Resistance to technological innovation and brand equity in the banking sector

Abstract

Abstract Consolidating strategies in the banking sector to reduce the impact of resistance barriers to technological innovation can bring brands closer to older people, thus reinforcing the brand value of banking institutions; therefore, the objective of this research was to identify the incidence of resistance barriers to technological innovation on the dimensions of brand equity in the banking sector by elderly people. For this purpose, a descriptive correlational study was developed with 502 elderly people living in the city of Bogotá, Colombia, aged between 60 and 80 years old. Data collection was carried out using a questionnaire applied in person, which was adjusted and validated based on the information obtained. The questionnaire assessed brand equity components of brand image and awareness, brand associations, perceived quality and performance, and brand loyalty, and included items to assess psychological and functional barriers. A confirmatory factor analysis and structural equation modelling were developed for the different barriers of resistance to technology and for the dimensions of brand equity, identifying that the different types of resistance to innovation affect only the dimensions of brand awareness and brand importance. The results lead to the conclusion that elderly people experience different barriers to using the technological applications of their banking products and that the design of these applications must consider them in order to achieve or maintain brand recognition in this segment, as well as to achieve true financial inclusion for elderly people.