ADOPTION OF DIGITAL BANKING SERVICES IN INDONESIA: EXTENDING THE UTAUT2 MODEL WITH CONTEXTUAL PREDICTORS ACROSS MILLENNIALS AND GENERATION Z

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Surya, Antonius Michael George (2026) ADOPTION OF DIGITAL BANKING SERVICES IN INDONESIA: EXTENDING THE UTAUT2 MODEL WITH CONTEXTUAL PREDICTORS ACROSS MILLENNIALS AND GENERATION Z. Graduate thesis, IPMI Institute.

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Abstract

Digital banking adoption in Indonesia has grown rapidly, especially among Generation Z and Millennials. This research examines factors influencing the adoption of digital banking by analyzing the effects of technology-related factors, individual factors, and social-environmental elements affecting both actual use and behavioral intention, while also assessing generational differences between Millennials and Generation Z. A quantitative explanatory method was used to gather information from 232 Indonesian digital banking users and examined with PLS-SEM, or partial least squares structural equation modeling and Multi-Group Analysis (MGA). The results indicate that technology-related, individual, and social-environmental factors significantly affect the intention of behavior to use digital banking services. Furthermore, individual factors, social-environmental factors, and behavioral intention significantly affect actual use, with individual factors demonstrating the strongest influence on usage behavior. The MGA results reveal no significant generational difference in the effect of technology-related factors on behavioral intention. Nonetheless, notable distinctions are noticed for individual and social-environmental factors, with stronger effects among Millennials than Generation Z. Overall, the results demonstrate that digital banking adoption follows a two-stage process, in which intention formation and actual usage are driven by different mechanisms, and that generational differences operate primarily through individual and social dimensions rather than technological evaluation. The study offers theoretical and practical insights by clarifying adoption pathways and informing more targeted digital banking strategies. Keywords: Digital banking, UTAUT2, adoption, Millennials, Generation Z

Item Type: Thesis (Graduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: sandra margaretha
Date Deposited: 06 Mar 2026 03:02
Last Modified: 06 Mar 2026 03:02
URI: http://repository.ipmi.ac.id/id/eprint/2955

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