Determining Critical Success Factors of Mobile Banking ...ajbasweb.com/old/ajbas/2011/September-2011/252-265.pdf · Determining Critical Success Factors of Mobile Banking Adoption

Australian Journal of Basic and Applied Sciences, 5(9): 252-265, 2011ISSN 1991-8178

Corresponding Author: Norzaidi Mohd Daud, Faculty of Business Management/Accounting Research Institute/Institute ofBusiness Excellence Universiti Teknologi MARA 40450 Shah Alam, Selangor, MalaysiaE-mail: [email protected]

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Determining Critical Success Factors of Mobile Banking Adoption in Malaysia

1Norzaidi Mohd Daud, 2Noorly Ezalin Mohd Kassim, 3Wan Seri Rahayu Wan Mohd Said, 4MonaMaria Mohd Noor

1Faculty of Business Management/Accounting Research Institute/Institute of Business ExcellenceUniversiti Teknologi MARA 40450 Shah Alam, Selangor, Malaysia

2,3,4Arshad Ayub Graduate Business School Universiti Teknologi MARA 40450 Shah Alam,Selangor, Malaysia

Abstract: This study is to examine critical success factors that influence the adoption of mobilebanking in Malaysia using extended Technology Acceptance Model (TAM). The proposed model wasempirically evaluated by using survey data collected from 300 banking users concerning theirperceptions of mobile banking. The findings indicate that this model can predict consumer intentionto use mobile banking. Specifically, perceived usefulness, perceived credibility and awareness aboutmobile banking have significant effect on user’s attitude thus influence the intention toward mobilebanking. The results may provide further insights into mobile banking strategies.

Key words: Mobile Banking, extended Technology Acceptance Model, banking users, Malaysia

INTRODUCTION

Mobile banking will become an important service for the bank with the dramatic increase in the numberof mobile phone usage among Malaysians. To ensure the successfulness of mobile banking, bank must providea robust mobile banking system and to communicate effectively the benefit of mobile banking to convincecustomers to use the mobile banking system as an alternative from internet banking and traditional banking(Venkatesh and Davis, 2000). Furthermore, failure to address customers’ concerns with regards to mobilebanking resulting customers not convinced with the system and wasted the bank investment for the system(Chung and Kwon, 2009; Norzaidi et al., 2011, 2008; Norzaidi and Intan Salwani, 2010; 2009).

In developing countries, such as Malaysia, mobile banking has just been embraced by the banking industry.Banks have pursued strategies to encourage their clients to engage in using mobile banking (Guriting andNdubisi, 2006). The banking industry in Malaysia is important because a strong banking industry supporteconomic developments significantly through its efficient services. Banks will need to introduce changes (bothat the procedural level and at the informational level) such as moving from traditional distribution channel toelectronic distribution channel.

Over the last few years, the mobile and wireless market has been one of the fastest growing markets inthe world and it is still growing at a rapid pace. Apple's initial success with iPhone and the rapid growth ofphones based on Google's Android (operating system) has led to increasing use of special client programs,called apps, downloaded to the mobile device. The convenience of mobile banking is that the banks undertakethe banking transaction outside of the working hours and is accessible from anywhere and indeed has becomeof the customer preference (Sohail and Shaikh, 2008). Since mobile banking was introduced consumers havebeen able to do banking services 24 hours a day using their mobile phones without having to visit thetraditional bank branches or to find a computer with broadband connection for personal transactions. This leadto the ease of use of mobile banking since the availability of the system whenever they need it will increasetheir intention to adopt the system and become their preference as compared to the traditional banking system.In addition, Bank Negara Malaysia has also highlighted that more efforts are needed to ensure that theusefulness factor contribute to this issue are addressed in an attempt to increase the usage of mobile bankingamong banking customers (Financial Stability and Payment System Report, 2010). Davis (1989) also agreedto which a person believes that using a particular system would enhance his or her job performance. Althoughmobile banking is relatively new in Malaysia compared to Internet banking, it is very important for the banksto examine this usefulness factor affecting customers’ intention to adopt and to take the necessary steps to

Aust. J. Basic & Appl. Sci., 5(9): 252-265, 2011

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address this issue thus attracting banking customers to use the system.However, perceived ease of use and perceived usefulness may not fully explain customers’ behavior and

their intention to use mobile banking. There are still other factors that influence customers’ intention and thisincludes perceived credibility to which will affect the users’ intention toward using mobile banking services.This factor may impact user acceptance and the past researcher found that perceived credibility had asignificant effect on intention (Wang et el, 2003). Customers are worried that the mobile banking is risky tothem, and are worried on the security and privacy concerns especially on their financial information (Howcroft,2002). Although the mobile banking application has been launched in Malaysia since year 2006, banks are stillunable to tap the customer’s usage of the system. The system, instead, remained unnoticed by the customersand hence, it is very important for the banks to address the issue of perceived credibility of which consistsof two important elements i.e., privacy and security, in order to grab the intention of their customers to adoptto the mobile banking services. This is common with many other surveys that point out that credibility(security and privacy) and risk are being the main concerns for customers (Pikkaranein et al 2004, Fadli Fizariet al., 2011). According to a study conducted by Amin et al, (2008) on the acceptance of mobile banking inMalaysia, banks in Malaysia should broaden the knowledge among banking users with adherence to the highestprotection to safeguard the privacy and security of customers’ banking information and transactions. Thus,reducing their risk, concerning security and privacy of their banking data and transactions, will incline theirintention to adopt mobile banking.

Moreover, many commercial banks in Malaysia have tried to introduce mobile banking systems to improvetheir operations and reduce costs. In the banking industry, bank branches alone are no longer adequate toprovide banking services to cater the needs of demanding customers. Therefore, the provision of bankingservices through mobile banking has provided an alternative means to acquire banking services convenientlyand timely to bank customers (Amin et al., 2008). Although the number of mobile phone users is very large,mobile banking penetration accounts only 3.1 percent (Financial Stability and Payment System Report, BankNegara Malaysia, 2010). This means that people using mobile banking in the market is still minority. Thus,the actual usage does not match the great number of people having mobile phone.

The above situation is similarly related to the condition happened in Europe whereby there is only fivepercent of the banking users are adopting the mobile banking services even though the availability of leadingEuropean Banks offering mobile banking services is large (Forrestor Research, 2007). Those who did not usemobile banking applications are reluctant to use it because the lack of awareness about the benefits of this newtechnology and this has been the obstacles towards adoption of the system. Based on Abdul Razak (2011) ofMalayan Banking Berhad, Malaysia, although the system has been launched for almost five years and thepenetration of people using mobile phones is very high, the adoption rate of using mobile banking is still low.This is resulted from the reason that people is less aware on the benefits when performing fund transfers, billpayments, access account information and a lot other related activities via their mobile devices.

Furthermore, Malaysian customers’ behavior is found to be a major barrier for banking to engage inmobile banking system (Ng, 2000) and mobile banking customers were not keen to be leaders or pioneers butmore prefer to be followers. Therefore aggressive activities by the banks that provide this mobile bankingservices have to cope with the changes of business environment and engage in broader information about theircapability in curbing today’s types of perceived risk and those are financial, product performance, social,psychological, physical or time risk (Forsythe, 2003; Mohammed, 2010). With the increasingly penetration inmobile phone users, people are anxious about these types of risk primarily regarding the fraud and bankingservices activities. For Malaysian banks to remain in the competitive business environment, they should grabthe opportunities and risks should be taken up to put the business on the net (Paynter and Lim, 2001). Manyresearches were conducted in advanced countries. Since intention to use mobile banking involves a certaindegree of uncertainty, perceived risk is incorporated as a direct antecedent of behavioral intention of mobilebanking users to use the system.

Although there are a great number of researches had been done on the mobile banking area especially inadvanced countries, thorough literature survey shows that gaps of knowledge exist in few aspects as follows:The absence of an interactive, comprehensive and multi-dimensional theoretical model to evaluate factorsdetermining mobile banking usage on banking services performance. In prior research, few models were usedsuch as Technology Acceptance Model, and E-Services Adoption Model

Adoption of Electronic Banking Model and a few others to evaluate drivers of mobile banking usage (Zhuand Kraemer, 2005). However, most of the research ignored the indirect effects of the factors under studywhich is vital to provide a multi-dimensional view of research findings.


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Literature search shows a gap of knowledge in intention to use mobile banking measurement method.When measuring banking customers’ intention to adopt the services offered, Information Technology (IT)researchers tend to overlook certain important elements and researchers from social sciences background aretoo focused on the traditional methods which are not really linked to the technological issues. Therefore, thedevelopment of this study considers both technological and traditional elements in measurement of the factors,is a solution to fill the knowledge gaps in assessing customers’ intention to adopt mobile banking system.

A bulk of literature on factors influencing mobile banking adoption is conducted in western countrieswhich have different government approach, socio-economic, industrial and cultural settings. Not much focusis given on developing countries such as Malaysia, especially in the banking service industry. Studies in theWest have limited applicability to developing countries such as Malaysia (Jaganathan, 1998). Therefore, thetheoretical model and the research findings of this study would help to narrow down the dearth of literature.Hence, this study is hoped to narrow the gaps in prior literature and furnish useful guidelines that coulddetermine the factors that influence the intention to use mobile banking among banking users in Malaysia andbelow are the research questions derived:i. The primary research question: What are the factors that influence the customers’ intention to adopt mobile

bankingii. The secondary question: Does Perceived Ease of Use, Perceived Usefulness, Perceived Risk, Perceived

Credibility and Awareness of Its Benefits influence the intention to adopt mobile banking

Review of Literature:Perceived Ease of Use and Intention:

Perceived ease of use is defined as “the degree to which a person believes that using a particular systemwould be free of effort” (Davis, 1989). Extensive research over the past decade provides evidence of thesignificant effect perceived ease of use on intention to use (Karahanna et al, 1999; Taylor and Todd, 1995;Lau, 2002; Davis, 1989; Norzaidi and Intan Salwani, 2009). Karahanna et al, (1999) found that perceived easeof use had a significant positive effect on intention to adopt the software among the potential adopters.Likewise, bank customers are likely to adopt online banking when it is easy to use the technology (Guritingand Ndubisi, 2006). Similarly, in the study of Lau (2002) about online trading system, they concluded thatperceived ease of use was significantly correlated with intention toward using the online trading system.Ramayah et al (2003) showed that perceived ease of use has proven to have significant impact on thedevelopment of initial willingness to use Internet banking. The result corroborates the findings by Wang et al,(2003), Adam et al (1992), Davis et al (1989) and Ramayah et al (2002).

In Technology Acceptance Model (TAM), an individual’s belief develops the intention to use the system.This intention influences the decision of actual technology usage. These causalities are broadly studied andaccepted (Suh et al, 2002; Morris et al,. 1997; Teo et al, 1999). As the TAM has been applied to onlinebusiness, perceived ease of use has also been found to be a significant antecedent of intention to use onlinestore (Moon et al, 2001). Thus perceived ease of use, predicts the end-user’s beliefs on a technology andtherefore and therefore predicts its acceptance (Ma and Liu, 2004; Dabis et al, 1989; Venkatesh and Davis,2000). Based on these findings, it is highly predictable that the general causalities found in TAM are alsoapplicable to mobile commerce services. Thus, the following hypotheses are tested:

H1: Perceived Ease of Use Has Direct Effect on Intention to Adopt Mobile Banking

Perceived Usefulness and Intention:Perceived usefulness is one of the fundamental elements of TAM. Perceived usefulness is defined as “the

degree to which a person believes that using a particular system would enhance his or her job performance”(Davis et al, 1989). Perceived usefulness is strongly associated with productivity. It suggests that usingcomputers in the workplace would increase user’s productivity, improve job performance, and enhance jobeffectiveness and usefulness. Earlier studies have shown that there is a positive relationship between perceivedusefulness and intention to use (Yang, 2004; O’Cass et al, 2003; Karahanna et al, 1999; Taylor and Todd,1995). Yang (2004) reflects consumer’s perceived usefulness influence intention to use M-commerce inSingapore. Similarly, in the online context, the positive effect of perceived usefulness on behavioral intentionsto use the online retailer has been supported by scholars (Gefen and Straub, 1997; Koufaris, 2002; Lin andLu, 2000). Chen et al (2002) pointed out that perceived usefulness is the primary antecedent of intention touse online retailer and its website. These studies confirm the important effect of perceived usefulness inunderstanding individual responses to information technology. Therefore, it is highly predictable that peopleuse mobile services because they find it useful. Prior related studies demonstrate that perceived usefulness isa key antecedent of the intention to use mobile services of adopting the WAP-enabled phones (Nysveen et al,2003). Thus, the following hypotheses are proposed.


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H2: Perceived Usefulness Has Direct Effect on Intention to Use Mobile Banking

Perceived Credibility and Intention:Researchers made many extensions for TAM because its fundamental constructs do not fully reflect the

specific influences of technological and usage context factors that may impact user acceptance. Accordingly,perceived usefulness and ease of use may not fully explain behavior influencing the intention to adopt mobilebanking, and there are other factors that can be better predict user’s acceptance. Wang examined the impactof perceived credibility on usage intention, and they found that perceived credibility had a significant effecton intention. Considering the context of mobile banking services, this study extends TAM by adding perceivedcredibility to the model to explain user acceptance of mobile banking.

According to Hanudin (2007), perceived credibility is a determinant of behavioral intention to use aninformation system. Perceived credibility consists of two important elements: privacy and security. Securityrefers to the protection of information or systems from unauthorized intrusions (Egwali, 2008). Fear ofinadequate security is one of the factors that have been identified as impediments to the growth anddevelopment of mobile banking including electronic banking adoption (Ezeoha, 2005).

For the purpose of this research, “perceived credibility” (PC) is defined as users’ perception of protectionof their transaction details and personal data against unauthorized access. It is about personal belief that a userhas in the system to carry out a transaction securely and maintain the privacy of personal information.Perceived credibility has also been tested and confirmed to have a significant effect on perceived ease of useand perceived usefulness (Karjaluoto 2002; Muniruddeen 2007). Therefore, for studying the effect of perceivedcredibility on user’s acceptance in mobile banking services, we pose the following hypotheses to determineit effect on user’s intention toward adoption of mobile banking services:

H3: Perceived Credibility Has Direct Effect on Intention to Adopt Mobile Banking

Awareness and Intention:Pikkarainen (2004) has reported that the amount of information a customer has about Internet banking and

its benefit may have a critical impact on the adoption of Internet banking. Moreover, Sathye (1999) note thatlow awareness of Internet banking is a critical factor in causing customers not to adopt internet banking. Inaddition, Howcroft et al (2002) found that lack of awareness of Internet banking services and its benefits arefound to be reasons for consumers’ reluctance to use Internet banking services. Therefore, we propose thefollowing hypothesis:

H4: Awareness Has Direct Effect on Intention to Use Mobile Banking

Perceived Risk and Intention:The theory of perceived risk has been applied by Pavlou (2001) of which defined perceived risk as “the

user’s subjective expectation of suffering a loss in pursuit of a desired outcome”. When customers are uncertainabout product quality, brand and online services, they may worry about an unjustified delay in productdelivery, providing payment without receiving the product and other illegal activities and fraud. Perceived riskwas first introduced in marketing research as an external variable in the study of innovation diffusion andadoption (Frambach, 1993, 1995; Ostlund, 1974; Frambach 1993, 1995) contends that the speed of adoptionis negatively related to the level of perceived risk. The Perceived Risk surrounding an innovation might causea potential adopter to postpone the decision to either adopt of reject the adoption. Ostlund (1974) introducedrisk as an additional measurement in IT adoption. The importance of perceived risk has also been examinedin IS research, especially in internet banking literature. Sathye (1999) confirmed security concerns are a burningissue for financial transaction done over the internet.

With the increasingly high penetration rate of Internet applications, people are anxious about the diversetypes of risks presented when engaging in online activities or transactions. In the past, perceived risks wereprimarily regarded as fraud and product quality. Today, perceived risk refers to certain types of financial,product performance, social, psychological, physical, or time risks when consumers make transactions online(Forsythe, 2003). The definition of perceived risk has changed since online transactions became popular.Financial risk represents the financial loss in using mobile services, as consumers may perceive that reversinga transaction, stopping a payment after discovering a mistake, or refund may not be possible. Performance riskin mobile services is less satisfying than non-mobile services, as consumers may perceive that mobile servicescannot be used to complete a transaction when needed due to the denial of access to their account. Thereforethe following hypothesis is proposed:


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H5: Perceived Risk Has Direct Effect on Intention to Use Mobile Banking

Proposed Theoretical Framework and Hypothesis Proposition:

Fig. 1: Proposed Research Model

Sample of Study:The questionnaires are distributed to a targeted population of 11 commercial banks in Kuala Lumpur. The

targeted population was estimated 2000 customers from these 11 banks. The study was conducted in theselected area because of high mobile and broadband penetration rates (SKMM, 2010). Mobile technologies andbroadband are pre-requisite for mobile banking services, which is defined as a subset of electronic bankingthat is conducted in a wireless environment (Coursaris and Hassanein, 2002). The respondents from thispopulation are likely to be the first consumer segments to adopt mobile banking services because of their higheducational level and income potential. In addition, age and “well to do” positions also makes the customersof both banks more open to new ICTs (Lightner et al, 2002). In addition, the study is only intended toinvestigate the bank customers' intentions to use mobile banking in the future.

As per Table 1, Bank Negara Malaysia’s website shows that there are 11 commercial banks that arecurrently offering mobile banking services (www.bnm.gov.my). Bank Negara Malaysia also indicates that asat March 2011, there are 423,667.7 individual banking customers (individual customers) in Malaysia(www.bnm.gov.my). The number of banking customers from the 11 banks situated in Kuala Lumpur,particularly along Jalan Ampang, Jalan Sultan Ismail, Jalan Tun Perak and Jalan Melaka was estimated 2000customers. Considering the number of banks that provide mobile banking services and the number of individualcustomers from these 11 commercial banks branches, the number of population was found to be 2000.

Table 1: Banks offering mobile banking services in MalaysiaBanks with mobile banking servicesAmBank (M) Berhad, Kuala Lumpur branchBank Islam Malaysia Berhad, Kuala Lumpur branchBank Simpanan Nasional, Kuala Lumpur branchCIMB Bank Berhad, Kuala Lumpur branchCitibank Berhad, Kuala Lumpur branchHong Leong Bank Berhad, Kuala Lumpur branchMalayan Banking Berhad, Kuala Lumpur branchOCBC Bank (Malaysia) Berhad, Kuala Lumpur branchPublic Bank Berhad, Kuala Lumpur branchStandard Chartered Bank Malaysia Berhad, Kuala Lumpur branchAl Rajhi Banking and Investment Corporation (Malaysia) Berhad, Kuala Lumpur branchSource: Bank Negara Malaysia’s website, 2011


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The study was conducted in the selected area because of high mobile and broadband penetration rates(SKMM, 2010). Mobile technologies and broadband are pre-requisite for mobile banking services, which isdefined as a subset of electronic banking that is conducted in a wireless environment (Coursaris and Hassanein,2002). In addition, the study is only intended to investigate the bank customers' usage intentions for mobilebanking in the future. The data were collected during working hours for three weeks of 5-working days. Therespondents are likely to be the first consumer segments to adopt mobile banking services because of their higheducational level and income potential. Generally, the respondents have been exposed to the enhancement ofmobile phone technologies as well as having been exposed to the concept of internet banking applications buthave never used mobile banking. In addition, age and “well to do” positions also makes the customers of bothbanks more open to new ICTs (Lightner et al, 2002).

About 330 questionnaires were distributed to the respondents at these 11 commercial banks in KualaLumpur and 323 questionnaires were returned. 300 of the returned questionnaires were completed and usable,with an overall response rate of 90%. This sample size satisfies the requirement of social science research asstated by Pinsonneault and Kraemer (1993) and higher than the acceptable range (30 percent) as proposed bySekaran. The sample size is comparable to other TAM studies such as Legris et al. (2003) meta-analysisindicates that the sample size involving respondents range from 786, Taylor and Todd (1995) involves 262respondents and Davis (1989) involving 107 respondents.

Types of Tests and Statistical Software Applied:The relationship of the proposed model and the properties of the scale were analyzed using the Statistical

Package for Social Sciences (SPSS). Usage of the statistical techniques was according to commonly acceptedresearch assumptions where appropriate. Cronbach’s Alpha is used to determine the internal reliability of themulti items variable. The next step of data analysis is to test the reliability of the measures. Reliability analysisis a measure of the internal consistency of indicators for a construct (Hair et al, 1998). The purpose ofreliability analysis to determine how well a set of items taps into some common sources of variance(Viswanathan, 2005), and is frequently measured with Cronbach’s coefficient alpha. Cronbach’s coefficientalpha is “the ratio of the sum of the covariances among the components of the linear combination (items),which estimates true variance, to the sum of all elements in the variance-covariance matrix of measures, whichequals the observed variance” (Nunnally and Bernstein, 1994).

Better results of reliability for the questionnaire if the Cronbach’s Alpha gets to 1.0. In general, reliabilitiesless than 0.60 are considered poor, those in the 0.70 range, acceptable and those over 0.8 good (Sekaran,2006). Other test used includes multiple regression technique to trace causal relationships between severalconstructs.

Findings:Respondents Profile:

The questionnaires are randomly distributed to a total of 330 respondent and 323 respondents answeredthe questionnaires. Out of 323, only 300 questionnaires are completed questionnaires and usable for this studywith an overall response rate of 90 percent. It is considered to be high to represent of the population studiedas Sekaran (2003) indicated that an analysis should obtained at least 30 percent responses. Moreover, in orderto avoid sample bias, response rate should be more than 10 percent (Roscoe, 1975). Furthermore, the resultsobtained can be generalized (Sekaran 2003). Below are the explanations of the demographic characteristics ofsurvey respondents. The demographic characteristics of 300 respondents are analyzed by seven categories,namely gender, age, race, marital status, current occupation, highest level of education and income level. 51percent of the respondents are female, while 49 percent of the respondents are males. It is surprising to notethat there is almost equal number of respondents in terms of gender considering the nature of the industry.Previous research has shown that males outnumbered females in technology usage and adoption of newelectronic services like Internet banking (SKMM, 2010). Details of the demographic distributions are explainedfurther in the Table 2 below.

Table 2: Demographic Features of Study RespondentsAttributes Demographic Distributions

------------------------------------------------------------------------------------------------------Frequency Percentage (%)

Gender:Female 152 51Male 148 49


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Table 2: ContinueAge:21-29 years old 127 42.330-39 years old 135 4540-49 years old 23 7.7above 50 years old 15 5Education level:Professional 21 7Bachelor Degree 162 54Master 45 15PhD 2 0.7Diploma 30 10High School qualification 40 13.3Marital Status:Single 112 37.3Married 183 61Other 5 1.7Race:Malay 231 77Chinese 44 14.7Indian 24 8Others 1 0.3Monthly Income:Below RM2,000 53 17.7RM2001 – RM4,000 92 30.7RM4,001 – RM6,000 85 28.3RM6,001 – RM8,000 46 15.3RM8,001 – RM10,000 15 5Above RM10,000 9 3Occupation:Professional 15 5Professor/lecturer 6 2Manager 61 20.3Senior Executive 69 23Executive 87 29Supervisor/clerical staff 26 8.7Skilled and Semi-skilled worker 7 2.3Others 29 9.7Source: SPSS Statistics Version

Reliability Analysis:It is very important to study the properties of measurement scales and the tems that compose the scales.

Usage of SPSS software was done in order to ensure the variables in the model are reliable. Most commonlyused reliability test is Cronbach’s Alpha Index. This is due to the interpretation as a correlation coefficient andit is ranges from 0 to 1. Apart from that, using the Cronbach’s Alpha Index can determine whether thequestionnaire is reliable and the data can be used for further analysis (Hair et al., 1998). Further analysis canonly be done if the Cronbach’s Alpha Index test is passed (Nunally, 1967). According to Hair et al. (1998),the acceptance level of Cronbach Alpha Index should exceed 0.7. Table 3 shows the result of reliabilitystatistics which is 0.766 and it is highly consistent.

Table 3: Reliability MeasurementCronbach’s Alpha Cronbach’s Alpha Based on Standardized Items N of Items0.766 0.766 6Source: SPSS Statistics Version

Correlation Analysis:According to Jahangir and Begum (2008), Pearson correlation is used to examine the association between

the variables. If the value of correlation coefficient ranges from 0.10 to 0.29, it is considered weak. Meanwhilethe value range from 0.30 to 0.49 is considered medium and from 0.50 to 1.0 is considered strong accordingto Wong and Hiew (2005). Multicollinearity occurs when two or more variables in the model are correlatedand provide redundant information. It is often confusing and lead to misleading results. In our study we followthe rule of thumb set by Jensen (2005). The use of correlation matrix was the easy way to detectmulticollinearity. In this study, the correlation matrix shows that no variable exceed the cut off point 0.9, hencethe problem of multicollinearity does not exist (as indicated in Table 4).


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Table 4: Correlation Analysis Intention Perceived Perceived Awareness Perceived Intention

to Adopt Ease of Use Usefulness Risk to adoptPerceived Ease of Use Pearson Correlation .710(**) 1 .826(**) .696(**) .765(**) -.278(**) Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Perceived Usefulness Pearson Correlation .806(**) .826(**) 1 .766(**) .799(**) -.292(**) Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Perceived Credibility Pearson Correlation .732(**) .696(**) .766(**) 1 .798(**) -.479(**) Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Awareness Pearson Correlation .792(**) .765(**) .799(**) .798(**) 1 -.262(**) Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Perceived Risk Pearson Correlation -.238(**) -.278(**) -.292(**) -.479(**) -.262(**) 1 Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Intention to Adopt Pearson Correlation 1 .710(**) .806(**) .732(**) .792(**) -.238(**) Sig. (2-tailed) .000 .000 .000 .000 .000 N 300 300 300 300 300 300Source: SPSS Statistics Version

There are strong relationships between all the variables as the respective correlation is above 0.5. However,there is one variable namely perceived risk which has medium relationship with all the variables because thevalue is below 0.5. Except for perceived risk, for all variables, if any of the variable increases or decreases,the other variables also increases or decreases.

Regression Analysis:Regression analysis is a constructive statistical technique that can be used to analyze the associations

between a set of independent variables and a single dependent variable (Hair et al., 2005). Multiple regressionswere used in this paper to study the direct effects of adoption drivers on the intention to use mobile bankingservices. The concern of this model is whether the variables have an influenced as hypothesized. For thispurpose, multiple regression analyses (MRA) were conducted to analyze the direct relationship betweenperceived ease of use, perceived usefulness, perceived credibility, customer awareness, perceived risk withintention to adopt mobile banking.

Table 5: Regression Analysis Summary for Variables Predicting IntentionModel R R Square Adjusted R Square Std. Error of the Estimate1 0.847a 0.717 0.712 0.73908a. Predictors: (Constant), Perceived Ease of Use, Perceived Usefulness, Perceived Credibility, Customer Awareness, Perceived Risk.Source:SPSS Statistics Version

Table 6: ANOVAb Table for Variables Predicting IntentionModel Sum of Squares df Mean Square Fq Sig.

1 Regression 406.152 5 81.230 148.709 .000a

Residual 160.593 294 0.546Total 566.746 299

a. Predictors: (Constant), Perceived Ease of Use, Perceived Usefulness, Perceived Credibility, Customer Awareness , Perceived Riskb. Dependent Variable : IntentionSource: SPSS Statistics Version

Table 7: Coefficienta Table for Variables Predicting IntentionModel Unstandardized Coefficients Standardized Coefficients t Sig.

B Std. Error Beta1 (Constant) -0.697 0.275 -2.535 0.012

Perceived Ease of Use 0.07 0.71 0.06 0.095 0.924Perceived Usefulness 0.520 0.079 0.429 6.619 0.000Perceived Credibility 0.164 0.063 0.161 2.618 0.009Customer Awareness 0.393 0.074 0.330 5.300 0.000Perceived Risk 0.49 0.34 0.053 1.458 0.146

Dependent variable: IntentionSource: SPSS Statistics Version

Based on Table 5, it can be observed that the R Square was 0.717, representing 71.7 percent of theintention can be explained by perceived ease of use, perceived usefulness, perceived credibility, customer


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awareness and perceived risk. We can conclude the following equation:

Intention = β1 Perceived Ease of Use + β2 Perceived Usefulness + β3 Perceived Credibility + β4 CustomerAwareness + β5 Perceived Risk + ε

Intention = 0.07 * Perceived Ease of Use + 0.520 * Perceived Usefulness + 0.164* Perceived Credibility +0.393 * Customer Awareness + 0.49 * Perceived Risk – 0.697

For the individual variables reveals that perceived usefulness (t = 6.619, p <0.05), perceived credibility(t = 2.618, p <0.05) and customer awareness (t = 5.300, p <0.05) were found to have a significant relationshipwith Intention. Therefore, the hypotheses H4, H2 and H3 were supported. Meanwhile, perceived ease of use(t = 0.095, p <0.05) and perceived risk (t = 1.458, p <0.05) had no significant relationship with intention.Hence, H1 and H5 are not supported.

Discussion and Practical Implications:In summary, this study met the general objective, finding out the factors determining the intention to adopt

mobile banking in Malaysia. All two specific objectives were answered as follows:In determining the extent to which factors influenced the level of intention to adopt mobile banking, three

variables were found to have significant influence on intention to adopt mobile banking (perceived usefulness,perceived credibility and awareness). Overall, 71.7 percent of variance in the intention to adopt mobile bankingwas explained by the three variables. Furthermore, this study helped to narrow the knowledge gaps andprovided useful information and guidelines that could trigger the intention to adopt mobile banking in thebanking industry by answering the primary and sub-research questions: Primary research question (i) thatsought an answer on the factors that influence the intention to adopt mobile banking, the empirical evidenceprovided in this study concluded that three variables namely perceived usefulness, perceived credibility andawareness were found to be significant factors of intention to adopt mobile banking. In answering sub-researchquestions, perceived usefulness, perceived credibility and awareness were found to have significant influenceon intention to adopt mobile banking and the other two factors (perceived ease of use and perceived risk) arenot significant.

The new Extended TAM model provided a holistic view of factors that acted as factors to the intentionto adopt mobile banking. Three factors (perceived usefulness, perceived credibility and awareness) that havesignificant influence on intention to adopt mobile banking. The new Extended TAM model was based upona unified framework combining the TAM model, the extended technology acceptance model, the e-servicesadoption model, the adoption of electronic banking model and the TAM and perceived risk e-services adoptionmodel (with modification of measurement attributes to suit the mobile banking environment). Thus, combiningthe variables and testing them in a single model had generated a clearer picture in testing causal relationshipbetween variables. The new Extended TAM model was developed based on extensive reviews of literature inorder to close the gaps of knowledge by answering the primary research question and sub-research questionsas discussed in section 5.2.3 above.

Overall, the application of the proposed new Extended TAM model in investigating the factors determiningthe intention to adopt mobile banking adoption in Malaysia emerged to close the gaps in prior studies asfollows (Table 8):

Table 8: Application of new Extended TAM Model in Closing the Gaps in Knowledge Area Existed in Prior StudiesGaps in prior studies related to the intention to adopt mobile banking The application of new Extended TAM model in closing the

gaps in knowledge area existed in prior studies1. The missing of potential variables; perceived credibility, perceived 1. Perceived credibility, perceived risk and awareness wererisk and awareness (as suggested in the literature) that could have included in the study.important influence on the intention to adopt mobile banking. Findings: Perceived credibility and awareness found to have

significantly influenced intention to adopt mobile banking.Source: Developed for this Study

The introduction of additional significant variables (Perceived credibility, perceived risk and awareness)has made new Extended TAM model a comprehensive model in evaluating the factors that influence theintention to adopt mobile banking in Malaysia. Results suggested that perceived usefulness, perceived credibilityand awareness significantly influence the intention to adopt mobile banking in Malaysia. The findings signifiedthat these factors should not be ignored if banks are looking towards increasing mobile banking adoption andreducing cost of banking operations.


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The results of this study will have important implications and is believed to be very useful for theMalaysian banking sector and also benefited for the government since both will be aware of the relativelyimportant elements that should be considered in formulating appropriate strategies and promoting mobilebanking service thus obtaining the benefits from the system.

The most significant implication of mobile banking services is the need to recognize that technologyacceptance should be managed with the objectives of creating a useful services and secured system besidesensuring that the privacy of users’ banking information and transactions are well taken care of. While theexplicit essence of the consumer’s relationship is to get a useful and efficient service, awareness on howbeneficial mobile banking is to each targeted market segment among existing banking customers is also anessential aspect. Banks should continuously promoting their services and selling on the benefit to attract morecustomers to adopt mobile banking.

Awareness of mobile banking services is essential in the early adoption stages. One measure that shouldbe taken by the banks in order to increase awareness on mobile banking is through advertising and promotion.With the right messaging and branding through advertising and promotional activities, customers will beinterested in using mobile banking. Key aspects to be highlighted in the messaging including usefulness,availability, low cost and how secured is mobile banking. This will allow existing banking customers who haveyet to adopt mobile banking to feel the importance of the services offered by mobile banking. Banks also needto continuously enhance the security feature of the system to raise the confidence among existing banking userswho have yet to adopt mobile banking. When customers see the system as credible, more customers willmigrate from traditional banking channel to mobile banking (Bank Negara Malaysia, 2010). Banks that manageto capture more customers to use mobile banking will save more in terms of reducing the number of traditionalbranches and ATMs. This in turn will translate to reduce operational cost in handling all transactions manuallyand increase banks’ profitability in the long term.

Bank Negara Malaysia needs to push the industry to increase the effort to promote mobile banking toensure greater access to financial services to all the people. As the policy maker, an important function andresponsibility of the Central Bank is to promote the development of safe and efficient payment systems. Anyinability to make payments in an economy would have a far reaching and widespread impact on society. BankNegara Malaysia task is therefore to ensure that the public and businesses can make payments in a safe andefficient manner. To have a credible mobile banking system, Bank Negara Malaysia needs to ensure that allbanks consistently providing safe and private mobile banking system. This includes producing the MobileBanking Roadmap to bring together relevant stakeholders to address the barriers that have impeded theincreased adoption of mobile banking in a comprehensive and strategic manner. The Roadmap identifies thepriority areas that require attention and collaboration to promote an environment that is conducive for greateruse of mobile banking in financial transactions. The Central Bank needs to ensure that the pricing frameworkis ready as the formulation of a transparent and cost-effective pricing framework is important to provide theincentive structure that would spur the adoption of electronic means of payments, setting of common standardsto address the interoperability of systems including standardizing the payment messaging format is vital to thewider acceptance of electronic payment and to ensure the security and integrity of the payment system whichthus requires the supporting regulatory and legal framework to be in place.

Finally, the use of mobile digital signature is critical to ensure the confidentiality, authenticity and integrityof payments initiated from mobile phones, is one of the ways forward towards building a secure mobileinfrastructure that is conducive for the delivery of financial services. Bank Negara Malaysia need to push allbanks to include mobile digital signature to enhance the security and privacy feature in order to increase thecredibility of mobile banking among banking users.

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