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Consumer awareness and acceptance of digital-only banks

Author

Listed:
  • Katarzyna Schmidt-Jessa

    (Corresponding author; Poznań University of Economics and Business, Department of Money and Banking)

  • Maciej Stradomski

    (Poznań University of Economics and Business, Department of Investment and Financial Markets)

Abstract

The study verifies customers’ acceptance as well as knowledge and awareness of the new business model of a bank – a digital-only bank. Using Computer Assisted Web Interviews, data were collected through a questionnaire from 515 adults in Poland. The Mann-Whitney U test and the Spearman rank correlation coefficient significance test were used to verify the hypotheses. Our analysis shows that there is a relationship between knowledge and awareness, as well as innovativeness, and the use of the services of a digital-only bank. The higher the knowledge and awareness as well as the innovativeness, the greater the intention to use the services of a digital-only bank. The findings of this study provide important guidelines regarding the strategy of development for banks operating under an innovative business model.

Suggested Citation

  • Katarzyna Schmidt-Jessa & Maciej Stradomski, 2023. "Consumer awareness and acceptance of digital-only banks," Bank i Kredyt, Narodowy Bank Polski, vol. 54(4), pages 389-418.
    • Handle: RePEc:nbp:nbpbik:v:54:y:2023:i:4:p:389-418
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    References listed on IDEAS

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    More about this item

    Keywords

    digital-only bank; virtual banking; FinTech; consumer behaviour; innovation acceptance;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D19 - Microeconomics - - Household Behavior - - - Other

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