Open Banking Model for Financial Inclusion in University Students with Biometric Authentication and Risk-Based Compliance

EasyChair Preprint 10700

Abstract

Access to financial services is crucial for full economic participation. However, many university students face limitations in accessing these services due to limited financial literacy and lack of knowledge about financial products. This article presents a solution for the limited financial inclusion among technical university students in Peru, utilizing an Open Banking model and biometric authentication to facilitate account opening and minimize entry barriers. We compare technologies, cloud platforms, and web applications in different regions where Open Banking has been implemented. We detail the proposed solution, including web application architectures and integration with a leading bank's public Application Programming Interface (API) in Peru, enabling bank account opening with facial biometric recognition and One-Time Password (OTP). The methodology for developing and evaluating the solution is described, with a focus on data collection and analysis. The results obtained, which exceeded 70% in all proposed categories such as satisfaction, accessibility, effectiveness, security, and usability, indicate a significant improvement in financial inclusion among university students. The article concludes that the proposed model contributes significantly to financial inclusion, as indicated by an average user satisfaction index of 77.20%.

Keyphrases: Biometric Authentication, Financial Inclusion, One Time Password, Open Banking, risk-based compliance

@booklet{EasyChair:10700,
  author    = {Dstefano Marko Kurtz Zavala and Joel Anthony Poma and Yeny Alejandra Vargas},
  title     = {Open Banking Model for Financial Inclusion in University Students with Biometric Authentication and Risk-Based Compliance},
  howpublished = {EasyChair Preprint 10700},
  year      = {EasyChair, 2023}}