An empirical study on factors affecting customers’ acceptance of internet-only banks in Korea

Internet-only banks have recently emerged in the financial industry because of the rapid development of fintech, which combines information and communication technologies with finance. This study investigated the factors affecting customers’ acceptance of internet-only banks in Korea. A research model was developed in which relative advantage, complexity, compatibility, image, trialability, perceived critical mass, personal innovativeness, and computer self-efficacy influence perceived usefulness; image, trialability, perceived critical mass, personal innovativeness, and computer self-efficacy influence perceived enjoyment; and perceived usefulness, perceived enjoyment, and subjective norms influence the intention to use internet-only banks was developed. A total of 305 valid data were collected through questionnaires and analyzed using confirmatory factor analysis and path analysis through structural equation modeling. Results showed that relative advantage, image, perceived critical mass, and personal innovativeness influence perceived usefulness; image, trialability, perceived critical mass, personal innovativeness, and computer self-efficacy influence perceived enjoyment; and perceived usefulness, perceived enjoyment, and subjective norms influence the intention to use internet-only banks. This study suggests practical implications for research on the factors affecting customers’ acceptance of internet-only banks in Korea.