Senior Citizens’ Intention to use Digital Banking - with Special Reference to a Selected Commercial Bank in Sri Lanka

Abstract

With the technological advancement, digital banking became imperative in contemporary financial institution. It was revealed that most of the senior citizens are away from the digital banking platform even though bank has made huge investment for the implementation of the digital banking systems It is anticipated that the senior citizen's population in Sri Lanka will be increased by 100% (5.3 million) in 2041 which was stated as 2.5 million in 2010. Thus, this study conducted to investigate the impact of Perceived usefulness, Perceived ease of use, Perceived security and Social influence on the intention of senior citizens to use the digital banking systems with the application of Technology Acceptance Model (TAM). A structured questionnaire served as the main instrument in gathering primary data from 200 respondents from 20 branches of the selected commercial bank in Sri Lanka by using convenience sampling method. The necessary data were analyzed through the demographic analysis, descriptive analysis, and correlation and regression analysis to test and identify the impact of variables. This study investigated that there is a positive relationship and impact between perceived usefulness, perceived ease of use, perceived security, social influence and senior citizen intention to use digital banking. This study recommended the digital banking platforms need more friendly interfaces to the senior citizen. Furthermore, it is recommended to invent the digital banking software with new features and attractive colors which will be more easy for the adults to capture and to provide more trust to the customers through advising towards the digital banking.