Digital Banking Adoption Among Older Adults: An Extended UTAUT Analysis

The objective of this study was to examine the associations between factors from the extended UTAUT model (performance expectancy, effort expectancy, social influence, facilitating conditions, trust, and perceived risk) and the intention to use and the actual use of digital banking. A quantitative approach with a correlational and cross-sectional design was applied. Data was collected using a structured Likert-type survey organized into sections, and a non-probability sample of 253 older adults was obtained. The reliability of the instrument was verified using Cronbach’s alpha, and associations between variables were estimated using Spearman’s rho coefficient. The results showed positive associations between intention to use and perceptions of usefulness, ease of use, facilitating conditions, social influence, and trust. In contrast, perceived risk was negatively associated with intention to use, indicating that greater concerns about errors, fraud, or financial loss were related to lower willingness to use digital banking. The main challenge is converting goodwill into sustained use. From a behavioral economics perspective, the proposal is to apply subtle incentives: social messages that normalize use among peers and reduce perceived risk, as well as reinforcing safety, providing clear confirmations, and offering literacy and initial support to reduce fear of making mistakes in this population.