INTENTION TO USE M-BANKING APPLICATION: AN
EMPIRICAL STUDY IN HO CHI MINH CITY
Phuong
Viet Le-Hoang
Industrial
University of Ho Chi Minh City, Vietnam
E-mail: lehoangvietphuong@gmail.com
Submission: 1/24/2020
Revision: 5/13/2020
Accept: 6/3/2020
ABSTRACT
The research aims to explore,
measure, and analyze factors affecting the intention to use Mobile Banking
(M-Banking) of customers in Ho Chi Minh City. The author conducts a convenient
sampling, including 600 participants. The method of the research is the
Exploratory Factor Analysis (EFA) and a multiple regression model. The results
show that there are six factors such as perceived ease to use (EU), perceived
usefulness (PU), trust (TR), expected performance (PE), social influence (SI),
Facilitating condition (FC) affect the adoption of M-Banking. In which,
Facilitating condition is the most influential factor, and expected performance
is the least influential factor. Also, this study proposes some recommendations
to develop an M-Banking application to help customers gain more insight into
the bank as well as actively select the M-Banking application as a reliable
transaction method.
Keywords:
Perceived ease to use; perceived usefulness; trust; expected performance;
social influence; facilitating condition
1.
INTRODUCTION
The
growing computing power of mobile devices and advances in network
communications allow the emergence of new mobile services. Developers have
created many mobile applications (mobile apps) to meet many personal and
professional needs (Picoto et al., 2019). Over the past decade, witnessed a
steady increase in smartphone users, and in 2021, 3.8 billion users in the
world will use smartphones (Statista, 2020).
The
standard capabilities of smartphones and the internet today far surpass their
predecessors and can be further customized and optimized by downloading
additional mobile applications. Users can install the application themselves to
help them track their finances, track their health habits, or even automate
daily activities without having to rely on any barriers. Growth forecast in
adopting Mobile Banking and hoping to reach their customers widely, banks are
promoting Mobile Banking as part of their strategic investment (Oliveira et
al., 2014).
The commercial bank released the M-Banking
application to meet the trend of mobile users and access to services from
anywhere and anytime. The M-Banking app can increase utilities for customers to
reduce transaction costs, save time transactions on a smartphone; also, it
brings transparency to the economy, safety, and security. Therefore, in
Vietnam, many commercial banks have deployed Mobile Banking services, and
previously deployed banks also have their upgrades and adjustments.
According to Shaikh and Karjaluoto
(2015), many researchers have pointed out the need for long-term studies on the
application of Mobile Banking. Among the factors identified in previous studies
are trust, social impact, ease of use, individuality of creativity and task
characteristics (Chitungo &
Munongo, 2013; Malaquias &
Hwang, 2019; Malaquias et al., 2018; Shaikh
& Karjaluoto, 2015; Yu, 2012; Zhou et al.,
2010; Zhou, 2012), other factors such as usefulness awareness, time, service
value, pleasure motivation are also brought forward. In the case of research, many
of the factors and figures of researchers (Alalwan et al., 2017; Awwad & Ghadi,
2010) have addressed issues related to this field.
However, each specific study will be
conducted in a country, a region, and has its own cultural and social characteristics,
especially the human factor will affect more or less the process and research
results. Recognizing the importance of applying Mobile Banking to life today is
indispensable for human development, economic innovation; the author has inherited
and enriched the technological aspects of the current moment and context. The
author does conduct research and implementation of the research "Intention
to use M-Banking application: An empirical study in Ho Chi Minh City."
2.
LITERATURE REVIEW
2.1.
Concept of Mobile Banking
Mobile banking is a product or
service provided by a bank to perform financially, and Mobile banking is a
product or service provided by a bank to perform financial and non-financial
transactions via mobile phones or tablets (Shaikh & Karjaluoto, 2015).
Researchers have used a variety of terms to study Mobile Banking, such as
m-banking (LIU et al., 2009), non-branch banks (Ivatury & Mas, 2008), or pocket
banks (Amin et al., 2006).
It is a channel through which customers
interact with the bank through a mobile phone device or a mobile personal
digital device (Barnes & Cobitt,
2003). The Mobile Banking application has changed the way people communicate
with each other and gives organizations and banks the ability to communicate
and interact directly with their customers.
On the one hand, Mobile Banking has
the power to turn offline customers who are not members of the bank into online
customers, and on the other hand, it is very permeable and timely because of its
rapid spread. The customers can easily access and control their trading
accounts anytime and anywhere. Mobile Banking service not only helps minimize
unnecessary expenses such as printing costs, travel costs, and administration
costs but also makes the transparency and high security of mobile applications
created for customers.
2.2.
Theory of consumers' intention to
use Mobile Banking
Consumer
intention reflects consumers' beliefs related to a series of consumer
behaviors, including behavior, goals - the subject matter, the situation in
which the behavior is taking place (Ajzen; Fishbein, 1980). According to Ajzen
(1991), it is described as a personal motivation in perceiving his plans and
decisions to promote efforts in performing a specific behavior.
Besides,
Davis (1989) and Davis et al. (1989) also recognized consumer intentions
regarding the wishes and needs of customers in selecting related products,
services, suppliers, locations; besides, the technology influences such as
perceived usefulness and perceived ease to use are the factors that impact the
customer intention. Most human behaviors are predictable based on intentions
because behaviors are subject to the will and under control of intention (Han
et al., 2010).
Besides,
many authors use The unified theory of acceptance and use of technology
(UTAUT2) and The unified theory of acceptance and use of technology 2 (UTAUT2)
to determine the factors that influence intention to use M-Banking (Williams et
al., 2015; Jovana; Aleksandra, 2019; Raza et al., 2018; Zhou et al., 2010;
Owusu et al., 2018).
The
study of intention to use is no longer a new topic, but in this paper, in
addition to analyzing the factors affecting its intended use, it provides a
comprehensive view of the use and acceptance of technology in the current stage
of globalization.
3.
HYPOTHESES DEVELOPMENT
3.1.
Perceived ease of use (EU)
The perceived ease of use is the
degree to which an individual believes that using a particular system will not
take much effort (Davis, 1989). Innovative technology systems that are
considered easier to use and less complicated will be more likely to be
accepted and used by potential users (Davis et al., 1989). For this reason,
ease of use is considered to be one of the essential factors influencing
consumer adoption and the use of new technologies.
In the context of a developing
economy, e-commerce services gradually dominate the market of conducting
electronic transactions, enabling users to save time and costs. Also, if the
way of using technology is simple, the M-banking would meet the needs of the
customers. So, many authors have studied the perceived ease of use effect on
behavioral intention such as Chitungo and Munongo (2013), Malaquias and Hwang
(2019), Malaquias et al. (2018), Shaikh and Karjaluoto (2015), Venkatesh (2000), Yiu et al. (2007), Yu
(2012), Zhou et al. (2010), Zhou (2012).
·
Hypothesis 1 (H1): The perceived ease of
use has a positive effect on the customer's intention to use Mobile Banking.
3.2.
Perceived usefulness (PU)
Perception of usefulness is
understood as an awareness of the ability to improve the efficiency and
productivity of users when using it (Davis, 1989). Customers seem more
motivated to use and adopt new technology if they find that technology has many
advantages and useful in their daily lives (Davis et al., 1989). As a
convenient transaction channel that allows customers the flexibility in time
and location, this is one of the factors that strongly influence the intention
to use Mobile Banking (Malaquias & Hwang, 2019; Malaquias
et al., 2018; Martins et al., 2014; Shaikh & Karjaluoto,
2015; Yu, 2012; Zhou et al., 2010)
Therefore, this hypothesis is as follow:
·
Hypothesis 2 (H2): Perceived
usefulness has
a positive effect on customers' intention to use Mobile Banking.
Trust is a positive perception of
reliability and dependence on anyone or any object. Trust is a subjective
tendency to believe in the occurrence of an action that is consistent with
positive assumptions. Simmel (1950) can be considered as the first person to use
the concept of trust in his research (Möllering, 2001).
The belief scale has been studied
and verified by many works such as Merhi et al. (2019), Mehrad, and Mohammadi (2016),
and many other studies have achieved excellent results. Mobile phones in an
e-commercial context do not involve face-to-face interaction (Lee et al.,
2012). So beliefs appear to reduce perceived risks and play an essential role
in business transactions between users and a specific company. In light of the
importance of trust (TR), the author conducted the study and proposed the
following hypothesis:
·
Hypothesis
3 (H3): Trust (TR) has a positive
effect on customers' intention to use Mobile Banking.
3.4.
Expected performance (PE)
Expected performance (PE) is the
extent to which an individual believes that applying technology will help them
achieve performance (Venkatesh et al., 2003). It reflects the awareness of
innovation by using mobile banking measures such as transaction speed (Yang,
2009). Many previous studies have repeatedly mentioned the PE factor in their
research due to the expected performance that will identify the perceived
benefits of users when using Mobile Banking.
More specifically, it can promote
the commercial banks to check the transaction and complete it to the maximum
regularly. Users believe that using this service will lead to a change in the
nature of the bank, the navigation pattern, the number of website visits, and
the number of transactions performed (Chu et al., 2010). Moreover, based on
Unified theory of acceptance and use of technology (UTAUT), Oliveira et al.
(2014), Zhou et al. (2010), Yu (2012), and Alalwan et al. (2017) concluded that
PE significantly affects the intention to use M-Banking. Thus, the following
hypothesis is as follow:
·
Hypothesis 4 (H4): Expected performance (PE) has a positive effect on
customers' intention to use Mobile Banking.
According to the research model of
Venkatesh et al. (2003), determining the influence of society is the degree of
influence of others on whether or not they should use technology and the
influence on their intention to use that. Research by Amin et al. (2008)
suggested that personal intention to use Mobile banking services is
significantly affected by the people around them. Social influence is defined
as the extent to which consumers perceive other vital people who believe they
should use a specific technology, including family, friends, colleagues, social
media. Social influence has been shown to have a significant impact on the
behavioral intent of applying Mobile Banking (Sharma et al., 2017). Based on
the apparent impact of social influence on intentions of using the M-banking as
previous studies, the following hypothesis is:
·
Hypothesis
5 (H5): Social influence has a positive effect on
customers' intention to use Mobile Banking.
3.6.
Facilitating condition (FC)
Facilitating condition is the factor
in which an individual believes that an organization has adequate technical
infrastructure and facilities to support the use of the system (Venkatesh et
al., 2003). The ability to log in to a personal account, the ability to
transfer money from one account to another account, and the high level of
compatibility that supports the use of Mobile Banking (Shaikh & Karjaluoto,
2015). Many specific aspects can influence a person's perceptions.
In particular, the physical
conditions, technological infrastructure, and the development of an
organization can awaken one's awareness of the use of a particular service or
technology. The economy develops and entails the development of technology. It
creates tremendous support when bringing technology to everyday life. Users using
the Internet and websites, smartphones accessing the bank without having to go
out to the bank for transactions is a big step forward in the technology of the
era. Facilitating condition (FC) will affect both intention and use. Therefore,
the proposed research hypothesis is:
·
Hypothesis
6 (H6): Facilitating condition has a positive effect on
customers' intention to use Mobile Banking.
Figure 1: Proposal conceptual model
4.
METHODOLOGY
The author used mix method including
qualitative research method to explore the scale and quantitative research
methods to find the factors that affect the intention to use the M-Banking
application of the customers. This research uses the qualitative research
method via group discussions and expert discussions to build research models,
scales, questionnaires, and preliminary surveys to complete research models
before distributing the questionnaire.
The author does the quantitative
research method based on information collected from customers in Ho Chi Minh
City. Likert scale with five levels, namely strongly disagree, disagree,
neutral, agree and strongly agree is used to measure the impact of factors
affecting behavioral intention, and this research uses the convenient sampling
method.
Hair et al. (2014) pointed out that
when the study uses Likert scale five levels with the n variables, the study
should ensure a minimum sample size of 5*n=5n. To ensure the quality of the
sample, the author decided to survey two times. The first time is the pilot
survey with 50 questionnaires, and author does Cronbach’s Alpha and Exploratory
Factor Analysis to adjust the final scales.
The second time is that the author
conducts the final survey. The author sent the links of online questionnaires
as much as possible. When the author got 600 valid respondents, the study
stopped the survey and began to analyze. The author assessed for reliability
through Cronbach's Alpha coefficients, explored the scales via Exploratory
Factor Analysis (EFA), find the factors that affect intention to use M-Banking
is the multiple regression model.
5.
ANALYSIS AND RESULTS
5.1.
Reliability test: Cronbach’s Alpha
Table
1: Constructs, corrected item – total correlation and Cronbach
Alpha
Item |
Construct |
Corrected
Item – Total Correlation |
Cronbach’s Alpha if item
deleted |
Perceived ease of use - Cronbach’s Alpha =
0.875 |
|||
EU1 |
I
find the Mobile Banking application very easy to use |
0.673 |
0.856 |
EU2 |
I
find the Mobile Banking application quite easy to learn and relatively
flexible and easy to use |
0.653 |
0.860 |
EU3 |
I
found the operations performed on the Mobile Banking application clear and
easy to understand |
0.724 |
0.844 |
EU4 |
It
is highly likely that in the coming time, Mobile Banking application will be
added with features to help manipulate easier |
0.738 |
0.840 |
EU5 |
Overall
I am able to use Mobile Banking fluently |
0.740 |
0.839 |
Perceived usefulness - Cronbach’s Alpha =
0.890 |
|||
PU1 |
The
use of the Mobile Banking application makes transactions between customers
and the bank easier |
0.760 |
0.859 |
PU2 |
The
use of Mobile Banking helps control financial effectively |
0.627 |
0.889 |
PU3 |
Mobile
Banking helps me save time to the maximum |
0.789 |
0.853 |
PU4 |
The
banking transactions via Mobile Banking increase the efficiency of life and
work |
0.755 |
0.861 |
PU5 |
In
general, the use of Mobile banking application brings a lot of useful |
0.730 |
0.866 |
Trust - Cronbach’s Alpha = 0.901 |
|||
TR1 |
I
use Mobile Banking due to the reputation of the provider |
0.732 |
0.883 |
TR2 |
I
believe that Mobile Banking always complies with commitments |
0.765 |
0.876 |
TR3 |
I
do not worry when using Mobile Banking |
0.789 |
0.872 |
TR4 |
I
believe that personal information will be kept confidential |
0.728 |
0.887 |
TR5 |
I
believe Mobile Banking is a highly accurate application |
0.767 |
0.876 |
Expected performance - Cronbach’s Alpha =
0.921 |
|||
PE1 |
Using
the Mobile Banking service increases my chances of getting everything that is
important to me. |
0.817 |
0.906 |
PE2 |
Using
Mobile Banking will help me complete transactions faster than traditional
channels |
0.826 |
0.900 |
PE3 |
Using
Mobile Banking will help me optimize my financial activities. |
0.882 |
0.850 |
Social influence - Cronbach’s Alpha = 0.816 |
|||
SI1 |
I
realize that using Mobile Banking is a way for me to integrate with people
around me |
0.600 |
0.816 |
SI2 |
Those
who matter to me think that I should use Mobile Banking |
0.630 |
0.787 |
SI3 |
The
use of Mobile Banking by people around me affects my intention to
use |
0.784 |
0.628 |
Facilitating condition - Cronbach’s Alpha =
0.857 |
|||
FC1 |
Mobile
Banking is compatible with other technologies I use |
0.783 |
0.797 |
FC2 |
I
have the knowledge necessary to use Mobile Banking |
0.640 |
0.835 |
FC3 |
I
believe that the trading organization is fully qualified to support me using
Mobile Banking |
0.662 |
0.830 |
FC4 |
If
I have difficulty using Mobile Banking, there will be experts to
help me |
0.652 |
0.836 |
FC5 |
I
have the resources needed to use Mobile Banking |
0.640 |
0.835 |
Behavioral intention - Cronbach’s Alpha =
0.833 |
|||
BI2 |
I
will always try to use mobile banking in everyday life. |
0.733 |
0.732 |
BI1 |
I plan
to use Mobile Banking instead of going to the bank's
transaction office |
0.655 |
0.807 |
BI3 |
I
will often use Mobile Banking to make transactions on my account at the bank |
0.703 |
0.761 |
The analysis
results show that the overall Cronbach’s alpha coefficient of the scales is
higher than 0.6, even it is greater than 0.7. Moreover, The corrected Item – Total
Correlation is higher than 0.3, so the scales ensure the reliability to perform
the follow-up analysis.
5.2.
Exploratory Factor Analysis (EFA)
Barlett's test: Sig = 0.000 <0.05
shows that the observed variables in factor analysis are correlated with each
other on the whole. KMO coefficient (Kaiser-Meyer-Olkin) value = 0.923 >
0.5, so factor analysis is consistent with the actual data. Total variance
explained equals 72.62%, and it is greater than 50%; as a result, it can meet
the requirement of variance explained. From this one, this research can
conclude that variables can explain 72.62% in changing factors. Also,
eigenvalue value equals 1.163 >1, and it is the fluctuation that can explain
for each factor, so the extracted factors have a significant summarize in the
best way. The rotated matrix in EFA show that the loading factor is higher than
0.55, and it can divide into six components by the following table:
Table 2: Rotated matrix
and EFA
Concepts |
Items |
Component |
|||||
1 |
2 |
3 |
4 |
5 |
6 |
||
Perceived usefulness |
PU1 |
0.773 |
|
|
|
|
|
PU2 |
0.769 |
|
|
|
|
|
|
PU3 |
0.763 |
|
|
|
|
|
|
PU4 |
0.714 |
|
|
|
|
|
|
PU5 |
0.670 |
|
|
|
|
|
|
Trust |
TR1 |
|
0.630 |
|
|
|
|
TR2 |
|
0.743 |
|
|
|
|
|
TR3 |
|
0.789 |
|
|
|
|
|
TR4 |
|
0.743 |
|
|
|
|
|
TR5 |
|
0.730 |
|
|
|
|
|
Facilitating condition |
FC1 |
|
|
0.739 |
|
|
|
FC2 |
|
|
0.600 |
|
|
|
|
FC3 |
|
|
0.742 |
|
|
|
|
FC4 |
|
|
0.683 |
|
|
|
|
FC5 |
|
|
0.685 |
|
|
|
|
Perceived ease of use |
EU1 |
|
|
|
0.695 |
|
|
EU2 |
|
|
|
0.753 |
|
|
|
EU3 |
|
|
|
0.683 |
|
|
|
EU4 |
|
|
|
0.719 |
|
|
|
EU5 |
|
|
|
0.604 |
|
|
|
Expected performance |
PE1 |
|
|
|
|
0.848 |
|
PE2 |
|
|
|
|
0.812 |
|
|
PE3 |
|
|
|
|
0.839 |
|
|
Social influence |
SI1 |
|
|
|
|
|
0.765 |
SI2 |
|
|
|
|
|
0.773 |
|
SI3 |
|
|
|
|
|
0.772 |
|
KMO |
0.923
(sig.=0.000) |
||||||
Eigenvalues |
11.644 |
1.797 |
1.634 |
1.363 |
1.280 |
1.163 |
|
Total Variance
Explained |
44.79 |
51.70 |
57.98 |
63.22 |
68.14 |
72.62 |
The dependent
variable meets the requirements of KMO, Eigenvalue, and the total variance
explained. So all of the variables can use in multiple regression.
Table 3: Dependent variable, and testing
Dependent variable |
Component |
|
1 |
||
Behavioral intention |
BI1 |
0.888 |
BI2 |
0.841 |
|
BI3 |
0.870 |
|
KMO |
0.715 (sig.=0.000) |
|
Eigenvalues |
2.254 |
|
Total
Variance Explained |
75.12 |
5.3.
Multiple regression
Table 4: Regression results
Model |
Unstandardized Coefficients |
Standardized Coefficients |
t |
Sig. |
Collinearity |
|||
Beta |
Sd. Error |
Beta |
Tolerance |
VIF |
||||
1 |
(Constant) |
0.177 |
0.040 |
|
1.27 |
0.205 |
|
|
EU |
0.220 |
0.037 |
0.215 |
5.59 |
0.000 |
0.467 |
2.14 |
|
PU |
0.101 |
0.039 |
0.098 |
2.71 |
0.007 |
0.523 |
1.91 |
|
TR |
0.077 |
0.030 |
0.077 |
1.95 |
0.052 |
0.445 |
2.25 |
|
PE |
0.060 |
0.031 |
0.067 |
2.01 |
0.045 |
0.618 |
1.62 |
|
SI |
0.147 |
0.038 |
0.157 |
4.74 |
0.000 |
0.629 |
1.59 |
|
FC |
0.356 |
0.140 |
0.343 |
9.35 |
0.000 |
0.513 |
1.95 |
|
R2 |
0.5906 |
|||||||
Adjusted R2 |
0.5864 |
|||||||
Sig. |
0.000 |
The results of
the regression showed that the sig of independent variables has a significant
statistic because the sig of them equals 0.00 (very small). As a result,
perceived ease to use (EU), perceived usefulness (PU), trust (TR), expected
performance (PE), social influence (SI), Facilitating condition (FC) affect
intention to use M-Banking.
The R2 value is 0.5906, and it
means that 59.06% of the intention to use the M-Banking app is from six
factors, and 40.84% of that is from the factors which are outside of the model.
The sig value of the F test is 0.000, and it is less than 0.05, so the research
model is fit, and the variables which use in the model have a significant
statistic. What is more, variance inflation factors (VIF) are too small, and
these point out that there is no multicollinearity in this model, so all of the
independent variables do not correlate together.
The multiple regression by
standardized coefficients can be identified:
BI = 0.215*EU + 0.098*PU +
0.077*TR + 0.067*PE + 0.157*SI + 0.343*FC
6.
CONCLUSION AND IMPLICATION
6.1.1.
Perceived
ease of use
This
factor is also one of the second influential factors affecting the intention to
use Mobile Banking (standardized beta = 0.215). Its influence is bigger than
other factors (exception for facilitating condition factor) in the model
because it is a new mobile banking service in Vietnam. Among all its uses, ease
of use is the concern; Vietnamese people always prefer ease and simplicity. On
the other hand, the positive effect of the ease-to-use awareness, specifically
through beta coefficients, is positive and statistically significant at the 5%
level, based on the results of the linear regression. Besides, the results of
the previous study by Raza et al. (2017) related to the intention to use
M-Banking on the tendency to perceive ease of use is appropriate with this
research.
6.1.2.
Perceived
usefulness
First
of all, the proposed cognitive usefulness is a necessary construct. Users are
willing to use mobile banking if they find it useful for their work. From the
fact that the standardized coefficient là is 0.098, it shows that usefulness
perception is an essential factor that impacts the intended use of M-Banking.
This study is consistent with the TAM study and some previous scientific
research. Specifically, perceived usefulness is one of the crucial and
indispensable factors when developing a research model on intention of
consumers to use a specific product or service (Agarwal & Karahanna, 2000; Hsu & Lu, 2004; Igbaria et
al., 1995; Le-Hoang et al., 2019; Ong et al., 2004; Taylor & Todd, 1995). This study
shows that banks need to consider how to use mobile banking services in an easy
and useful way.
6.1.3.
Facilitating
condition
During
the research process, the facilitating condition is the most influential factors
that affect the intention to use M-Banking (beta standardized = 0.343).
Facilitating condition has also received special attention from customers who
have used the Mobile Banking application (Crabbe et al., 2009; Bhatiasevi,
2016). Using Mobile Banking requires essential resources such as smartphones,
the Internet, mobile Internet services. (Baabdullah et al., 2019). Besides,
organizational and technical infrastructure to support system use and remove
usage barriers (Venkatesh, 2000). The banks should guide the selection of
systems and industry-specific guidance (Venkatesh et al., 2012).
6.1.4.
Social
influence
As
expected, this is a factor that has a positive influence on the intention to
use Mobile Banking, which is consistent with the study of Zhou et al. (2010) and Yu (2012). It is consistent with
consumer psychology, when a relative or significant person impacts, the
intention and behavior of the user will change. The results of the survey also
reflect that the standardized beta coefficient is 0.157 in the extent of the
influence of the variable social influence on intention to use. Social
influence has a vital role in Mobile Banking as well as other banking services
such as Internet Banking, international payment, ATM, debit, and credit card
services. Especially in a relatively new technology market, research has
contributed a positive impact on the use of Mobile Banking.
6.1.5.
Trust
Trust
is the factor that effects on the intention to use the M-Banking of the
customers. Trust is directly affected by guarantees (Gefen et al., 2003;
Mcknight et al., 1998), reputation, and the commitments of the bank. In the
context of recent transactions like Mobile Banking, trust helps the customers
feel confident when they use M-Banking. The banks need to focus on many activities
that can improve the belief of the customers, such as providing a process
similar to internet banking, guarantee statements, assistance, and
certification. In conclusion, the beliefs appear to reduce perceived risks and
play an essential role in business transactions between the customers and bank.
6.1.6.
Expected
performance
Expected
performance (PE) has a standardized regression coefficient of 0.67, which shows
the expected performance factor as the lowest impact factor, among other
factors. Many people use the M-Banking for the convenience of Mobile Banking
and from social influence, but they still do not feel all the features and
performance from the application. Therefore, the level of this factor that
affects the intention to use the M-Banking app is not high. Business owners,
managers, scientists, and developers are getting better and better. Mobile
Banking is no longer a new technology in the world, but in Vietnam, not many
customers use that app as the bank expected. The M-Banking currently brings much
excellent performance for customers. It can help complete customers transaction
faster than traditional channels and optimize financial activities.
6.2.
6.2 Theory and managerial Implication
6.2.1.
Theory implication
The
research had analyzed the most factors that predict customer intention when the
customer uses the application of Mobile Banking. The study shows a significant
contribution to the existing knowledge related to online banking channels and
regional technology adoption, generally. This study indicated a valuable
direction by examining how Mobile Banking impacts the industrialization and
modernization phase.
Because
UTAUT2 is correctly theorized to explain technology adoption from the
customer's point of view (Venkatesh et al., 2012), it is used as an appropriate
theoretical foundation for the conceptual model. Therefore, this study includes
significant contributions by being an initiator in building conceptual models
based on the theoretical background that is appropriate for contextual clients
and able to capture aspects of behavior intention towards Mobile Banking. It is
also worth pointing out that (Venkatesh et al., 2012) checked the validity of
UTAUT2 to explain the acceptance of banking services in Hong Kong - a highly
developed country.
6.2.2.
Managerial
implication
The
above findings have enormous implications for consumers' intentions when
applying financial services, technology, and channels. The role of SI, FC, EU,
PU, TR, PE in increasing the use intention of using Mobile Banking. Concerning
controlling and increasing the demand for bank users, it is necessary to
enhance the trust of customers in brand and image. It leads to enhancing the
position of the bank.
The
formation of initial consumer confidence is handling carefully for customer
service at the static stage and for pure risk, accountability, and transparency
stemming from social and personal beliefs at the transaction stage. Adapt
consumers' ability and response time to maximize Mobile Banking usage among
users. For example, after using M-Banking for several payments in a day, the
commercial bank may send an SMS alert to send a confirmation of the bank for
customers.
Also,
M-Banking users can ask banks to deactivate their M-Banking in case the user
suspects that their mobile phone has been hacked or lost, which strengthens
their trust about the safety and security of personal information when using
the services that the bank provides. Building trust through expanding brand
image is also a positive solution to strengthen trust in customers. As the
transaction channel is growing, it is also easy to enhance the brand image
propaganda; a good brand will build a stronger trust in each customer.
Also,
banks should increase their expected performance through constant attention
maximizing their overall support for M-Banking users anytime and in any case.
Through the provision of high-quality services, the focus on security/privacy
will be guaranteed, and no compromise. It will lead to higher customer usage.
Also, the effect of Social Impact does not reverse the common perception of
people who are quite conservative, social influence in the community to
everyone's beliefs as a previous proposal of Hofstede (2003).
It
is entirely appropriate that an individual will be affected or, in other words,
will have confidence when people around them or their relatives believe in
using a product or service that will influence the intention and behavior of
the user. Their use in a positive way. Moreover, the bank should consider its
potential customers, including middle-aged, middle-income, and educated people,
because this group is quite active and dynamic, easy to influence because the
trend of the market soared.
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