Abstract
The banking sector has encountered unrivalled disruption due to digitalisation and emerging technologies, and this rapid transformation is constantly increasing. Critical decisions are required by banks wherever technological changes appear in customer expectations and the regulatory environment. Digital innovation is the implementation of technological innovations to improve various facets and processes of a business, stimulate development, and increase overall efficiency. Digital innovations in banks include digital wallets, the application of personal financial administration tools, biometric identification, and mobile applications. This article is predicated on the UTAUT (Unified Theory of Acceptance and Use of Technology) model proposed by Venkatesh in 2003 to identify the adoption of digital innovation in the banking industry among the rural public. This paradigm includes four concepts: performance expectancy, effort expectancy, facilitating condition, and social influence. In addition to the four structures, security measures were also included. Using a sample size of 525, digital users in rural areas, the study used Structural Equation Modelling (SEM) to gauge customer opinions. The result reveals that most of the customers are utilising digital innovations to make their work easier and faster and also a positive relationship exists among the constructs.
Keywords: Digital innovations, UTAUT model, Digital wallets, Mobile applications, Biometric identification.