Abstract
This study focuses on perceived value, which is not mentioned in previous internet-only bank studies, to analyze the popularity of internet-only banks. It does this by exploring the relationships between the perceived value and usage intention of customers. The purpose of this study is to help us understand customers’ decision making to accept innovative services by finding factors that affect consumer acceptance of internet-only banks. Using multiple regression, this study analyzes data gathered from college students in their 20s who are familiar with IT services and are interested in internet-only banks. The results show that all three components of perceived value (economical value, convenience value, and emotional value) increase usage intention. Convenience value is the most important factor in the acceptance of internet-only banking services. The findings indicate that perceived value is an attractive factor in using internet-only banks and suggest that managing and developing perceived value is an important marketing strategy.
Highlights
Today, the internet distribution environment is changing rapidly and customers are increasingly using internet and mobile shopping
Launched in 2016, its banking services have the advantage of being under the umbrella of the “Kakao Corporation”, which provides a well-known instant messaging service called “KakaoTalk”
These results show that consumers obtained more perceived value from internet-only bank services, which increased their usage intention
Summary
The internet distribution environment is changing rapidly and customers are increasingly using internet and mobile shopping. With increasing competition in the banking industry, banking services too have developed, undergoing various changes. Understanding the popularity of internet-only banks in Korea will help this industry develop. Despite its popularity among customers, few studies examine internet-only banking. This study focuses on consumers’ perceived value, which has not been covered by previous studies, and examines its impact on the acceptance of internet-only banks. Understanding the needs and expectations of customers wanting to use internet-only banks can provide some marketing insights to vitalize this industry. We examined the impact of perceived value on the adoption of online-only banking services, which prior studies failed to do. We examine the reasons behind the significant popularity of internet-only banks and the effect of various perceived-value constructs in terms of bank services on usage intention. We provide academic and managerial implications to contribute to the internet-only banking industry
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