Digital transformation in the banking and financial services among rural users: Disruptive technology acceptance model

Abstract

Technology plays a vital role in all sectors of an economy. During COVID-19 we witnessed many new technologies in different industries. Digital India acts as the excellence of mobile and internet banking services and those disrupted the brick and mortar banking services. During COVID-19 Fin-tech companies such as Phone pay, Pay tm, Mobikwik, and U Pay achieves tremendous growth for digital retail payments through the concepts of Unified Payment Interface (UPI) and mobile wallets. Artificial intelligence and block chain are the disruptive technologies that will bring sustainable business practices to different sectors of an economy including the banking and financial services industry Cashless transactions, National Electronic Fund Transfer, Electronic Clearing Service, branchless approaches for banking transactions such as kiosks, micro ATMs, and ATMs are the various technologies implemented by the scheme of Pradhan Mantri Jan-Dhan Yojana in India for financial inclusion. The main objective of the current study is to find the acceptance level of financial and banking services disruptive technology among rural people in Tamil Nadu, India. The study used primary data sources to make relationships among the variables, 384 sample sizes at 5% of error were taken for the large populations. The study adopted a convenient sample technique and data were collected from the rural people in Tamil Nadu. PLS-SEM was adopted to make the relationship among the variables. The study found that there is a significant relationship between the disruptive technology dimensions such as perceived usefulness, perceived ease of use, portability, perceived value, and trust in attitude and intention to use digital financial services. However, there is no relationship found between the perceived value of attitude and portability on intention to use financial services.