COMPOUNDING THE EFFECTS OF 4.0 AND COVID-19 ON ADOPTION AND USE OF ONLINE- BANKING: A PERSPECTIVE

Online banking has been around for a long time, but its adoption by customers has been facing some reluctance.   However, compounded with the fast-emerging Fourth Industrial Revolution (4G) and the COVID-19 pandemic, the adoption of online banking is no longer a choice but a necessity. This paper examines the factors causing laggards in adopting online banking as a medium of transactions. An online Technology Acceptance Model developed by Anouze and Alamro (2019) was employed to collect data using the convenience sampling method. Using a quantitative research design, a sample of 125 banking customers participated in the study. Initial results demonstrated that the lack of adoption of online banking largely borders on trust and security.

A chronology outlay showed that TIBS (Trust in the internet banking system) was the highest predictor and influencer of internet banking adoption with a beta value of .373 followed by PU (Perceived usefulness) with a beta value of .289, PEU (Perceived ease of use) with a beta value of .269, PSE (Perceived self-efficacy) with a beta value of .211and AIBS (Awareness of internet banking services) with a beta value of .188.

This paper explains that it is through establishing swift Awareness (AWRN) programs of internet banking services that can assist bank managers in decision-making concerning the development of strategies that might accelerate and expand the adoption of online banking in the wake of the Covid-19 pandemic and emerging 4G technology. In this paper, online banking will be used interchangeably with internet banking.

Keywords: Adoption, the fourth industrial revolution, online banking, technology, trust