Banking without borders: What drives neobank use in Peru

Access to financial services in Peru remains limited, with only 55.9% of adults owning a deposit account and just 13.4% holding an active credit card. This situation is potentially exacerbated by an oligopolistic banking sector, where four banks control 80% of the market, alongside insufficient payment infrastructure due to high installation costs and widespread financial illiteracy, as 41% of Peruvians lack basic financial capabilities. These barriers hinder economic growth and perpetuate poverty by restricting access to essential financial tools. Neobanks, which operate through fully digital platforms and mobile technologies, offer a promising alternative by delivering cost-effective, user-friendly services designed to reach underserved populations. However, their adoption in Peru remains underexplored. This study examines the factors that influence the intention to use neobanks in Peru, guided by an adaptation of the Theory of Planned Behavior that incorporates behavioral beliefs and control as predictors of Behavioral Intention.Data from 154 respondents were analyzed using Partial Least Squares Structural Equation Modeling (PLSSEM). The results show that Privacy Concerns, User Experience, Expense Control, and Service Quality significantly influence Behavioral Intention, with Privacy Concerns having a surprisingly positive effect.