IDEAS home Printed from https://ideas.repec.org/a/nbp/nbpbik/v54y2023i4p389-418.html
   My bibliography  Save this article

Consumer awareness and acceptance of digital-only banks

Author

Listed:
  • Katarzyna Schmidt-Jessa

    (Corresponding author; Poznań University of Economics and Business, Department of Money and Banking)

  • Maciej Stradomski

    (Poznań University of Economics and Business, Department of Investment and Financial Markets)

Abstract

The study verifies customers’ acceptance as well as knowledge and awareness of the new business model of a bank – a digital-only bank. Using Computer Assisted Web Interviews, data were collected through a questionnaire from 515 adults in Poland. The Mann-Whitney U test and the Spearman rank correlation coefficient significance test were used to verify the hypotheses. Our analysis shows that there is a relationship between knowledge and awareness, as well as innovativeness, and the use of the services of a digital-only bank. The higher the knowledge and awareness as well as the innovativeness, the greater the intention to use the services of a digital-only bank. The findings of this study provide important guidelines regarding the strategy of development for banks operating under an innovative business model.

Suggested Citation

  • Katarzyna Schmidt-Jessa & Maciej Stradomski, 2023. "Consumer awareness and acceptance of digital-only banks," Bank i Kredyt, Narodowy Bank Polski, vol. 54(4), pages 389-418.
    • Handle: RePEc:nbp:nbpbik:v:54:y:2023:i:4:p:389-418
    as

    Download full text from publisher

    File URL: https://bankikredyt.nbp.pl/content/2023/04/bik_04_2023_03.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Shim, Soyeon & Serido, Joyce & Tang, Chuanyi, 2013. "After the global financial crash: Individual factors differentiating young adult consumers’ trust in banks and financial institutions," Journal of Retailing and Consumer Services, Elsevier, vol. 20(1), pages 26-33.
    2. Jebarajakirthy, Charles & Shankar, Amit, 2021. "Impact of online convenience on mobile banking adoption intention: A moderated mediation approach," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    3. Akhter, Syed H., 2012. "Who spends more online? The influence of time, usage variety, and privacy concern on online spending," Journal of Retailing and Consumer Services, Elsevier, vol. 19(1), pages 109-115.
    4. Jünger, Moritz & Mietzner, Mark, 2020. "Banking goes digital: The adoption of FinTech services by German households," Finance Research Letters, Elsevier, vol. 34(C).
    5. Martins, Carolina & Oliveira, Tiago & Popovič, Aleš, 2014. "Understanding the Internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application," International Journal of Information Management, Elsevier, vol. 34(1), pages 1-13.
    6. Alalwan, Ali Abdallah & Dwivedi, Yogesh K. & Rana, Nripendra P. & Algharabat, Raed, 2018. "Examining factors influencing Jordanian customers’ intentions and adoption of internet banking: Extending UTAUT2 with risk," Journal of Retailing and Consumer Services, Elsevier, vol. 40(C), pages 125-138.
    7. Pal, Abhipsa & Herath, Tejaswini & De', Rahul & Raghav Rao, H., 2021. "Why do people use mobile payment technologies and why would they continue? An examination and implications from India," Research Policy, Elsevier, vol. 50(6).
    8. Lin, Hsiu-Fen, 2011. "An empirical investigation of mobile banking adoption: The effect of innovation attributes and knowledge-based trust," International Journal of Information Management, Elsevier, vol. 31(3), pages 252-260.
    9. Kala Kamdjoug, Jean Robert & Wamba-Taguimdje, Serge-Lopez & Wamba, Samuel Fosso & Kake, Ingrid Bive'e, 2021. "Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).
    10. Nel, Jacques & Boshoff, Christo, 2021. "“I just don't like digital-only banks, and you should not use them either†: Traditional-bank customers' opposition to using digital-only banks," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    11. Szopiński, Tomasz Stanisław, 2016. "Factors affecting the adoption of online banking in Poland," Journal of Business Research, Elsevier, vol. 69(11), pages 4763-4768.
    12. Maier, Erik, 2016. "Supply and demand on crowdlending platforms: connecting small and medium-sized enterprise borrowers and consumer investors," Journal of Retailing and Consumer Services, Elsevier, vol. 33(C), pages 143-153.
    13. Untaru, Elena-Nicoleta & Han, Heesup, 2021. "Protective measures against COVID-19 and the business strategies of the retail enterprises: Differences in gender, age, education, and income among shoppers," Journal of Retailing and Consumer Services, Elsevier, vol. 60(C).
    14. Krzysztof Waliszewski & Anna Warchlewska, 2020. "Attitudes towards artificial intelligence in the area of personal financial planning: a case study of selected countries," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 399-420, December.
    15. Laukkanen, Tommi, 2016. "Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking," Journal of Business Research, Elsevier, vol. 69(7), pages 2432-2439.
    16. Sudipa Majumdar & Vijay Pujari, 2022. "Exploring usage of mobile banking apps in the UAE: a categorical regression analysis," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(3), pages 177-189, September.
    17. Xavier Vives, 2019. "Digital Disruption in Banking," Annual Review of Financial Economics, Annual Reviews, vol. 11(1), pages 243-272, December.
    18. Gema Albort-Morant & Carlos Sanchís-Pedregosa & Jazmin R. Paredes Paredes, 2022. "Online banking adoption in Spanish cities and towns. Finding differences through TAM application," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 854-872, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tengku Ikmal Hakimi & Johanna Abdullah Jaafar & Nor Azah Abdul Aziz, 2023. "What factors influence the usage of mobile banking among digital natives?," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 763-778, December.
    2. Sharma, Manisha & Banerjee, Subhojit & Paul, Justin, 2022. "Role of social media on mobile banking adoption among consumers," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    3. Muhammad Naeem & Wilson Ozuem & Kerry Howell & Silvia Ranfagni, 2022. "Understanding the process of meanings, materials, and competencies in adoption of mobile banking," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(4), pages 2445-2469, December.
    4. George Konteos & Vaggelis Saprikis & Giorgos Avlogiaris & Aristides Papathomas, 2023. "An Extended UTAUT Model to Explore the Influential Factors towards M-Banking Apps’ Use," International Journal of Business and Management, Canadian Center of Science and Education, vol. 17(7), pages 1-29, February.
    5. Kajol, K. & Singh, Ranjit & Paul, Justin, 2022. "Adoption of digital financial transactions: A review of literature and future research agenda," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    6. Basu, Bibaswan & Sebastian, M.P. & Kar, Arpan Kumar, 2024. "What affects the promoting intention of mobile banking services? Insights from mining consumer reviews," Journal of Retailing and Consumer Services, Elsevier, vol. 77(C).
    7. Baabdullah, Abdullah M. & Alalwan, Ali Abdallah & Rana, Nripendra P. & Kizgin, Hatice & Patil, Pushp, 2019. "Consumer use of mobile banking (M-Banking) in Saudi Arabia: Towards an integrated model," International Journal of Information Management, Elsevier, vol. 44(C), pages 38-52.
    8. Shahid, Shadma & Islam, Jamid Ul & Malik, Shehla & Hasan, Uzma, 2022. "Examining consumer experience in using m-banking apps: A study of its antecedents and outcomes," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    9. Meena, Rahul & Sarabhai, Samar, 2023. "Extrinsic and intrinsic motivators for usage continuance of hedonic mobile apps," Journal of Retailing and Consumer Services, Elsevier, vol. 71(C).
    10. Faten Baklouti & Fayçal Boukamcha, 2024. "Consumer resistance to internet banking services: implications for the innovation resistance theory," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 364-376, June.
    11. Kanishka Gupta & Abdul Wajid & Dolly Gaur, 2024. "Determinants of continuous intention to use FinTech services: the moderating role of COVID-19," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 536-552, June.
    12. Queiroz, Maciel M. & Fosso Wamba, Samuel, 2019. "Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA," International Journal of Information Management, Elsevier, vol. 46(C), pages 70-82.
    13. Raghavendra Prasanna Kumar & Arindam Banerjee & Zahran Al-Salti & S. Ananda, 2024. "Technology acceptance model and customer engagement: mediating role of customer satisfaction," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 1062-1076, September.
    14. Hossain, Akram & Quaresma, Rui & Rahman, Habibur, 2019. "Investigating factors influencing the physicians’ adoption of electronic health record (EHR) in healthcare system of Bangladesh: An empirical study," International Journal of Information Management, Elsevier, vol. 44(C), pages 76-87.
    15. Simarpreet Kaur & Sangeeta Arora, 2023. "Understanding customers’ usage behavior towards online banking services: an integrated risk–benefit framework," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(1), pages 74-98, March.
    16. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    17. Soren, Anup Anurag & Chakraborty, Shibashish, 2024. "Adoption, satisfaction, trust, and commitment of over-the-top platforms: An integrated approach," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).
    18. Nadire Cavus & Yakubu Bala Mohammed & Abdulsalam Ya’u Gital & Mohammed Bulama & Adamu Muhammad Tukur & Danlami Mohammed & Muhammad Lamir Isah & Abba Hassan, 2022. "Emotional Artificial Neural Networks and Gaussian Process-Regression-Based Hybrid Machine-Learning Model for Prediction of Security and Privacy Effects on M-Banking Attractiveness," Sustainability, MDPI, vol. 14(10), pages 1-21, May.
    19. Lova Rajaobelina & Isabelle Brun & Sandrine Prom Tep & Manon Arcand, 2018. "Towards a better understanding of mobile banking: the impact of customer experience on trust and commitment," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 23(3), pages 141-152, December.
    20. Zhang, Yun & Weng, Qingxiong & Zhu, Nan, 2018. "The relationships between electronic banking adoption and its antecedents: A meta-analytic study of the role of national culture," International Journal of Information Management, Elsevier, vol. 40(C), pages 76-87.

    More about this item

    Keywords

    digital-only bank; virtual banking; FinTech; consumer behaviour; innovation acceptance;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D19 - Microeconomics - - Household Behavior - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbp:nbpbik:v:54:y:2023:i:4:p:389-418. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wojciech Burjanek (email available below). General contact details of provider: https://edirc.repec.org/data/nbpgvpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.