Unraveling the link between status quo satisfaction and the rejection of digital-only banks

Jacques Nel () and Christo Boshoff
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Jacques Nel: University of the Free State
Christo Boshoff: Stellenbosch University

Journal of Financial Services Marketing, 2023, vol. 28, issue 1, No 12, 189-207

Abstract: Abstract The FinTech revolution has spawned several new business models in the financial services industry, including introducing digital-only banks. Due to digital-only banks' novelty, empirical research investigating the rejection of digital-only banks by customers of traditional banks is minimal. This study explores mechanisms that help explain the influence of traditional-bank customers' satisfaction on the rejection intention of digital-only banks. A conceptual model was developed drawing primarily on innovation resistance theory. Six hundred and thirteen only-traditional-bank customers completed an online survey. The moderated-mediation analysis revealed the indirect influence of traditional-bank customers' satisfaction on rejection intention through (1) usage barrier influencing lack of relative advantage perceptions and lack of compatibility perceptions, and (2) tradition barrier influencing lack of compatibility perceptions were stronger for males than females. Statistically significant indirect effects were detected for (1) lack of relative advantage perceptions, (2) lack of compatibility perceptions, and (3) the value barrier influencing lack of relative advantage perceptions as mediators.

Keywords: Digital-only banks; Status quo bias; Rejection; Adoption barriers; Relative advantage; Compatibility (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1057/s41264-022-00146-z

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