The Necessity of Open Banking to Face Neobanks in Morocco: Empirical Evidence and Strategic Imperatives

Abstract

The Moroccan banking sector is undergoing a profound structural transformation driven by the convergence of fintech disruption, neobank emergence, and regulatory modernisation. This paper investigates the extent to which Open Banking constitutes a strategic and operational imperative for Moroccan incumbent banks seeking to retain market relevance in an environment characterised by intensifying digital competition. Drawing on a sequential explanatory mixed-methods design, the study combines a quantitative survey of 500 retail banking clients across five major Moroccan cities with 25 semi-structured expert interviews conducted with bank executives, regulatory officials, and fintech entrepreneurs. Partial Least Squares Structural Equation Modelling (PLS-SEM) grounded in the UTAUT2 framework quantifies adoption drivers, while thematic content analysis triangulates expert perspectives. Findings reveal that 67.4% of surveyed clients used at least one neobank or fintech payment service in the previous twelve months, compared to just 18.6% in 2021. Client satisfaction with neobank services averages 4.1/5.0, significantly exceeding satisfaction with incumbent banks (3.2/5.0). Three significant predictors of Open Banking adoption are identified: Performance Expectancy (β = 0.42; p < 0.001), Hedonic Motivation (β = 0.31; p < 0.01), and Perceived Regulatory Trust (β = 0.28; p < 0.05). Open Banking emerges not as a technological option but as a structural response to the competitive asymmetry created by neobanks. The paper proposes an Open Banking Maturity Model (OBMM) adapted to the Moroccan regulatory context.

JEL Classification : G21, G28, O33, L86, D83

Paper type : Empirical Research