Author(s): Pushpender Kumar, Vaishali Agarwal, Subhash Kizhakanveatil Bhaskaran, Parul Yadav, Rhea Coelho, Indrawati and Sonali P. Banerjee
Purpose: This paper is aimed at comparing the cultural effect on user’s perception towards digital banking while living in two differently developed countries, namely, India and the United Kingdom. This paper has examined the influence of trust and perceived risk on consumer’s intention to use DBP.
Design/Methodology/Approach: The authors have made use of an online survey to collect primary data. An online questionnaire was created and circulated among the three consumer segments under study, namely, British, Indian and the Bi-cultural segment. The number of responses received included 96 responses from Indian consumers, 85 responses from Indian’s living in UK and 75 responses from British consumers.
Findings: The findings of the research revealed that no matter where people live, if they trust the system, they will use it. Moreover, banks should consider adopting latest technology like cryptography to manage information and financial services with an objective to reduce users perception of risk. The samples in this study belong to a society which shows a trait of collectivism as well as femininity. All three samples are tolerant towards uncertainty and they belong to a Traditional Normative Society, that is, Short Term Oriented.
Practical Implications: This research highlights the fact that the banks should market the innovation to its customers based on its utility and help them in adopting the latest techniques to reduce risk in the mind of the consumer irrespective of the cultural background of the user.