Factors Affecting Consumers’ Adoption of Virtual Banks in Thailand

To keep pace with dynamic changes in the global financial sector, the Bank of Thailand has provided the opportunity for bank operators and investors to submit for approval to set up a virtual banking business in Thailand in 2025. As this type of bank will begin operating in Thailand for the first time in 2025 consumer adoption is likely to be very challenging. In this study, the TAM model was adopted to examine the factors influencing behavioral intentions to use virtual banking services, collecting data through a self-administered questionnaire from 600 bank customers aged between 20 and 60, and residing in Bangkok. Descriptive statistics such as frequency, percentage, mean, and standard deviation, were employed to describe the sample characteristics and the level of each factor in the model. Structural equation modelling (SEM), including confirmatory factor analysis (CFA), was used to determine the construct validity of the variables. Path analysis was used to test the model’s goodness of fit and the research hypotheses. The results showed that all hypotheses were supported and that factors such as corporate reputation, perceived safety of technology, personal innovativeness, and the perceived cost of technology indirectly influence behavioral intentions to use virtual banking services.