Security factors on the intention to use mobile banking applications in the UK older generation (55+). A mixed-method study using modified UTAUT and MTAM - with perceived cyber security, risk, and trust. (November 2021)

• Record Type: Journal Article
• Authors: Hanif, Yasmeen; Lallie, Harjinder Singh
• Is Part Of: Technology in society. Volume 67(2021)
• Publication Date: 2021-11
• Subjects: UTAUT -- Mobile banking application -- Perceived cyber security risk -- Technology acceptance -- User intention -- MTAM; Technology -- Social aspects -- Periodicals; 303.483
• DOI: 10.1016/j.techsoc.2021.101693
• Languages: English
• ISSNs: 0160-791X

Abstract

Abstract: The convenience and accessibility of mobile banking applications has resulted in this becoming the preferred method of banking in the UK. Although popular amongst a younger generation, uptake is significantly lower among the older generation of those aged 55+, with some attributing this to cyber security and privacy concerns. This study proposes a model that can be used to measure the influence of cyber security factors on intention to use mobile banking applications, in the UK 55+. The unified theory of acceptance and use of technology (UTAUT) model was modified to include perceived cyber security risk, perceived cyber security trust, and perceived overall cyber security . Unlike similar studies which have been solely quantitative, this research brings further insight using a mixed-methods approach which harnesses both qualitative and quantitative data. The research model was tested using partial-least-squares structural equation modelling on coded questionnaire data, collected from 191 participants. Qualitative data was analysed through a thematic analysis. Both sets of data were analysed using a final convergent mixed-method. The results show that performance expectancy followed by perceived cyber security risk are the main determinants of intention to use mobile banking applications in the UK 55+. Highlights: Less than half of 55+ intend to use a mobile banking application in next 3 months. Performance expectancy and perceived cyber security risk influence intention to use. Effort expectancy, cyber security trust and overall security were insignificant. The model explains 87% of the variance for the sample.