International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

An Investigation of Consumers Acceptance of Mobile Banking

in Bangladesh
Mohammad Majedul Islam and Md. Enayet Hossain
Department of Marketing, University of Rajshahi, Bangladesh
majedul@gmail.com and mehossain@yahoo.com
in Bangladesh focusing influencing factors,

ABSTRACT
This study attempts to explore the effects of
different

key

factors

influencing

the

consumer acceptance of mobile banking,

particularly those that affect the consumers
attitudes towards, and intention to use, this
self-service

banking

technology

which has not previously been investigated.

KEYWORDS
Mobile Phone, Mobile Banking, Consumer
Attitude, Influencing Factors, and
Bangladesh

in

Bangladesh. The demographic, attitudinal,

and behavioural characteristics of mobile
bank users were examined. Consumer
survey on 292 mobile bank users of different
mobile network operators was undertaken
where respondents completed questionnaire
about their perceptions of mobile bankings

Paper type Research paper

1. INTRODUCTION
Mobile banking is a system that allows
customers of mobile financial institution
(MFI) to offering banking services of
make deposits, withdraw, and to send or

ease of use, Infrastructural facility, self-

receive funds from a mobile account

control, social influence, perceived risk,

through a mobile device such as a

perceived usefulness, and customer service

mobile

with their lifestyle, and need for interaction

assistant. Mobile banking offers services

with personnel. Correlation and One Sample

of banking like account information;

t-test were used to determine whether these

payments, deposits, withdrawals, and

factors influence consumers attitude and

transfers; investments; ATM support;

intention to use mobile banking. By

phone

or

personal

digital

and content services.

addressing the concerns of and benefits

sought by the consumers, marketers can

Bangladesh

Bank

has

introduced

create positive attractions and policy makers

permissions for mobile banking on July

can set regulations for the expansion of

2011 to promote market development.

mobile banking services in Bangladesh. This

Initially five banks have responded

study offers an insight into mobile banking

16

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

active

sign to intensification of the capital

deployments where three largest of these

flows by the introduction of mobile

were launched immediately at the time

banking. Within two years of operation

of launching and others in early 2012.

mobile banking customers proliferated at

By the end of the first quarter of 2012

7.21 million in September 2013 (Saha,

the fastest early expansion has come

2013). Though the increasing rate is little

from bKash (Brac Bank) and Dutch

fast mobile banking customers are very

Bangla Bank Limited (DBBL).

low

Most retail banks in Bangladesh is

subscribers penetration rate or coverage

providing online banking as add-on

of rural population. The mobile phones

services to the existing branch activities

subscribers in Bangladesh are 109.35

while mobile banking is in the initial

million (Subscribers Report, 2013) and

stage of implementation. This service is

71.9% people are living in low banking

enabled here by the use of bank agents

coverage are in rural (Trading Economics,

positively

to

establish

that allow mobile account holders to

considering

mobile

phone

2010). So, enormous opportunities are

transact at independent agents locations

waiting for the banking industry of

outside of the bank branches.

Bangladesh in the platform of mobile

This

involves a sequenced set of activities

banking service.

includes finding and training agents,

The existing features are primarily

marketing to bring attention to the

beneficial for the consumers. But all the

service, and acquiring customers using

banks are not so much aggressive to

know-your-customer (KYC) and account

attract their respective customers. This

opening processes while at the same

research aims to investigate the factors

time helping new customers to begin to

influencing the consumer acceptance of

transact.

mobile banking so that MFIs can

There are 55.6 million Bank accounts

improve their facilities and make people

are operating through branch banking in

aware for the development of banking

July 2012 which is only 36% of total

sector in Bangladesh.

population. The maximum portion of the

2. LITERATURE REVIEW

population is outside from banking

2.1 Mobile Phone Banking

sector. It is certainly shows a positive

16

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

M-banking involves conducting account

banking (Cruz et al. 2010; Laukkanen,

balance and transaction history inquiries,

2007). The emergence of mobile banking

funds transfers, bill payments, stock

underscores

trades, portfolio management, as well as

innovations emerge from unexpected

insurance ordering, via a mobile device

places and have the capability of

(Suoranta & Mattila, 2004). An emerging

reconfiguring the significance of a

component of M-services that could

technology to its users, offering a way to

become a significant revenue source to

lower the costs of moving money from

both

service

place to place and opening a way to

providers is M-banking (Nysveen et al.

bring more users into contact with

2005) It provides value for consumers,

formal financial (Anyasi & Otubu, 2009).

above other banking channels, through

There appears to be no set of clearly

ubiquitous access, time convenience, and

identifiable variables that serve as a

mobility (Anckar & D'incau, 2002; Luarn

basis

& Lin, 2005). The degree of interest and

necessary conditions for the replication

the willingness to pay vary for individual

of m- banking models identified by the

services; it seems to be necessary to

existing literature to other countries

design specific services taking the needs

around the world do not guarantee

and wishes of relevant target groups into

results. Moreover, we find that some of

consideration. Banks ought to therefore

these conditions are not present in

employ mobile channels with a clear

countries where m-banking models have

business- focus (Tiwari et al. 2006). The

been successful (Flores-Roux & Mariscal,

proliferation of mobile phone adoption,

2010).

banks

together

with

technology,

and

telecom

advances
has

in

accelerated

mobile

for

how,

success

occasionally,

and

that

those

2.2 M-banking in Emerging Markets

the

development of M-services (Mort &

Drennan, 2005; Wang et al. 2006). Despite

its many advantages, the use of mobile

phones in banking services is still in its
and Internet banking retains its position
as the leading channel in electronic

Chinese online and mobile bank users

were

predominantly

males,

not

necessarily young and highly educated,

in contrast with the electronic bank users
in the West. The issue of security was
found to be the most important factor
that

motivated

Chinese

consumer
17

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

Main

M-banking has the potential to bring

barriers to online banking were the

basic banking and electronic transactions

perception

and

services to unbanked consumers in

Chinese

developing markets. But in enabling

traditional cash-carry banking culture.

two-sided markets, m-banking solutions

The barriers to mobile banking adoption

also provide specific questions for

were

and

telecommunications industry regulators

understanding of the benefits provided

(Anderson, 2010). The unbanked require

by mobile banking (Laforet & Li 2005). In

efficient utilization of varying sources of

Africa, m- banking is now being added

cash inflows. Living off a cashbased

on to the services offered to existing

economy, they receive irregular income

customers by a number of retail banks

from occasional jobs, farm produce, and

and this is likely to continue. However,

welfare.

genuinely transformational models of m-

established financial channels exposes

banking are few today; and they face

them to financial risks and less secure

numerous obstacles. These include the

transactions (Alampay & Bala, 2010). To

standard uncertainties about the pace and

develop a good distribution network,

scale of customer adoption, exacerbated

Vietnam Mobile Services should build

by the fact that low end models require

four

higher volumes of transactions to be

management

viable (Porteous, 2006). Perception of

engaging intermediaries to help manage

cost,

relative

the individual stores; (ii) ensuring that

advantage and complexity were revealed

outlets were sufficiently incentivized to

to be the main reasons behind the

actively

reluctance to use the service. The

maintaining

inuence of other background factors is

customer

less evident (Cruz et al. 2010). The

developing several different methods for

residents of the study site use mobile

stores to re-balance their stocks (Nga,

money for a variety of transactions

2009).

related to the personal and professional

respondents opinioned that this system is

lives in Bangladesh (Abdullah et al. 2007).

less costly and time saving and 63%

adoption

of

of

technological

lack

risk,

online

banking.

risks,

computer

skills

and

of

low

awareness

perceived

Their

elements

limited

into

execution

promote
tight

the

its

to

channel

strategy:

service;

control

experience;

access

over
and

(i)

(iii)
the
(iv)

In Bangladesh, around 54%

18

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

respondents felt trust to this service.

Lauronen, 2005). Perceived usefulness,

83% respondents think it is easier to

perceived risk, cost and compatibility

access but this service is not available

were

for interbank transaction, as well as the

acceptance of M-banking. The results

absence of regulatory framework may

also support a mediation model, whereby

lead to money laundering activities

attitude transfers the effects of the

(Islam, 2013).

consumers perceptions to their intention

2.3 Consumer

Attitude, Adoption,

Information, Environmental Influence

wide

use

demographic,

geographic,

socio-economic

and

been accepted as good predictors in

predicting buying behaviour in financial
services by past and recent studies,
claimed

affect

consumer

to use M-banking (Wessels & Drennan,

2010). Usefulness, social norms and

that inuence the intention to adopt

of

psychographic variables have not always

which

to

social risk, in this order, are the factors

of Mobile Banking
The

found

that,

the

benefits

customers seek for in banking services

and/or the product attributes should be
identified instead (Lockett & Littler, 1997;
Machauer & Morgner, 2001; Minhas &
Jacobs, 1996). Consumers motives also

predetermine consumers attitudes and

behaviours towards different banking
technologies (Barczak et al. 1997). The
findings increase the understanding of
customer-perceived value and value
creation on the basis of attributes of
mobile services and customer-perceived
disadvantages of mobile phones in
electronic banking context (Laukkanen &

mobile banking services the most. Ease

of use has a stronger inuence on female
respondents than male, whereas relative
advantage has a stronger effect on
perception

of

usefulness

on

male

respondents. Again, in mobile banking

adoption, social norms or the importance
on others in the decisions also inuence
more strongly to female respondents
than male (Riquelme & Rios, 2010). The
information and guidance offered by a
bank has the most signicant effect on
decreasing the usage barrier, followed by
image,

value

respectively.

and
The

risk

barriers

information

and

guidance showed no effect on the

tradition barrier (Laukkanen & Kiviniemi,
2010).

Compatibility,

perceived

usefulness, and risk are signicant

indicators for the adoption of m-banking
19

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

services. Compatibility not only had a

On the basis of above literatures and

strong direct

field survey, it was hypothesized that:

effect

but

was

also

identied as an important antecedent for

H1. The infrastructural facility positively

perceived

affects the behavioural intention to accept

ease

of

use,

perceived

usefulness and credibility. Trust and

mobile banking use.

credibility are crucial in reducing the

overall perceived risk of m-banking
(Koenig-Lewis et al. 2010). Customer
value perceptions in banking actions

H2. Self-control positively affects the

behavioural intention to accept mobile
banking use.

differ between internet and mobile

H3. Social Influence positively affects

channels. It suggests that efficiency,

the behavioural intention to use mobile

convenience and safety are salient in

banking.

determining the differences in customer

H4. Perceived risk negatively affects the

value perceptions between internet and

behavioural intention to use mobile banking.

mobile banking (Laukkanen, 2007). The

framework offers an integrated view,
taking into account more predictors than
other

studies

on

the

adoption

H5. Perceived ease of use positively affects

the behavioural intention to use mobile
banking.

of

innovations. It was also observed that

H6. The need for interaction positively

the

affects the behavioural intention to use

predictors

inuence

over

the

criterion variable was different for each

mobile banking.

group of mobile banking users and non-

H7. Perceived usefulness positively affects

users (Pschel et al. 2010). It was found

the behavioural intention to use mobile

that perceived usefulness, perceived

banking.

social risk, perceived performance risk

and perceived benefit directly affect
attitudes towards mobile banking, and

H8. Customer service positively affects

the behavioural intention to use mobile
banking.

that attitude is the major determinant of

mobile

banking

adoption

(Akturan & Tezcan, 2012).

intention

4. METHODOLOGY
4.1 Procedures

20

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

The questions in the questionnaire were

Armstrong, 2013; Laforet & Li, 2005; Lee

based on review of literatures and the

et al. 2003; Mallat et al. 2004; Panurach,

specific characteristics of Bangladeshi

1996; Riquelme & Rios, 2010; Wessels &

people & market context. The specific

Drennan, 2010; Wright, 1975; Islam &

characteristics

represented

different

services and facilities provided by the

MFS institutions and expected by the
MFS consumers of Bangladesh. The
questionnaire was translated into Bengali

Hossain, 2014), Perceived Risk (Akturan

& Tezcan, 2012; Bauer, 1960; Brown et al.
2003; Cases, 2002; Cruz et al. 2010; Curran
& Meuter, 2005; Dewan & Dewan, 2010;
Dholakia, 1997; Jacoby & Kaplan, 1972;
Koenig-Lewis et al. 2010;

Laforet & Li,

language to make clear and simple to

2005; Laukkanen et al. 2007; Laukkanen &

understand by every respondent. The

Kiviniemi, 2010; Lee et al. 2003; Luarn &

items

were

Lin, 2005; Pavlou, 2003; Pikkarainen et al.

constructed based on the consumer

2004; Riquelme & Rios, 2010; Roselius,

attitude

mobile

1971; Stone & Grnhaug, 1993; Wessels &

banking focusing: Consumers attitudes

Drennan, 2010; Walker et al. 2006; Islam &

and

banking

Hossain, 2014), Self-Control (Laforet &

services; Consumers perceptions of

Li, 2005), Perceived Ease of Use (Akturan

mobile

& Tezcan, 2012; Cruz et al. 2010; Davis et

in

the

and

questionnaire

acceptance

reactions

to

banking

of

mobile

service

attributes;

Consumers expectations and major

concerns
Demographic

of

mobile
factors,

banking;

psychological

factors, social factors, and infrastructural

factors.
The

constructs/factors

al. 1989; Dewan & Dewan, 2010; Riquelme

& Rios, 2010; Wessels & Drennan, 2010;

54], Need for Interaction (Curran &

Meuter, 2005; Dewan & Dewan, 2010;
Riquelme & Rios, 2010;

Wessels &

Drennan, 2010), and Social Influence

have

been

(Akturan & Tezcan, 2012; Dewan &

adopted from existing literatures and

Dewan, 2010; Jacoby & Kaplan, 1972;

field survey. Among eight factors six

Riquelme & Rios, 2010; Islam & Hossain,

were espoused from existing literatures

2014). Along with the six factors field

those are Perceived Usefulness (Akturan

survey had found another two factors

& Tezcan, 2012; Cruz et al. 2010; Davis et

named

al. 1989; Dewan & Dewan, 2010; Kim et al.

Respondents), and Customer Service

2007; Koenig-Lewis et al. 2010; Kotler &

(17% Respondents).

Infrastructure

Facility

(22%

21

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

they are favouring Grameen Phone (GP)

4.2 Participants
The field study was carried out in June
2013 using empirical data. The sample
size decisions were primarily based on
cost considerations and in line with
studies

on

consumer

attitude

and

acceptance of mobile banking, where

sample sizes used were between 114 to
1,167

respondents.

respondents

from

six

Bangladesh,

including

total
divisions
capital

292

at

66.1%

as

Respondents

MNO

have

subscription.

opened

mobile

banking account mostly for easy money

transfer (82.2%) for personal need
(83.6%) of money receive or payment,
and doing maximum five transaction
(65.8%) in a month.
4.3 Measures

of

The analysis was performed using eight

city,

factors to rank their relative significance

Dhaka, were collected randomly at the

and

time of transaction from MFS agent

consumer acceptance on MFS of the

stores through interview. Respondents

respondents. All response for both their

verbally

structured

overall belief and evaluation where

questionnaire and their answers were

Likert scale was used ranging from 1 to

recorded

the

6 response categories where 1 denotes

interviewers. Most of the respondents

dont know, 2 = not good, 3 = not so

were at 18 to 25 years age range

good, 4 = good, 5 = very good, and 6 =

(62.7%), which implies that mostly

excellent. For scale reliability Alpha

students (55.1%) are using MFS for

value is considered and it is found

mobile banking. Male and female ratio

(a0.825) which is within the range of

of the respondents was 84.6% and 15.4%

good scale reliability (O'Leary-Kelly & J

replied

respectively.

to

accordingly

Income

by

range

of

the

respondents is less than BDT 10,000 and

they are covering most of the regions of
Bangladesh

except

Barisal

to

describe

their

influences

Vokurka, 1998). As far as scale-based

variables

were

concerned,

principal

factor analysis was performed.

(2.1%).

Mobile banking users are having mostly

Dutch Bangla Bank Ltd. (DBBL) and
bkash account for using MFS which is

In this study, the correlation matrix was

used to obtain Eigen values. The study
identifies 30 items from initially approached
34 items that are important to measuring

45.9% and 46.9% respectively where

22

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

consumer attitudes towards mobile banking

considered current score level for 30

in Bangladesh. All 30 items are selected

items included in eight factors. To

based on Eigenvalue - value 1 or above

facilitate the interpretation of factor

includes into the list of items. Statistically

loading,

30 items construct eight factors which can

explain 58.14% of the field. So, this study
considers these factors are important for the

VARIMAX

rotation

was

performed. SPSS software version 18

was used for analysing the data.

study. Factor-1 explains 19.087% having

5. FINDINGS OF THE STUDY

Eigenvalue of 5.726 and Factor-8 explains

The study results show explanatory

3.612% with Eigenvalue 1.084 as lowest.

This study has used KMO and Bartletts

Test to examine the accuracy of sample.
The

result

of

Kaiser-Meyer-Olkin

Measure shows that the current sample is

adequate for factor analysis. The current
data yield about 78.7% accuracy at 1%
level of significant for the said analysis.

factors

those

affect

consumers

acceptance toward mobile banking in

Bangladesh. The variables those are
highly related within the group are
considered within the factors. The
greater the coefficients, the more the
variable are pure measures of factor.
Eight factors were initially formed

This study has examined communalities

considering 30 variables to influence

of each variable accounted for the

consumer

research.

were

banking in Bangladesh. Factor analysis

approached for this test. This study did

was conducted to know the underlying

not find absolute commonalities score

factor associated with all 30 variables.

for all items. Hence, four items (scored

This

less than 0.5) have been dropped from

attitudes towards mobile banking in

the data set. But, two items ATB and

Bangladesh is highly influence by four

FMT have scored 0.454 and 0.364

factors i.e. infrastructural facility, self-

respectively those were kept as these are

control, social influence, and perceived

basic attributes of mobile banking

risk and other four factors (ease of use,

service. The score was low due to

need for interaction perceived usefulness

introduction stage of the services in

and customer service) have less alpha

Bangladesh. Since data have been

score than significant level. But this

collected from field survey, author has

study considers also the factors having

Initially

34

items

attitudes

study exposes

towards

that

mobile

consumer

23

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

less Cronbachs alpha score as these

technology

have high factor loading score. Again,

Bangladesh. This factor constitutes with

the mobile banking services are newly

four variables with good factor loading

introduced in Bangladesh and most

score as Independently Use (0.820), Use

consumers are not well known about all

Self Mobile Phone (0.737), Can do like

measures. The eight factors are briefly

others (0.690), and Purchase Facility

discussing in following paragraphs:

(0.564). The Cronbachs Alpha 0.762 is

Infrastructural

(IF): This

within the acceptable level. An average

study has identified that infrastructural

of the consumers acceptance of this

facility has high influence on mobile

factor is 3.83 and negatively differing

banking attitude in Bangladesh. This

from the known or constant values. The t

factor constitute with five items - Very

value is -6.227 and it expresses the

Good Network (0.789), Service Available

significant of the factor to influence

Facility

in Everywhere (0.746), Available ATM

and

Customer

Service

(0.655),

No

of

the

consumers

in

positively the consumers acceptance of

mobile banking.

Problem in Network (0.608), and No

Social Influence (SI): Consumers using

Difficulty in Account Manage (0.471).

mobile banking services in Bangladesh

This factors Cronbachs Alpha 0.746 is

are highly influenced by interpersonal &

quite satisfactory within acceptable level

external forces of the society. This study

(0.70 or above) [35]. However, the

identified five variables to construct

factor loading score for each item is

social influence for forcing mobile

within the acceptable level (from 0.471

banking services use those are Lot of

to 0.789). An average of the consumers

Advertisement for MBanking (0.761),

overall acceptance of this factor is 4.09

Customer

(Table 1). These values are negatively

MBanking (0.694), Profession Influence

differing with constant value (4.24) and t

to

value is -2.823 and significant to

Influence

represent the consumers acceptance of

(0.608), and Many People Use Mobile

mobile banking.

Banking (0.527). The Cronbachs Alpha

Self-Control (SC): Mobile banking

0.754 is at acceptable level where

influence by the self-control on mobile

consumers overall acceptance of this

Use

Agent

MBanking
to

Use

Influence

(0.667),
Mobile

for

FNF

Banking

24

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

factor is 4.14 and t value is-1.807. These

Cronbachs

Alpha

score

0.721

is

values are negatively differing from the

positioning within acceptable level. An

constant value and insignificant to

average of the consumers overall

influence positively the consumers

acceptance of this factor is 4.15 and t

acceptance of mobile banking.

value is -1.577. These values are

factor

negatively differing from the constant

perceived risk creating difficulties on

value and expresses insignificant to

mobile banking attitudes of consumers

influence positively the consumers

in Bangladesh. It has constructed by five

acceptance of mobile banking.

Perceived

Risk

(PR):

The

items with very good factor loading

score those are Not Available Money at
Customer Agent (0.766), Network Most
time Down (0.690), Extra Charge taking
by Customer Agent (0.679), More
Service Charge (0.636), and No Service
in Remote Areas (0.647). Again, the
Table1: One-Sample Test for Overall Acceptance of Consumers to the Factors
One-Sample Test
Test Value = 4.24

Constructs

IF
SC
SI
PR
EoU
NFI
PU
CS

Mean

4.0979
3.8245
4.1397
4.1514
4.9253
4.6381
4.5342
3.5839

Std.
Deviation
0.8599
1.1402
0.9481
0.9602
0.7499
0.8167
0.9492
1.5028

-2.823
-6.227
-1.807
-1.577
15.589
8.33
5.297
-7.46

Sig. (2tailed)
0.005
0.000
0.072
0.116
0.000
0.000
0.000
0.000

Mean
Difference
-0.14205
-0.41551
-0.10027
-0.08863
0.68526
0.39813
0.29425
-0.6561

95% Confidence
Interval of the
Difference
Lower

Upper

-0.2411
-0.5468
-0.2095
-0.1992
0.5987
0.3041
0.1849
-0.8292

-0.043
-0.2842
0.0089
0.022
0.7718
0.4922
0.4036
-0.483

Ease of Use (EoU): This study explores

banking has influenced on consumer

ease of use of the technology for mobile

attitudes

towards

mobile

banking
25

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

services in Bangladesh. This factor has

positively the consumers acceptance of

constructed by four items as Fast Money

mobile banking.

Transfer, ATM Use without Bank

Perceived Usefulness (PU): Perceived

Account, Easy Account Opening, and

usefulness is another factor to influence

Anytime Banking having factor loading

consumers acceptance to use mobile

score as 0.555, 0.552, 0.518, and 0.406

banking services in Bangladesh. This

respectively. The Cronbachs Alpha

factor has only two variables namely

value is 0.549 which is almost in

acceptable level. An average of the
consumers overall acceptance of this
factor is 4.93 and t value is 15.589. This
value is positively differing from the
constant

value

and

shows

highly

significant to influence positively the

consumers

acceptance

of

mobile

banking.
Need for Interaction (NFI): The factor
need for interaction influence consumers
on positive attitude towards mobile
banking services in Bangladesh. It has
three variables as Wants to Purchase like

Any Amount Transfer (0.746) and

Anywhere Banking (0.687) with low
Cronbachs Alpha 0.409. An average of
the consumers overall acceptance of
this factor is 4.53 and t value is 5.297.
The value is positively differing from the
constant

values.

It

shows

highly

significant to influence positively the

consumers

acceptance

of

mobile

banking.
Customer Service (CS): The last factor
is customer service is the specific factor
to influence Bangladeshi consumers to
show positive or negative attitudes

others, Wants to Use like others, and

towards mobile banking services. This

Available Support from FNF having

factor also has only two variables

factor loading score 0.697, 0.694, 0.456

namely Immediate Support Available

respectively and Cronbachs Alpha value

from CS (0.745), and Easy to Solve

is 0.558 which is nearest to acceptable

Wrong Transaction (0.688) with low

level. An average of the consumers

Cronbachs Alpha 0.417. An average of

overall acceptance of this factor is 4.64

the consumers overall acceptance of

and t value is 8.33. The value is

this factor is 3.58 and t value is -7.46.

positively differing from the constant

This factor is negatively differing from

value and shows significant to influence

the constant value (4.24). Finally, it

26

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

shows highly significant to influence

mobile banking.

positively the consumers acceptance of

Figure 1: Conceptual Model of Consumers Acceptance of Mobile Banking in Bangladesh

Consumers'
Acceptance

The

Pearson

correlation

scale variables.

coefficient

measures

the

IF

H1 (Supported)

SC

H2 (Supported)

SI

H3 (Not
Supported)

PR

H4 (Not
Supported)

EoU

H5 (Supported)

NFI

H6 (Supported)

PU

H7 (Supported)

CS

H8 (Supported)

linear

association

between

two

Pearson correlation coefficients of all factors represents in Table 2. Here,

considerable numbers of correlation coefficients among factors are significant (p 0.01 or p

0.05).
Table2. Pearson correlation coefficients among all factors
Factors
IF
SC
SI
PR
EoU
NFI
PU
CS

IF
1
.308**
.329**
-0.011
.329**
.277**
.250**
.211**

SC

SI

PR

EoU

NFI

PU

CS

1
.446**
.121*
.444**
.342**
.202**
.202**

1
0.053
.323**
.440**
.184**
0.1

1
.147*
0.082
0.007
0.027

1
.269**
.347**
.226**

1
0.097
.133*

1
.170**

Notes: **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the
0.05 level (2-tailed).

27

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

6. GENERAL DISCUSSION

service institutions should improve the

The primary theoretical contribution of

services of Fast Money Transfer, ATM

this study is the identification of factors

Use

that can be used to enlighten and foretell

Account Opening and high focus on

consumers attitudes towards mobile

Anytime Banking service. Any Amount

banking,

the

Transfer and Anywhere Banking service

Bangladesh context. This research also

should maintain in PU. Consumers in

creates a research interest on mobile

Bangladesh are price sensitive and

banking for the business researchers.

highly accept the mobile banking service

Secondly,

factors

when purchase facility will be under

(infrastructural facility and customer

self-control. Service providers should

service) relevant to mobile banking that

give special focus in reducing network

were absent in previous researches were

problem

identified.

investigating

facility. People are very much expressive

consumers attitudes towards mobile

and want to do many things like others.

banking within the Bangladesh context,

So, proper communication and hands-on

this study answers the call for additional

support in remote areas is required for

research to different fields of mobile

prompt adoption and penetration.

particularly

two

within

additional

Finally,

by

banking services.

without

to

Bank

improve

Account,

Easy

infrastructural

The factor ease of use (EoU) scores

7. LIMITATION AND CONCLUSION

The sample size of this study was not

highest (15.589) attitudinal value than

necessarily

other factors where perceived risk (PR)

Bangladeshi population as a whole as it

scores lowest (1.577). Consumers are

ignored large rural population. Secondly,

thinking that social influence (SI) and

the generalizability of this research may

customer service (CS) are less important

be impacted by fact that the samples is

accept

skewed towards males. This may be due

mobile

banking.

Perceived

representative

of

the

(SC),

to general tendency of Bangladesh

infrastructure facilities (IF), and need for

culture to do outside tasks by maximum

interaction (NFI) are highly important to

males. In addition, this research only

accept mobile banking along with EoU.

explores

In case of EoU, the mobile financial

motivators and inhibitors on behavioral

usefulness

(PU),

self-control

the

factors

to

influence

28

International Journal of Innovation in the Digital Economy (IJIDE), 6(3), 16-32

intentions. In terms of future research, a

large

scale

study

representative

with

sample

more

could

be

conducted to validate the factors of this

study and to enhance the generalizability
of the research conclusions.
Mobile banking services is very new to
Bangladeshi consumers and it is still at
early stages in Bangladesh. The current
target market for mobile banking is
relatively small due to the lack of
updated user friendly infrastructural
facility. There is a good potential for
introducing mobile banking services.
This research has served to enhance the
understanding of the factors influencing
consumers

acceptance

of

mobile

banking in the context of Bangladesh. It

has

demonstrated

that

there

were

multiple factors at work for influencing

the consumers acceptance and that
some are more influential than others
under

given

circumstances.

The

knowledge gained by this study into the

motivators and inhibitors of mobile
banking is useful for practitioners who
aim to maximize consumer adoption of
this self-service banking service.
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Mohammad Majedul Islam
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the
Department
of
Marketing in the University
of Rajshahi, Bangladesh. He
teaches classes mainly
Economics,
Entrepreneurship Development, E-Business,
and Retail Management.
Mr. Islam has a MBA in Marketing from the
University of Rajshahi, Bangladesh. After
earning his degree, he spent six years in IT
and Telecommunication organizations as
Business Manager in Bangladesh. He has
been teaching for more than four years and
published some articles on consumers
adoption on mobile internet, payment, and
banking.
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volunteer associations in the University of
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Environment Club, etc.

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