Modeling Millennials' Adoption Intentions of E-banking: Extending UTAUT with Perceived Risk and Trust.

This article investigates the factors influencing Indian millennials' acceptance and behavioural intention to adopt electronic banking (e-banking) services by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) model with the constructs of perceived risk and trust. Using primary data collected via judgment sampling from 352 millennials across Delhi, Uttarakhand, and Rajasthan, the study employs structural equation modeling to analyze the impact of performance expectancy, effort expectancy, social influence, perceived risk, and trust on e-banking adoption. Findings reveal that performance expectancy, effort expectancy, social influence, and trust positively affect millennials' behavioural intention to use e-banking, while perceived risk has a negative effect. The study highlights trust as a critical factor in the Indian context, particularly given the country's high-power distance culture, and suggests that banks should focus on enhancing security features and consumer awareness to increase e-banking adoption among millennials.