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1. Introduction
Banks are pivotal towards ensuring national financial stability as they facilitate financial intermediation (International Monetary Fund, 2022). This is key for promoting economic growth and development. Over the years, the global banking industry has witnessed transformative changes such as the digitalization of finance (Ozili, 2018). The digitalization of finance has provided benefits such as improved efficiency, cost savings and greater audience reach (Rakshit and Bardhan, 2020). However, the increased complexity and competitiveness that these transformative changes have brought has made differentiation challenging for banks, as the product and service offerings are highly similar (Eappen and Pavithran, 2017; Arora and Narula, 2018). This lack of differentiation, coupled with consumer empowerment through greater accessibility of information on the internet, has led to a phenomenon known as switching behavior (Laksamana et al., 2013).
The term switching behavior is defined as an individual leaving a service provider for a competitor that offers more benefits (Keaveney, 1995). In the retail banking context, Garland (2002) defines switching behavior as a customer leaving a bank for another bank. Switching behavior can also occur when customers engage in a relationship with another bank without terminating service with the previous bank (Stewart, 1998a, 1998b; Athanassopoulos, 2000).The investigation of switching behavior in the retail banking industry is important as banks are increasingly suffering from the high costs of this behavior (Farah, 2017b). This can be attributed to the fact that switching behavior in the banking industry is more complex compared to other services due to the contractual nature of the relationship between customers and the bank (Herjanto and Amin, 2020).
To date, one of the most extensively researched behaviors in the field of information technology, which is known for pre-adoption studies, is the individual's intention to adopt or use specific technologies (Venkatesh, 2006; Rad et al., 2018). Bhattacherjee (2001) defines pre-adoption behavior as the decision a consumer makes prior to adopting an innovation for the first time. While pre-adoption research is insightful, Tam and Oliveira (2017) highlights that initial adoption does not always lead to continued usage. In contrast, post-adoption behavior refers to a range of adoption decisions and behaviors that an individual makes after an information system has been installed, made accessible and incorporated into their desired activities (Jasperson et...