Cultural Factors as Powerful Moderators of Romanian Students’ Adoption of Mobile Banking in Everyday Life

Abstract

The purpose of this research is represented by the need to highlight the trend regarding the access and use of mobile banking and mobile payment services by student consumers, in close connection with the cultural factors that can influence this trend. In this regard, the paper considers aspects such as observing the students’ behavior regarding how mobile banking is used in the monitoring of bank accounts, taking financial decisions about saving and investments, as well as shopping. The research methodology addressed aimed at both qualitative and quantitative research, considering the mobile financial services offered by banks operating in Romania. The authors conducted a quantitative research based on a questionnaire, grouping selectively a multitude of questions on how students perceive mobile banking according to the specific interaction they had with it. The structural model that was used is called the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2), a combination of UTAUT developed in 2003 by Venkatesh et al. and Hofstede’s cultural moderators. The qualitative analysis considered the placement of the factors analyzed in a cultural context linked with the Romanian students, trying to investigate the values, perceptions, desires, but also the stereotypes and prejudices taken from the family or other social organisms. The results of this research reveal how cultural factors determine the Romanian students attitude close to the use of mobile banking services. Factors that have a positive influence on behavioral intention are performance, facilitating conditions and habit. Habit has also a positive influence on use behaviour. Social influence has a negative effect on behavioral intention. There is no relationship between behavioral intention and effort expectancy, hedonic motivation and price value. Also, there is no association between use behavior and behavior intention. All cultural moderators signal a negative influence on the behavioral intention - use behavior relationship.