<p>Open finance (OF) has emerged as a means of enabling regulated competition and innovation in the retail banking sector, but customer uptake of this system remains limited since it relies on customer consent. Through the lens of the privacy calculus theory, whereby customers trade-off the privacy risks in exchange for corresponding benefits yielded by sharing their personal data, we aim to investigate such a trade-off, which determines customer willingness to share their financial data via OF. The aim is also to verify the coherence between customer expectations and what financial institutions offer. The study adopted a qualitative design involving in-depth interviews and a focus group with customers of financial institutions in Brazil, which has the largest OF system in the world. In-depth analysis revealed specific privacy risks and benefits that customers perceive in the context of OF, which feed into the privacy calculus they perform. Evidence is also provided of the role initial trust plays in influencing customers’ willingness to share their data. Secondary data was collected from bank websites and apps to compare the benefits offered by banks relative to the benefits expected by their customers. The findings contribute to the literature by mapping out the specific risks and benefits that influence customer decisions to disclose their data, and by highlighting gaps between what banks presented as the benefits of OF and what customers perceive as being valuable. The study provides a better understanding of customer reluctance to share their data and may be used to drive more effective practices.</p>