Abstract:
Internet-based technologies such as big data, cloud computing, artificial intelligence,
Internet of things, robotic process automation, blockchain, etc. influence the traditional
accountants’ role and the accounting process despite their limited adoption within the
accounting field. Why there is a minimal adoption of these technologies in accounting is less
investigated. Therefore, this study endeavoured to identify the internet-based technologies
that are used in the Sri Lankan banking sector, and identify the perceptions of the banking
professionals on the underlying reasons for the limited adoption of internet-based
technologies in accounting. Seventeen online interviews were conducted in two large licensed
commercial banks, and data were analyzed inductively; the results are discussed, using the
process of institutionalization by Tolbert and Zucker (1996) and the Technology acceptance
model by Davis (1989). Robotic process automation (RPA), data analytics, artificial
intelligence, and cloud computing were used at the banks at varying levels. Lack of technical
knowledge and experience in using technology among accounting professionals;
fear/reluctance in adopting advanced IT solutions; feeling of undue influence from IT staff;
and the already institutionalized accounting practices resulted in lack of adoption. These
technologies are still at the stage of pre-institutionalization, and for them to reach full
institutionalization stage, improving the current levels of IT skills of accounting
professionals; incorporating IT skills into their skill set; attempts for more
rationalization/theorizing; facilitating the visualization of positive outcomes; increasing
interest group advocacy; and an increase in the perceived usefulness and ease of use among
staff is necessary. This study’s findings enable the promotion of internet-based technologies
within banks and open new avenues for research.
