Digital financial innovation is the use of technology innovations in the delivery of financial services (Pazarbasioglu, Mora, Uttamchandani, Natarajan, Feyen & Saal, 2020). The past three decades have encountered digital and technological disruptions that have enabled financial institutions to reinvent their business models to provide service to customers through digital means, increase efficiency, and be more customer-focused channels simultaneously (Beck, 2020). The advancements in internet connectivity, mobile technology, cutting-edge computing techniques, data portability, artificial intelligence, and robotics are some of the technological advances that have ushered in a new era of digital financial innovations (Frame, Wall & White, 2018).

Internet (online) banking innovation makes use of the internet for the delivery of financial services (OECD, 2020). Internet banking allows customers to transact on their bank accounts using computers, mobile phones, and tablets through an online portal on their respective bank's website at their convenience without visiting the bank offices physically (Tahir, Shah, Arif, Ahmad, Aziz & Ullah, 2018). Financial institutions in Kenya have experienced increased adoption of online banking resulting in improved operational efficiency and reduced risk associated with physical transactions, with the major limitation being the initial cost of setting up the online infrastructure (Ndwiga & Maina, 2018).