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1. Introduction
Financial institutions captivated by the internet technology have adopted the concept of internet banking ([1] Akhlaq and Shah, 2011). [28] Pikkarainen et al. (2004) explains that internet banking is an access for the customer to the banking services through an internet portal set up by the physical bank. Internet banking, unlike conventional information systems, allows customers to execute financial activities virtually, using emerging technologies such as internet and WWW ([31] Suh and Han, 2002). Initially, internet banking was only used for promotional activities and advertisements of the banks' products and services ([32] Tan and Teo, 2000). Today, internet banking features not only includes funds transfer, loan applications and investment activities but also comprises of personal finance management such as importing data into personal accounting software and account aggregation. Brick and mortar banks, at the moment, have shifted their focus to branchless banking. Moreover, internet only banks which only exist in cyberspace and do not exist physically are giving hard time to brick and mortar banks by offering better interest rates and online banking features. Internet only banks have competitive advantage over brick and mortar banks because major part of the cost is incurred on premises and staff of which virtual banks are not liable. Therefore, internet only banks easily focus on the new online banking features for their customers and provide better rates of investment to attract more customers. The question is why majority of people is still reluctant to embrace internet banking technology in spite of having advantages such as convenience, personal account management and better rates of investment?
Trust was found to be one of the most significant factors in elucidating customers' attitude in the acceptance of internet banking ([31] Suh and Han, 2002). Customers are very much unwilling to provide sensitive information to web sites and worries about the misuse of debit and credit cards (see e.g. [1] Akhlaq and Shah, 2011; [21] Keen et al. , 2000; [27] Ott, 2000). Though huge investments have been made to enhance the security of internet and the internet banking channels, these investments unfortunately have not attained economies of scale due to low number of internet banking users. Customers feel uncomfortable when asked about sensitive information such as credit card number due...