Beyond digital finance: The impact of internet banking adoption on subjective life satisfaction

• First integration of TAM and DID in digital finance research. • PIBs reduced short-term life satisfaction but stabilized within a year. • Digital ecosystem (e-commerce, tech well-being) drives financial behavior. • Policy focuses on user experience and education bridges digital inclusion gaps. • Behavioral intention strongly predicts internet banking usage via e-payments. The rapid development of digital finance has made Internet banking a key part of modern financial services, shaping consumer behavior and daily life. The rise of purely Internet-based banks (PIBs) operating entirely on digital platforms has further changed traditional banking. However, their impact on consumer behavior and subjective life satisfaction remains unclear. Most prior studies rely on cross-sectional data, limiting understanding of pre- and post-PIB introduction dynamics. Additionally, the roles of technological well-being and e-commerce participation in shaping perceived ease of use and perceived usefulness are underexplored. Furthermore, the broader impact of digital finance on subjective life satisfaction has not been well studied. This study uses data from Taiwan's Digital Development Survey (2019, 2021, and 2022) to explore key factors influencing Internet banking adoption with a Logit model, examine its link to subjective life satisfaction using a Tobit model, and assess the policy impact of PIBs through the Difference-in-Differences (DID) method. Empirical results show that perceived usefulness (PU) and perceived ease of use (PEU) significantly influence Internet banking adoption. Technological well-being enhances PEU, while participation in e-commerce strengthens PU. The strong link between behavioral intention and actual usage confirms the relevance of the Technology Acceptance Model (TAM) in digital finance. The initial introduction of PIBs had a negative impact on subjective life satisfaction, likely due to adaptation costs and perceived risks. However, this effect faded within a year as satisfaction levels recovered. This study is the first to integrate the TAM framework with the DID approach, providing empirical evidence on PIBs' effects on consumer behavior and satisfaction. The findings suggest that governments should promote digital financial education to close the digital divide, while financial institutions should enhance user experience and security to support market adaptation.