Technology in Society 63 (2020) 101360

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Technology in Society
journal homepage: http://www.elsevier.com/locate/techsoc

Factors affecting the behavioral intention to adopt mobile banking: An

international comparison
Jonathan C. Ho a, *, Chorng-Guang Wu a, Chung-Shing Lee b, Thanh-Thao T. Pham a
a
College of Management, Yuan Ze University, Taiwan
b
School of Business, Saint Martin’s University, Lacey, WA, USA

A R T I C L E I N F O A B S T R A C T

Keywords: Over the past decade, the markets for mobile and wireless services have been among the world’s fastest-growing,
Mobile banking especially in Asian countries, presenting financial institutions with significant opportunities to offer value-added
Diffusion of innovation services. Mobile banking has since emerged as a new channel enabling the banks to react strategically to changes
Technology acceptance model
in competitive forces and to enhance customer convenience.
Decomposed theory of planned behavior
International comparison
Based on Diffusion of Innovations (DOI) theory, the Technology Acceptance Model (TAM), the Decomposed
Theory of Planned Behavior (DTPB) model, this study develops an integrated model to provide a fuller under­
standing of factors facilitating or impeding the adoption of mobile banking, focusing on consumers in Taiwan and
Vietnam. While subjective norms had a significant effect on the intention to adopt, three attributes of mobile
banking (compatibility, perceived usefulness, and perceived risk) were found to have indirect effects on intention
to adopt mobile banking through attitude toward adoption for consumers in both Taiwan and Vietnam. Intention
to adopt mobile banking was indirectly influenced by self-efficacy and facilitating conditions, and directly
affected by perceived behavioral control in both nations. Some differences in intention to adopt mobile banking
between Taiwanese and Vietnamese are also discussed. Based on the research findings, managerial implications
for financial institutions and mobile service providers are discussed.

1. Introduction Mobile banking (also known as m-banking, SMS banking, etc.) is a

term used for performing balance checks, account transactions, bill
Over the last few decades, competition in the retail banking industry payment, etc. via mobile devices such as mobile phones [3]. Though
has grown increasingly intense. To increase competitiveness through significant investments have been made to develop and promote these
improved customer convenience, many banks and financial institutions systems, mobile banking has yet to be fully adopted as the new payment
are actively developing new electronic banking products. These prod­ trend in either country [4]. Thus, it is imperative for bank managers to
ucts do not only provide customers with 24-h service regardless of identify factors influencing adoption and/or rejection of mobile banking
location, but also provide banks with significant cost savings, increased services.
transaction efficiency and greater productivity. At the same time, the While market adoption of online banking has been studied since the
market for mobile and wireless services has emerged as one of the early Internet era [5], adding mobility as an attribute of innovative
world’s fastest growing industries, especially in Asian countries such as service calls for research to better understand the influential adoption
China, Indonesia, India, and Philippines which have leapfrogged the factors. Smartphone-based mobile banking services are available in
development of fixed-line infrastructure to focus on mobile infrastruc­ many countries, and previous research has looked at service adoption in
ture [1]. Along with the development of mobile commerce, mobile developed, developing, and less-developed countries [6–8]. Most such
banking has emerged as a dominating force in the world of e-banking. studies use traditional TAM or UTUAT models without addressing
The number of mobile banking customers in developing countries is innovation attributes specifically in regard to mobility and banking
expected to rise from a current 60 million to almost a billion in 2015, services. Relatively few studies have accounted for the individual
with over 80% of these customers living in Latin America, Africa and innovation attribute in the adoption model.
Asia [2]. Attempts to produce an optimal model to accurately predict

* Corresponding author. 135, Yuan Tong Road, Chung-Li, 32003, Taiwan.

E-mail address: [email protected] (J.C. Ho).

https://doi.org/10.1016/j.techsoc.2020.101360
Received 26 December 2019; Received in revised form 5 August 2020; Accepted 21 August 2020
Available online 27 August 2020
0160-791X/© 2020 Elsevier Ltd. All rights reserved.
J.C. Ho et al. Technology in Society 63 (2020) 101360

intention to adopt a new technology have integrated models from pre­ reviewed. These characteristics, along with selected consumer-traits
vious studies on technology adoption in general and mobile banking that may vary between countries, are reviewed and integrated into
adoption in particular [9]. However, most of these studies were gener­ theoretical hypotheses.
ally conducted in the context of internet banking [5,10]. Furthermore,
most mobile banking studies have employed a wide range of frameworks 2.1. Characteristics of mobile banking
and methods, and an integrated model is needed for factors affecting
intention to adopt mobile banking through combining the advantages of Mobile banking is an innovative financial service delivered via
the best known models of innovation adoption. smartphone and software applications that enables interactive bank
In addition, although past studies have shown that national culture services on the go. Mobile handheld devices such as SIM-type cell
has a significant influence on the diffusion of consumer products (e.g., phones are viewed as tools for mobile banking. As with other banking
Im et al. [11]), the current literature lacks an international comparison services, consumer trust in the security of this relatively new service is of
of mobile banking adoption. As a result, this study develops an inte­ critical importance [24]. Such trust may be built on user’s confidence in
grated model to identify factors affecting the intention to adopt mobile the security and privacy provided by the technology and process of the
banking while investigating international variations in mobile banking mobile devices [7]. If consumers are confident in the security of mobile
adoption. Cross-national differences, in terms of cultural mores, values, banking, their perceived risk toward it would be relatively low [25].
social trust, and level of development could influence innovation Mobile banking offers relative advantages, such as mobility and imme­
adoption practices. Previous studies have found that culture, trust, and diacy over existing services [26]. Since use of mobile banking requires
other nationally specific factors influence the uptake of Internet banking certain knowledge capability and mobile device, serf-efficacy and
services [12–15]. While cross-national research has been conducted on facilitating conditions should also be considered as influential factors to
innovation adoption, interactive effects between the attributes of mobile adoption [4]. Nevertheless all the influential factors to adoption of
banking and country-specific factors are worthy of further study [16, mobile banking are subject to consumer’s perception, as a result, some
17]. However, examining such interactive effects may require certain factors form DOI and TAM are relative and influential to adoption of
modifications to the general TAM of UTAUT models. Furthermore, dif­ mobile banking [27]. Additionally, certain personal traits such as
ferences in adoption behaviors can be revealed by the selection of innovativeness in new technologies that is potentially influential to
countries for comparison. adoption of mobile banking will also be reviewed and included in the
To illustrate international differences in innovation adoption, the theoretical model [23,28]. Influential factors toward adoption of mobile
selected countries are usually contrast in terms of environmental factors, banking along with existing DOI, TAM, and DTPB theories are reviewed
including level of economic development [16], cultural characteristics in following sections.
[17], or market conditions [18]. Cross-national comparisons also ac­
count for individual characteristics [19]. 2.2. Diffusion of innovations (Rogers, 1983)
In both Taiwan and Vietnam, a large number of banks have launched
mobile banking services for their customers (e.g., Far Eastern Interna­ The diffusion of innovation theory (DOI) has been widely used to
tional Bank, Taiwan Business Bank, Cathay United Bank, etc. in Taiwan; investigate factors that influence an individual’s decision to adopt an
and ACB, Agribank, Vietcombank, etc. in Vietnam). These two countries innovation or a new technology. The DOI model suggests that in­
are both located in Asia and share some cultural values, but differ in dividuals would only choose to adopt a technology if it presents five
terms of level of economic development, national infrastructure, polit­ characteristics: relative advantage, compatibility, complexity, observ­
ical system, and consumer behavior. A comparative study on similarities ability, and trialability. However, banking transactions are conducted
and differences in the adoption of mobile banking will advance our privately, thus the behavior involved is not observable [5,29], thus
understanding of the influence of national context on consumer adop­ observability is disregarded in the present study since it cannot be
tion behavior. applied in the context of mobile banking.
This article aims to provide a deeper understanding of the factors The first antecedent factor found to be significant in determining
influencing the intention to adopt mobile banking services by Taiwanese attitudes towards mobile banking is compatibility. Compatibility refers
and Vietnamese retail banking customers. The article also aims to to how well a technology fits an individual’s working style, lifestyle,
identify the main obstacles (from the customer’s perspective) that bank values and needs [30]. Those who feel mobile banking is compatible
institutions have to overcome to speed up the diffusion of mobile with their lifestyle would more likely to form a positive attitude towards
banking and analyze the similarities and differences in the process of it [9,22]. Therefore, we propose the following hypothesis:
mobile banking adoption between two nations.
Hypothesis 1. An individual’s compatibility with mobile banking has
The remainder of this paper is organized as follows. The first section
a positive effect on his/her attitude towards mobile banking.
reviews the literature of innovation adoption theory and briefly de­
scribes the proposed research model. The following section presents the Trialability is defined as the degree to which mobile banking might
methodology used to test and verify the proposed hypotheses. The re­ be experimented on a limited basis. Trialability is usually related to the
sults are then analyzed using multivariate and structural equation innovation’s level of complexity, both of which influence consumer at­
modeling techniques. Finally, the specific contributions and managerial titudes toward adoption [26]. Further consumer innovativeness is
implications of the paper are discussed. posited to have interactive effect with trialability, and as a result
collectively influence attitudes toward adoption [28]. It is assumed that
2. Literature review Taiwan and Vietnam present differences in consumer innovativeness.
Therefore attitude towards mobile banking can be influenced by trial­
Consumer intention to use new technologies can be explained ability [15,31], leading to the following hypothesis:
through various frameworks, three of which are used most widely:
Hypothesis 2. The trialability of mobile banking has a positive effect
Diffusion of Innovation (DOI), Technology Acceptance Model (TAM),
on the customer’s attitude towards mobile banking.
and Decomposed Theory of Planned Behavior (DTPB), respectively
proposed by Rogers [20], Davis [21] and Taylor and Todd [22]. While Past studies considered perceived risk to be a key obstacle to the
these generic theories and frameworks have been applied in many adoption of new technologies [32–34]. Most new financial technologies
studies, innovation-related characteristics and consumer-related traits (e.g., electronic commerce, e-payments, e-banking) are characterized by
should be considered in developing research models [23]. In the inherent risks that have limited their appeal to users [35]. As the result,
following sections, the characteristics of mobile banking are first the present paper considers perceived risk as a new characteristic of

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J.C. Ho et al. Technology in Society 63 (2020) 101360

mobile banking adoption. Perceived risk refers to the subjective expec­ person’s perception of his peers’ opinion of the desirability of the
tation of a loss or sacrifice in using a risky technology [36]. Tan and Teo behavior in question. Subjective norms have been found to be more
[5] concluded that risk was introduced as an additional dimension in important in the early stages of innovation implementation [22]. It is
studying diffusion and adoption. We should note that perceived risk can related to intention since people often act based on their perception of
play a major role in attitude formation [29,37,38]. A potential customer what others think they should do [5,42,47]. Hence, the following hy­
who perceives mobile banking as a risky activity will tend to have a pothesis is proposed:
negative attitude towards mobile banking. We thus propose the
Hypothesis 7. Subjective norms positively affect an individual’s
following hypothesis:
intention to adopt mobile banking.
Hypothesis 3. The perceived risk of using mobile banking has a
negative effect on the customer’s attitude towards mobile banking. 2.4.3. Self-efficacy, facilitating conditions and perceived behavioral control
Meanwhile, perceived behavioral control can be used to predict an
2.3. Technology Acceptance Model (Davis, 1989) individual’s intention to adopt mobile banking [5,47]. Perceived
behavioral control refers to factors that may obstruct the performance of
Quite similar to the DOI model, Davis’s [21] Technology Acceptance a particular behavior. This factor is influenced by self-efficacy and
Model (TAM) was designed to measure consumer intention to use, but facilitating conditions [9,22]. Self-efficacy refers to an individual’s
accounted for how perceived usefulness and perceived ease of use affect self-confidence in his or her ability to use a particular technology to
attitudes. accomplish a given task [48], while facilitating conditions reflect the
The concept of “relative advantage” is similar to that of “perceived availability of resources needed to engage in a particular behavior [49].
usefulness” [22,39,40], and perceived usefulness is used to replace Thus the following hypotheses are proposed:
relative advantage in this study. Furthermore, “complexity” is replaced
Hypothesis 8. Self-efficacy has a positive effect on perceived behav­
by “perceived ease of use”.
ioral control.
Perceived usefulness refers to the degree to which an individual
believes that using a particular system would enhance his or her job Hypothesis 9. Facilitating conditions have a positive effect on
performance [21]. Previous studies have concluded that customers who perceived behavioral control.
perceive clear benefits and usefulness offered by mobile banking, they
As shown in previous studies [22,50], perceived behavioral control
are more likely to form a positive attitude towards mobile banking (e.g.
plays an important role in predicting intention to use new technologies
Refs. [31,38,41,42]). This leads to the following hypothesis:
in general and mobile banking in particular. Being an antecedent of
Hypothesis 4. The perceived usefulness of using mobile banking has a behavioral intention and part of the Theory of Planned Behavior [46],
positive effect on the customer’s attitude towards mobile banking. perceived behavioral control has influence on innovation adoption
intention, In addition, perceived behavioral control is affected by
Perceived ease of use is the degree to which mobile banking is
self-efficacy, and facilitating conditions that could differ between
perceived as easy to understand and operate [24]. Prior studies argued
Taiwan and Vietnam. As a result, we propose the following hypothesis:
that customers who find mobile banking as easy to use will have a more
positive attitude towards mobile banking [10,22,41,43]. The following Hypothesis 10. Perceived behavioral control has a positive effect on
hypothesis is thus proposed: intention to adopt mobile banking.

Hypothesis 5. The perceived ease of use of mobile banking has a

2.4.4. Personal innovativeness and intention to adopt mobile banking
positive effect on the customer’s attitude towards mobile banking.
In innovation diffusion research, it has long been recognized that
highly innovative individuals actively seek out new ideas. Personal
2.4. Decomposed Theory of Planned Behavior Model (Taylor and Todd,
innovativeness was defined in the domain of information technology as
1995)
“the willingness of an individual to try out any new information tech­
nology”, according to Agarwal and Prasad [51].
Along with DOI and TAM, the Decomposed Theory of Planned
Yang et al. [52] demonstrated that personal innovativeness posi­
Behavior (DTPB) model provides a more comprehensive understanding
tively affects the perceived relative advantage to be had by adopting
of behavioral intention. Taylor and Todd [22] decomposed the attitude,
mobile payment services, while other studies have shown that innova­
subjective norms, and perceived behavioral control in the Theory of
tiveness has an effect on perceived ease of use [28,53], and that inno­
Planned Behavior and Technology of Acceptance Model to propose the
vativeness also has an impact on attitude or intention [54,55].
DTPB model.
This study argues that individuals with a higher level of innova­
tiveness with respect to new technologies are expected to develop a
2.4.1. Attitude towards mobile banking
more positive perception of innovation in terms of perceived usefulness
Attitude is defined as an individual’s positive and negative feelings
and ease of use, and thus form more positive attitudes toward and
about performing a certain behavior [44]. One’s attitude towards a
increased intentions to adopt mobile banking. Hence, we propose the
behavior refers to the degree to which one favorably or unfavorably
following hypotheses:
evaluates that behavior [45]. Attitude is considered an important pre­
dictor of intention to adopt new technologies in general and mobile Hypothesis 11. Personal innovativeness positively affects the
banking in particular [4,10,22,42]. We therefore hypothesize: perceived usefulness of mobile banking.

Hypothesis 6. One’s attitude towards mobile banking positively af­ Hypothesis 12. Personal innovativeness positively affects the
fects one’s intention to adopt mobile banking. perceived ease of use of mobile banking.

In addition, the previous studies showed that subjective norms and Hypothesis 13. Personal innovativeness positively affects attitudes
perceived behavior control also have a positive effect on intention to use towards mobile banking.
a given technology. These variables were also mentioned in the theory of
Hypothesis 14. Personal innovativeness positively affects intention to
planned behavior [46].
adopt mobile banking.

2.4.2. Subjective norms The proposed research model is developed based on these hypothe­
According to Fishbein and Ajzen [44], a subjective norm refers to the ses to illustrate the relationship between the independent variables and

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J.C. Ho et al. Technology in Society 63 (2020) 101360

the dependent variables. fit indices including the Chi-Square value and its associated degrees of
freedom (CMIN/df), the CFI, the Root Mean Square Error of Approxi­
3. Research method mation (RMSEA), and the Standardized Root Mean Residual (SRMR) are
used to assess the model’s goodness-of-fit.
The proposed model was verified using measurement assessments.
To examine the measurement instruments, a set of sample items was 4. Research results
generated for each construct. We also conducted exploratory factor
analysis (EFA) and confirmatory factor analysis (CFA) for both the 4.1. Reliability, validity, and goodness-of-fit
Taiwan and Vietnam models. The convergent validity and the goodness-
of-fit of the research model were also verified, and the structural models Based on the recommended value with respect to factor loading and
for both nations were empirically tested to verify the proposed sample size suggested by Hair et al. [58], items with loadings less than
hypotheses. 0.50 and/or cross loading greater than 0.40 (for data in Taiwan) or 0.30
(for data in Vietnam) were discarded. The scales were then subjected to
CFA using AMOS with maximum likelihood estimation to assess the
3.1. Measurements and data collection
construct validity and convergent validity. IBM® SPSS® AMOS is a
powerful tool for structural equation modeling (SEM) and can be used to
Regarding the operationalization of each construct, multi-item scales
assess the goodness-of-fit of complex research models.
for the 12 constructs were primarily adopted from previous studies with
After conducting EFA, all measures still load on their own constructs
wording changes as required to adjust them to mobile banking context
affecting the intention to adopt mobile banking, and only one of the
(Table 1). Notably, the scale for intention to adopt mobile banking was
measures for innovativeness was removed from this step for both the
developed and separated into two different sections for users and non-
Taiwan and Vietnam models (Table 2).
users. For non-users, intention to adopt mobile banking refers to prob­
In the second phase, CFA was used to test how well the observed
ability of their adopting mobile banking in the future. For users, inten­
variables represent their own latent factors. The adequacy of the mea­
tion to adopt mobile banking refers to probability of their continuing to
surement model was assessed through examining the goodness-of-fit
use mobile banking in the future.
indices, the convergent validity of the measures associated with each
All items were measured on a five-point Likert scale, ranging from
construct, and the discriminant validity of each construct [58]. The final
strongly disagree (1) through neutral (3) to strongly agree (5). The
results of the measurement models are presented in Table 3.
questionnaire consisted of a total 49 statements corresponding with 12
As seen in Table 3, the results of model goodness-of-fit indicate that
constructs, and 15 questions related to demographics and basic
both models achieve a good overall fit. In particular, the Chi-Square
perceptions.
value relative to degrees of freedom (CMIN/df) is less than the cut-off
Data was simultaneously collected from respondents in Taiwan (N =
value of 3.00, suggesting an acceptable fit [60,61]. In addition, the
164) by a paper-based survey and in Vietnam (N = 213) by a web-based
comparative fit indices (CFIs) of 0.925 and 0.907 are recognized as
survey. Survey participation was limited to adults with a cell phone and
indicative of a good fit [58,60,62]. Root mean square error of approxi­
a bank account.
mation (RMSEA) also indicates the acceptable fitness of both the Viet­
nam and Taiwan models since their RMSEA values are below the
3.2. Model reliability and validity threshold level of 0.08 [58,63,64]. Finally, Standardized RMR (SRMR)
values are below the threshold level of 0.08, indicating a reasonable fit
The measurement model consists of relationships among the latent [58,62].
factors and the observed variables underlying each construct. The Following Hair et al. [58], we use factor loadings, variance extracted
measurement model must show a satisfactory level of reliability and and reliability (consisting of Cronbach’s Alpha and composite reli­
validity, before testing for significant relationships in the structural ability) as indicators to estimate the relative amount of convergent
model [56,57]. validity.
A two-phase analysis was conducted for the measurement model. The reliability coefficient and composite reliability (CR) for all of
The first phase used EFA with principal component analysis and varimax constructs exceed 0.7, indicating internal consistency between multiple
rotation to purify the scales. According to Hair et al. [58], three or four measurements of a construct [58]. As shown in Table 4, all average
fit indices can be used to provide adequate evidence of model fit. Of variance extracted (AVE) values satisfy the criterion of explaining at
these indices, the performance of the Comparative Fit Index (CFI) suffers least 50% of variance extracted among a set of items underlying the
least affected by sample size [59] and is thus used here. Hence, multiple latent construct.
As seen in Tables 5 and 6, the requirements of discriminant validity
Table 1 are satisfied since all AVE values are greater than the correlation be­
Research variables and measurements. tween the constructs in the measurement models for both nations [56,
Constructs References 58].
Compatibility Hsiu-Fen [42], Moore and Benbasat [18], Tan and
Teo [6], Yang et al. [37]. 4.2. Empirical testing of the structural models
Perceived Usefulness Davis [10], Lai et al. [5].
Perceived Ease of Use Davis [10], Lai et al. [5], Luarn and Lin [8]. To test the proposed hypotheses, a structural equation model using
Trialability Brown et al. [43], Tan and Teo [6].
Perceived Risk Agarwal and Prasad [36], Tan and Teo [6].
Amos with the maximum likelihood estimation was used to assess the
Self-efficacy Compeau and Higgins [33], Tan and Teo [6]. relationships among the theoretical constructs for the structural models
Facilitating Conditions Ko [44], Tan and Teo [6]. of the two nations. The results are summarized in Tables 7 and 8 and
Perceived Behavioral Control Püschel et al. [4], Taylor and Todd [11]. Fig. 1.
Attitude towards Adopting Luarn and Lin [8], Taylor and Todd [11].
The differences between Taiwan and Vietnam are subjected to
Mobile banking
Subjective Norm Tan and Teo [6]. further statistical examination by comparing each pair of path co­
Innovativeness in New Ainin et al. [45]. efficients. As shown in Figs. 1 and 8 out of the 14 hypotheses are sig­
Technologies nificant with p values less than 0.001 in both countries while hypotheses
Intention to Adopt Mobile Luarn and Lin [8], Tan and Teo [6]. H4, H11 and H14 are only supported in Vietnam’s model. According to
Banking
the structural model for Taiwan, trialability has no impact on attitudes

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J.C. Ho et al. Technology in Society 63 (2020) 101360

Table 2
Summary of exploratory factor analysis.
N of items Taiwan model Vietnam model

Before EFA After EFA KMO Sig. value % of variance explained KMO Sig. value % of variance explained

ATT 4 4 0.78 0.00 77.16% 0.80 0.00 86.39%

SN 3 3
PBC 3 3
INNOV 4 3
Total 14 13 >0.5 0.00 >60% >0.5 0.00 >60%

Note: ATT = Attitude, SN = Subjective Norms, PBC = Perceived Behavioral Control, INNOV = Innovativeness.

both models, while another three were only supported in the model for
Table 3
Vietnam. Related findings are reported as follows:
Model goodness-of-fit statistics.
CMIN df CMIN/ CFI RMSEA SRMR
(X2) df
5.1. Factors affecting attitude towards mobile banking
Taiwan 1128.251 750 1.504 .925 .056 .0545
Vietnam 1414.470 669 2.114 .907 .072 .0528 Three factors (i.e., compatibility, perceived usefulness and perceived
Acceptable
risk) are found to influence attitudes towards mobile banking in both
<3.0 >0.9 <0.08 <0.08
threshold levels
models, with compatibility having the most pronounced effect and
perceived risk the least. These findings are consistent with those of
towards mobile banking while innovativeness is insignificantly corre­ previous studies which suggest that compatibility with values, beliefs,
lated with perceived usefulness and intention to adopt mobile banking. and past experiences is an important factor in determining the adoption
Meanwhile, the three remaining hypotheses H3, H7 and H13 are not rate of a particular innovation [65].
supported for either model. As the result, neither perceived ease of use First, compatibility is one of the key factors that needs to be
nor innovativeness has an effect on attitude, and no relationship is found considered by banks planning to launch mobile banking services. If the
between subjective norms and intention to adopt mobile banking. The mobile banking applications are a good match for consumers’ lifestyles
similarities and differences will be discussed in detail in the next section. and working styles, their attitude toward the system will be positively
impacted, making them more likely to adopt mobile banking in the
5. Discussion future [9,38].
Secondly, perceived usefulness has an indirect effect on intention
As mentioned earlier, 8 out of the 14 hypotheses were supported in through attitude. This finding supports those of previous studies [10,22,

Table 4
Results of convergent validity analysis.
Taiwan Vietnam

Constructs Construct Identifiers Cronbach’s Alpha CR AVE Cronbach’s Alpha CR AVE

Compatibility COMPAT .893 0.895 0.739 .914 0.918 0.788

Perceived Usefulness PU .909 0.906 0.617 .920 0.921 0.664
Perceived Ease of Use PEOU .919 0.924 0.804 .899 0.900 0.751
Trialability TRIAL .868 0.868 0.687 .807 0.825 0.706
Perceived Risk RISK .923 0.924 0.753 .935 0.937 0.787
Self-efficacy SELFEFF .877 0.880 0.647 .862 0.853 0.594
Facilitating Conditions FACON .801 0.783 0.508 .796 0.803 0.576
Perceived Behavioral Control PBC .840 0.839 0.636 .951 0.952 0.869
Attitude ATT .893 0.884 0.656 .885 0.892 0.736
Subjective Norms SN .940 0.950 0.906 .938 0.941 0.841
Innovativeness of New Technologies INNOV .757 0.763 0.527 .920 0.932 0.823
Intention to Adopt Mobile Banking INTENT .895 0.898 0.719 .924 0.925 0.804
Acceptable threshold >0.7 >0.7 >0.5 >0.7 >0.7 >0.5

Table 5
Correlation squared and average variance extracted – data from taiwan.
COMPAT PU PEOU TRIAL RISK SELFEFF FACON PBC ATT SN INNOV INTENT

COMPAT 0.739
PU 0.458 0.617
PEOU 0.023 0.039 0.804
TRIAL 0.007 0.001 0.001 0.687
RISK 0.324 0.342 0.006 0.028 0.753
SELFEFF 0.085 0.049 0.071 0.080 0.022 0.647
FACON 0.041 0.049 0.045 0.017 0.056 0.410 0.508
PBC 0.151 0.170 0.035 0.055 0.103 0.506 0.506 0.636
ATT 0.679 0.607 0.024 0.027 0.618 0.141 0.120 0.287 0.656
SN 0.109 0.137 0.011 0.000 0.148 0.026 0.041 0.030 0.228 0.906
INNOV 0.004 0.000 0.171 0.003 0.007 0.037 0.049 0.001 0.002 0.004 0.527
INTENT 0.412 0.468 0.019 0.021 0.416 0.113 0.176 0.323 0.632 0.104 0.006 0.719

Note: (1) The AVE is shown on the diagonal of the matrix in bold. (2) The correlations are shown off the diagonal.

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Table 6
Correlation squared and average variance extracted – data from vietnam.
COMPAT PU PEOU TRIAL RISK SELFEFF FACON PBC ATT SN INNOV INTENT

COMPAT 0.788
PU 0.336 0.664
PEOU 0.257 0.575 0.751
TRIAL 0.081 0.032 0.106 0.706
RISK 0.306 0.155 0.096 0.043 0.787
SELFEFF 0.240 0.110 0.209 0.079 0.148 0.594
FACON 0.191 0.189 0.275 0.049 0.102 0.518 0.576
PBC 0.195 0.102 0.151 0.021 0.127 0.593 0.498 0.869
ATT 0.326 0.241 0.142 0.140 0.267 0.195 0.158 0.165 0.736
SN 0.045 0.070 0.049 0.025 0.034 0.016 0.048 0.012 0.035 0.841
INNOV 0.110 0.109 0.133 0.013 0.123 0.241 0.218 0.188 0.037 0.102 0.823
INTENT 0.724 0.354 0.271 0.071 0.339 0.394 0.352 0.341 0.510 0.067 0.256 0.804

Note: (1) The AVE is shown on the diagonal of the matrix in bold. (2) The correlations are shown off the diagonal.

Table 7
Summary of hypotheses testing results – data from taiwan.
H Independent Variables Dependent Variables Standardized Estimate t-value p Results

H1 COMPAT ATT .450 6.009* .000 Accepted

H2 PU ATT .448 6.938* .000 Accepted
H3 PEOU ATT .002 .043 .966 Rejected
H4 TRIAL ATT -.087 − 1.633 .102 Rejected
H5 RISK ATT -.431 − 5.824* .000 Accepted
H13 INNOV ATT .018 .308 .758 Rejected
H8 SELFEFF PBC .351 3.753* .000 Accepted
H9 FACON PBC .565 5.556* .000 Accepted
H6 ATT INTENT .737 8.296* .000 Accepted
H7 SN INTENT -.053 -.888 .375 Rejected
H10 PBC INTENT .247 3.615* .000 Accepted
H14 INNOV INTENT -.068 − 1.031 .303 Rejected
H11 INNOV PU .004 .047 .963 Rejected
H12 INNOV PEOU .421 4.736* .000 Accepted

Note: *significant at p < 0.001.

Table 8
Summary of hypotheses testing results – data from vietnam.
H Independent Variables Dependent Variables Standardized Estimate t-value p Results

H1 COMPAT ATT .347 4.623* .000 Accepted

H2 PU ATT .289 4.825* .000 Accepted
H3 PEOU ATT -.100 − 1.649 .099 Rejected
H4 TRIAL ATT .260 3.837* .000 Accepted
H5 RISK ATT -.251 − 3.502* .000 Accepted
H13 INNOV ATT -.098 − 1.446 .148 Rejected
H8 SELFEFF PBC .574 6.187* .000 Accepted
H9 FACON PBC .297 3.279* .000 Accepted
H6 ATT INTENT .584 10.535* .000 Accepted
H7 SN INTENT .033 .683 .494 Rejected
H10 PBC INTENT .237 4.542* .000 Accepted
H14 INNOV INTENT .293 5.511* .000 Accepted
H11 INNOV PU .351 5.238* .000 Accepted
H12 INNOV PEOU .366 5.180* .000 Accepted

Note: *significant at p < 0.001.

41–43,50], and indicates that this factor has an indirect effect on should allow potential users to test the mobile banking system by
intention to adopt mobile banking in both countries. providing step-by-step demonstrations in multiple media formats (on­
Thirdly, perceived risk is also one of the critical factors that banks in line, broadcast advertising, promotional literature, etc.).
both countries need to consider when designing, launching and pro­ Finally, compatibility, perceived usefulness, and perceived risk are
moting mobile banking services to their customers [37,38,54,66]. To found to significantly affect attitudes towards adopting mobile banking
decrease perceived risk, we suggested two key actions. First, to promote in both countries. Banks can exploit these factors to create a positive
sustainable development, banks should make the necessary investment attitude among consumers towards mobile banking, thus increasing
to ensure a stable and secure mobile banking infrastructure, and their intention to adopt mobile banking.
otherwise act to dispel customer anxieties about transaction and data
security while using mobile banking services.
Next, this study also concludes that the trialability has a positive 5.2. Factors affecting perceived behavioral control
impact on attitude (β = 0.26, p = 0.000 < 0.001) in Vietnam, but not in
Taiwan (β = − 0.09, p = 0.102 > 0.05), suggesting that banks in Vietnam Perceived behavioral control is directly affected by self-efficacy (β =
0.35 for the Taiwan model and β = 0.57 for the Vietnam model) and

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J.C. Ho et al. Technology in Society 63 (2020) 101360

Fig. 1. Results of the structural models for Taiwan and Vietnam.

facilitating conditions (β = 0.57 for the Taiwan model and β = 0.30 for marketing strategies to attract innovators and early adopters. Proper
the Vietnam model). This is consistent with previous works, which interface design and customer training in the use of online banking
implied that self-efficacy and/or facilitating conditions were signifi­ applications seem to offer the key to its long-term success there.
cantly and positively correlated to perceived behavioral control [9,22, Although some previous studies have argued that subjective norms
42,50]. In the context of deploying a successful mobile banking service, have a significant positive effect on intention [9,22,42,55], the intention
this paper recommends that banks raise self-efficacy by focusing on to adopt mobile banking is not found to be influenced by subjective
training to influence consumer acceptance of mobile banking. In addi­ norms in our research, a result supported by some other studies. In
tion, the effect of facilitating conditions should alert managers to particular, neither Tan and Teo [5] nor Beiginia et al. [50] found a
possible barriers to the adoption of mobile banking. Furthermore, banks significant positive impact of subjective norms on behavioral intention
must develop a stable service infrastructure and customer care mecha­ for internet banking or mobile banking. We suggest this may be due to
nisms to provide mobile banking customers with immediate and effec­ the nature of mobile banking; specifically the private nature of bank
tive assistance. transactions [5]. In addition, user decisions can be influenced by others
in their organizational context rather than in their individual context
[22,67]. Mobile banking is not yet popular in either Taiwan or Vietnam,
5.3. Factors affecting intention to adopt mobile banking and respondents might think that their referent groups are unlikely to
know much about such services. Therefore, this study concludes that
To facilitate the application of the proposed model across multiple none of the referent groups had a significant effect on the respondents’
countries, the key determinants of behavioral intention to adopt mobile intention to adopt mobile banking.
banking are identified as attitude and perceived behavioral control in
which attitude has the stronger effect on intention (β = 0.74 for the 6. Contribution
Taiwan model and β = 0.58 for the Vietnam model). This finding implies
that the formation of positive attitudes towards mobile banking among 6.1. Contributions and managerial implications
potential customers will increase their intention to adopt mobile
banking. Similar results were found in previous studies [10,15,22,41, While the previous section provided recommendations based on the
55]. findings of the present study, this section offers some general insights in
Innovativeness was found to have no effect on intention to use mo­ terms of managerial implications and contributions of this study for both
bile banking in Taiwan (β = − 0.07, t = − 1.031, p > 0.05), but was found researchers and practitioners.
to be an important factor in Vietnam. This indicates that users with a The theoretical constructs of the framework in the adoption of mo­
high degree of innovativeness are more likely to explore and adopt bile banking can be applied to banking customers in both Taiwan and
mobile banking service in Vietnam. This may be explained by the rela­ Vietnam. Regional and national cultures are one of the factors most
tive novelty of mobile apps in that country, despite the increasing rate of widely recognized as influencing innovation diffusion [68]. Other
smartphone ownership. Hence, banks in Vietnam should formulate

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national attributes such as level of economic development may also Pham: Reviewing literature; theorizing the hypotheses; collecting data;
influence the rate of innovation adoption [69]. In addition to classical implementing statistical analyses; manuscript writing.
cultural dimensions such as individualism/collectivsm [17], this
research finds that relative degree of innovativeness among countries Acknowledgments
has a siginficant effect on the rate of mobile banking adoption.
Furthermore, trialability is found to have a significant impact on adotion The authors would like to express their appreciation to Ministry of
in Vietnam but not in Taiwan. Innovativeness may be recognized as a Science and Technology of Taiwan for funding this research (Project
latent factor of national culture and can be associated as an attribute for Number: MOST 104-2410-H-155 -040 -MY2).
cross-national innovation adoption studies.
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