Journal
JOURNAL OF BANKING & FINANCE
Volume 30, Issue 6, Pages 1713-1725Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jbankfin.2005.09.004
Keywords
Internet banking; retail banking; consumer choice; perceived risk; heterogeneous risk
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Financial service providers have increasingly offered customers new remote access to such services, with Internet banking being the latest example. While Internet banking has been available for years, the early adoption by customers of this technology was disappointing to most. This paper examines the demand for remote access to banking accounts by consumers and finds that when the technology is new, the traditional risk return models including variables allowing for heterogeneous risk add power in modeling the adoption decision. Perceived risks in Internet banking are seen to be responsible for some of the hesitation to adopt. Ironically, older consumers are found to be less likely to adopt Internet banking regardless of their risk tolerances. However, younger consumers are found to be early adopters only when they have relatively high levels of risk tolerance. (c) 2005 Elsevier B.V. All rights reserved.
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