Asia pacific journal of information systems

The Korea Society of Management Information Systems (한국경영정보학회)
권호 표지
DOI QR코드

DOI QR Code

Enablers of the Adoption of Mobile Banking: From Economic-Psychological-Social Perspectives

  • YunJi Moon (Department of Management Information Systems, Catholic University of Pusan)
  • Received : 2019.07.17
  • Accepted : 2019.11.18
  • Published : 2020.03.30
Download PDF
⟨ Previous Next ⟩

Abstract

With the proliferation of smart devices, mobile banking has become increasingly important. Customers can manage their banking needs without desktop computers or a face-to-face meeting with bank tellers. However, contrary to expectation of wide-spread use of mobile banking, several factors restrict its adoption. The purpose of this study is to explore what factors affect positively or negatively the adoption of mobile banking from economic (operational competence, convenience, mental accounting), psychological (hope, self-efficacy, optimism, resiliency) and social perspectives (normative social pressure, embarrassment avoidance). This paper suggests that three enablers would consequently affect a customer's perceived utilitarian and hedonic value in mobile banking, followed by trust and intention to use. In testing the hypothesized research model, survey and analysis of a structural equation model using Amos are conducted. The findings emphasize that banks need to focus on perceived utilitarian and hedonic values when considering economic, psychological and social enablers most salient to customers in order to promote greater adoption of mobile banking services.

Keywords

References

  1. Agarwal, R., and Karahanna, E. (2000). Time flies when you're having fun: Cognitive absorption and beliefs about information technology usage. MIS Quarterly, 24, 665-695.  https://doi.org/10.2307/3250951
  2. Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In J. Kuhl and J. Beckmann (Eds.), Action control, Berlin, Heidelberg: Springer. 
  3. Alalwan, A. A., Dwivedi, Y. K., and Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99-110.  https://doi.org/10.1016/j.ijinfomgt.2017.01.002
  4. Alalwan, A. A., Dwivedi, Y., Rana, N. P., and Williams, M. D. (2016). Consumer adoption of mobile banking in Jordan: Examining the role of usefulness, ease of use, perceived risk and self-efficacy. Journal of Enterprise Information Management, 29(1), 690-709.  https://doi.org/10.1108/JEIM-04-2015-0035
  5. Al-Nasser, M., Yusoff, R. Z., Islam, R., and Al-Nasser, A. (2014). Relationship among e-service quality, culture, attitude, trust, risk of online shopping. Journal of Social Sciences, 10(3), 123-142.  https://doi.org/10.3844/jssp.2014.123.142
  6. Anckar, B., and D'incau, D. (2002). Value creation in mobile commerce: Findings from a consumer survey. Journal of Information Technology Theory and Application, 4(1), 43-62. 
  7. Andreasyan, T. (2017). Kakao Bank attracts 820,000+ clients in four days since launch. Retrieved from https://www.bankingtech.com/2017/07/kakao-bank-attracts-820000-clients-in-four-days-since-launch/ 
  8. Arunachalam, P. (2018). How VR and AR are changing the dynamics of CX in banking and real estate. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2018/03/19/how-vr-and-ar-are-changing-the-dynamics-of-cx-in-banking-and-real-estate/#7767232650f3 
  9. Babin, B. J., Darden, W. R., and Griffin, M. (2004). Work and/or fun: Measuring hedonic and utilitarian shopping value. Journal of Consumer Research, 20(4), 644-656.  https://doi.org/10.1086/209376
  10. Baptista, G., and Oliveira, T. (2015). Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators. Computers in Human Behavior, 50, 418-430.  https://doi.org/10.1016/j.chb.2015.04.024
  11. Berry, L. L., and Parasuraman, A. (1991). Marketing services. New York: The Free Press. 
  12. Bilgihan, A., Nusair, K., Okumus, F., and Cobanoglu, C. (2015). Applying flow theory to booking experiences: An integrated model in an online service context. Information & Management, 52(6), 668-678.  https://doi.org/10.1016/j.im.2015.05.005
  13. Choudrie, J., Junior, C. O., McKenna, B., and Richter, S. (2018). Understanding and conceptualizing the adoption, use and diffusion of mobile banking in older adults: A research agenda and conceptual framework. Journal of Business Research, 88, 449-465.  https://doi.org/10.1016/j.jbusres.2017.11.029
  14. Cyr, D. (2008). Modeling web site design across cultures: Relationships to trust, satisfaction, and e-loyalty. Journal of Management Information Systems, 24(4), 47-72.  https://doi.org/10.2753/MIS0742-1222240402
  15. Davis, F. D. (1977). A technology acceptance model for empirically testing new end-user information systems: Theory and results. Ph.D. dissertation. Massachusetts Institute of Technology. 
  16. Dineshwar, R., and Steven, M. (2013). An investigation on mobile banking adoption and usage: A case study of Mauritius. Proceedings of 3rd Asia-Pacific Business Research Conference, 25-26. 
  17. Dlodlo, N. (2014). Developing an online shopping value framework for consumers of non-store fashion brands. International Business & Economics Research Journal, 13(6), 1359-1374. 
  18. Featherman, M. S., and Pavlou, P. A. (2003). Predicting e-services adoption: a perceived risk facets perspective. International Journal of Human-computer Studies, 59(4), 451-474.  https://doi.org/10.1016/S1071-5819(03)00111-3
  19. Gefen, D. (2000). E-commerce: the role of familiarity and trust. Omega, 28(6), 725-737.  https://doi.org/10.1016/S0305-0483(00)00021-9
  20. Goffman, E. (1956). Embarrassment and social organization. American Journal of Sociology, 62(3), 264-271.  https://doi.org/10.1086/222003
  21. Hartman, J. B., Shim, S., Barber, B., and O'Brien, M. (2006). Adolescents' utilitarian and hedonic Web consumption behavior: Hierarchical influence of personal values and innovativeness. Psychology & Marketing, 23(10), 813-839.  https://doi.org/10.1002/mar.20135
  22. Hur, W. M., Kim, H. K., and Kim, H. (2013). Investigation of the relationship between service values and loyalty behaviors under high commitment. Service Business, 7(1), 103-119.  https://doi.org/10.1007/s11628-012-0148-8
  23. Jamshidi, D., Keshavarz, Y., Kazemi, F., and Mohammadian, M. (2018). Mobile banking behavior and flow experience: An integration of utilitarian features, hedonic features and trust. International Journal of Social Economics, 45(1), 57-81.  https://doi.org/10.1108/IJSE-10-2016-0283
  24. Jeong, S-Y., and Chung, J-Y. (2017). The influence of hotel culinary staff's positive psychological capital in intrinsic motivation and innovative behaviour of the deluxe hotels in Seoul. International Journal of Tourism Management and Sciences, 32(2), 335-351.  https://doi.org/10.21719/KJTR.32.2.16
  25. Kahneman, D. (1979). Econ Ometrica Ci Econometrica, 47(2), 263-291.  https://doi.org/10.2307/1914185
  26. Kawai, Y. (2016). Fintech and the IAIS. IAIS Newsletter, 1-13. 
  27. Kim, J. H., Hwang, M. C., Kim, J. H., Kim, C. J., Kim, Y. U., and Jo, B. H. (2009). A study of the free drawing GUI of the touch phone by human sensibility ergonomics approach. In Proceedings of the Korean Society for Emotion and Sensibility Conference (pp. 175-178). The Korean Society for Emotion and Sensibility. 
  28. Kim, J., Park, Y., Kim, C., and Lee, H. (2014). Mobile application service networks: Apple's App Store. Service Business, 8(1), 1-27.  https://doi.org/10.1007/s11628-013-0184-z
  29. Kleijnen, M., De Ruyter, K., and Wetzels, M. (2007). An assessment of value creation in mobile service delivery and the moderating role of time consciousness. Journal of Retailing, 83(1), 33-46.  https://doi.org/10.1016/j.jretai.2006.10.004
  30. Konana, P., and Balasubramanian, S. (2005). The social-economic-psychological model of technology adoption and usage: an application to online investing. Decision Support Systems, 39(3), 505-524.  https://doi.org/10.1016/j.dss.2003.12.003
  31. Konana, P., Menon, N. M., and Balasubramanian, S. (2000). The implications of online investing. Communications of the ACM, 43(1), 34-41.  https://doi.org/10.1145/323830.323842
  32. Korea Consumer Agency (2016). Mobile bank service survey. Retrieved from https://www.kca.go.kr/brd/m_46/down.do?brd_id=R001&seq=2114&data_tp=A&file_seq=2 
  33. Korea Internet & Security Agency (2018). 2017 Korea FinTech company manual. Retrieved from https://www.itfind.or.kr/report/analysis/read.do?selectedId=02-004-180330-000012&pageSize=10&pageIndex=0 
  34. Kujala, S., Roto, V., Vaananen-Vainio-Mattila, K., and Sinnela, A. (2011). UX curve: A method for evaluating long-term user experience. Interacting with Computers, 23(5), 473-483.  https://doi.org/10.1016/j.intcom.2011.06.005
  35. Lau, G. T., and Lee, S. H. (1999). Consumers' trust in a brand and the link to brand loyalty. Journal of Market-Focused Management, 4(4), 341-370.  https://doi.org/10.1023/A:1009886520142
  36. Luthans, F., and Youssef, C. M. (2007). Emerging positive organizational behavior. Journal of Management, 33(3), 321-349.  https://doi.org/10.1177/0149206307300814
  37. Malaquias, F., Malaquias, R., and Hwang, Y. (2018). Understanding the determinants of mobile banking adoption: A longitudinal study in Brazil. Electronic Commerce Research and Applications, 30, 1-7.  https://doi.org/10.1016/j.elerap.2018.05.002
  38. Matzler, J., Grabner-Krauter, S., and Bidmon, S. (2006). The value-brand trust-brand loyalty chain: An analysis of some moderating variables. Innovative Marketing, 2(2), 76-13. 
  39. Mehrad, D., and Mohammadi, S. (2017). Word of mouth impact on the adoption of mobile banking in Iran. Telematics and Informatics, 34(7), 1351-1363.  https://doi.org/10.1016/j.tele.2016.08.009
  40. Moon, Y. J., and Kym, H. G. (2004). A model for the value of intellectual capital. Canadian Journal of Administrative Sciences, 23(3), 253-269.  https://doi.org/10.1111/j.1936-4490.2006.tb00630.x
  41. Moorman, C., Deshpande, R., and Zaltman, G. (1993). Factors affecting trust in market Research Relation- ships. Journal of Marketing, 57(January), 81-101.  https://doi.org/10.1177/002224299305700106
  42. Morgan, R. M., and Hunt, S. D. (1994). The commitment-trust theory of relationship marketing. The Journal of Marketing, 58(3), 20-38.  https://doi.org/10.1177/002224299405800302
  43. Park, C. (2006). Hedonic and utilitarian values of mobile internet in Korea. International Journal of Mobile Communications, 4(5), 497-508.  https://doi.org/10.1504/IJMC.2006.009256
  44. Parusheva, S. (2016). Banks and their models for modern communication and business via social media. International Journal of Economics and Management Systems, IARAS, 1, 65-69. 
  45. Preacher, K. J., and Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879-891.  https://doi.org/10.3758/BRM.40.3.879
  46. Puschel, J., Mazzon, J. A., and Hernandez, J. M. C. (2010). Mobile banking: proposition of an integrated adoption intention framework. International Journal of Bank Marketing, 28(5), 389-409.  https://doi.org/10.1108/02652321011064908
  47. Rao, H. R., and Lynch, B. D. (1993). Hedonic price analysis of workstation attributes. Communications of the ACM, 36(12), 95-102.  https://doi.org/10.1145/163298.163348
  48. Riegelsberger, J., Sasse, M. A., and McCarthy, J. D. (2005). The mechanics of trust: A framework for research and design. International Journal of Human-Computer Studies, 6, 381-422.  https://doi.org/10.1016/j.ijhcs.2005.01.001
  49. Rose, S., Clark, M., Samouel, P., and Hair, N. (2012). Online customer experience in e-retailing: An empirical model of antecedents and outcomes. Journal of Retailing, 88(2), 308-322.  https://doi.org/10.1016/j.jretai.2012.03.001
  50. Salovey, P., and Birnbaum, D. (1989). Influence of mood on health-relevant cognitions. Journal of Personality and social Psychology, 57(3), 539-551.  https://doi.org/10.1037/0022-3514.57.3.539
  51. Schroder, H., and Zaharia, S. (2008). Linking multi-channel customer behavior with shopping motives: An empirical investigation of a German retailer. Journal of Retailing and Consumer Services, 15(6), 452-468.  https://doi.org/10.1016/j.jretconser.2008.01.001
  52. Seligman, M. E. (2002). Positive psychology, positive prevention, and positive therapy. Handbook of Positive Psychology, 2, 3-12. 
  53. Shaikh, A. A., and Karjaluoto, H. (2015). Mobile banking adoption: A literature review. Telematics and Informatics, 32(1), 129-142.  https://doi.org/10.1016/j.tele.2014.05.003
  54. Shareef, M. A., Baabdullah, A., Dutta, S., Kumar, V., and Dwivedi, Y. K. (2018). Consumer adoption of mobile banking services: An empirical examination of factors according to adoption stages. Journal of Retailing and Consumer Services, 43, 54-67.  https://doi.org/10.1016/j.jretconser.2018.03.003
  55. Shefrin, H., and Statman, M. (1994). Behavioral capital asset pricing theory. Journal of Financial and Quantitative Analysis, 29(3), 323-349.  https://doi.org/10.2307/2331334
  56. Slade, E., Williams, M., Dwivedi, Y., and Piercy, N. (2015). Exploring consumer adoption of proximity mobile payments. Journal of Strategic Marketing, 23, 209-223.  https://doi.org/10.1080/0965254X.2014.914075
  57. Sung, J., and Cho, K. (2012). User experiences with augmented reality advertising applications: focusing on perceived values and telepresence based on the experiential learning theory. In Human Centric Technology and Service in Smart Space (pp. 9-15). Springer, Dordrecht. 
  58. Thaler, R. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199-214.  https://doi.org/10.1287/mksc.4.3.199
  59. Venkatesh, V. (2000). Determinants of perceived ease of use: Integrating control, intrinsic motivation, and emotion into the technology acceptance model. Information Systems Research, 11(4), 342-365.  https://doi.org/10.1287/isre.11.4.342.11872
  60. Venkatesh, V., Thong, J. Y. L., and Xu, X. (2012). Consumer acceptance and use of information technology: Extending the unified theory of acceptance and use of technology. MIS Quarterly, 36(1), 157-178.  https://doi.org/10.2307/41410412
  61. Verissimo, J. M. C. (2016). Enablers and restrictors of mobile banking app use: A fuzzy set qualitative comparative analysis (fsQCA). Journal of Business Research, 69(11), 5456-5460.  https://doi.org/10.1016/j.jbusres.2016.04.155
  62. Zeithaml, V. A., Parasuraman, A., and Malhotra, A. (2002). Service quality delivery through web sites: A critical review of extant knowledge. Journal of the Academy of Marketing Science, 30(4), 362-376. https://doi.org/10.1177/009207002236911