Are Customers Ready for Evolving Digital Disruption?: Empirical Evidence from Banking Sector of Serbia

This study aims to extend and deepen the understanding of whether customers of the banking sector of Serbia are ready for digital disruption – the phenomenon which significantly reshapes long successful business model and at the same time creates a new landscape of banking operations. The purpose of this paper is to research obstacles of internet-based technologies adoption in the banking sector of Serbia.Design/methodology/approach: The paper opted for a survey research method utilising a web-based questionnaire as a research instrument. The sampling frame consisted of the customers of 24 banks that operate in Serbia. Of the total asked customers to participate in the research study, 607 took part in it. Data were analysed in three main phases, using certified statistical methods.Findings: The study introduces several findings. First, the research results show that customers have equal preferences between traditional banking services and e-business services. This finding further indicates potential difficulties in adopting new forms of banking business model(s) that digital era imposes to banks for a significant number of users of banking services. Second, the study reveals the main reasons of why customers do not favour to use internet-based technologies in Serbia, which further facilitate the introduction of new strategies and measures toward finding effective solutions for both parties. Research/practical implications: The research findings address important implications to academics and managers in financial services to narrow the gap between digital pressures and customers’ satisfaction, and to facilitate further development of business strategies towards sustainable competitiveness in the banking sector of Serbia.Originality/value: This study is based on primary data and original hypothesis for the observed environment. Analysed data help explain issues in the important field of readiness for evolving digital disruption, by exploring issues of internet-based technologies acceptance in banking sector of Serbia. The paper contributes to the innovation theory and enhances the literature on the subject of digital disruption and technology adoption in banking sector in country’s context, which has been poorly addressed so far.