Factors Determining the Use and Acceptance of Mobile Banking in Colombia

Abstract

The purpose of this paper is to identify the factors that influence the acceptance and use of mobile banking among users in Medellín (Colombia). The factors we propose are built upon on seven constructs (customer service and support, perceived attitude, perceived usefulness, ease of use, perceived trust, intention to use, and perceived security), which were developed based on the Technology Acceptance Model (TAM) and the literature. We collected the data from 220 questionnaires self-administered by mobile banking users in Medellín. Subsequently, we conducted a confirmatory factor analysis to determine the correlation between the set of observed variables and the constructs defined in the proposed acceptance model. We empirically conclude that the use of mobile banking among the population under study is mainly influenced by users’ perceived usefulness, perceived trust, and ease of use. The results show a strong correlation between perceived trust and perceived security and between perceived usefulness and intention to use.

A financial inclusion app and USSD service for farmers in rural Colombia

“…In Colombia, research has been conducted on mobile banking adoption in various contexts such as services for microentrepreneurs in vulnerable conditions, where trust and attitude are two common factors enabling the adoption of digital services (Ruano-Arcos et al, 2020). Another study highlighted perceived trust and security as the factors influencing the acceptance and use of mobile banking in Colombia (Giraldo et al, 2021). Ultimately, the adoption of e-banking in Colombia relies on trust, performance expectancy, and effort expectancy (Sánchez-Torres et al, 2018).…”

“…Given the aforementioned growth in mobile-cellular signal coverage, the technology tends to provide price or market information as mobile or m-services (Baumüller, 2015). These m-services have been constructed based on the features of mobile health technologies, which bear a prolonged tradition of successfully providing measurement, diagnostics, telemonitoring, and support for distributing health information in a more effective manner, especially in rural areas (Kamsu-Foguem and Foguem, 2014).…”