Factors Influencing the Adoption of Internet Banking In Kenya

Abstract

This research project seeks to improve the rare empirical knowledge on the adoption of internet banking in Kenya.Traditional branch based retail banking remains the most widespread method for conducting banking transactions in Kenya with agency banking and mobile banking being the recently adopted and widely used.However, internet technology is rapidly changing the way personal financial services are being designed and delivered.Among the major objectives of the study are, to determine how awareness of IB by the consumers affect adoption of internet banking, to determine how website security affects adoption of internet banking and to determine to what extent website features affect adoption of internet banking.The population is all the individuals who own bank accounts and currently have, those who have not adopted the internet banking as a mode of transacting.A total of 100 respondents were issued with questionnaires of which 81 were successively recovered.A random sampling was used to select the customers that would participate in the study.Content analysis and descriptive statistics was used to analyze the data.Statistical package for social science (SPSS) was used to analyze the data through the equation for best line of fit.Multi-linear regression analysis was used to test models' prediction capabilities.All hypotheses were tested at 0 .05level of significance.The result showed that more men have adopted banking than women; education level is not a barrier to the banking services, the middle-aged people have embraced the banking services than any other age category; awareness, website features and security all affect the adoption of IB.The major recommendations of the study are; Internet banking should be adopted by both individuals and cooperates since it is inevitable in the 21st Century, and the banking institutions should also enlighten the public about internet banking.

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