Understanding the Key Drivers Behind User Selection of Digital Banks

This study aims to understand the key drivers underlying the selection of digital banks by users in Indonesia. The research model uses a modified UTAUT (Unified Theory of Acceptance and Use of Technology) framework with additional variables of Perceived Trust, Fear Of Financial Lost, Perceived Online Identity Theft, and Security & Privacy Concern. A total of 434 respondents who use digital bank applications were analyzed using the PLS-SEM technique through SmartPLS 4 software. The results showed that the factors of Performance Expectancy, Social Influence, and Perceived Trust are the key drivers towards behavioral intentions. Meanwhile, the variables of Expected Effort, Fear Of Financial Lost, and Perceived Online Identity Theft did not show significant effects. The findings provide strategic insights to increase the adoption of digital banking services in Indonesia.