Anxiety, Perceived Risk, Psychological Satisfaction as Correlates of Consumer Acceptance of E-banking in Pakistan

Consumer behavior is shaped by several psychological processes including anxiety, satisfaction and perception of risks involved in service utilization. Advancements in technology have significantly affected the consumer decisions. Financial security has always been one of the main concerns of many individuals which is also linked with their quality of life and emotional wellbeing. Objective: To identify the personal and social factors correlated with e-banking adoption, perceived risks linked to e-banking and psychological satisfaction related to e-banking adoption. Methods: A descriptive cross sectional study comprising 440 adults belonging to different areas of Pakistan were included in the study. The data were collected through a detailed demographic form and questionnaire specifically designed for this study between February 2023 and April 2023. Data were processed and analyzed using standard statistical software. Results: Age, education, gender turned out to be significant personal correlates of adoption of nonconventional modes. Income and residential setup were identified as significant social correlates of nonconventional mode adoption. Issues related to trust, ease of use, safety and usefulness were the main factors perceived as risks. Men and women showed different levels of psychological satisfaction attached with adoption of nonconventional modes of transaction. Conclusions: Several personal and social factors are pivotal to adoption of nonconventional modes of financial transactions and lead to different pattern of perceived risks and satisfaction