Factors Driving the Adoption of E-banking Services Based on the UTAUT Model

Abstract

E-banking has become one of the most popular methods that has experienced considerably great attention in the financial services studies in the last few years. E-banking enables customers of the bank to conduct a range of financial services via the internet portal. It provides a solution in driving formal banking services uptake in the most cost-effective way, it has great benefits to both the customers as well as the banks i.e. convenience, cost reduction, ease and is an effective marketing tool. This research was conducted to determine the underlying factors that drive the adoption of e-banking services based on the UTAUT model and to recommend solutions that will address the identified underlying factors. A baseline study involving 313 respondents was undertaken with the sample consisting of Clients from the top five (5) banks in Zambia with the best digital capabilities. Questionnaires were administered to these Clients through purposive sampling to get information on their views on Internet banking services. Data was analysed using SPSS descriptive analysis. The results of the study revealed that the UTAUT factors; performance expectancy (PE), effort expectancy (EE), facilitating conditions (FC) and behaviour intention (BI) have a significant impact in the adoption of e-banking services. Social influence (SI) was non-significant to the user’s intention to adopt e banking services.

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“…For example, in a study on the factors driving the adoption of E-banking services in Zambia based on the UTAUT Model, it was revealed that the UTAUT factors; performance expectancy, effort expectancy, facilitating conditions and behavior intention have a significant impact in the adoption of e-banking services. Social influence was non-significant to the user's intention to adopt e-banking services [12]. Some of the results from these studies are consistent with the original postulations while others contradict them.…”

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“…The Unified Theory of Acceptance and Use of Technology (UTAUT) was formulated in a quest to harmonise earlier technology adoption models, namely TRA, Theory of Planned Behaviour (TPB), the Technology Acceptance Model (TAM), the Motivational Model, Personal Computer (PC) Utilisation, Diffusion of Innovation (DOI) and the Social Cognitive theories [20]. Venkatesh et al [21] examined eight technology acceptance models and used the findings to identify the four core determinants of intention and usage, and up to four moderators of key relationships.…”

“…Evolving from the Theory of Reasoned Action (TRA), The Technology Acceptance Model (TAM) was the first in which psychological factors that affect technology acceptance were mentioned. The theory developed and validated better measures through for predicting and explaining technology use [20]. The model suggests that when users are presented with a new technology, a number of factors influence their decision on how they will use the technology [22].…”

“…The model suggests that when users are presented with a new technology, a number of factors influence their decision on how they will use the technology [22]. The "Perceived usefulness" and "perceived ease of use" for predicting extent of adoption of technologies at individual level is the strength that gives the model to be adopted in many technological studies [20] as shown in Figure 3.…”

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“…enhance his or her job performance. Perceived ease of use also influences in a significant way the attitude of an individual through two main mechanisms: self-efficacy and instrumentality[10] [11] [12][13].…”