Factors Affecting the Banking Adoption Intention of the Amana Bank Customers

Abstract

Purpose: The country's economic growth is significantly influenced by the banking sector's performance because it is the most important industry in the nation. The difficulties that banks encounter make it difficult for customers to accept banking. In Sri Lanka, Amana Bank was formally established in 2005. The bank has accomplished several noteworthy milestones over the years, but records show that despite its best efforts, it was unable to become the market leader due to a number of obstacles. This study investigates the factors affecting the banking adoption intention of the Amana Bank customers of Sri Lanka. Design/Methodology/Approach: Th study was carried out in the Batticaloa district, and the data collected from 94 consumers using a questionnaire. The bank's customers' purpose to adopt banking was assessed based on their desire to join the bank in the future. Findings: The correlation results showed a substantial positive association between the lack of Shariah governance legislation and the issue of product uniformity and the level of customer awareness of the services. Regression results revealed that the sole factor negatively affecting customers' intentions to adopt banking was a lack of customer awareness of the services. Originality: Good Shariah governance laws are in place at the Amana bank, and product standardization is at a higher level. Consumers, however, have identified the lack of legislation on Shariah governance and the problem of product uniformity as hurdles for Amana bank performance because they are unaware of the banking service. The stakeholder should spend more on advertising to raise consumer knowledge of Amana bank services in order to promote the adoption of Amana bank clients.