Abstract
The banking sector has been considered as one of the primary adopters of Information and Communications Technologies. Especially during the last years, they have invested a lot into the digital transformation of their business process. Concerning their retail customers, banks realized very early the great potential abilities to provide value added self-services functions via mobile devices, mainly smartphones to them; thus, they have invested a lot into m-banking apps’ functionality. Furthermore, the COVID-19 pandemic has brought out different ways for financial transactions and even more mobile users have taken advantage of m-banking app services. Thus, the purpose of this empirical paper is to investigate the determinants that impact individuals on adopting or not m-banking apps. Specifically, it examines two groups of individuals, users (adopters) and non-users (non-adopters) of m-banking apps, and aims to reveal if there are differences and similarities between the factors that impact them on adopting or not this type of m-banking services. To our knowledge, this is the second scientific attempt where these two groups of individuals have been compared on this topic. The paper proposes a comprehensive conceptual model by extending Venkatech’s et al. (2003) Unified Theory of Acceptance and Use of Technology (UTAUT) with ICT facilitators (i.e., reward and security) and ICT inhibitors (i.e., risk and anxiety), as well as the recommendation factor. However, this study intends to fill the research gap by investigating and proving for the first time the impact of social influence, reward and anxiety factors on behavioral intention, the relationship between risk and anxiety and the impact of behavioral intention on recommendation via the application of Confirmatory Factor Analysis and Structural Equation Modeling (SEM) statistical techniques. The results reveal a number of differences regarding the factors that impact or not these two groups towards m-banking app adoption; thus, it provides new insights regarding m-banking app adoption in a slightly examined scientific field. Thus, the study intends to assist the banking sector in better understanding their customers with the aim to formulate and apply customized m-business strategies and increase not only the adoption of m-banking apps but also the level of their further use.
Highlights
Licensee MDPI, Basel, Switzerland.The continuous advancement of Information and Communication Technologies (ICT), mainly in the mobile industry with the universal adoption and extensive utilization of mobile devices, has greatly transformed almost every industry sector
The contemporary way of living dictates the intense use of mobile devices, especially smartphones and their numerous applications provided in almost every industry [1]
The results show that performance expectancy, facilitating conditions, habit, institution-based trust and perceived risk have a statistically significant effect on m-banking apps adoption intention, whereas facilitating conditions, perceived risk and behavioral intention exert a direct effect on apps’ utilization
Summary
Licensee MDPI, Basel, Switzerland.The continuous advancement of Information and Communication Technologies (ICT), mainly in the mobile industry with the universal adoption and extensive utilization of mobile devices, has greatly transformed almost every industry sector. Been the primary adopters of ICT [1] and virtualized on a considerable scale [2] They might be among the very few industries that cover services spanning from offline to mobile channel services [3]. As they did realize very early the mobile shift of their customers to smartphones and apps [4], they have tried to provide more and more value added self-service functions and enhanced customer experience [5,6,7,8]. The high competition between retail banks leads to constant improvements of their m-banking services as customers become gradually even more aware of these services and increasingly more demanding as well [14,15]
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