Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 43 Survey Findings Research in social psychology has shown that behaviors of an individual are driven by his or her beliefs and perceptions. In the current context, perceptions on virtual banks and insurers could be formed even without any direct experience with their products and services. They are formed through a process of communications with service providers, regulators, mass and social media, and peers, either explicitly or implicitly. These beliefs and perceptions will shape an individual attitude towards these new entries which in turn determines his/her eventual adoption decision. The following seven questions were designed to understand the public perception of the difference between incumbents and virtual banks and insurers. The questions refer to the services and products offered, user experience, and social factors. Respondents were asked if they agreed with each statement on a scale of 1 to 5, with 1 being “totally disagree” and 5 being “totally agree”.