E-Banking Convergence and the Adopter’s Behavior Changing Across EU Countries

Abstract

The concepts of internet banking and mobile banking have led to changes in people’s financial behavior in terms of earning, consuming, and saving. This new concept, which entered the market quite recently, was used at the beginning of the new digital technology in various types of activities, banking operations, and nowadays these services are used by all people who want to save through banks or create new sources of income, as well as to make quick currency exchanges without going to credit institutions. The main purpose of this paper is to analyze people’s behavior toward new digital technologies, e-banking adoption, and non-banking financial institutions internet services. The objectives pursued are: whether e-banking users are homogeneous in their characteristics in the EU 27 and which users have the most convergent or divergent behavior in the EU 27. Statistical data taken from Eurostat 2023 was used for the Sigma convergence analysis, the time series taken into consideration being from 2004 to 2022. The results showed that the changes in the procedural-fiscal-financial sphere are the ones that fully reflect the two principles underlying the tax evolution: digitization and simplification. These results confirm that people are adopting the new digital technology and change their behavior from consumer to prosumer. The study shows that all most categories adopted e-banking using new digital technologies when it comes to consumption and saving, with few exceptions that should be carefully supported.