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Factors Impacting Senior Citizens’ Adoption of E-Banking Post COVID-19 Pandemic: An Empirical Study from India

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  • Rabindra Jena

    (Institute of Management Technology, Nagpur 440013, India)

Abstract

The global economy and the financial sector have suffered due to the COVID-19 epidemic. The banking industry has seen an increase in digital channels and payments, consumer behavior changes, regulatory and supervisory relief, and new operational resilience challenges due to the COVID-19 pandemic. Therefore, seniors have had to adopt new channels and technologies instead of traditional cash and traditional channels. However, older people in India are not tech-savvy and avoid e-banking. Thus, stakeholders (e.g., bank authorities, governments) must focus on variables affecting the older population’s use of e-banking to reduce financial isolation. Thus, this study uses an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework to examine senior citizens’ intentions to use e-banking. Data from “456” senior citizens from central India were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) techniques. The study identified different significant predictors (e.g., performance expectancy, effort expectancy, perceived risk, self-efficacy, perceived trust, and anxiety) of older users’ intention to use e-banking post-COVID-19. This is the first study from central India to determine elderly people’s intention to use online banking during and after the COVID-19 pandemic. The findings will help bank authorities and other stakeholders increase senior citizens’ financial inclusion in India.

Suggested Citation

  • Rabindra Jena, 2023. "Factors Impacting Senior Citizens’ Adoption of E-Banking Post COVID-19 Pandemic: An Empirical Study from India," JRFM, MDPI, vol. 16(9), pages 1-20, August.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:9:p:380-:d:1223977
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    References listed on IDEAS

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    1. Mohammad Hamdi Al Khasawneh & Rand Irshaidat, 2017. "Empirical validation of the decomposed theory of planned behaviour model within the mobile banking adoption context," International Journal of Electronic Marketing and Retailing, Inderscience Enterprises Ltd, vol. 8(1), pages 58-76.
    2. Muhammad Anshari & Munirah Ajeerah Arine & Norzaidah Nurhidayah & Hidayatul Aziyah & Md Hasnol Alwee Salleh, 2021. "Factors influencing individual in adopting eWallet," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(1), pages 10-23, March.
    3. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
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    1. Hassana Hilale & Abdellatif Chakor, 2024. "Do users' pro-environmental personal norms hold significance in electronic payment adoption context?," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1589-1608, December.
    2. Tomasz Siudek & Aldona Zawojska, 2024. "A Theoretical Model of Customer Acceptance and Use of Electronic Banking as a Distribution Channel for Banking Products and Services," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 866-889.
    3. Nicoleta Valentina Florea & Gabriel Croitoru & Georgiana Radu (Cârstea) & Daria Florea, 2024. "The Analysis of the Impact of Digital Product Innovation and Human Resources Specialists on Intention to Use Artificial Intelligence in Financial Banking System," Journal of Financial Studies, Institute of Financial Studies, vol. 16(9), pages 96-110, May.
    4. Udit Chawla & Rajesh Mohnot & Harsh Vikram Singh & Arindam Banerjee, 2023. "The Mediating Effect of Perceived Trust in the Adoption of Cutting-Edge Financial Technology among Digital Natives in the Post-COVID-19 Era," Economies, MDPI, vol. 11(12), pages 1-21, November.

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