Leveraging digital payment adoption experience to advance the development of digital-only (Neo) banks: role of trust, risk, security, and green concern

Taneja, Shilpa, Ali, Liaqat, Siraj, Ahsan, Ferasso, Marcos, Luthra, Sunil and Kumar, Anil (2024) Leveraging digital payment adoption experience to advance the development of digital-only (Neo) banks: role of trust, risk, security, and green concern. IEEE Transactions on Engineering Management. pp. 1-39. ISSN 1558-0040

Abstract

The neo-banking and BaaS (Banking as a Service) model implementation by financial service organizations and FinTech firms require wide-ranging acceptance of digital payment systems. Given the development of digital-only (neo) banking at nascent stages, especially in developing economies, there is a need to understand their potential adoption by the customers. This study investigates antecedents to customer’s intention to adopt digital-only banks based on their adoption experience with existing digital payment platforms. From a novel perspective on digital-only banking, this research advances the extant literature on digital financial services by synergistically combining unified theory of acceptance and use of technology theory and the factors namely attitude, trust, risk, security and green concern. The structural equation model based on a cross-sectional sample found that the behavioural intention to adopt digital-only banks is significantly influenced by effort expectancy, hedonic motivation, performance expectancy, social influence, in addition to attitude, trust, perceived risk, perceived security and green concern. This study adds to the growing theoretic debate in the field by stressing the significance of examining given contextual factors in addition to previously established theories for studying purely digital services. The managers can draw upon the findings for leading the way to wide-ranging implementation of BaaS.

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