A Unified Framework for Internet Banking Adoption: Indian Perspective

Introduction

The Internet has brought significant impact on the way people conduct life, in the present-day scenario. As the competition from financial technology and neo-banks is increasing, banks are leveraging digital technologies to enhance customer experience by providing personalized services—anytime, anywhere, and on any device (Kumar, Saxena, Suvarna, & Rawat, 2016). In this premise, the Indian economy has experienced rapid growth over the last decade, developing Internet Banking Technology (IBT) for transforming the traditional lines of banking products and services. This shift has brought profound challenges and opportunities to both bank and its customers. The banks have utilized the potential of technology to provide new proficiencies in banking. Customers have found in IBT a new ease to do the financial transaction. However, it was observed from various literatures that there are high levels of uncertainties related to IBT adoption.

The acceptance of IBT among Indian customers is not as advanced when compared to other developed countries. Review of these literatures indicates that there are not many studies on IBT Adoption in Indian scenario. The review shows that existing study on IBT adoption in Indian context has shown little evidence of an integrated model for IBT Adoption. This indicates that a comprehensive research in the area of IBT adoption under Indian context is very much limited. One of the important limitations of the existing body of knowledge is that it is based almost entirely on research carried out in high-income, industrialized countries in Europe and North America (Marakarkandy, Yajnik,, & Dasgupta, 2017). Thus, this research attempts to analyse existing technology adoption theories for formulating an integrated framework to investigate the factors of IBT adoption in India.