The effect of heterogeneous risk on the early adoption of Internet banking technologies |
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| Institution: | 1. Department of Finance, Insurance and Law, Illinois State University, 417 College of Business Building, Campus Box 5480, Normal, IL 61790-5480, USA;2. Department of Finance, Rawls College of Business Administration, Texas Tech University, Lubbock, TX 79409-2101, USA;1. Leonard Stern School of Business, New York, University, New York, USA;2. School of Business, University of Alberta, Edmonton, Alberta, Canada;1. Jyväskylä University School of Business and Economics, P.O. Box 35, FI-40014, University of Jyväskylä, Finland;2. Department of International Business, Norwegian University of Science and Technology, Trondheim, Norway;1. ISEGI, Universidade Nova de Lisboa, Campus de Campolide, 1070-312 Lisboa, Portugal;2. Department of Management, School of Business, Virginia Commonwealth University, 301 West Main Street, Richmond, VA 23284-4000, United States;3. University of Ljubljana, Faculty of Economics, Kardeljeva ploščad 17, SI-1000 Ljubljana, Slovenia;1. University of Amsterdam and CEPR, Netherlands;2. European Central Bank, Germany;3. European Central Bank and CEPR, Germany;1. DeGroote School of Business, McMaster University, 1280 Main Street West, Hamilton, Ontario, Canada L5M 8b9;2. College of Management, University of Massachusetts Boston, Boston, MA 02125-3393, USA;1. School of Business & Economics, North South University, Bangladesh;2. Department of Management Information Systems, Faculty of Economics and Administration, King Abdulaziz University, Jeddah, Kingdom of Saudi Arabia;3. Telfer School of Management, University of Ottawa, Canada;4. Sprott School of Business, Carleton University, Canada;5. Emerging Markets Research Centre (EMaRC), School of Management, Swansea University, Bay campus, Fabian Way, Swansea SA1 8EN, UK |
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| Abstract: | 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. |
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