Mobile Banking Adoption in the United States: A Structural Equation Modeling Analysis

Mobile Banking Adoption in the United States: A Structural Equation Modeling Analysis

Michel N. Engwanda
Copyright: © 2015 |Pages: 13
DOI: 10.4018/IJESMA.2015070102
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Mobile banking penetration has been relatively low even though smartphones are the most dominant forms of mobile computing in the United States. This quantitative correlational study is focused on how consumers ‘perceptions affect their intention to use mobile banking in the United States. Among U.S. consumers with smartphones, Internet access, and a bank account; 68% used Internet, 33% used telephone-based banking, and only 21% engaged in some type of mobile banking activities in 2011. The web-based survey used in this study was derived from the technology acceptance model extended by the innovation diffusion theory. Data were collected by e-mail from a random sample of 398 people in the United States. The structural equation modeling (SEM) technique was used to analyze data. The results indicated that, perceived compatibility, credibility, and costs were the significant predictors of mobile banking adoption in the United States.
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Literature Review

M-banking technology has brought in a paradigm shift in banking operations (Palani & Yasodha, 2012). The literature shows that scholars used numerous theories and conceptual framework to study m-banking adoption in various countries. Lee and Chung (2009) used Hofstede's cultural dimensions and the bass diffusion model to examine cultural differences of mobile phone adoption in South Korea and the United States. They concluded that in individualistic cultures such as the United States, people sought information on their own from direct and formal sources, whereas in collectivistic cultures such as South Korea, people relied on other-like-minded individuals who previously used the technology to decide on the adoption. Dinev et al. (2006) used the privacy calculus theory to conduct a cross-cultural study between the United States and Italy. They found that compared to Americans, Italians had a lower propensity to trust, lower institutional trust, and a higher perceived risk (Dinev et al., 2006).

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