Examining the intention to adopt Blockchain in the Banking Industry by combining Task-Technology-Fit and Technology Acceptance Theory

This study examines factors that impact managerial intention to adopt blockchain technology in the banking domain. This study extends the Task-technology fit model (TTF) and develops a Fit-based technology adoption model (TAM) through empirical research involving managers (N=249) from public and private sector banks. The study's basic premise is that banks are interested in evaluating their task fit with blockchain technology. Drawing from the synergies of the TTF and TAM theories, we test the research model through structural equation modeling to assess managers' adoption intention for blockchain technology. Our findings show that technology and task characteristics significantly impact TTF. TTF was found insignificant to the managers' perceived ease of use but significant with perceived usefulness. Perceived usefulness significantly impacted the managers' behavioural intentions to adopt blockchain in banking, while perceived ease of use did not impact behavioural intentions. This study extended TAM through TTF and social influence, thereby having a theoretical contribution. This study will guide policymakers and bank managers to develop and design blockchain-based banking operations.