Exploring Customers’ Adoption Behavior of Internet Banking: An Integration of Technology Acceptance Model, Theory of Planned Behavior, Innovation Diffusion Theory, Social Cognitive Theory

Abstract

Advances in electronic banking technology, especially the internet banking channel, have created novel ways of handling daily banking affairs, and offered customers flexibility and accessibility that traditional methods have been unable to provide. However, the determination of e-banking success is determined not only by bank and government support but also by customers’ acceptance. Most of studies on information system as well as on internet banking were conducted in developed nations with high economy and technology development such as USA, European, developed Asian area; and in recent researches, those pure model were integrated to account the most relevant factors impacting customers’ technology adoption. The principal objectives of this research are to understand the consumers’ perception towards on their acceptance of internet banking in Vietnam. Given that there are many factors that can influence the usage of internet banking, this study integrates Technology Acceptance Model, Theory of Perceived Behavior, Innovation Diffusion Theory, Social Cognitive Theory, and combining with trust, and personal innovativeness. In the case of Vietnam, we predicted that, besides of technical factors, the effects of trust, personal innovativeness, and facilitating conditions are also important manifest in the relationships of perceptions with internet banking usage. Therefore, this study explores the adoption of Internet Banking by retails customers in Vietnam, and attempts to make sense from three angles: (i) the current adoption rate of Internet Banking; (ii) The influence of empirical factors; (iii) the potential impacts on the strategic activity of banking organizations operating in the Vietnam market. The results indicated that Trust, Self-efficacy, Facilitating condition, technology beliefs and social influence directly impact customers’ intention to adopt internet banking service. All hypotheses which tested the moderator effects of personal innovativeness in technology on four pairs of relationship are also supported, except pair of compatility and social influence on intention to use IBS, but personal innovativeness in technology tended to moderate those relationships. The results benefit the practitioners, internet banking system developers, bank decision makers and banking service providers. The study shed lights on the future plans and solutions to encourage broader implementation and usage of internet banking. Understanding customers’ perceptions on new products, especially new information technology can be a managerial tool in different phases of the development process, from concept initiation to design and implementation to customer support.