Online Banking among Jamaicans during the 2020 COVID-19 Pandemic

Abstract

Introduction: The information era began in the mid-20^th century with the coming of the third industrial revolution, characterized by the emergence and usage of computer technology and peripheral devices and equipmentin conducting business and personal transactions.This was amplified with the ushering in of the fourth industrial revolution: the emergence of the internet and digital networking of computers. The benefits and advantages of digital banking include the ease of use and access and explains greater volume of transactions unlike in other eras. However, people fear technology in banking because of the high prevalence of internet banking frauds. Objectives: This study seeks to: 1) evaluate perceived usefulness of technology and ascertain whether this facilitates greater acceptance of online banking, 2) assess perceived ease of use of technology and whether this determines  acceptance of online banking, 3) determine whether security and confidentiality of information facilitate acceptance of online banking, and 4) evaluate the quality of internet connectivity and whether this affects acceptance of online banking. Methods and materials: A correlational research design was used for this study. The researchers examined how six variables (security and privacy, perceived enjoyment, perceived ease of use, perceived usefulness, internet connectivity, and amount of information) were likely to influence a single dependent variable (use of online banking). Using a population of 1,091,336, a 95% confidence interval, and a 3 % margin, the actual sample size for this research is 1,067 respondents. Findings:The study found a positive statistical correlation (r_xy> 0) among perceived usefulness, perceived ease of use, perceived enjoyment, amount of information, and internet connectivity. Of the six variables examined in this study, online/internet banking is influenced by three correlates (amount of information, perceived ease of use, and perceived usefulness). People’s decision to use internet banking is positively influenced by perceived ease of use which has the most influence on using internet banking (Adjusted R² = 15.1%).  Conclusion:The issue of COVID-19 pandemic has reiterated the importance and value of internet/online banking to transact economic/financial businesses because of the promulgated social distancing which is to reduce the spread of the virus.