Abstract
Background: By 2018, Malaysian mobile banking services made the third-largest amount of banking transactions, following credit card and Internet banking. In addition, it significantly contributes to the banking industry by providing easier transactions to banking consumers. This study examined factors affecting the intention to use, and the actual use of mobile banking services in Malaysia. Methods: Two main theories of the unified theory of acceptance and use of technology (extended version, UTAUT2), and the model of perceived risk, were used to propose a modified framework. Based on the non-probability sampling method, the data were collected from 504 respondents. The data vas analyzed using SPSS and PLS-SEM to derive the findings. Results: The study's findings revealed that the independent variables could explain 55.3% of the variance in mobile banking use and 60.3% of variance in intention to use variables. Moreover, it demonstrated that common factors that have significantly affected the actual use and intention to use mobile banking were habit, facilitating condition, and interface design quality. In contrast, perceived risk and intention to use were found to only have significant impacts on the use of mobile banking, while effort expectancy was found to only have a significant impact on the intention to use. Conclusions: The findings of this study provide significant new knowledge on mobile banking, from which mobile banking providers and interface designers can develop potential solutions to increase the usage of mobile banking services in Malaysia. However, using a qualitative method, the proposed model could only explain 55% of actual use and 60% of intentional use. Thus, additional variables and qualitative techniques may help increase the understanding on the actual use and intention to use.
Highlights
With the development of technology, financial technology innovations profoundly changed the customer experience and delivered financial products and services
Mobile banking is the other side of the coin of Internet banking, but instead of using desktop Internet applications, it uses intelligent device applications (Aithal and Kumar, 2016)
This study proposes a modified framework with eleven variables: “actual use”, “behavioural intention”, “performance expectancy”, “effort expectancy”, “social influence”, “facilitating conditions”, “hedonic motivation”, “price value”, “habit”, “perceived risk”, and interface design quality”
Summary
With the development of technology, financial technology (fintech) innovations profoundly changed the customer experience and delivered financial products and services. This study examined factors affecting the intention to use, and the actual use of mobile banking services in Malaysia. Results: The study's findings revealed that the independent variables could explain 55.3% of the variance in mobile banking use and 60.3% of variance in intention to use variables. It demonstrated that common factors that have significantly affected the actual use and intention to use mobile banking were habit, facilitating condition, and interface design quality. Conclusions: The findings of this study provide significant new knowledge on mobile banking, from which mobile banking providers and interface designers can develop potential solutions to increase the usage of mobile banking services in Malaysia. Using a qualitative method, the proposed model could only explain 55% of actual use and 60% of intentional use. Additional variables and qualitative techniques may help increase the understanding on the actual use and intention to use
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