Driving factors of internet banking usage among millennials and post-millennials

Abstract

Banking services are now available to the customers 24x7 through digital mode. The generation next is tech-savvy generation availing the banking services via digital modes. Banks make an attempt to lure customers by providing banking products and services in digital form through internet banking. The aim of this study is to investigate the factors driving the usage of internet banking services among two age groups viz., millennials and post-millennials. Primary survey among millennials and post-millennials using a random sampling method was conducted. Exploratory factor analysis was employed for data analysis. Findings revealed four significant factors viz., convenience and ease of use, security and trust, level of awareness and social influence. Millennials prioritized convenience and ease of use whereas post-millennials prioritized security and trust being the crucial factor driving internet banking usage. This study is relevant for banks to understand the perception of millennials while launching a new internet banking website.