, the significance of eleven dimensions of data quality in this field was determined. The best overall weighted averages were related to dimensions such as accuracy, accessibility, relevancy, timeliness, consistency, security, interpretability, reputation, believability, ease of understanding, and value-added, respectively. Banks and fintech companies offering open banking services can consider these dimensions when evaluating the quality of their data to enhance the provision of superior services.
Keywords
Open banking
Data quality
Delphi method
Pairwise Comparisons
Subjects
References
Alidousti, S. (2006). Delphi method: basics, steps and examples of application. In persian. Development Management Quarterly, 31 (4), 23-9.
Arner, D. W., Buckley, R. P., & Zetzsche, D. A. (2021). Open banking, open data and open finance: lessons from the European union. Forthcoming in Linda Jeng (ed), Open Banking (Oxford University Press, 2021), 21-69.
Babina, T., Bahaj, S. A., Buchak, G., De Marco, F., Foulis, A. K., Gornall, W., ... & Yu, T. (2024). Customer data access and fintech entry: Early evidence from open banking (No. w32089). National Bureau of Economic Research.
Bylykbashi, S., Fitamant, V., & LEE, J. Y. (2023). Consumers’ fears about open banking: How banks can overcome them?”
He, Z., Huang, J., & Zhou, J. (2023). Open banking: Credit market competition when borrowers own the data. Journal of financial economics, 147 (2), 449-474. DOI: 10.1016/j.jfineco.2022.12.003
Laplante, P., & Kshetri, N. (2021). Open banking: definition and description. Computer, 54 (10), 122-128. DOI: 10.1109/MC.2021.3055909
Leong, E. (2020). Open Banking: The Changing Nature of Regulating Banking Data-A Case Study of Australia And Singapore. Banking & Finance Law Review, (35.3), 443-469.
Mutambik, I. (2023). Customer Experience in Open Banking and How It Affects Loyalty Intention: A Study from Saudi Arabia. Sustainability, 15 (14), 10867. DOI: 10.3390/su151410867
O’Leary, K., O’Reilly, P., Nagle, T., Filelis-Papadopoulos, C., & Dehghani, M. (2021). The sustainable value of open banking: Insights from an open data lens. In Proceedings of the 54th Hawaii International Conference on System Sciences. Kauai, Hawaii. DOI: 10.24251/HICSS.2021.713
Palmieri, A., & Nazeraj, B. (2021). Open banking and competition: an intricate relationship. EU and comparative law issues and challenges series (ECLIC), 5, 217-237. DOI: 10.25234/eclic/18822
Polasik, M., & Kotkowski, R. (2022). The open banking adoption among consumers in Europe: The role of privacy, trust, and digital financial inclusion. Trust, and Digital Financial Inclusion (April 30, 2022). DOI: 10.2139/ssrn.4105648
Preziuso, M., Koefer, F., & Ehrenhard, M. (2023). Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem. Financial Innovation, 9 (1), 111. DOI: 10.1186/s40854-023-00522-1
Ramdani, B., Rothwell, B., & Boukrami, E. (2020). Open banking: The emergence of new digital business models. International Journal of Innovation and Technology Management, 17 (05), 2050033. DOI: 10.1142/S0219877020500339
Rossouw, A., Hacker, M., & de Vries, M. J. (2011). Concepts and contexts in engineering and technology education: An international and interdisciplinary Delphi study. International Journal of Technology and Design Education, 21, 409-424. DOI: 10.1007/s10798-010-9129-1
Sullivan, C., Miller, M., Montes, F. (2021). The Role of Consumer Consent in Open Banking, Financial Inclusion Support Framework. World Bank technical note.
Vetrò, A., Canova, L., Torchiano, M., Minotas, C. O., Iemma, R., & Morando, F. (2016). Open data quality measurement framework: Definition and application to Open Government Data. Government Information Quarterly, 33 (2), 325-337. DOI: 10.1016/j.giq.2016.02.001
Wang, M. (2023). The Legal Regulation Model of Open Banking in China. Global Journal of Human-Social Science, 23(H4), 33-49.
Wang, R. Y., & Strong, D. M. (1996). Beyond accuracy: What data quality means to data consumers. Journal of management information systems, 12 (4), 5-33. DOI: 10.1080/07421222.1996.11518099
Zachariadis, M. (2020). How “Open” Is the Future of Banking? Data Sharing and Open Data Frameworks in Financial Services. The Technological Revolution in Financial Services. How Banks, FinTechs, and Customers Win Together, 129-157. DOI: 10.3138/9781487533137-009
Zeller, B., & Dahdal, A. M. (2021). Open banking and open data in Australia: global context, innovation and consumer protection. Qatar University College of Law, Working Paper Series, Working Paper, (2021/001). DOI: 10.2139/ssrn.3766076
 

  • Receive Date 16 March 2024
  • Revise Date 27 May 2024
  • Accept Date 29 May 2024