UNVEILING FACTORS INFLUENCING NEOBANKING ADOPTION WITH AN EXTENDED UTAUT-3 MODEL TO IMPROVE NEOBANK MARKETING STRATEGY

Abstract

Neobanks represent a significant development in the digital transformation of the banking industry. This study examines the impact of key factors on shaping behavioural intention, user conduct, and the likelihood of recommending neobank services. The research employs an enhanced version of the UTAUT-3 framework, incorporating trust and marketplace utilisation within the context of neobanking. Data were gathered from 386 neobank users via surveys, and the results were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) and Partial Dependence Analysis. The findings indicate that factors such as trust, marketplace usage, performance expectancy, effort expectancy, social influence, hedonic motivation, price value, habit, facilitating conditions, and personal technological innovativeness all have a positive correlation with behavioural intention, as evidenced by the upward trends in partial dependence plots. Furthermore, user behaviour is strongly associated with the willingness to recommend neobank services, with a notably rapid increase in this relationship. This study concludes that seamless integration into the broader digital ecosystem and the reinforcement of customer trust through robust data protection are critical in shaping consumer behaviour. By focusing on the primary drivers of customer acquisition, neobanks can enhance their ability to attract new customers, boost engagement, and lower acquisition costs.