A Study on Taiwan Consumers' Adoption of Online Financial Services

Despite Taiwan financial institutions’ huge investments in online financial services systems, Taiwan consumers’ adoption of online financial services has been slower than anticipated. So far, online financial services research in Taiwan is still in its infancy, hence receiving little academic attention. This suggests a need to understand Taiwan Internet users’ adoption behavior of online financial services and to identify the potential factors that may motivate or impede Taiwan Internet users’ acceptance of online financial services. The research framework of this study is constituted by the extended version of the Technology Acceptance Model (TAM2). Other variables, which have proven academically important in influencing consumers’ intentions to use information technology, were added to the conceptual framework. The results strongly support that the extended TAM (TAM2) is a valid model to predict Taiwan consumers’ intention to use online financial services and to explain the intention difference between adopters and non-adopters. The results also demonstrated that perceived privacy protection, perceived security, and consumer innovativeness not only have a significant, positive relationship with Taiwan consumers’ intention to use online financial services but also can significantly predict who is more likely to be an online financial service adopter in Taiwan. The research findings may help Taiwan financial institutions and other interested parties to formulate appropriate marketing strategies and design effective online financial services systems and accelerate the diffusion of online financial services in the future.