Skip to main content
SpringerLink
Log in

A literature review of theoretical models of Internet banking adoption at the individual level

  • Original Article
  • Published:
Journal of Financial Services Marketing Aims and scope Submit manuscript

Abstract

How and why individuals use Internet banking (IB) has attracted a great deal of academic attention. This article reviews the IB literature through the lenses of nine adoption theories. The review suggests that IB adoption is a complex and multifaceted process, and a joint consideration of customers’ personal, social, psychological, utilitarian and behavioural aspects is more important than adoption itself and will ultimately result in the intended behaviour. Therefore, managers and system developers should undertake a customer-centric approach focusing on managing belief formation rather than directly influencing behaviour. The review also concludes that IB research is in an inconclusive state, and is far from unanimamous regarding the approaches and conceptualizations used to understand the beliefs that truly influence IB behaviour. There is limited research dealing with the role of interventions that can assist managers in making effective decisions to speed the adoption process.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Agarwal, R. and Prasad, J. (1999) Are individual differences germane to the acceptance of new information technologies? Decision Science 30 (2): 361–391.

    Article  Google Scholar 

  • Ajzen, I. (1985) From intentions to actions: A theory of planned behaviour. In: J. Kuhl and J. Beckman (eds.) Action-Control: From Cognition to Behaviour. Heidelberg, Germany: Springer, pp. 11–39.

    Chapter  Google Scholar 

  • Alsajjan, B. and Dennis, C. (2010) Internet banking acceptance model: Cross-market examination. Journal of Business Research 63 (9–10): 957–963.

    Article  Google Scholar 

  • Bandura, A. (1986) Social Foundations of Thought & Action: A Social Cognitive Theory. Englewood Cliffs, NJ: Prentice Hall.

    Google Scholar 

  • Bateson, J.E.G. and Hoffman, K.D. (1999) Managing Services Marketing, 4th edn. London: Dryden Press.

    Google Scholar 

  • Bauer, R. (1960) Consumer behaviour as risk-taking. In: R.S. Hancock (ed.) Dynamic Marketing for a Changing World. Chicago, IL: American Marketing Association, pp. 389–399.

    Google Scholar 

  • Black, N., Lockett, A., Winklhofer, H. and Ennew, C. (2001) The adoption of internet financial services: A qualitative study. International Journal of Retail & Distribution Management 29 (8): 390–398.

    Article  Google Scholar 

  • Celik, H. (2008) What determines Turkish customers’ acceptance of internet banking? International Journal of Bank Marketing 26 (5): 353–370.

    Article  Google Scholar 

  • Chan, S. and Lu, M. (2004) Understanding internet banking adoption & use behaviour, a Hong Kong perspective. Journal of Global Information Management 12 (3): 21–43.

    Article  Google Scholar 

  • Chong, A., Ooi, K., Lin, B. and Tan, B. (2010) Online banking adoption: An empirical analysis. International Journal of Bank Marketing 28 (4): 267–287.

    Article  Google Scholar 

  • Davis, F.D. (1989) Perceived usefulness, perceived ease of use, & user acceptance of information technology. MIS Quarterly 13 (3): 19–339.

    Article  Google Scholar 

  • Eriksson, K. and Nilsson, D. (2007) Determinants of the continued use of self-service technology: The case of internet banking. Technovation 27 (4): 159–167.

    Article  Google Scholar 

  • Fishbein, M. and Ajzen, I. (1975) Belief, Attitude, Intention, & Behaviour: An Introduction to Theory & Research. Reading, MA: Addison-Wesley.

    Google Scholar 

  • Gounaris, S. and Koritos, C. (2008) Using the extended innovation attributes framework and consumer personal characteristics as predictors of internet banking adoption. Journal of Financial Services Marketing 13 (1): 39–51.

    Article  Google Scholar 

  • Hernandez, J. and Mazzon, J. (2007) Adoption of internet banking: Proposition and implementation of an integrated methodology approach. International Journal of Bank Marketing 25 (2): 72–88.

    Article  Google Scholar 

  • Im, I., Hong, S. and Kang, M. (2010) An international comparison of technology adoption testing the UTAUT model. Information & Management 48 (1): 1–18.

    Article  Google Scholar 

  • Jaffee, D. (1998) Institutionalized resistance to asynchronous learning networks. Journal of Asynchronous Learning Networks 2 (2): 21–32.

    Google Scholar 

  • Koenig-Lewis, N., Palmer, A. and Moll, A. (2010) Predicting young consumers’ take up of mobile banking services. International Journal of Bank Marketing 28 (5): 410–432.

    Article  Google Scholar 

  • Kuisma, T., Laukkanen, T. and Hiltunen, M. (2007) Mapping the reasons for resistance to internet banking: A means-end approach. International Journal of Information Management 27 (2): 75–85.

    Article  Google Scholar 

  • Lassar, W., Manolis, C. and Lassar, S. (2005) The relationship between consumer innovativeness, personal characteristics, & online banking adoption. International Journal of Bank Marketing 23 (2): 176–199.

    Article  Google Scholar 

  • Laukkanen, T. and Kiviniemi, V. (2010) The role of information in mobile banking resistance. International Journal of Bank Marketing 28 (5): 372–388.

    Article  Google Scholar 

  • Laukkanen, T. and Lauronen, J. (2005) Consumer value creation in mobile banking services. International Journal of Mobile Communications 3 (4): 325–338.

    Article  Google Scholar 

  • Laukkanen, P., Sinkkonen, S. and Laukkanen, T. (2008) Consumer resistance to internet banking: Postponers, opponents & rejectors. International Journal of Bank Marketing 26 (6): 440–455.

    Article  Google Scholar 

  • Lee, Y., Kozar, K. and Larsen, K. (2003) The technology acceptance model: Past, present, & future. Communication of the AIS 12 (50): 752–780.

    Google Scholar 

  • Lee, E., Kwon, K. and Schumann, D. (2005) Segmenting the non-adopter category in the diffusion of internet banking. International Journal of Bank Marketing 23 (4): 414–437.

    Article  Google Scholar 

  • Lee, M. (2009) Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit. Electronic Commerce Research and Applications 8 (3): 130–141.

    Article  Google Scholar 

  • Lippert, S. and Forman, H. (2005) Utilization of information technology: Examining cognitive & experiential factors of post-adoption behaviour. IEEE Transactions on Engineering Management 52 (3): 363–381.

    Article  Google Scholar 

  • Luarn, P. and Lin, H. (2005) Toward an understanding of the behavioral intention to use mobile banking. Computers in Human Behavior 21 (6): 873–891.

    Article  Google Scholar 

  • McKechnie, S., Winklhofer, H. and Ennew, C. (2006) Applying the technology acceptance model to the online retailing of financial services. International Journal of Retail & Distribution Management 34 (4/5): 388–410.

    Article  Google Scholar 

  • Moore, G. and Benbasat, I. (1991) Development of an instrument to measure the perceptions of adopting an information technology innovation. Information Systems Research 2 (3): 192–222.

    Article  Google Scholar 

  • Ostlund, L. (1974) Perceived innovation attributes as predictors of innovativeness. Journal of Consumer Research 1 (September): 23–29.

    Article  Google Scholar 

  • Ozdemir, S. and Trott, P. (2009) Exploring the adoption of a service innovation: A study of internet banking adopters and non-adopters. Journal of Financial Services Marketing 13 (4): 284–299.

    Article  Google Scholar 

  • Puschel, J., Mazzon, J. and Hernandez, J. (2010) Mobile banking: Proposition of an integrated adoption intention framework. International Journal of Bank Marketing 28 (5): 389–409.

    Article  Google Scholar 

  • Ram, S. (1987) A model of innovative resistance. In: M. Wallendorf and P. Anderson (eds.) Advances in Consumer Research, Vol. 14. Provo, Utah: Association for Consumer Research, pp. 208–215.

    Google Scholar 

  • Ram, S. and Sheth, J. (1989) Consumer resistance to innovations: The marketing problem & its solutions. Journal of Consumer Marketing 6 (2): 5–14.

    Article  Google Scholar 

  • Read, W., McQuilken, L. and Robertson, N. (2010, December) A novel romance: Conceptualising emotional attachment as a barrier to adoption. Paper presented in the ANZMAC, Christchurch, New Zealand.

  • Rogers, E. (1962) Diffusion of Innovations. New York: Free Press.

    Google Scholar 

  • Sathye, M. (1999) Adoption of internet banking by Australian consumers: An empirical investigation. International Journal of Bank Marketing 17 (7): 324–334.

    Article  Google Scholar 

  • Shih, Y. and Fang, K. (2006) Effects of network quality attributes on customer adoption intentions of internet banking. Total Quality Management 17 (1): 61–77.

    Article  Google Scholar 

  • Tan, M. and Teo, T. (2000) Factors influencing the adoption of internet banking. Journal of the AIS 1 (5): 1–42.

    Google Scholar 

  • Taylor, S. and Todd, P.A. (1995) Understanding information technology usage: A test of competing models. Information Systems Research 6 (2): 144–176.

    Article  Google Scholar 

  • Venkatesh, V. (2000) Determinants of perceived ease of use: Integrating perceived behavioural control, computer anxiety & enjoyment into the technology acceptance model. Information Systems Research 11 (4): 342–365.

    Article  Google Scholar 

  • Venkatesh, V. and Bala, H. (2008) Technology acceptance model 3 & a research agenda on interventions. Decision Sciences Volume 39 (2): 273–315.

    Article  Google Scholar 

  • Venkatesh, V. and Davis, F. (2000) A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management Science 46 (2): 186–204.

    Article  Google Scholar 

  • Venkatesh, V., Davis, F. and Morris, M. (2007) Dead or alive? The development, trajectory & future of technology adoption research. Journal of the AIS 8 (4): 267–286.

    Google Scholar 

  • Venkatesh, V., Morris, M., Davis, G. and Davis, F. (2003) User acceptance of information technology: Toward a unified view. MIS Quarterly 27 (3): 425–478.

    Google Scholar 

  • Yiu, C., Grant, K. and Edgar, D. (2007) Factors affecting the adoption of internet banking in Hong Kong – Implications for the banking sector. International Journal of Information Management 27 (5): 336–351.

    Article  Google Scholar 

  • Yousafzai, S., Foxall, G. and Pallister, J. (2010) Explaining internet banking behaviour: TRA, TPB, or TAM? Journal of Applied Social Psychology 40 (5): 1172–1202.

    Article  Google Scholar 

  • Yuen, Y., Yeow, P., Lim, N. and Saylani, N. (2010) Internet banking adoption: Comparing developed & developing countries. Journal of Computer Information Systems 51 (1): 2–61.

    Google Scholar 

  • Zhou, T., Lu, Y. and Wang, B. (2010) Integrating TTF and UTAUT to explain mobile banking user adoption. Computers in Human Behavior 26 (4): 760–767.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Lecturer, Cardiff Business School, Cardiff University, Aberconway Building, Cardiff, CF10-3EU, UK

    Shumaila Y Yousafzai

Authors
  1. Shumaila Y Yousafzai
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Shumaila Y Yousafzai.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Yousafzai, S. A literature review of theoretical models of Internet banking adoption at the individual level. J Financ Serv Mark 17, 215–226 (2012). https://doi.org/10.1057/fsm.2012.19

Download citation

  • Received:

  • Revised:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1057/fsm.2012.19

Keywords

Search

Navigation