Abstract:

The Internet has become a dominant part of the learning process of students in advanced learning. Many of these students currently do not represent a considerable portion of the consumer market in terms of buying power but given their continuous exposure to the internet and their eventual adoption of Internet banking, in the future, when they enter the work force, will represent that significant group of individual that have influential purchasing power in the financial market. Adoption is the acceptance and continued use of a product, service or area, Sathye (1999). The adoption of internet banking has increased rapidly with the development of internet technology and the reduction of cost in the provision of online banking. This reduction in cost is due to increased consumer demand which created fierce competition among Internet service providers, the development of internet broadband, reduction in the cost of computers, and increase demand for e-commerce activities.According to the office for National Statistics, (2006), males formed the largest users of the Internet (65 percent) with that of females (55 per cent), with men using the Internet more frequently, 64 percent of men claim to use the Internet everyday, comparing with 54 percent of women. Students form the part of the 16-24-year-old age group that comprises the largest group of Internet users (83 percent) while 79 percent within the 25-44-year-old age group were the second largest users in the UK. Internet Banking has become the focal point of business for many banks in the UK. The development of the internet has diversified the many services offered by banks and the way in which consumers do financial transactions. With the rapid growth of the Internet it is imperative to understand the relationship between genders on the acceptance of Internet banking, especially among university students. Statistics have shown that Internet banking is growing in terms of been accessed by individuals. It is the fifth most popular activity undertaken with a population of 47 per cent of males and 37 per cent of females performing Internet banking (National Statistics 2006). The use of the internet by university students are increasing considerably and will have a great impact on the use of internet banking in the future. University students are important in that they are very highly educated, young and comparatively influential group who one day will represent the relatively wealthy market. They seem to be the ones that are ready for Internet banking and will potentially determine the pace at which it will be accepted in the future.