Mobile Banking Adoption in the Millennial Customers: a Revised UTAUT Model

Abstract

Purpose-The paper aims at exploring the factors affecting intention to adopt and use mobile banking service apps in the generation Y customers’ by applying a revised unified theory of acceptance and use of technology (UTAUT) model. Research Design/methodology-The proposed model was empirically tested using a well-structured questionnaire and was further analyzed using structural equation model (SEM). Findings –The results of SEM suggest that performance expectancy, efforts expectancy, social influence, trust and reliability, security and facilitating conditions have a significant effect on shaping customers’ attitude and intention to adopt and use mobile banking services. Research limitations/implications –Limitations were found in the selected sample, the study was limited to respondents from a single selected city, and respondents from other cities were not included. In addition, results from this study may not be generalized to the whole population of millennials . Practical implications –This research identifies the factors that affect the intention to adopt mobile banking among the Generation Z users in Visakhapatnam city. Banking institutions can use the findings to develop competitive marketing strategies and services not only to attract potential customer and but to retain existing users customer value Originality/value – The outcome of this study will provide a better insight into the factors influencing intention and adoption of mobile banking service among users in a developing country in India, where the concept of mobile banking quickly gaining momentum.