Low-income consumers’ disposition to use automated banking services

Juan C. Correa*, Silvana Dakduk, David van der Woude, Marithza Sandoval-Escobar, Rafael Lopez-Llamas

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)


Automated banking services rely on the so-called fintech technologies. These technologies, however, represent an opportunity to enhance financial inclu­sion indicators among low-income customers. This paper aims to develop a new conceptual framework to analyse low-income consumers’ disposition to use automated banking services. The work consists of an omnibus study conducted in eight major cities of Colombia. A survey aiming to measure the disposition to use auto­mated banking services as a function of technology disposition provided by bank firms was developed and validated with a sample of 483 Colombian low-income residents. An exploratory analysis was applied, estimating items variance and co-variance matrices. Sampling adequacy and assumption evaluation were evaluated through the Kaiser-Meyer-Olkin test, Tau-equivalence test, and homogeneous items test. Robust parameters were estimated via Structural Equation Modelling following the standards of reproducible research. Statistical, robust, and significant relation­ ships between technology disposition and use of automated banking services in low-income Colombian consumers were confirmed, suggesting the potential success of deploying these services as a means to boost financial inclusion in this segment. This study provides fresh conceptual insights on low-income customers’ disposition to adopt and use ever-changing technologies for the financial and banking sector. It is among the first empirical studies that provide empirical evi­dence that breaks the stereotype that low-income customers are reluctant to use new technologies in the financial sector.
Original languageEnglish
Article number2071099
JournalCogent Business & Management
Issue number1
Publication statusPublished - 31 Dec 2022
Externally publishedYes

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© 2022 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.


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