Shaping the digital transformation of the retail banking industry. Empirical evidence from Italy

Umberto Filotto; Massimo Caratelli; Fabrizio Fornezza

doi:10.1016/j.emj.2020.08.004

Shaping the digital transformation of the retail banking industry. Empirical evidence from Italy

Eur Manag J. 2021 Jun;39(3):366-375. doi: 10.1016/j.emj.2020.08.004. Epub 2020 Sep 6.

Authors

Umberto Filotto¹, Massimo Caratelli², Fabrizio Fornezza³

Affiliations

¹ Department of Management and Law, University of Rome "Tor Vergata", Postal address: Via Columbia 2 - 00133, Rome, Italy.
² Department of Business Studies, Roma Tre University, Postal address: Via Silvio D'Amico 77 - 00145, Rome, Italy.
³ Eumetra MR, Postal address: Via Michele Barozzi 6 - 20122, Milan, Italy.

Abstract

Although numerous studies have investigated the determinants of users' acceptance of online channels, little attention has been paid to the continuous usage of a direct bank. To address this research gap, we analysed data collected via semi-structured interviews and a survey questionnaire distributed in 2017 to a sample of Italian bank customers. Responses were evaluated using a different statistical methodology based on the Shapley Value regression analysis. In brief, user-friendliness and economic advantages appear to be more decisive at an early stage of adoption. Moreover, structural assurance mechanisms (e.g. clarifying security policies and guarantees) have a robust impact on keeping customers online and loyal to electronic channels. Surprisingly, accessibility and compatibility do not seem to be determinant factors.

Keywords: Customer adoption; Digital transformation; Electronic banking; Multi-channel retailing.