The role of UTAUT, DOI, perceived technology security and game elements in internet banking adoption
| Date | 01 October 2018 |
| Published date | 01 October 2018 |
| DOI | https://doi.org/10.1108/WJSTSD-05-2018-0040 |
| Pages | 338-356 |
| Author | Samar Rahi,Mazuri Abd. Ghani |
| Subject Matter | Public policy & environmental management,Environmental technology & innovation |
The role of UTAUT, DOI,
perceived technology security and
game elements in internet
banking adoption
Samar Rahi
Department of Marketing, Universiti Sultan Zainal Abidin,
Kuala Terengganu, Malaysia, and
Mazuri Abd. Ghani
Universiti Sultan Zainal Abidin, Kuala Terengganu, Malaysia
Abstract
Purpose –The increasing innovation and urgent need of up-to-date and convenient information systems
have gained high importance in financial sector. Several banks have deployed internet banking in order to
reduce cost while improving customer services. Therefore, the growth of internet banking is limited and in
many cases fallen short of expectations. The purpose of this paper is to develop an integrated model that
combines technology, innovative and environmental factors altogether in order to understand customer’s
intention to adopt, and intention to recommend internet banking in social networks.
Design/methodology/approach –In all, 398 valid responses were collected from customers of commercial
banks, using convenience sampling approach. Data were analyzed using the structural equation modeling.
Findings –The findings show that integrated model has good explanatory power (78.3 percent) to predict
customer’s intention to adopt internet banking. Findings also revealed that the interaction effect of
gamification between user’s intention to adopt and user’s intention to recommend internet banking will be
stronger when gamification effect is higher. Importance performance matrix analysis (IPMA) revealed that
innovativeness and perceived technology security were the most important factors in order to determine
user’s intention with regard to adoption of internet banking.
Practical implications –For policy-makers, it is suggested that they should focus on innovative characteristics
and must ensure the possible environment for carrying out internet banking transaction. Advertising about new
technology with adequate information may produce positive influence on user’s intention. Enjoyable internet
banking website with reward system will help to improve user’s intention to adopt and intention to recommend
internet banking with others, thus developers should introduce game features on internet banking website.
Originality/value –This study provides basis for further refinement of individual technology acceptance
models and enrich the e-commerce literature adding innovative and game elements in interne banking
adoption context. Additionally, the proposed model makes an important contribution in emerging e-commerce
literature especially in the context of innovative and gamified internet banking.
Keywords UTAUT, Gamification, Structural equation modeling (SEM), Diffusion of innovation,
Intention to recommend, Perceived technology security
Paper type Research paper
1. Introduction
Technology acceptance research is constantly growing and new technologies evolving all the
time ( Jin et al., 2015). The evolution of new technologies provides a chance to organization to
retain customers and offer them new services and products (Martins et al., 2014). The banking
sector is using technology not only for internal operation, but also to provide convenient
services to customers. Despite the potential benefits that internet banking offers to consumers,
the adoption of internet banking has been limited and, in many cases fallen short of expectations
(Alwan and Al-Zubi, 2016; Lee, 2009; Rahi, Ghani, Alnaser and Ngah, 2018). There are
still a large group of customers who refuse to adopt internet banking services due to uncertainty
and security concerns (Lee, 2009; Martins et al., 2014; Samar, Ghani and Alnaser, 2017).
Globally, it is forecasted that the growth of internet banking users is expected to be moderate
World Journal of Science,
Technology and Sustainable
Development
Vol. 15 No. 4, 2018
pp. 338-356
© Emerald PublishingLimited
2042-5945
DOI 10.1108/WJSTSD-05-2018-0040
The current issue and full text archive of this journal is available on Emerald Insight at:
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338
WJSTSD
15,4
until 2018 (eMarketer, 2014). Thus, a careful review is required to understand the main
determinants of internet banking adoption for banks and users.
Earlier research has focused on either customer’s intention or actual use of internet
banking. Author’s like Wang et al. (2017), extended the unified theory of acceptance and use
of technology (UTAUT) model (PE and EE) with compatibility and personalization, revealed
that compatibility significantly moderate the relationship between personalization and
performance expectancy. The extended UTAUT2 model was tested by Tarhini et al. (2016),
to understand the Lebanonies customer’s intention with regards to adoption of internet
banking. However, these studies have failed to provide theoretical contribution as model
studied without adding external variables.
According to Martins et al. (2014), there is limited empirical work which simultaneously
captures technology and risk factors to understand user’s behavioral intention with regards
to internet banking adoption. The contribution of our research is in twofold: First, we
extended the UTAUT model with diffusion of innovation (DOI) and perceived technology
security. Second, our study focuses on gamification effect on user’s intention to adopt and
intention to recommend internet banking. Miltgen et al. (2013), argued that due to
overwhelming emphasis on user’s behavioral intention, a post-adoption behavior (i.e.
intention to recommend technology) has been ignored. Therefore, the current research
expands the scope of adoption studies and develop an innovative integrated model which is
based on technology factors (performance expectancy, effort expectancy) innovative factors
(innovativeness, compatibility), and environmental factors (intention to recommend internet
banking in social networks). This study may help banks to develop right policies and
actions to derive customer’s intention toward adoption of internet banking.
2. Literature review
Rahi, Ghani, Alnaser and Ngah (2018) summarize the concept of internet banking as
“banking channel that allows consumers to do a wide range of financial and non-finical
service through a bank website.”internet banking service provides an opportunity to
customers to manage and control their financial accounts and transaction through bank
website. Banks are distinguishing due to innovative services and active internet strategies,
this in turn create competitive pressure. Wong et al. (2009) stated that, advances in
information technology has stimulated the development of internet banking. In past few
decades the relationship between internet banking and users has changed due to technology
evolution (Rodrigues et al., 2017). It is estimated that globally, 423.5m people accessed
internet banking which is only 28.7 percent of internet users (Statista, 2012). In developing
country context like Pakistan the growth of internet banking is stagnant (Rahi, 2016; Rahi
and Ghani, 2016). A report issued by State Bank of Pakistan (2015), depicted 3 percent
growth as compare to previous fiscal year. Additionally, it is forecasted that the growth of
internet banking users is expected to be moderate until 2018 (eMarketer, 2014).
In spite of technological investment in internet banking application, the use of internet
banking service remains modest (Devi Juwaheer et al., 2012; Rodrigues et al., 2017). There is
still a largegroup of customers who have refusedto adopt internet banking due touncertainty
and security iss ues (Martins et al., 2014; Rahi, 2015; Samar, Ghani and Alnaser, 2017). Thus,
understandingthe main determinantof internet banking adoptionis important both for banks
and users. To deepen the understanding, we developed an integrated model grounded in
UTAUT, DOI, perceived technology security and game elements as shown in Figure 1.
2.1 Unified theory of acceptance and use of technology (UTAUT)
The unified theory acceptance and use of technology was introduced by Venkatesh, Morris,
Davis, and Davis (2003) and served as the overarching theoretical model in this study. Several
model have been evolved in IS literature that sought to investigate user’s beliefs, attitude and
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Internet
banking
adoption
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