The COVID-19 pandemic has accelerated the growth of digital banking in the Philippines. However, the country continues to be one of the countries in Asia with the lowest adoption of digital banking, with an estimated 71% unbanked adults and only 12% of adults who use mobile phones for financial transactions. This study sought to identify the factors that influence the usage of digital banks in the country using the Technology Acceptance Model extended with additional indicators such as perceived risk, trust, self-efficacy, and subjective norm. The participants were general Filipino consumers. A total of 80 individuals (57.5% females, 37.5% males, 5% LGBTQ+), aged 18 to 45 years old (M = 25.275 years, SD = 5.68) participated in the study. Results show that attitude, perceived usefulness, subjective norm, and trust are significant positive indicators of usage of digital banking apps, while perceived risk, and perceived ease of use, and self-efficacy are insignificant positive indicators. The findings suggest that it is important for consumers to see the app`s usefulness and reliability and that other people including their peers, are using it. It is recommended that banks increase awareness of the benefits of their services, provide quality customer service and protection from cybercriminals.
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