Investigating the drivers of Internet banking adoption decision: a comparison of three alternative frameworks

Spiros Gounaris, Christos Koritos

Research output: Contribution to journalArticlepeer-review

100 Citations (Scopus)


The paper seeks to compare, through empirical evidence, two widely adopted models (the Technology Acceptance Model (TAM) and the Diffusion of Innovations (DoI) model) to an underutilized one (Perceived Characteristics of the Innovation) in order to examine which is better in predicting consumer adoption of internet banking (IB), while investigating innovation attributes vis-à-vis other important predictors of adoption of innovations, such as consumer personal characteristics.
The data derive from both users and non-users of IB through a web survey. The paper assesses the psychometric properties of the measures through confirmatory factor analysis and then employs logistic regression analysis in order to assess and compare the ability of the models to accurately predict consumer adoption of IB. The paper finds that PCI performed significantly better than TAM and DoI in predicting consumer adoption of IB, whereas the addition of consumer demographics and psychographics further improved the predictive ability of the overall logit model. Limitations of the study include the non-random nature of the IB non-users sample, and the fact that this was a study of a single shopping context (i.e. banking). Non-usability innovation characteristics are important predictors of consumer adoption of technologically based innovations. Bank managers should reconsider their segmentation and targeting strategies in the light of more refined as well as new segmentation criteria. The PCI model has never been examined within online contexts. The paper also incorporates other non-usability types of characteristics (i.e. social, psychological) into TAM and DoI, and identifies the moderating role of shopping context, between innovation characteristics and decision to adopt.
Original languageEnglish
Pages (from-to)282-304
Number of pages23
JournalInternational Journal of Bank Marketing
Issue number5
Publication statusPublished - 2008


  • consumer behaviour
  • decision making
  • innovation
  • virtual banking

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