Global Journal of Management and Business Research, C: Finance, Volume 19 Issue 6

Senior Citizens’ Intention to use Digital Banking (With Special Reference to Selected Commercial Bank in Sri Lanka) Kuruppu. C α , Jayawardena. A σ , Weerasinghe. S ρ , Samarathunga. D Ѡ & Mihipal. R ¥ Keywords: senior citizen, digital banking, technology acceptance model, perceived usefulness, perceived ease of use. I. I ntroduction n the present world technology plays a major role in the society. With the rapid growth of the technology, banks get special help from the internet to do their day to day transactions. Internet banking or Digital banking is a banking method that customers can do their transactions via internet without coming to the bank premises. In the present situation the older population is surrounded by technology, mobile based zone. By 2020 it is anticipated that there will be more than one billion adults using the advantage of digitization. Through digital banking, the users can transfer and receive money, pay bills, initiate fixed deposits and perform transactions and other tasks. At the same time this research is giving the attention to the concerns of older adults and their ability to access digital banking systems. Banking institutions have been creating websites for many years now, although these cannot be said to be user-friendly for older users. Now a days there are online banking systems in every bank, and senior citizens are afraid to use those systems. They think paper works are more accurate and safety than using such technological systems. Also, most of the mobile apps are not user friendly to the older adults because of the lack of knowledge about technology. Biophysical again includes “changes in sensory and intellectual functioning if the organism, diminished mobility and physical strength, changes in outer appearance again and death of cells” (Moschis, 1995, p. 115) . In the presence of developing the societies are being led to increase the maturity of the customer. Due to this the customers are more understandable on the needs and interest of them. The market structures should be reconstructed. The mature customers’ needs, and power is rapidly higher in the todays’ market. They are investing more and more sum of money for the future. Some of the studies are being concluded that there are mature or senior customers who will be controlled a considerable amount of money in the future. One of the carelessness of system developers are, they think only about the easiness and friendliness of the systems. They are much more concerned on the younger generation. In order to do this research, the Colombo region branches of Specific commercial banks are being selected. According to Asia money best bank awards 2018: Sri Lanka, this bank is the best digital bank in 2018. Therefore, customer’s attention towards digital banking is very important to the bank. But Most of the senior citizens are used to visit branches rather than use digital banking platforms. Specific commercial banks are investing more on digital banking platforms, because younger generations are more attracted to digital banking systems where they can make their day to day transactions easier. According to Strategic direction that bank has published, they have a vision on improvement of digital banking and attract the rest of the customers towards digital banking in 2020. The selected bank is an innovative private bank in Sri Lanka. As a new step of digital banking, bank has launched on its own digital wallet and payment app called “SOLO” link with other banks in Sri Lanka. It provides freedom to customers on digital payments. I © 2019 Global Journals 25 Global Journal of Management and Business Research Volume XIX Issue VI Version I Year 2019 ( ) C Author α : Senior Lecturer, Business School, Sri Lanka Institute of Information Technology, Malabe, Sri Lanka. Author σ ρ Ѡ ¥ : Undergraduate candidate, Business School, Sri Lanka Institute of Information Technology, Malabe, Sri Lanka. e-mail: anjalee37@gmail.com Abstract- This paper examines Senior Citizens’ intention towards using digital banking in a context where there is a rapid development in online banking systems in Sri Lanka. It was revealed that most of the Senior Citizens are away from the digital banking platform even though bank has made huge investments for the implementation of the digital banking systems. Therefore, the aim of this research is to investigate the impact of perceived usefulness and perceived ease of use, on the behavioral intention of Senior Citizen to use the digital banking system with the application of Technology Acceptance Model (TAM). The structured questionnaire used as the main instrument in gathering primary data from 200 respondents from 20 branches of the selected commercial banks using convining sampling method. This study investigated that there is a positive relationship between perceived usefulness and beheviroal intention, also between perceived ease of use and beheviroal intention.