Abstract
In this study, the authors extended the perceived risk-value model to include customer involvement to conceptualize an adoption intention model in the context of internet-only bank services (IOBSs). Hypotheses were tested using survey data collected in China. A total of 252 valid questionnaires were returned. Structural equation modeling was used to test two models, an antecedent model, and moderating model, constructed by assuming that customer involvement affects the perceived risk-value model in different ways. The findings verified that the perceived value could explain customers' intention to adopt IOBSs, whereas the influences of perceived risk were discovered to be nonsignificant, reducing the fitness of the perceived risk-value model. However, the opposite result was obtained when customer involvement was considered to exert a moderating effect rather than an antecedent effect. The implications of this research for IOBS service operators are discussed, and suggestions for future research are provided.
Highlights
The global financial technology ecosystem continued to grow rapidly during 2018
Because the χ2 test is known for its sensitivity to sample size (Hair et al, 2006), four additional fit indexes were employed to test the fit of the model: the χ2 ratio (χ2/df), goodness-of-fit index (GFI), comparative fit index (CFI), and root-mean-squared error of approximation (RMSEA)
Our study is the first to examine the roles of customer involvement in the perceived risk–value model used to predict customer’s intention to use internet-only bank services (IOBSs)
Summary
The global financial technology ecosystem continued to grow rapidly during 2018. Because of the rise of open banking thinking, financial business is no longer limited to taking place in traditional financial institutions. Financial technology was promoted into the era of Internet-only bank services (IOBSs), which began in 2019. IOBSs use various new types of financial technology to create a better experience for users; the essence of an IOBS remains the “bank,” and the business content is similar to that of a traditional bank. Regarding the definition of Internet-only banking, financial services are always conducted through the internet and using automated processes; services have to be reliable interaction or communication patterns between the service provider and requester (Bhadoria & Chaudhari, 2019). IOBSs have a higher risk than traditional bank services, because business-related conversation occurs between service providers and clients in financial services and IOBSs rely heavily on the Internet and automated processes. Understanding how associated risks affect customers’ perceptions of the value of IOBSs is critical
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