Chapter 9: Adaptation of Metaverse Banking Services in India: A Structural Equation Modeling Approach

The rapid digitization of financial services has catalyzed the emergence of metaverse banking, offering innovative avenues for financial interactions in virtual environments. This study explores the impact of performance expectancy, effort expectancy, social influence, facilitating conditions, perceived security, trust, and acceptance on the adoption of metaverse banking services in India. Data were collected through LinkedIn from a sample of 300 respondents aged 18 to 50 years, primarily professionals from the banking and financial sectors. The data collection spanned four months, from August 2023 to November 2023. The results indicate that perceived security, effort expectancy, performance expectancy, and social influence do not have significant relationships with behavioral intention toward adopting metaverse banking services. Conversely, perceived trust emerges as a critical factor, significantly influencing behavioral intention and acceptance. Similarly, facilitating conditions demonstrate a strong positive relationship with behavioral intention, underscoring their importance in driving adoption. This research offers valuable insights for academics, practitioners, and policymakers, providing a foundation for understanding the dynamics influencing the adoption of metaverse banking services. By identifying the critical enablers and barriers, the findings aim to inform strategic decision-making in navigating the rapidly evolving landscape of digital finance.