Acceptance of mobile banking services offered by Sri Lankan commercial banks

Abstract

Mobile banking services empower customers to conveniently patronage financial services through smart mobile devices. Present research analyses the impact of subjective norms (SN), security of e-services (SoES) and interaction effect on mobile banking adoption (AoMB) of students at the University of Kelaniya. Students participating in the weekend study programs and are using mobile banking services have been considered for sample selection. Finally, 287 duly completed self-administered questionnaires were utilised for the data analysis process. The technology acceptance model has been adopted by means of incorporating the subjective norms variable and security of e-services variable. ANOVA, ANCOVA and Hierarchical Linear Model (HLM) were considered for data analysis. Empirical evidence supported all three hypotheses, which state that SN, SoES and interaction effect predict AoMB. Correspondingly, it was noted that SN and SoES are determinant factors towards AoMB. In accordance with the final HLM, it could be noted that mobile banking adoption, upon controlling for SoES, was comparatively lower for the respondents who had SN bearing in mind perceived usefulness than those who had SN in view of perceived ease of use. The cross-sectional nature and constrained sample were limitations of the study. Findings of the research could be used by the commercial banks and IT vendors developing banking applications, regulators and connected stakeholders to enhance the mobile banking adoption level through the country. Perceived social pressure along with secure mobile banking service delivery may drive greater financial inclusion for the betterment of the society at large whilst unveiling considerable profitability and performance expectations for the Sri Lankan banking fraternity for mutually rewarding long term relationships. The originality of the research is that the particular HLM analysis and incorporation of associated models, given the specific research context. Future research could be performed in quest of varied findings in the wide-ranging country and societal contexts by integrating relevant models and perspectives.