Research

Prediction of Intention
of Senior Professionals to
Prefer Mobile Banking
by Bharti Motwani

Abstract
Competition in the banking industry in India has compelled the banks to be creative and innovative by offering value added
services. But, the pace of technology advancement does not match with the adoption rate, problems will arise if this widened
gap is not filled up with suitable measures. This paper is an attempt to predict the intention of senior professionals to do
mobile banking. The study was done on primary data collected through self-structured questionnaire based on five point
Likert Scale. Non probability convenience sampling was used. Discriminate analysis was carried out using statistical software
SPSS 16.0. The study determines the important factors which predict the senior professionals approach regarding mobile
banking. The marketing managers should understand these factors and target the professional in a right way. Appropriate use
of these factors can help flourish their businesses. In this study we found that the factors Immense Efficacy, Professed Security,
Effective Distinctiveness, Supportive Access and Innovative Virtual Environment were significant predictors while Enhanced
Personalization and Improved Timely Updates were insignificant predictors of mobile banking by senior professionals.

Keywords
Consumer Behaviour, Mobile Banking, Security, Virtual Environment

Introduction
The world has become a global village with the development of information technology and innovations in IT
have been stimulated in the financial sector particularly because of its vital role in the advancement of banking system.
Competition in the banking industry in India has compelled the banks to be creative and innovative by offering value added
services. Banking business has radically altered and the internal working of a bank has improved to a considerable extent,
as a consequence of the application of information technology. Use of information technology based services by banks has
accelerated customer-centric delivery channels services round the clock and has played an important role in ensuring
customers’ satisfaction. Banks, aided by technological developments, have responded to the challenges by adopting a new
strategy, which emphasizes on attempting to build customer satisfaction through offering better products and services
and at the same time to minimize operation costs (Sohail & Shanmugham, 2003). It seems that delivering value-added
mobile services to customers is becoming increasingly important in gaining a competitive edge in the market place (Wan,
Lin & Luarn, 2006). The conventional brick-mortar banks are giving way to virtual banks from customers’ perspective by
enthusiastically absorbing the latest technological innovations for devising new products and services.
Fierce competition in the banking industry in India has compelled the banks to be creative and innovative by
offering value added services. In an attempt to cater to the ever increasing consumer expectations and demand, the banking
industry has adopted mobile banking to offer banking services at the convenience and comfort of its customers. According
to Jalan (2003), IT revolution has brought about a fundamental transformation in banking industry. Perhaps no other sector
has been affected by advances in technology as much as banking and finance. Users are able to obtain banking services
easily and quickly with mobile devices at anytime and at anywhere. According to Cruz, Neto, Munoz-Gallego & Laukkanen
(2010), mobile phone would be a front line technology in banking as it provides consumers facilities to get done their

FIIB Business Review, Volume 5, Issue 4, October - December 2016 51


banking services through electronic channels. Mobile
banking rapidly increase to make easy payment system,
user can access any time banking to make any payment.
Mobile banking is defined as an interaction in
which a customer is connected to a bank via a mobile
device such as cell phone, smartphone or personal digital
assistant (PDA) (Laukkanem & Kiviniemi, 2010). Mobile
banking can also be considered as the convergence of
mobile technology and financial services (Chung & Kwon,
2009). M-banking is a subset of banking as it allows
everyone easy access to their banking activities via
mobile handsets (Yu & Fang, 2009).
Rationale
Though a number of aspects have been studied
for mobile commerce (Harris, Rettie & Kwan, 2005),
very little is reported regarding the acceptance of mobile
banking (Kabiraj, Agarwal & Singh, 2004) although
mobile banking perhaps was the first commercial
mobile service (Scornavacca & Hoehle, 2007) and first
introduced in the early 2000s through short messaging
service and wireless access protocol (Dasgupta, Paul
& Fuloria, 2011). Most of the studies focused either on
possibilities for mobile in market (Valsecchi, Ranga
& Rangone, 2007) and collaborative business model
(Steimer & Steimer, 2008) or about the challenges faced
by the companies at the initiation phase (Sinisalo, Salo,
Karlajuoto & Leppaniemi, 2007). However, despite many
wireless commercial services increase quickly, the use
of mobile banking service is much lower than expected
(Cruz, Neto, Munoz-Gallego & Laukkanen, 2010; Kleijnen,
Wetzels & De Ruyter, 2004) and still underused (Huili &
Chunfang, 2011), and the market of mobile banking still
remains very small in comparing to the whole banking
transactions (Luarn & Lin, 2005; Laukkanen, 2007; Yang,
2005). Prior studies have documented the need of mobile
banking services in the society (Amin, Muhammad,
Hamid & Lada, 2006; Luarn & Lin, 2005; Mattila, 2003).
Research suggested that, worldwide, the number
of consumers using m-banking will reach 816 million by
2011, which is a tenfold increase on the number using
these services in 2007 (Goode, 2008). In addition, it is
predicted that by the end of 2011 more than 150 million
subscribers worldwide will have used their mobile
phone not only for banking information services, but also
for transactional m-banking services (Wilcox, 2009a).
Despite the rapid rollout of mobile services over the past
decade, mobile transactions, including mobile banking
and payments, have not been used as much as expected
(Kleijnen, Wetzels & De Ruyter, 2004). Kwiatkowski
(2010) confirms the prediction by reporting that up to
FIIB Business Review, Volume 5, Issue 4, October - December 2016
Research
now usage of mobile banking is decidedly low, even
within developed markets where mobile devices have
become nearly ubiquitous. According to Laukkanen and
Pasanen (2007), mobile banking has, however, not yet
received the attention of the masses and the services
are marginally adopted. Also, mobile services and their
consumption have lately become a burning issue among
information systems and marketing scholars (Wang, Lin
& Luarn, 2006).
Mobile Banking is used to describe the
revolutionary way by which any banking transaction
proliferates across a million people rapidly within a short
period of time. The complexity of mobile banking arises
from understanding how consumers react or respond to
user interface and messages. It is extremely important to
tap the right kind of consumer behaviour and attitude to
leverage the opportunities available with the marketers.
The effectiveness of mobile banking as a tool relies on the
types of features available and user interface available on
screen. Also, mobile banking in India is still at a nascent
stage, so there is a need to understand the bank customers’
acceptance of this service and to examine the factors
affecting their intentions to use mobile banking. Since the
pace of technology advancement does not match with the
adoption rate, problems will arise if this widened gap is
not going to be filled up with suitable measures. Hence, in
this study we will look at some of the factors that directly
impact the implementation of mobile banking and how
they play a role in creating positive impact.
Literature Review
Mobile banking services initiate customer value
as a result of being not the limit of time and place. Sharma
(2011) identified 3 factors related to mobile banking which
include access problems, dissatisfaction and inability
to provide knowledge. Previous studies indicate, that
factors contributing to the adoption of mobile banking are
related to convenience, access to the service regardless
of time and place, privacy and savings in time and effort
(Suoranta, 2003). Various factors determining adoption
of mobile banking include levels of perceived risk (Chung
& Kwon, 2009; Donner & Tellez, 2008), interaction (Yu &
Fang, 2009), perceived uncertainty (Laukkanen, 2007),
perceived usefulness, ease of use, credibility, self-efficacy,
perceived system quality (Kleijnen et al., 2004; Luarn &
Lin, 2005), experience (Chung & Kwon, 2009), financial
cost (Yang, 2005), time saving (Yang, 2005; Laukkanen,
2007), security and privacy (Luarn & Lin, 2005; Wang,
et al., 2003), information quality (Kim & Benbasat, 2003;
Lee, Park & Chung, 2009), compatibility and risk (Nicole,
Palmer & Moll, 2010), perceived financial cost (Luarn
52

& Lin, 2005), perceived risk (Lide´n & Ska°le´n, 2003),
security issues (Brown, Cajee, Davies & Stroebel,, 2003;
Luarn & Lin, 2005 ).
Mittal and Dhingra (2007) analyzed investment
scenario in technology in Indian banks but this study
was related to the time period before the Information
Technology Act when usage of technology in Indian
banks was very low. Padhy (2007) studied the impact
of technology development in the banking system and
he also highlights the future of banking sector. The core
competencies will provide comparative advantages.
Shastri (2000) studied the emergence of IT in banking
sector. He highlighted some challenges faced by banks
regarding IT implementation. This paper also highlighted
future outlook of IT oriented banks. Uppal and Kaur
(2007) studied the impact of Information Technology on
various parameters of bank performance and concluded
that Indian banking industry is fast moving towards IT.
The future of e-channels is very bright.
Research Methodology
The study is exploratory in nature and
intends to discuss the factors affecting perception of
senior professionals regarding mobile banking. The
objective of exploratory research is to explore or search
through a problem or situation to provide insight and
understanding (Kothari, 2004). This study proposed
an integrated theoretical framework of mobile banking
and behavioural intention of professional based on the
Technology Acceptance Model (TAM). The objective of
the study was to analyze the relationship of behavioural
intention of senior professionals towards mobile banking
with selected constructs and to develop a general linear
structural model of acceptance of mobile banking in
India. Non probability judgemental sampling method
was used for the collection of data.
To ascertain and measure the relevant
dimensions of our model, this process proceeded in
four stages: development of the survey instrument,
FIIB Business Review, Volume 5, Issue 4, October - December 2016
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development of measurement scales, pretesting to assess
validities of the survey instrument and conducting the
survey. Given the lack of pre-validated instruments for
this study, indigenous scales were created following a
literature review. We built on the use of interviews with
experts, six senior IS or business managers who were
closely associated with mobile banking.
In the pilot study of 100 consumers of mobile
banking, the analysis of collected data was done by
Statistical Package for Social Science (SPSS 15.0) and
MS Excel 2007. Initially, item-total correlation was
calculated for all 55 items to identify insignificant items
not contributing towards perception regarding mobile
banking. After first iteration, 4 items showed correlation
values less than 0.196 (standard coefficient of correlation
value for 100 or more respondents) and were thus
found insignificant and were not considered for the
analysis. Out of 55, Overall reliability was evaluated
for the scale by assessing the internal consistency of
the remaining 51 items using Cronbach’s Alpha. The
instrument had a reliability of 0.83. Therefore all 51
items were accepted for the final scale and subjected to
Principal Component Method of Factor Analysis using
Varimax Rotation. As a result of factor analysis, 17 factors
emerged, viz: Ever Accessibility, Easy Accessibility,
Environmental Collaboration, Ecological Friendly,
Effortless Recoverability, Effective Risk Measurement,
Privacy Assurance, Cost Effective, Improved Flexibility,
Knowledge Integration, Distinguished Methodology,
Easy Interactive Style, Technology Affable, Functional
Navigation, Friendly User-Interface, Enhanced
Customization and Timely Updates. These factors were
then subjected to the second order factor analysis in
order to derive dimensions out of them. Finally, seven
dimensions namely, Effective Distinctiveness, Supportive
Access, Immense Efficacy, Professed Security, Innovative
Virtual Environment, Enhanced Personalization and
Improved Timely updates emerged. The details of the
factor analysis are shown in Table 1.
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Table 1. Factor Analysis
Dimension Factors Factor Dimension Eigen % of
Load Load Values variance

Effective Distinctiveness Ever Accessibility 0.655 2.436 2.217 10.890

Easy Accessibility 0.635
Environmental Collaboration 0.587
Ecological Friendly 0.559
Professed Security Effortless Recoverability 0.648 1.832 1.501 8.663
Effective Risk Measurement 0.599
Privacy Assurance 0.585
Immense Efficacy Cost-Effective 0.770 1.344 1.318 8.238
Improved Flexibility 0.574
Supportive Access Knowledge Integration 0.756 1.511 1.280 8.122
Distinguished Methodology 0.755
Innovative Virtual Easy Interactive Style 0.643 1.846 1.235 7.736
Environment Technological Affable 0.618
Functional Navigation 0.585
Enhanced Personalization Friendly user – interface 0.788 1.419 1.174 7.298
Enhanced Customization 0.631
Improved Timely Updates Timely Updates 0.885 0.885 1.064 6.661

Finally, a total of 201 senior professionals Z_jk=a+W1 X1k+W2 X2k+⋯…….+Wn Xnk

(experience of more than 25 years and are at an important
designation in the organization) were administered this
questionnaire containing 51 questions and responses
were generated to determine their preference related to
mobile banking.
Discriminant analysis was applied taking
these seven dimensions as dependent variables and
independent variable was preference which is a nominal
variable with two levels of categories i.e 1= prefer mobile
banking and 2= not prefer mobile banking. Discriminant
or discriminant function analysis is a parametric
technique to determine which weightings of quantitative
variables or predictors best discriminate between 2 or
more than 2 groups of cases and do so better than chance
(Cramer, 2003). The analysis creates a discriminant
function which is a linear combination of the weightings
and scores on these variables. The maximum number
of functions is either the number of predictors or the
number of groups minus one, whichever of these two
values is the smaller.
Where:
Z_jk = Discriminant Z score of discriminant function j for
object k.
a = Intercept.
W_i= Discriminant coefficient for the Independent
variable i.
X_ik= Independent variable i for object k.
Development of Hypothesis
Effective Distinctiveness
The first dimension namely Effective
Distinctiveness consisted of four factors namely Ever-
Accessibility (Factor Load = 0.655), Easy Accessibility
(Factor Load = 0.635), Environmental Collaboration
(Factor Load = 0.587) and Ecological Friendly (Factor
Load = 0.559). Mobile devices improve the quality of
the service because clients can perform transactions at
their convenience wherever and whenever they want
it (Laukkanen, 2007) provided there is a connection.
Ramdhony and Munien (2013) identified convenience,

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time and effort savings, privacy, ubiquitous access to
banking services, compatibility with lifestyle and banking
needs as the main factors motivating m-banking adoption.
Suoranta & Mattila (2004) identified different mobile
banking facilities such as account balance retrieval,
transaction history retrieval, transfer of funds between an
individual’s own accounts or third party accounts, stock
trading, portfolio management, and bill settlements, etc.
Skeldon (2011) affirms that the general and widespread
acceptance of mobile applications, the increasing use of
mobile phones as a tool and means for paying bills, and
lifestyle are the factors driving the adoption of m-banking.
Ubiquitous access, convenience and mobility are the main
benefits that m-banking confers to customers (Laforet &
Li, 2005). Advantages of mobile banking are availability
of facilities of balance checking, access to account and
card statement, checking recent transactions, ordering
of cheque books, blocking of lost cards, etc. (Nayak, Nath
& Goel, 2014) checking of account history, SMS alerts,
access to card statement, balance check, mobile recharge
etc. via mobile phones (Vinayagamoorthy & Sankar,
2012). The services today enable bank customers, for
example, to request their account balance and the latest
transactions of their accounts, to transfer funds between
accounts, to make buy and sell orders on the stock
exchange and to receive portfolio and price information.
Previous studies indicate, that factors contributing to the
adoption of mobile banking are related to convenience,
access to the service regardless of time and place, privacy
and savings in time and effort (Suoranta, 2003). Mobile
banking means that users adopt mobile terminals to
conduct payment such as balance enquiry, transference
and bill payment at anytime from anywhere (Dahlberg,
Mallat, Ondrus & Zmijewska, 2008). Mobile banking frees
users from spatial and temporal limitations, and enables
them to conduct ubiquitous payment. Users adopt mobile
terminals to conduct payment such as balance enquiry,
transference and bill payment at anytime from anywhere
(Mallat, 2007; Shih, 2010; Shih, Hung & Lin, 2010). Shin
(2009) defined mobile services as the range of services
provided and accessed by a mobile device. The value
of mobile banking for consumers is in its immediate
location-free access to banking services enabling time
savings, real-time information, and enhanced feelings of
control (Laukkanen & Lauronen, 2005).Therefore, the
hypothesis formulated is:
Hypothesis 1: Effective Distinctiveness is a
good predictor of intention to prefer mobile banking for
banking transactions.
Professed Security
The second dimension namely Professed
Security consisted of three factors namely Effortless
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Recoverability (Factor Load = 0.648), Effective Risk
Measurement (Factor Load = 0.599) and Privacy
Assurance (Factor Load = 0.585). Kahandawa and
Wijayanayake (2014) identified perception of risk and
user’s life style and current needs as the important factor
of mobile banking. Zhihong and Xue (2010) considered
perceived risk and system usability as the important
factors. According to Kleijnen et al. (2004), mobile
banking and payments, have not been used as much
as expected. This might be also due to the virtual look
and lack of control that mobile banking involves great
uncertainty and risk. Users need to build trust in order to
adopt and use mobile banking (Tao, 2011). Since mobile
banking is the new banking gadget, the issue of security
and privacy become important in understanding mobile
banking acceptance among bank customers (Luarn &
Lin, 2005; Wang et al., 2003). Ensuring security and
confidentiality are the fundamental prerequisites before
any banking activity involving sensitive information can
take place (Jayawardhena & Foley, 2000). The significance
of security and privacy for the adoption of online banking
figured in many banking studies (Sathye, 1999; Hamlet &
Strube, 2000; Tan & Teo, 2000; Polatoglu & Ekin, 2001;
Black, Lockett, Ennew, Winklhofer & McKechnie, 2002;
Howcroft, Hamilton & Hewer, 2002). Lack of privacy and
security found to be significant obstacles to the adoption
of online banking (Sathye, 1999). Thus, it was noted
that consumer’s confidence in technology was weak.
People have inadequate understanding of online banking
security risks although they are aware of the risks.
Consumers are becoming more concerned about security
and privacy issues have proven important barriers to the
use of online services.
The results of the study by Nicole, Palmer and Moll
(2010) indicated that compatibility, perceived usefulness,
and risk are significant indicators for the adoption of
m-banking services and mobile phone banking includes
using mobile devices to conduct personal financing via
SMS and the mobile internet. Wolfinbarger and Gilly
(2002) observed that reliability is an important factor
for customer satisfaction. People refrain from using
m-banking because it involves payments (Luarn & Lin,
2005), such as SMS fee (Crosman, 2011), security issues
(Brown et al., 2003) and small keyboards and display
screen of smart phone (Laukkanen, 2007). Particularly
in banking services the perceived risk associated with
the financial product itself as well as with electronic
delivery channel is higher than in basic consumer goods,
and hence increasing the importance of this attribute of
innovation (Harrison, 2000).
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Generally, it has been found that relative
advantage, compatibility and observation are positively
related to adoption of an innovation and the remaining
two, complexity and perceived risk, negatively related.
These innovation attributes and their influence on
adoption of mobile banking services are detailed under
empirical implications. Kim, Shin and Lee (2007) found
that trust is also an important factor and should be taken
into consideration by the service providers; if consumers
do not feel secure they will be reluctant to use the
services. It is also found that people have less trust in the
mobile banking services and personal disposition to trust
played a positive role in developing initial usage in mobile
banking. Kim, Shin and Lee (2007), and Al-Majali and
Mat (2011) also discussed that if customers believe that
a mobile banking firm is able to develop effective service
delivery strategies and provide adequate protection
from fraud and violation of privacy, then adoption (or
continue-to-use) intentions of the mobile phone users
will increase. Thus, we can predict that,
Hypothesis 2: Professed Security is a good
predictor of intention to prefer mobile banking for
banking transactions.
Immense Efficacy
The Third Dimension namely Immense Efficacy
consisted of 2 factors namely Cost-Effective (Factor
Load = 0.770) and Improved Flexibility (Factor Load =
0.574). Farhana (2014) found that customers consider
cost as the important factor Adewoye (2013) found
that mobile banking improve banks service delivery
in a form of transactional convenience, savings of time,
quick transaction alert and save of service cost which has
recuperate customer’s relationship and satisfaction.
Mobile phone banking includes using mobile
devices to conduct personal financing via SMS and
the mobile internet. The value of mobile banking for
consumers is in its immediate location-free access
to banking services enabling time savings, real-time
information, and enhanced feelings of control (Laukkanen
& Lauronen, 2005). Thus, we can predict that,
Hypothesis 3: Immense Efficacy is a good
predictor of intention to prefer mobile banking for
banking transactions.
Supportive Access
The Fourth Dimension namely Supportive
Access consisted of 2 factors namely Knowledge
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Integration (Factor Load = 0.756) and Distinguished
Methodology (Factor Load = 0.755). According to Alter
(2002), the amount of information consumers have about
mobile banking is also identified as an important factor
influencing the adoption. There is considerable amount
of empirical research to suggest that users’ intention
to adopt mobile banking is inhibited by the perceived
complexity of the innovation (Au & Kauffman, 2008;
Mallat, 2007; Ondrus & Pigneur, 2006). The results of the
study by Nicole et al. (2010) indicated that compatibility,
perceived usefulness, and risk are significant indicators
for the adoption of m-banking services. Thus, we can
assume that
Hypothesis 4: Supportive access is a good
predictor of intention to prefer mobile banking for
banking transactions.
Innovative Virtual Environment
The Fifth Dimension namely Innovative Virtual
Environment consisted of 3 factors namely easy
Interactive style (Factor Load = 0.643), Technology Affable
(Factor Load =0.618) and Functional Navigation (Factor
Load = 0.585). High system quality and information
quality are critical to ensure users’ trust due to mobile
banking unable to involve face-to-face contact customers
(Kim & Benbasat, 2003). Technical infrastructure, and
design of technology are reported as individual barriers in
a number of studies in inhibiting users’ intention to adopt
mobile banking (Ibrahim & Sohail, 2012; Vrechoupoulos,
Constantiou, Sideris, Doukidis & Mylonopoulos, 2003;
Lee, McGoldrick, Keeling & Doherty, 2003).
Islam (2014) explores the issues in mobile
banking perceived critical for adoption by both
mobile banking users as well as non-users. The study
identified certain issues pertaining to banks, mobile
handsets and telecom operator’s viz. mobile handset
operability, security/privacy, standardization of services,
customization, downloading and installing application
software and telecom services quality. According to Sadi
and Noordin, (2011) Facilitating Condition is also an
important factor, hence it is necessary to improve the
facilitating conditions of mobile application services like
connection speed, secure systems and easy transaction
method. Chaipoopirutana, Combs, Chatchawanwan and
Vij (2009) and Lin (2010) claimed that the adoption of
mobile banking is ‘complex’ as it has negative relation
with intention to adopt mobile banking. Mobile banking
service quality assessment requires analysis of the full
interface design. A good mobile system service will
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promote users’ adoption intention; contrarily, a poor
mobile system service will decrease users’ adoption
intention (Lee, Kim and Kim, 2005). Thus it is predicted
that:
Hypothesis 5: Innovative Virtual Environment is
a good predictor of intention to prefer mobile banking for
banking transactions.
Enhanced Personalization and Improved
Timely Updates
The Sixth Dimension namely Enhanced
Personalization consisted of 2 factors namely Friendly
user interface (Factor Load = 0.788) and Enhanced
Customization (Factor Load =0.631). Personalization
is the extent to which the device can be customized to
fit a specific user’s needs. Personalization significantly
impacts the ability to transfer knowledge since it presents
knowledge based on individual needs. Mobile banking
services through a variety of electronic pipeline to serve
the consumer to create more opportunities, and has also
been made to create added value for customers (Coelho
& Easing wood, 2003; Suoranta et al., 2005). Based on
this argument, it is proposed that:
Hypothesis 6: Enhanced Personalization is a
good predictor of intention to prefer mobile banking for
banking transactions.
Hypothesis 7: Improved Timely Updates is a
good predictor of intention to prefer mobile banking for
banking transactions.
Improved Innovative Enhanced
Timely Virtual Personalization
Updates Environment
Intention of
Preferring Mobile
Analysis
Before proceeding with the analysis, wesplit
the sample into 2 portions. 65% of the sample was used
for analysis and remaining 35% was taken as hold out
sample. The splitting follows the analysis sample and
FIIB Business Review, Volume 5, Issue 4, October - December 2016
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hold out sample testing which typically needs another
dataset to be collected for prediction purposes. This is
achieved by splitting the sample for which we develop
a function using the analysis and then use that function
to predict the holdout sample to gauge the predictive
accuracy of the model developed. To split the sample, we
compute a variable using the function as follows:
RANDZ = UNIFORM (1) > 0.65
In our study the analysis sample comprises 134
cases whereas the hold out sample has 67 cases.
Result and Discussion
The data was analyzed using the enter method
of discriminant analysis in the statistical package SPSS
Statistics 16.0A rough idea of variables that may be
important can be obtained by inspecting the group means
and standard deviations. If there are no significant group
differences, it is not worthwhile proceeding any further
with the analysis. In Table 2 the group statistics mean
values clearly indicates that there is a large separation
among all the predictors within each other. The means of
variables immense efficacy, supportive access, professed
security, effective distinctiveness and innovative virtual
environment in the groups are significantly different
and the means of variables enhanced personalization
and improved timely updates have nearly same values.
Apart from this, the same relation has been established in
Tests of equality of Group Means Table where apart from
Enhanced Personalization and Improved Timely Updates,
Effective Professed Immense Supportive
Distinctiveness Security Efficacy Access
Banking
all the other five predictors have a statistically significant
difference. The pooled within group matrix (Table 3) also
establishes the fact that the inter correlations among all
the variables are very low and statistically insignificant.
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Table 2. Mean Values, Test of Equality of Group Means

Mean values
Independent variable Professional
Intention

Not Wilks’
Prefer F df1 df2 Sig.
Prefer Lambda

Immense Efficacy 3.69 2.69 .698 57.231 1 132 .000

Supportive Access 3.60 2.78 .789 35.329 1 132 .000

Professed Security 3.77 2.86 .822 28.663 1 132 .000

Effective Distinctiveness 3.94 3.03 .746 44.884 1 132 .000

Enhanced Personalization 3.91 3.88 .999 .085 1 132 .772

Innovative Virtual Environment 3.74 3.08 .894 15.728 1 132 .000

Improved Timely Updates 3.86 3.86 1.000 .000 1 132 .989

The maximum number of discriminant functions Table 4. Wilks' Lambda

is equal to the number of groups in the dependent
variable minus one, or the number of variables in the Test of Wilks'
Chi-square Df Sig.
analysis, whichever is smaller. In our study, the maximum Function(s) Lambda
number of discriminant functions is one. The canonical 1 .533 80.922 7 .000
correlation is the multiple correlations between the
We examine the probability of the Box's M
predictors and the discriminant function. With only one
statistic to determine whether or not we meet the
function, it provides an index of overall model fit which is
assumption of equal dispersion of the dispersion or
interpreted as being the proportion of variance explained
covariance matrices (multivariate measure of variance).
(R^2). Here, a canonical correlation of 0.684 (Table 4)
At that alpha level 0.01, we reject the null hypothesis
suggests the model explains 46.7% (square of canonical
for this analysis which means the covariance matrices
correlation) of the variation in the grouping variable.
differ between groups formed by the dependent. Thus
High canonical value describes the good overall fit of the
we re-run the discriminant analysis requesting the use
analysis, which in our findings is relatively good (0.684).
of separate covariance matrices in classification. As a
Table 3. Eigen Values and Correlation result we found that p>0.01. Thus, we fail to reject the
null hypothesis that the covariance matrices do not differ
Eigen % of Cumulative Canonical between groups formed by the dependent (Table 5).
Function
Value Variance % Correlation
1 .877a 100.0 100.0 .684 Table 5. Test Results
Wilks' lambda indicates the significance of the Box's M 5.939
discriminant function. The Table 4 below indicates a F Approx 5.895
highly significant function (p = .000, which is less than df1 1
.05, and we accept the Null Hypothesis). The lower the
df2 5.198E4
wilks’ lambda the better is the model.
Sig. .015

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Further, we compared the accuracy rate for the As shown in Table 6, the predictive accuracy
holdout sample which is 83.6% in our study. In the table of the model for the analysis sample was 79.9 % and
of Prior Probabilities for Groups, we see that the two the holdout sample was 83.6% respectively. The values
groups contained .522, and .478 proportion of the sample indicate that the hit ratio of 83.6 % for the hold out
of 134 cases used to derive the discriminant model. sample exceeded both the maximum and proportional
The proportional chance criteria for assessing chance values. The prediction accuracy is also judged by
model fit is calculated by summing the squared press Q statistics, the formula for press Q is
proportion of the sample that each group represent, (�����)�
we get 0.522*0.522+0.478*0.478 = 0.501. Based on the Press Q =
requirement that model accuracy be 25% better than the ��(���)
chance criteria, the standard to use for comparing the Where:
model's accuracy is 1.25 x 0.501= 0.626 which is 62.6%. Q ~ χ2 with 1 degree of freedom.
Our model accuracy rate of 83.6 % exceeds this standard.
N - Total sample size.
The maximum chance criteria uses the proportion of
cases in the largest group, 0.522in this problem. Based on n - Number of observations correctly classified, k- number
the requirement that model accuracy be 25% better than of groups.
the chance criteria, the standard to use for comparing the Substituting the values for this problem (total
model's accuracy is 1.25 x 52.2% = 65.25%. Our model unselected 67 cases, 56 correct classifications, and 2
accuracy rate of 83.6% exceeds this standard. groups), we obtain press Q = [67 - (56 x 2)] ^ 2 / 67 *
Table 6. Classification Result
Predicted Group Membership
Intention Total
1 2
Prefer 60 10 70
Count
Not Prefer 17 47 64
Cases Selected Original
Prefer 85.7 14.3 100.0
%
Not Prefer 26.6 73.4 100.0
Prefer 33 4 37
Count
Not Prefer 7 23 30
Cases Not Selected Original
Prefer 89.2 10.8 100.0
%
Not Prefer 23.3 76.7 100.0
a. 79.9% of selected original grouped cases correctly classified.
b. 83.6% of unselected original grouped cases correctly classified.

(2 - 1) = 30.22. This value exceeds the critical Chi square

Table 7. Comparison of Goodness of Results
value 6.63 with degree of freedom one. So, we conclude
Measure Value Hit ratio that the prediction accuracy is greater than that expected
for hold by chance. By all three criteria, we would interpret our
out sample model as having accuracy above than expected by chance.
Maximum chance 0.522 83.6 Thus, this is a valuable or useful model that supports
Proportional 0.501 83.6 predictions of the dependent variable.
chance To remove the outliers from the data
Comparison with 1.25* 0.501= Mahalanobis distance scores for each case in the table
Hair et al. (2010) .626,1.25*0.522=.6525 of Casewise Statistics were used. Cases with large values
1.25 times higher
of the Mahalanobis Distance from their group mean
than chance
can be identified as outliers. For large samples from
Press Q table value 6.63
a multivariate normal distribution, the square of the
Press Q calculated 30.22**
value Mahalanobis distance from a case to its group mean is
**p<0.01
approximately distributed as a chi-square statistic with

FIIB Business Review, Volume 5, Issue 4, October - December 2016 59


degrees of freedom equal to the number of variables in the
analysis. The critical value of chi-square with 7degrees of
freedom and an alpha of 0.01 is 18.48. We scan the table
of Casewise Statistics to identify any cases that have a
Squared Mahalanobis distance greater than 18.48 for the
group to which the case is most likely to belong, i.e. under
the column labeled ‘prefer'. In this particular analysis, we
do not find any cases with a large enough Mahalanobis
distance to indicate that they are outliers.
A further way of interpreting discriminant
analysis results is to describe each group in terms of its
profile, using the group means of the predictor variables.
These group means are called Centroids. These are
displayed in the Group Centroids table. In our study,
preference havemean of 0.889 while no preference
produce a mean of –0.972. Cases with scores close to
Centroids are predicted as belonging to that group.
Table 8. Functions at Group Centroids
Function
Intention
1 strongest predictor. Whereas, the variables Enhanced
1 .889
2 -.972
Calculation of the cutting score:
For unequal groups the formula for finding cutting scores
is
�� �� � �� ��
��� =
�� � ��
Table 9. Discriminant Function Coefficients
Independent Variable Unstandardized
Canonical
Discriminant
Function
Coefficients
Research
Where:
Zcs = Optimal cutting score between group A and B.
NA= Number of observations in group A = 70
NB= Number of observations in group B = 64
ZA= Centroid for Group A = .889
ZB= Centroid for Group B = -0.972
Thus, the cutting score in our study is Z_cs= 0.083
Thus the respondent scoring Z score more than
0.083 will belong to group one which means that he is
intended to prefer mobile banking whereas those who
score less than 0.083 is intended not to prefermobile
banking.
The Standardized Canonical Discriminant
Function Coefficients provide an index of the importance
of eachpredictor like the standardized regression
coefficient. According to which the variable Innovative
Virtual Environment has the highest positive score
of 0.0446. Thus Innovative Virtual Environment is
Personalization and Improved Timely Updates has low
negative scores and thus are less successful predictors.
Many researchers use the structure matrix correlations
because they are considered more accurate than
the Standardized Canonical Discriminant Function
Coefficients. The structure matrix table shows the
correlations of each variable with each discriminate
function. These Pearson coefficients are structure
Standardized Discriminant Univariate
Canonical Loading (rank) F ratio
Discriminant Structure matrix
Function
Coefficients

Immense Efficacy .520 .397 .703 (1) 57.231**

Supportive Access .399 .318 .552 (3) 35.329**
Proffessed Security .235 .231 .498 (4) 28.663**
Effective Distinctiveness .551 .433 .623 (2) 44.884**
Enhanced Personalization -.207 -.162 .027 (6) .085
Innovative Virtual Environment .461 .446 .369 (5) 15.728**
Improved Timely Updates -.275 -.258 -.001 (7) .000
(Constant) -5.374
** p < 0.01

FIIB Business Review, Volume 5, Issue 4, October - December 2016 60


coefficients or discriminant loadings. They serve as factor
loadings in factor analysis. By identifying the largest
loadings for each discriminate function, the researcher
gains insight to develop the function. In our study
Efficacy is ranked first with highest loading of 0.703. Also
Improved Timely Updates and Enhanced Personalization
have very low loadings and therefore these variables are
not associated with the intention of professional. The
arguments above are supported by the results given in
the Table 9.
The unstandardized canonical discriminant
function coefficient is used to create the discriminant
function (equation). It operates just like a regression
equation. In this study, we have:
D = (0.52 X Immense Efficacy) + (0.55 X
Effective Distinctiveness) + (0.461X Innovative Virtual
Environment) + (.399 X Supportive Access) + (0.235X
Professed Security) +(-0.207 X Enhanced Personalization
+ (-0.275 X Improved Timely Updates )+ (-5.374)
The discriminant function coefficients b
or standardized form beta both indicate the partial
contribution of each variable to the discriminate function
controlling for all other variables in the equation.
They can be used to assess each predictor’s unique
contribution to the discriminate function and therefore
provide information on the relative importance of each
variable.
On the basis of the study we can see F value for
Immense efficacy was found to be 57.23 with p<0.01
(Table 7). In our study, Hypothesis 1 is also failed to
reject indicating that Effective Distinctiveness is good
predictor to prefer mobile banking. Ever-Accessibility,
Easy Accessibility, Environmental Consciousness and
Ecological Friendly are the important factors due to
which consumers can prefer mobile banking. Hypothesis
2 is also failed to reject indicating that professed security
is good predictor to prefer mobile banking. This supports
the assumption that mobile banking is trustworthy and
provides information from credible sources and people
believe that it does not lead to unauthorized association.
We failed to reject Hypothesis 3 which indicates that
Immense Efficacy is a good predictor to prefer mobile
banking. The study shows that if mobile banking message
is cost effective and flexible then professionals may prefer
mobile banking.
We also failed to reject Hypothesis 4 indicating
that supportive access is good predictor to prefer mobile
banking. Knowledge Integration and Distinguished
Methodology are the important characteristics of
FIIB Business Review, Volume 5, Issue 4, October - December 2016
Research
mobile banking that impact the preference for mobile
banking. Hypothesis 5 is also failed to reject indicating
that Innovative Virtual Environment is good predictor to
prefer mobile banking. The study supports the argument
that the mobile banking is dependent on the technology
as it is successful only when it is more interactive and
navigation features are good. The information age has
enhanced and accelerated the ability for everyday.
We reject Hypothesis 6 indicating that Enhanced
Personalization is not a good predictor to prefer mobile
banking. This shows that people do not think that user
interface and enhanced customization are the prime
factors that govern preference for mobile banking. Finally,
Hypothesis 7 is rejected indicating that Improved Timely
Updates is not a good predictor to prefer mobile banking.
Conclusion, Suggestion and Limitations
As internet and online businesses have been
prevailing, online mobile banking is rapidly becoming
an important and popular communication tool.
Researchers have perceived the significance of mobile
banking. However, the diverse findings of the online
mobile banking research have yet to be synthesized to
improve the in-depth understanding of the online mobile
banking mechanism and integrate the influential factors
affecting online mobile banking performance. Thus, this
study intended to review and analyze the factors and
hypothesized relationships in previous studies relating to
mobile banking and develop the conceptual framework
to represent the mobile banking mechanism. Marketers
can find the market potentiality of their brand in a new
market also through this research apart from finding
out problems in the existing market in terms of the
predictors so that appropriate marketing policies can be
implemented to tap the market. It has been established
that the five above mentioned variables which were
included in the model make it possible to discriminate
between the two groups of professionals. When executed
effectively, mobile banking campaigns can create an
instantaneous buzz.
For inclusive growth, the benefits of mobile
banking should reach to the common man at the remotest
locations in the country. In order to fulfil the expectations
of the consumers and to increase the mobile banking
users, mobile banking service provider needs to increase
the awareness about the mobile banking services. Banks
and the mobile service providers need to come together
to bring a revolution in the field of mobile banking.
Some organization used phishing and malware channel
in to the mobile channel that is not good channel or not
secure and trust channel. The mobile banking payment
61

system is more challenging and dynamic changes rapidly,
mobile banking payment system ecosystem is more
complex system. Security and perception of security
system mobile banking can play a role in who ends of
dominating. The study showed that improved timely
updates and enhanced personalization are not the main
predictors of preferences by senior professionals. The
banks can focus less on these features when focusing on
adoption of mobile banking by senior professional.
The study has some future implications and
limitations. The sample used for the study is relatively small
and was limited to a specific geographic region. Similar
studies can also be carried on cross cultural domains to
explore cultural dissimilarities and to explore whether
usage of mobile banking is consistent across cultures or
not and there by conducting study in these areas, one can
compare the results and look the gap in order to further
investigate the effect. The study was conducted to research
the preference for mobile banking by senior professionals.
In research related to technology, education, experience
and age has a major role to play and it may yield different
results. The research can be done in these areas to analyse
the results and banks can frame their strategies accordingly.
However, results of this study provide a foundation for
future studies on usage of mobile banking.
The study could have been more reliable
and would have yield different results if the target
demographic was broader than now. Like every study
involving human feedback, there is always a big room
for bias. Respondents could have provided with false
information due to the thought that it might reflect
their personality. However, increasing sample size and
respondent from varying demographics will remove this
limitation.
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Author Profile
Dr. Bharti Motwani, is presently working in the area of Information Systems at Prestige Institute of Management and Research, Indore. She
has more than 12 years of teaching experience in Professional Institutes & more than 7 years of proven success in Software Development.
Her technical expertise include languages like Java, C, C++ etc. ; Platforms like J2EE, ASP.NET, VB.Net etc ; RDBMS like Oracle, SQL SERVER etc.;
Frameworks like JSF and Integrated Development Environment like Net Beans. She has edited 3 books related to Information Technology
Research namely “IT Enabled Marketing Practices for Global Business Organizations:”, “Research Fortune: An Inquisitive Approach” and
“Resonance of Research”. Her research papers related to IT sector have been published in many reputed national and international journals.
She has provided consultancy for different projects of software industry and conducted various training programs and workshops. She can
be reached at bharti_motwani@pimrindore.ac.in.

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