A Study on Adoption of Internet Banking and New Direct Banking Channels with Reference to Young Bulgarian Consumers
A Study on Adoption of Internet Banking and New Direct Banking Channels with Reference to Young Bulgarian Consumers

Summary/Abstract: The direct banking channels, specifically Internet banking have a high importance both for bank institutions and consumers. There is a clear tendency for expanding the perception of Internet banking by more consumers, especially in EU countries, albeit with some variations.This research aims to examine the Internet banking adoption (IBA) rate of young Bulgarian people and to compare it with the rate at national level in Bulgaria. The data used is obtained through a distribution of online questionnaire among Bulgarian young users aged mainly 18-34 on the example of academic audience. The results of the study show that there are significant differences between official data on IBA rate for all Bulgarian population with those found for young people –the last one is about 50% and is more than 10 times the national level of the rate. Contrary to expectations, this study reveals that the majority of young Bulgarian people prefer to visit the traditional bank office for feedback and communication with their banks instead to use remote electronic channels. The findings also indicate that young consumers are not yet ready to complement Internet banking with a new channel such as social media banking. There are good preconditions for this in the future.

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