Factors Influencing Millennials' Adoption on Internet Banking, Propositions Through Refined UTAUT2

This concept paper aims to conceptualize internet banking adoption in the Sri Lankan context with special reference to Undergraduates. Even though the rapid spread of technology has made the internet the best channel to provide banking services, it is explored in many studies that the internet adoption rate in Sri Lanka is at an inadequate level. This paper primarily focusses on millennial internet banking consumption, which is intended to study through a sample of Undergraduates in Sri Lanka. Although there are numerous studies carried out by different researchers on the internet banking context, the attention given to millennial internet banking behavior is insufficient. The review is based on the theoretical rationale based on the extension to Unified Theory of Acceptance and Use of Technology (UTAUT2), which mainly incorporates purchasing determinants (performance expectancy, effort expectancy, social influence, price value, habit, and facility conditions) and supportive empirical findings. A descriptive statistical review shows why Sri Lanka is considered a context to be examined while empirical evidence supports the arguments. The paper concludes with research propositions to examine factors that influence the adoption of internet banking.