International Journal of Quality and Service Sciences

Banking “on-the-go”: examining consumers’ adoption of mobile banking services

Tingting Zhang, Can Lu, Murat Kizildag,
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Tingting Zhang, Can Lu, Murat Kizildag, (2018) "Banking “on-the-go”: examining consumers’
adoption of mobile banking services", International Journal of Quality and Service Sciences, https://
doi.org/10.1108/IJQSS-07-2017-0067
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Banking “on-the-go”: examining Banking “on-

the-go”
consumers’ adoption of mobile
banking services
Tingting Zhang
Department of Hospitality Services, College of Hospitality Management,
University of Central Florida Rosen, Orlando, Florida, USA Received 30 July 2017
Revised 29 August 2017
30 January 2018
Can Lu 27 February 2018
Ohio State University, Columbus, Ohio, USA, and Accepted 2 March 2018

Murat Kizildag
Department of Hospitality Services, College of Hospitality Management,
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University of Central Florida Rosen, Orlando, Florida, USA

Abstract
Purpose – This paper aims to examine consumers’ adoption of mobile technology to facilitate their banking
services and activities, and to investigate the factors influencing their adoption and engagement.
Design/methodology/approach – An online survey is used to test proposed relationships between
factors and consumers’ mobile banking adoption. Structural equation modeling is performed to analyze
consumers’ intentions toward mobile banking.
Findings – Traditional technology acceptance model factors – perceived usefulness and perceived ease of
use – are identified as effective factors in influencing consumers to adopt mobile technology for facilitating
banking services. Moreover, technology safety concerns, including reliability and privacy factors, are found to
play an important role in motivating consumers to embrace mobile banking. The “fun” feature of the
technology and consumers’ innovativeness characteristics are considered important in influencing mobile
banking adoption. Trust in the banks has its predominant role in mobile technology adoption for banking
services.
Practical implications – A bank gaining trust from its clients is key to active adoption of mobile banking
technology. Bankers are advised to pay more attention to reliability and privacy features when designing and
promoting mobile banking technology to consumers. Moreover, advertisements to bank clients should stress
the “fun” aspects of the mobile banking apps to attract them to the use of mobile banking technology.
Originality/value – This paper investigates the factors influencing bank consumers to adopting mobile
banking apps to facilitate their banking services. Nine key factors in the technology adoption area are
examined to provide a comprehensive understanding of bank clients’ use of mobile banking apps, which
advances the understanding of mobile technology applied in the banking industry in the literature.
Keywords Mobile technology, Mobile apps
Paper type Research paper

1. Introduction
Mobile technology has been recognized as a fast-growing business opportunity by both
academics and practitioners. As an innovative and competitive marketing tool in offering
services and online transaction opportunities, mobile technology is of paramount International Journal of Quality
and Service Sciences
importance to the success of businesses. Approximately 77 per cent of cellphones owned by © Emerald Publishing Limited
1756-669X
Americans were internet-enabled smartphones in 2016, rising from 35 per cent in 2011 DOI 10.1108/IJQSS-07-2017-0067
 IJQSS (Pew Research Center, 2017). Mobile phones have increasingly become tools that consumers
adopt for banking, budgeting, payments and shopping (Lin, 2011). Particularly, mobile
banking can leverage the penetration of banks, thus contributing to the growth of the bank
access rate (Malaquias and Hwang, 2016).
In the banking industry, bankers are noticing the mobile shift of their customers as
smartphones, tablets and apps are being increasingly used in consumers’ everyday lives for
work, study, entertainment, shopping and socializing (Püschel et al., 2010). Many bankers
cater to these mobile-centric clients. For example, Jibun Bank in Japan was the first to offer
its entire range of banking products and services through mobile channels as their primary
contact with customers (Kandampully and Zhang, 2015). Customers can open an account
using only their mobile phone and its camera. The bank delivers enhanced customer service
on an “anytime, anywhere” basis, as well as various mobile banking services, including fund
transfers, payments, Web-based shopping and auctions. Within eight months of launching
these mobile services, Jibun Bank experienced a high demand for its services, resulting in
the acquisition of more than 500,000 new customer accounts. In the past ten years, mobile
banking has exploded from offering basic text message alerts to providing a rich, fully
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functional banking experience for its clients. On the other hand, in the USA, Chase Bank has
been actively embracing the notion of mobile banking and has invested enormously in
mobile banking development since 2006. With the most recent debut in 2014 of its
redesigned Chase Mobile App, Chase successfully engaged millions of its customers to
enhance and personalize their banking experience (Business Wire, 2014).
Mobile technology is well recognized and practiced by the industries as a promising and
competitive innovation. However, literature on mobile technology – not to mention mobile
banking – is relative scarce (Shaikh and Karjaluoto, 2015; Wessels and Drennan, 2010).
Several studies have investigated mobile banking using both qualitative and quantitative
approaches. For example, Aboelmaged and Gebba (2013), Chitungo and Munongo (2013)
and Safeena et al. (2012) examined the adoption of mobile banking in various contexts from
the technology penetration and adoption perspectives. As an emerging research area, mobile
banking deserves further study and development, especially because of the fast-evolving
features of mobile banking (from traditional text-based alerts, to modern means of placing
check deposits through mobile apps, opening bank accounts through mobile apps, etc.;
Laukkanen, 2016). Therefore, this study aims to fill the literature gap and contribute to the
existing literature by examining bank customers’ adoption of mobile technology to
personalize their banking experiences.
The significance of this study is fourfold. First, the study explores what consumers are
concerned about when adopting mobile banking technology. Second, the study proposes a
comprehensive research model to examine the factors that have an impact on consumer’s
adoption of mobile banking. Therefore, the study provides elements that bankers should
consider to facilitate the mobile technology diffusion process. Third, this study is valuable
for bank operators to diagnose what aspects of the mobile banking service require
improvements to offer better service experiences and establish advantages in the
competition. Finally, key findings of the study provide suggestions for bankers regarding
how to promote mobile banking services and to improve service quality through mobile
technology.

2. Literature review and hypothesis development

2.1 Mobile banking
Mobile banking has been defined in various terms, such as m-banking (Sripalawat et al., 2011;
Tran and Corner, 2016); m-payments, m-transfers and m-finance (Donner and Tellez 2008); or
 pocket banking (Amin et al., 2006). Regardless, mobile banking is generally defined as an Banking “on-
application of m-commerce, which is supported by mobile technology and products to enable the-go”
consumers to process banking services on their own mobile devices, including smartphones,
tablets, smart watches and other smart technologies. Mobile banking can include a broad
range of services, such as using text-based banking, accessing bank websites via mobile
devices and processing banking services through mobile apps installed on consumers’ mobile
devices. Because text-based banking services and bank websites on mobile devices have been
extensively studied (Donner and Tellez, 2008; Lee and Chung, 2009), the current research
focuses mainly on consumers’ adoption of mobile banking apps to facilitate their banking
activities.
Mobile banking dates back to the 1990s when the first service was launched in Germany
and deployed in most European countries, including Spain, Sweden, Austria and the United
Kingdom. In developing countries, Kenya first introduced a text-based mobile banking
service. As a subset of m-commerce applications and a beneficiary of mobile technology
advancement, mobile banking not only enables consumers to conduct traditional banking
transactions (i.e. check balances, transfer funds, etc.) but also allows consumers to conduct
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more advanced banking transactions and services (i.e. deposit checks, manage portfolio
services, trade stocks, etc.). Compared with traditional banking channels – for example,
bank branches, ATMs, internet banking and so on – mobile banking has both: unique
features and advantages as well as challenges. In particular, the increased use of
smartphones, tablets and other smart technologies proliferates the call for the development
of mobile banking to provide personalized experiences for consumers. These innovative
services, together with advanced smart products and applications, enable banks to extend
their client reach (i.e. reach out to unbanked populations), improve customer experience (i.e.
provide more personalized and 24/7 services), enhance operational efficiency (i.e. reduce wait
time in banks) and create values for consumers (Shaikh, 2013). Although there are many
benefits for adoption of mobile banking, the penetration of mobile banking services
worldwide is not as high as predicted. Fewer than 50 per cent of smartphone owners
expressed that they have never used their mobile phones to conduct banking transactions or
services. The major reasons for not adopting mobile banking included security and privacy
concerns, not yet recognized benefits of adoption, consumers’ own preferences and
characteristics and the features of the technology itself. Therefore, there is a need to
investigate further the factors that influence certain consumers to adopt mobile banking
services.

2.2 Technology acceptance model

Within information technology (IT) research, the technology acceptance model (TAM) has
been designed to predict users’ technology adopting behaviors based on their beliefs about
that technology, in which attitudes toward that technology serve as a mediator. The core
technology beliefs in the TAM model include perceived usefulness (PU) and perceived ease
of use (PEU; Venkatesh and Davis, 2000; Gu et al., 2009). PU reflects the degree of a user’s
belief that the technology will help his or her task performance, while PEU reflects the
degree of a user’s belief that using the technology is effortless (Davis, 1989). Although the
TAM has been extensively used to explain technology adoption in e-commerce literature,
the uniqueness of m-commerce (e.g. personal, ubiquitous, lower perception of a secure and
private environment, etc.) substantially differentiates the application of the TAM in the m-
commerce context from in the traditional internet-oriented e-commerce context.
Accordingly, the reconceptualization of the TAM in m-commerce contexts of facilitating
banking services should be conducted with selective constructs reflecting the m-commerce
 IJQSS context and specifics of banking services (e.g. unique privacy and security challenges,
persuasive atmospherics, etc.).
2.2.1 Perceived usefulness. PU is a fundamental component of technology adoption in the
banking industry. The predominant belief is that users will adopt a technology if they
perceive it to be useful (Premkumar et al., 2008). In recent years, mobile banking has been
regarded as one of the most effective banking transaction methods because of its unique
advantages compared to those of traditional offline banking services (Mortimer et al., 2015).
Through mobile banking, customers can enjoy faster transaction speed, avoidance of wait
time, 24/7 personalized service, higher information transparency, convenience and no
location constraints. In the banking industry, many studies have included the construct of
PU as an influential factor of technology adoption (Akturan and Tezcan, 2012; Riquelme and
Rios, 2010). Research indicates that PU influences customers’ internet banking acceptance
(Alsajjan and Dennis, 2010) and usage intention toward mobile financial services
(Hanafizadeh et al., 2014; Lee et al., 2012; Mohammadi, 2015). Similarly, research (Baptista
and Oliveira, 2015; Oliveira et al., 2014) found that performance expectancy significantly
affects customers’ mobile banking adoption intention. In addition, value barrier is found to
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be the greatest inhibitor of customer decision to adopt mobile banking (Laukkanen, 2016).
Thus, in light of the existing literature, the following hypothesis has been developed:
H1. Customers’ perceived usefulness (PU) is positively related to their attitudes (ATT)
toward adoption of mobile technology for facilitating banking services.
2.2.2 Perceived ease of use. The second fundamental construct of the TAM is PEU, which
refers to an individual’s assessment of the amount of effort needed to perform a task using a
new technology (Kim et al., 2007). Although Davis (1989) put more emphasis on the
relationship between PU and attitudes than between PEU and attitudes, he posited that
users will not adopt a new technology unless it is easy to use. Previous research indicates
that PEU positively influences customers’ intention to use mobile apps (Okumus and
Bilgihan, 2014) and their loyalty toward mobile apps (Ozturk et al., 2016). In the service
context, mobile innovation’s ease of use is essential for engaging customers to co-create
service experience (Zhang et al., 2017; Zhang et al., 2018).
Mobile technology is believed to enhance convenience for bank customers, and its ease of
use is key in customer adoption. Riquelme and Rios (2010) insisted that PEU influences
customers’ attitude and adoption of mobile banking owing to the use of a highly complex
system for performing financial transactions via a portable device. In the banking industry,
the relationship between PEU and attitudes toward new technologies has been validated in
many studies (Akturan and Tezcan, 2012; Lin, 2011). Particularly, several studies
(Hanafizadeh et al., 2014; Mohammadi, 2015) found empirical support for the effect of PEU
on customers’ mobile banking adoption. However, Oliveira et al. (2014) found inconsistent
results and suggested that effort expectancy is not significantly associated with customers’
intention to use mobile banking services. Thus, investigating PEU and its impact on
customers’ attitude and behavioral intention seems necessary. On the basis of the above, the
following hypothesis has been developed:
H2. Customers’ perceived ease of use (PEU) is positively related to their attitudes (ATT)
toward adoption of mobile devices for facilitating banking services.
2.2.3 Attitudes. Attitudes (ATT) refer to an individual’s inclination to display certain
responses toward concepts or objects (Morosan, 2014). Venkatesh et al. (2003) generally
viewed attitudes toward objects as outcomes of an individual’s beliefs about an object and
evaluative responses associated with those beliefs. In the context of the TAM, positive
 attitudes toward new technologies have been validated as antecedents of strong intentions Banking “on-
to adopt such technologies (Schierz et al., 2010; Wu et al., 2011). The relationship between the the-go”
attitudes toward technologies and the intention to use those technologies has been well
documented in both mainstream marketing (Kim et al., 2007) and the banking industry
(Akturan and Tezcan, 2012; Lin, 2011; Mohammadi, 2015; Püschel et al., 2010; Shaikh and
Karjaluoto, 2015). Thus, the following hypothesis has been developed:
H3. Customers’ attitudes (ATT) and intentions (INT) toward adoption of mobile devices
for facilitating banking services are positively correlated.
2.2.3.1 Extending the technology acceptance model. It is argued that the TAM is too
parsimonious for explaining adoption in technology across industries (Straub, 2009; Wu
et al., 2011), including financial and banking services. Research has made efforts to extend
the TAM model (i.e. Alalwan et al., 2016; Park and Kim, 2014; Wang, 2014) or incorporate
TAM with other models (Briz-Ponce et al., 2017; Oliveira et al., 2014) to better understand
consumers’ technology adoption decisions. Following previous research to overcome this
drawback, this research extends the TAM to lay a comprehensive theoretical foundation
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within the context of mobile technology in the banking industry. Because the purpose of this
study is to capture the effects on the adoption of mobile technology in the context of banking
services, associated constructs are selected from the multitude of documented extension
constructs.
2.2.4 Trust. This research defines trust as a belief of integrity, benevolence, competence
and ability that an individual has toward others. The ubiquity of mobile technology allows
virtual customers to purchase and consume services in the online environment, which
increases transaction risks. Given that e-commerce relations are inherently risky (Ha and
Stoel, 2009), trust develops as an essential mitigating factor of risk (Malaquias and Hwang,
2016; Zhang et al., 2015). More importantly, researchers argued that trust is closely related to
perceived privacy (Srivastava et al., 2010; McCole et al., 2010) and reliability. In banking
transactions and other services, customers typically make decisions to process monetary or
nonmonetary activities via mobile technology processing of core banking services (e.g.
check deposits and funds transfer). Consequently, the evaluation of the initial interaction
between customers and banks greatly influences the development of trust in the bank.
Extant studies have demonstrated that trust in the service provider facilitates customers’
attitudes and intentions to purchase additional services (e.g. banking services) in the m-
commerce context (Hanafizadeh et al., 2014; Koksal, 2016; Luo et al., 2010; Oliveira et al.,
2014; Zhou, 2011). While Koenig-Lewis et al. (2010) suggested that there is an indirect
relationship between trust and customers’ behavioral intention to use mobile banking,
Hanafizadeh et al. (2014) found evidence for the direct effect of trust on mobile banking
adoption. Owing to inconsistent findings, further investigation is necessary. Therefore, we
posit the following hypothesis:
H4. Customers’ trust in the bank (TRU) is positively related to their attitudes (ATT)
toward adoption of mobile devices for facilitating banking services.
2.2.5 Perceived reliability. Perceived reliability (PR) in this article is defined as the extent to
which individuals subjectively believe that a technology is reliable. The reliability of a
system is essential to providing reliable technical services that allow users to achieve their
intended purposes (Park et al., 2015). Individual customers tend to be less confident in a
technology that is unreliable and, thus, tend to limit the use of such technology (Meso et al.,
2005). Previous studies in information systems and mobile technology demonstrate that
perceived reliability of a technology has a significant effect on customers’ perceived quality
 IJQSS (Chung et al., 2008), perceived value (Kim et al., 2007) and perceived satisfaction (Wixon and
Todd, 2005).
In the m-commerce setting, customers’ perception of reliability has been conceptualized
and examined as an antecedent of trust in organizations (Srivastava et al., 2010). As a
wireless technology, mobile technology is perceived to be very vulnerable to attacks or
intrusion (Al-Jabri and Sohail, 2012). In addition, when purchasing and consuming services
via mobile technologies, most bank customers have to provide their private information,
such as debit and credit card information, birth date, name, address, stocks and funds. Lack
of reliability may induce concern regarding privacy. According to psychological studies,
unreliability makes customers feel the technology is less developed (Johnson et al., 2009);
therefore, the private information they have to put on the network suffers a risk of being
violated. Thus, enhancing the reliability of mobile technology may improve bank customers’
belief of low risk of their privacy violation, and, in turn, enhancing their perceptions of
privacy and trust. Empirical evidence shows that perceived technology reliability positively
affects customer’s socializing and business use of mobile technology (Meso et al., 2005).
Therefore, we posit the following hypotheses:
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H5. Customers’ perceived reliability (PR) of using mobile devices for facilitating
banking services is positively related to their trust (TRU) in the banks.
H6. Customers’ perceived reliability (PR) of using mobile devices for facilitating
banking services is positively related to their attitudes (ATT) toward adoption of
mobile devices for facilitating banking services.
2.2.6 Perceived privacy. Perceived privacy (PP) represents the ability of individuals to
control the manner in which their personal information is collected and used in transactions
(Shin, 2010). Recognizing the reality of exchanging information in the online environment,
customers become increasingly concerned every time their private information is given out
in the process of information exchange. Bansal et al. (2010) found that the main concern of
customers is loss or display of their private information, which may have serious
consequences to them. As a result, the PP attributable to facilitating technology adoption
influences customers’ willingness to use the technology for purchase or consumption
purposes.
In the banking industry, mobile technology users’ perceived privacy is closely related to
the innate characteristics of the mobile technology. For one thing, people are likely to put
personal information (bank account number and stocks and funds routing numbers) and
behavioral identifiers (e.g. addresses, cell phone numbers, etc.) in their smartphones, tablets
or other mobile devices. Mobile devices are considered electronic extensions of persona. For
another, the mechanics of m-commerce transactions are ambiguous in that consumers are
generally not sure how their information will be used. Additionally, engagement in such
activity may result in information disclosure, false public portrayal and appropriation
(Bansal et al., 2010). As a result, customers have substantial concerns about their privacy
and violation of their financial information in m-commerce. However, Smith et al. found that
consumers often agree to disclose their private information regardless of their privacy
concern. In such situations, trust in the firm is a catalyst that mitigates users’ privacy
concerns (Malaquias and Hwang, 2016). Therefore, a reliable online system with protection
of privacy is of great importance to enhance customers’ perceptions of trust in the firm
facilitating the purchase and consumption (Kim and Forsythe, 2008; Jackson, 2009).
Additionally, previous research demonstrates that PP is positively associated with
 customers’ intention to use mobile device (Morosan, 2014; Morosan and DeFranco, 2014). In Banking “on-
this context, we posit the following hypotheses: the-go”
H7. Customers’ perceived privacy (PP) of using mobile devices for facilitating banking
services is positively related to their trust (TRU) in the banks.
H8. Customers’ perceived privacy (PP) of using mobile devices for facilitating banking
services is positively related to their attitudes (ATT) toward adoption of mobile
devices for facilitating banking services.

2.2.7 Perceived enjoyment. Perceived enjoyment (PE) is defined as the extent to which one
individual perceives enjoyable the mere use of the technology itself, apart from any
anticipatable performance consequences (Ha and Stoel, 2009). With the development of
information system, PE has been characterized by enjoyment, entertainment and
playfulness, hinting to hedonic values (Morosan and DeFranco, 2016). Venkatesh et al. (2003)
introduced the concept of PE to model the role of intrinsic motivation and reported that PE
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had a significant effect on intention to use a word processing program. Hsu and Lin (2008)
verified that perceived enjoyment positively affected the attitudes toward the adoption of
personal websites. Research showed that intrinsic motivation positively relates to the
attitude toward using the Web (Morosan and Jeong, 2008; Bilgihan et al., 2013; Nusair et al.,
2013). Yen and Wu (2016) argued that mobile financial services serve both utilitarian and
hedonic purposes. Further, Baptista and Oliveira (2015) found that hedonic motivation
positively affects customers’ behavioral intention to use mobile banking. Therefore, in m-
commerce, it is reasonable to predict that the PE of mobile technology has an influence on
the attitude of adoption. Thus, we posit the following hypothesis:
H9. Customers’ perceived enjoyment (PE) of using mobile technology is positively
related to their attitudes (ATT) toward adoption of mobile technology for
facilitating banking services.

2.2.8 Consumer innovativeness. Extant studies conceptualize innovativeness as the extent

an individual is willing to experiment with new products (Lu et al., 2005). The concept of
innovativeness allows practitioners and researchers to better study the psychological
changes associated with the adoption of innovations (Sandvik et al., 2014). Consumer
innovativeness plays an important role in mobile banking adoption because many
consumers still lack enough abilities to perform tasks via various types of mobile services
(Kim and Mirusmonov, 2010). Drawing from Diffusion of Innovation theory (Rogers, 2010),
an innovative individual has a higher propensity to adopt an innovation. Consumers with
higher innovativeness feel less perceived risk (Mohammadi, 2015) and accept technology
innovations more readily (Lee et al., 2012; Luo et al., 2010). Some technology-focused studies
define innovativeness as one of the human characteristics that shows consumers’ attitudes
toward novelty within a given domain (San Martín and Herrero, 2012). Innovativeness was
found to influence consumer technology adoption in many previous studies (Morosan, 2012;
Kim and Forsythe, 2008; Morosan, 2014). On the basis of previous literature, we developed
the following hypothesis:
H10. Customers’ innovativeness (CI) is positively related to their attitudes (ATT)
toward adoption of mobile devices for facilitating banking services.
Figure 1 demonstrates the conceptual framework for this study.
 IJQSS PU = Perceived Usefulness PP = Perceived Privacy
PU PEU = Perceived Ease of Use PR = Perceived Reliability
PE = Perceived Enjoyment ATT = Attitudes
CI = Consumer Innovativeness INT = Intentions
TRU = Trust in the bank
PEU

PR ATT INT
TRU

PP
PE

Figure 1. CI
Conceptual model
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3. Methodology
3.1 Data collection
Five hundred and thirty bank customers were invited online to participate in the study.
Convenience sampling was adopted owing to the limited budget. Participation was
completely voluntary, and an e-currency of five dollars was offered to subjects who
answered the survey. Online self-administrated questionnaires were distributed through
Amazon Mechanical Turk, an online research company, with a cover letter explaining the
purpose of the study and potential risks of taking part in this study. Only qualified
participants were invited to continue with the survey. For the current study, participants
who have mobile banking experience were included. The questionnaires were created
through Qualtrics. The survey took about one week to complete data collection. After initial
data screening (eliminating outliers and missing values), 520 valid responses were included
in the data analysis with a response rate of 98 per cent.
The demographic information of the respondents was obtained through data collection.
There was an almost equal gender distribution among respondents (female 55 per cent vs
male 45 per cent). The majority of the respondents were aged between 25 and 35 years (45
per cent), followed by age 36 to 45 years (30 per cent), age 18 to 24 years (15 per cent), age 46
to 55 years (8 per cent) and above age 55 years (2 per cent). The ethnicity status of the
respondents was as follows: Caucasian (38 per cent), Hispanic (35 per cent), Asian/Island
Pacific (21 per cent), African American (5 per cent) and others (1 per cent). The income level
of the major respondents (75 per cent) ranged from $20,000 to $79,999. The range of
frequency of mobile banking use among respondents included once per year (45 per cent),
once per month (25 per cent), once per week (10 per cent), more than two times per week (12
per cent) and other (8 per cent).

3.2 Instrument development

The instrument for the current study was developed based on previous literature
(Table I). Items for INT, PU and PEU were adopted from Huh et al. (2009); items for
ATT and PE were adopted from Morosan and Jeong (2008); items for customer
innovativeness (CI) were adopted from Lu et al. (2005); items for PP and PR were
adopted from Morosan (2014); and items for TRU in the bank were adopted from
Srivastava et al. (2010). A seven-point Likert-scale (“1” = strongly disagree; “7” =
 Constructs Measurement items Sources
Banking “on-
the-go”
Perceived usefulness Using mobile devices for facilitating banking services: Huh et al. (2009)
(PU) PU1: is useful
PU2: would improve the quality of my banking services
PU3: increases the efficiency of my banking services
Perceived ease of use PEU1: Learning how to use my mobile devices to facilitate Huh et al. (2009)
(PEU) banking services is easy for me
PEU2: My interaction with my mobile devices when facilitating
banking services are clear and understandable
PEU3: I find it easy to use my mobile devices to facilitate
banking services
PEU4: It is easy for me to become skillful at using my mobile
devices to facilitate banking services
Trust in the bank (TRU) The bank allows me to use my mobile devices to facilitate banking Srivastava et al. (2010)
services:
TRU1: are generally trustworthy
TRU2: give me the impression that they keep their promises and
commitments
TRU3: have my best interests in mind
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Perceived privacy (PP) Using my mobile devices to facilitate banking services: Morosan (2014)
PP1: would make me personally comfortable about privacy
concern
PP2: would make me not worry about personal privacy
PP3: would make me have privacy concerns
Perceived reliability (PR) PR1: The technology for supporting me using my mobile devices Morosan (2014)
to facilitate banking services is quite dependable
PR2: The technology for supporting me using my mobile devices
to facilitate banking services never breaks down
PR3: The technology for supporting me using my mobile devices
to facilitate banking services is quite reliable
Perceived enjoyment PE1: For me, using mobile devices to facilitate banking services Morosan and Jeong
(PE) is fun (2008)
PE2: I enjoy using mobile devices for banking services
facilitation
PE3: Using mobile devices for banking services facilitate excites
me
Consumer CI1: If I heard about a new information technology, I would look Lu et al. (2005)
innovativeness (CI) for ways to experiment with it
CI2: Among my peers, I am usually the first to explore new
information technologies
CI3: I like to experiment with new information technologies
Attitudes toward ATT1: Using my mobile devices to facilitate banking services is Morosan and Jeong
adopting mobile a good idea (2008)
technology to facilitate ATT2: I like using my mobile devices for banking services Huh et al. (2009)
banking services (ATT) facilitation
Intention to adopt mobile ATT3: Using mobile devices to facilitate banking services is
technology to facilitate interesting
banking services (INT) INT1: I will use my mobile devices to facilitate banking services
in the future
INT2: I intend to use my mobile devices to facilitate banking
Table I.
services as much as possible
INT3: My mobile devices will be one of my favorite technologies Measurement
to facilitate banking services instruments

strongly disagree) was used to measure all the items in the questionnaire. According to
the proposed hypotheses, nine variables were identified: (1) PU; (2) PEU; (3) TRU; (4)
PR; (5) PP; (6) PE; (7) CI; (8) ATT; and (9) INT. Altogether, 28 questions were presented
in the questionnaire to investigate consumers’ attitudes toward adoption of mobile
technology to facilitate various banking transactions and services.
 IJQSS 4. Results
4.1 Scale validity and reliability
The assessment of the scales’ reliability used Cronbach’s alpha values. Cronbach’s alpha
values were 0.94 for PU, 0.95 for PEU, 0.95 for ATT, 0.85 for PP, 0.76 for PR, 0.96 for TRU,
0.93 for CI, 0.96 for PE and 0.96 for INT. Confirmatory factor analysis (CFA) was performed
on the data set to assess reliability, convergent validity and discriminant validity for
measured constructs using SPSS Amos 22.0. The goodness-of-fit measures were used to
assess the overall model fit for CFA. These indices included an X2-to-df ratio of 4.12,
RMSEA of 0.07, CFI of 0.97, GFI of 0.96 and standardized RMR of 0.04. As Table II indicates,
the reliability coefficients of all constructs were above 0.85, which is above the 0.7 threshold,
as suggested by Chen and Hitt (2002). The average variance extracted (AVE) was used to
assess convergent validity. AVE values ranged from 0.56 to 0.90, which is an indication that
convergent validity was not an issue. Discriminant validity was assessed by comparing the
AVE scores with the squared correlation between constructs. The squared correlations
between pairs of constructs were less than the AVE scores, suggesting discriminant validity
of the data set.
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4.2 Hypotheses testing

In the final step of data analysis, the proposed framework and hypotheses were tested
through structural equation modeling (SEM), which uses diverse model types to explain
both latent and observed relationships among variables to provide a quantitative test for a
theoretical model (Schumacker and Lomax, 2004). This technique allows researchers to
simultaneously test a set of interrelated hypotheses by estimating the relationships among
multiple independent and dependent variables in a structural model (Gefen et al., 2000).
Overall, the model fit of the SEM indicated satisfactory goodness-of-fit statistics: RMSEA =
0.046, CFI = 0.95, Chi-square/df = 3.28 and PCLOSE = 0.99.
4.2.1 Structural equation modeling. The path diagram for the SEM presents the direction
and magnitude of the direct impact through the positive and negative signs of the path
coefficients and the absolute value of the standardized coefficients. As reported in Figure 2,
all the direct paths were statistically significant. The results supported the relationships
proposed in H1-H10.
More specifically, the results indicated that the direct relationship between PU and ATT
(ß = 0.22) was positive at the p < 0.01 level, thus supporting H1. PEU was positively related
to ATT (ß = 0.29), indicating the significance of H2. ATT was found to have significant
influence on INT (ß = 0.80), thus supporting H3. The regression coefficient between TRU
and ATT was 0.15 (p < 0.05), indicating the significance of H4. PR was found to be
significantly related to TRU (ß = 0.22) at the p < 0.05 level, thus supporting H5. PR was

Cronbach’s Average
Constructs alpha variance extracted PR PU PEU TRU PE CI PP

Perceived reliability (PR) 0.76 0.56 0.75

Perceived usefulness (PU) 0.94 0.85 0.53 0.92
Perceived ease of use (PEU) 0.95 0.86 0.60 0.66 0.93
Table II. Trust in the bank (TRU) 0.96 0.89 0.49 0.50 0.54 0.94
Convergent and Perceived enjoyment (PE) 0.96 0.90 0.53 0.72 0.64 0.51 0.95
discriminatory Consumer innovativeness (CI) 0.93 0.81 0.45 0.54 0.64 0.42 0.72 0.90
validity of constructs Perceived privacy (PP) 0.85 0.66 0.70 0.44 0.46 0.50 0.47 0.40 0.81
 Banking “on-
PU
the-go”
0.22**

PEU 0.29**

0.10*
0.80**
PR 0.22**
ATT INT
0.15**
TRU
0.55***
0.25***
0.15** PU = Perceived Usefulness
PP PEU = Perceived Ease of Use
PE 0.08*** PE = Perceived Enjoyment
CI = Consumer Innovativeness
TRU = Trust in the bank
PP = Perceived Privacy
PR = Perceived Reliability
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CI ATT = Attitudes
INT = Intentions
Figure 2.
Structural results of
the proposed
Notes: *p < 0.05; **p < 0.01; ***p < 0.001

found to be significantly related to ATT (ß = 0.10) at the p < 0.05 level, thus supporting H6.
The regression coefficient between PP and TRU was 0.55 (p < 0.001), indicating the
significance of H7. The regression coefficient between PP and ATT was 0.15 (p < 0.05),
indicating the significance of H8. The coefficient between PE and ATT was 0.25 (p < 0.001),
thus supporting H9. Finally, CI was positively related to ATT with a path coefficient of 0.08
(p < 0.001), which supports H10.

5. Discussion and conclusions

This paper examines underlying reasons for consumer adoption and use of mobile banking
and how the evolution of mobile financial services affects consumers’ interaction and
behaviors with banking institutions. Consistent with previous research (Hanafizadeh et al.,
2014), this study found positive associations between PU, PEU, trust and CI to use mobile
banking. Unlike the insignificant result in Yen and Wu (2016)’ article, the findings of the
current study indicate that PE is a significant predictor of mobile banking adoption, which
supports the effect of hedonic motivation observed in Baptista and Oliveira’s (2015) study.
In accordance with Morosan’s (2014) findings, this article provides additional evidence of the
effect of consumer innovativeness and perceived privacy on technology acceptance in the
context of mobile banking. In addition, the finding of significant association between
perceived reliability and behavioral intention is consistent with Park et al. (2015).
According to the findings, parallel to users’ confidence to use mobile banking services,
enjoyment and the usefulness of the system, lack of trust in mobile banking services and
other related financial transactions was not a behavioral issue among consumers. While
they positively built and extended trust to the banks and their mobile services, the
participants were not concerned with critically perceived issues that construct trust such as
risk of fraud, reliability of the system and especially perceived privacy was of no concern to
the participants. Further, participants were open to adopting new technologies because the
advancements suited their mobile needs and their technology-driven lifestyle in today’s
 IJQSS world. Taken together, consumers’ positive attitudes to adopting mobile banking services
are influenced by multiple factors, including not only functional features of the apps
(usefulness, ease of use, reliability and privacy) but also emotional reactions inducted by
adopting the apps (enjoyment), as well as consumers’ innovative spirit and trust in the
banks.
From the standpoint of both consumers and mobile banking service providers, we
obtained persuasive and pervasive outcomes that will most likely add value to practice.
As smartphones become more common and more versatile, individuals will continue to
seek “customized” and “utilitarian” products and services in their mobile banking and
financial transactions. The delivery of just-in-time financial information, aid or services
with established reliability, privacy, usefulness, ease of use and enjoyment play an
increasingly larger role in the interactions between consumers’ adoption of mobile
banking services and the service providers. Hence, bank executives should identify
strategies that differentiate mobile banking services according to various individual
preferences in mobile banking. For instance, mobile banking systems naturally follow
the network compatibility and complexity for different platforms such as smartphones,
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tablets and smart watches.

Followed by smartphones, consumer interest in smart watches has recently become
apparent. Currently, mobile banking with smartphones has started to shift to mobile
banking with wearable technology and as a result, banks now have a greater
responsibility to provide their target groups with more efficient ways to experience
mobile banking by fulfilling their hedonic and social needs. Specifically, the main
issues uniquely suited for mobile banking with smart watches are mostly the key
psychological quality factors such as perceived trust, security and privacy issues
because this type of digital mobile banking is still being validated. Consumers need to
understand and weigh the perceived benefits and potential risks to their security and
privacy presented via new technological infrastructures and advancements (i.e. making
stock purchases and fund transfers). Therefore, our results might clarify for banks a
consumer evaluation and experience framework for the user-centered adoption of new
mobile banking technologies.

6. Limitations and future directions

The use of this study is generalizable to a comprehensive population of diverse consumer
groups with different socioeconomic and demographic backgrounds, with some exclusion.
The indicators we used are free of some attributes and dimensions that can create
vulnerabilities to consumers’ mobile banking adoption and usage. For instance, an
assessment of potential risk issues emerging from both consumer characteristics (i.e.
psychological and social risks) and mobile banking transactions (i.e. financial risk, privacy
risk, cyber security risk, etc.) can help us better structure and plan for future research
developments and contributions. Academics should focus their methods and models on
adjusting to various risk issues that might potentially affect consumer adoption processes
for mobile banking transactions. Further, we believe that our results domestically reflect a
true census of a diverse population that includes both mobile bankers and non-mobile
bankers with different socioeconomic and demographic backgrounds. However, taking an
international perspective, different countries possess diverse norms, standards,
governmental regulations and values relating to mobile banking services, products and
transactions, and each norm and value reacts to the relative changes in mobile banking
services and processes differently.
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Corresponding author
Tingting Zhang can be contacted at: tingting.zhang@ucf.edu

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