Challenges and Opportunities of Internet Banking Adoption: Evidences from India

Abstract

This study is an attempt to examine the challenges and opportunities of internet banking adoption in National Capital Region (NCR) of India. For this purpose, data was collected from 262 respondents of NCR of India. The data thus collected was analysed using various statistical tools like factor analysis, correlation analysis, frequency analysis, etc. with the help of SPSS 21. Online shopping and online bill payments are the two most commonly used internet banking services by customers. The factors which encourage customers towards adopting internet banking include low cost, quick service, and convenience. On the other hand, the factors which restrain customers from adopting internet banking include privacy concern, lack of knowledge and high cost. The results of correlation analysis revealed that there is a high degree of positive correlation between resistance to change and belief of customers in paper money, lack of privacy, absence of necessity, internet connectivity problem and lack of security.