Professional Documents
Culture Documents
Deepak Chawla1
Himanshu Joshi1
Abstract
The objective of this article is to analyze if demographic characteristics influence user attitude towards
mobile banking. The sample comprise of current users of online banking. Although earlier studies
on technology adoption models have received considerable empirical validation, most of the studies
did not consider moderating variables. Among those, which consider moderating variables, primarily
explored are gender, age and income. By including other moderator variables in the model, we hope to
lessen the inconsistencies found in past research studies. To test the moderating effect, two methods,
viz. multiple linear regression and Fisher Z transformation are used. Results show that gender, age,
qualification, experience, occupation, income and marital status were significant moderating variables.
However, educational background did not show any moderating effect. Our results suggest that by
extending the Technology Acceptance Model (TAM) and Diffusion of Innovations (DoI) theory, the
research provide insights into the factors influencing consumers’ attitude to adopt mobile banking
applications. Besides, the results of moderating effect improve our understanding of the demographic
differences, which influence the degree of mobile banking adoption. This study will help researchers
and practitioners to come up with improved mobile adoption frameworks and applications with greater
understanding of the influence of demographic factors.
Keywords
Mobile banking, demographic variables, attitude, moderation effect, regression analysis, India
Introduction
A number of studies exist which have used Technology Acceptance Model (TAM) to explain user
behaviour and intention to adoption technology innovation. The major components of TAM model are
perceived ease of use, perceived usefulness, attitude and intention. Further, many research studies have
1
International Management Institute, Qutab Institutional Area, Tara Crescent, New Delhi, India.
Corresponding author:
Himanshu Joshi, International Management Institute, B-10, Qutab Institutional Area, Tara Crescent, New Delhi–110016, India.
E-mail: himanshu@imi.edu
Chawla and Joshi 91S
been conducted to examine the moderating effect of demographic variables on the user attitude to adopt
technology. Despite the fact that most Americans use the Internet, those who are older, less educated,
minority and lower income have lower usage rates than younger, highly educated, white and wealthier
individuals (Porter & Donthu, 2006).
The unified theory of acceptance and use of technology (UTAUT) as suggested by Venkatesh, Morris,
G.B. Davis and F.D. Davis (2003) aims to explain user intentions to use an information system and sub-
sequent usage behaviour. This model is based on a review and consolidation of eight models, which were
used by previous researchers to explain information system usage behaviour. The model also includes
the constructs of the TAM and Diffusion of Innovations (DoI) theory. Subsequently, the researchers have
explained the relationship between the antecedents and intention using four moderating variables
(gender, age, experience and voluntariness of use). Although the model explains a significant amount of
variance in behavioural intention and actual usage, there seem other demographic variables which have
not been considered in the model.
In the article, we have used the constructs as discussed by two models, that is, innovation diffusion
theory and the TAM. While TAM looks at perceived ease of use and perceived usefulness as factors
influencing attitude, the innovation diffusion theory uses perceived relative advantage, ease of use, com-
patibility, observability and trialability to explain attitude and intention. Both perceived usefulness and
perceived relative advantage focus on the advantages that mobile banking offers, such as time and place
independence, effort saving qualities (Mallat, Rossi & Tuunainen, 2004), ubiquity, flexibility and mobil-
ity (Sulaiman, Jaafar & Mohezar, 2007) as compared to other banking channels. Perceived usefulness is
the belief that using a particular technology would increase the performance. Given that every individual
has fixed number of hours in a day, from the mobile banking perspective, it is important that this offers
enhanced the productivity with low effort and convenience. Extending the above logic, users are willing
to use mobile banking when they perceive it to be useful and helpful for the efficiency of their work
(Gu, Lee & Suh, 2009). Efficiency refer to the perceived benefits customers receive in relation to the
sacrifice or costs and is perceived cognitively as the ratio of benefits and sacrifice (Laukkanen, 2007).
Further, other than efficiency, convenience has also been discussed as an important factor which influ-
ences technology adoption. From the perspective of self-determination theory, convenience is that users
believe that a technology or a system is helpful in their task completion (Chang, Yan & Tseng, 2012).
Other than time utilization in case of mobile banking, accessibility, handiness and portability seem to
provide convenience (Laukkanen, 2007). Berry, Seiders and Grewal (2002) have proposed five dimen-
sions of service convenience, namely, decision convenience, transaction convenience, benefit conveni-
ence, access convenience and post-benefit convenience. Kaura, Prasad and Sharma (2013) in a study
involving Indian banks found that private sector banks offered higher convenience on all the five dimen-
sions as compared to their public sector counterparts.
Alongside the constructs of the two models, also used are various demographic variables to examine
their moderating effect between the antecedents of mobile banking and user attitude. While consumer
adoption of online banking has been studied extensively, few studies exist which explore the factors that
influence mobile banking adoption in the Indian context. Further, the moderating effect of demographic
variables on attitude to adopt mobile banking is limited to gender, age and income. This research study
attempts to examine the moderating effect of various demographic variables, such as gender, age, quali-
fication, educational background, experience, occupation, income and marital status. By including other
moderator variables in the model, we hope to lessen the inconsistencies found in past research studies.
The next section discusses a review of literature around moderating effect of various demographic
variables discussed in earlier studies. This is followed by research gaps and objectives of the study.
The following section discusses the rationale of the study and the research model. Thereafter, methodology
92S Global Business Review 19(3S)
is discussed which is followed by analysis of data and findings of the study. The penultimate section
presents conclusion and implications of the study followed by limitations and scope for future work.
Review of Literature
Extensions of models influencing technology adoption have been used by researchers to explain
adoption of various forms of technologies.
In the Indian scenario, the involvement of male and female gender in financial matters is different.
While girls may not be so much involved with financial practices, their counterparts are encouraged to
take financial decisions. This practice is more prevalent in rural India and small towns where men are
considered responsible for earning money and women to look after the family. Since mobile banking is
associated with financial transactions, the differences in degree of technology adoption in male and
female attitude may be due to disparity in financial decision making. Wang, Sun, Cobb, Lawson and
Sharples (2016) found that gender moderates the relationship between perceived ease of use, perceived
enjoyment and intention to use. Further, gender is not found to have significant moderation effects on the
relationship among perceived usefulness, perceived compatibility and intention to use.
Despite these gender differences, according to a recent report published by the Internet and Mobile
Association of India (IAMAI) and IMRB International, overall 71 per cent male and 29 per cent female
are Internet users in India. In urban India, the ratio between male to female is 62:38 while it is 88:12 in
rural India. However, the important point is that the Internet usage among males has been growing at a
rate of 50 per cent while it is growing at 46 per cent for female users which is comparable. It is expected
that, in times to come, the technology gap between male and female will significantly reduce. This is
more apparent in developed countries where men and women have similar access to technology.
Chong (2013) in a sample involving Chinese respondents found that age has a significant relationship
with m-commerce usage activities. Martins, Oliveira and Popovic (2014) in a sample of users from
Portugal found that age explains behavioural intention of Internet banking adoption and that older
respondents have more intention to use Internet banking.
In a more recent study by Wang and Sun (2016) involving elderly respondents found that older people
are reluctant to adopt newer technologies. They found that age has a moderating effect on older people’s
gameplay intention. The moderating effect of age on the association between motivational variables
(perceived ease of use, usefulness, enjoyment and compatibility) and adoption of innovative three-
dimensional (3D) printing in Chinese context was found to be true only in case of the variable ease of
use (Wang et al., 2016).
Methodology
In review of literature, the results of a focus group discussion with eight senior managers of public sector
banks resulted in 59 statements responsible for the adoption of mobile banking. These statements were
vetted by external experts and they were of the opinion that 17 statements were capturing the same
reasons for mobile banking adoption as some of the other statements. The 17 statements were removed
and remaining 42 statements were subjected to an exploratory factor analysis with Varimax rotation.
They satisfied the conditions for KMO being greater than 0.5 (KMO = 0.947) and Bartlett’s Test of
Sphericity being significant as indicated by p-value less than 0.05. This resulted in emergence of seven
factors which were labelled as Factor 1 = Behavioural Intention (BI); Factor 2 = Trust (TR); Factor 3 =
Ease of Use (EOU); Factor 4 = Attitude (ATT); Factor 5 = Lifestyle (LS); Factor 6 = Efficiency (EFF)
and Factor 7 = Convenience (CON), respectively, (refer Appendix 1). Together, they explained 76 per
cent of the total variance.
Another sample comparable to the one used for exploratory factor analysis was taken. The size of the
sample was 367. Out of the 367 respondents, approximately 75 per cent of them were males, 55 per cent
were engineering graduates, 88 per cent had acquired post-graduate degree as their highest qualification,
50 per cent were less than or equal to 30 years, 84 per cent were salaried professionals and 53 per cent
were married. The demographic distribution is shown in Table 1.
Next, confirmatory factor analysis was conducted to confirm the factors as obtained in exploratory
factor analysis. Both online and physical surveys were used to collect data. No financial incentives were
given for filling the surveys. Cross-section survey was used for data collection over a period of 1 month.
All the conditions needed for confirmatory factor analysis were met. Multivariate normality test using
Mardia’s coefficient was satisfied. The values of normed chi-square = 2.047; CFI = 0.944; NFI = 0.896;
TLI = 0.939 and RMSEA = 0.053 were found to be in acceptable range (Hu & Bentler, 1998). Further,
the conditions of convergent and discriminant validity were well within the acceptable range.
For examining the moderation effect of the demographic variables, such as gender, age, qualification,
educational background, job experience, occupation, income and marital status, various antecedents of
mobile banking adoption along with attitude were considered. Each of these demographic variables was
divided into two groups. Group 1 comprises of male, respondents with age less than or equal to 30 years,
educational qualification up to bachelor’s degree, education background being arts and commerce with
a work experience of less than 3 years, occupation being student, with income less than or equal to
`50,000 per month and marital status being single. Group 2 comprises of female, respondents with age
greater than 30 years, with post-graduate and above qualification, with educational background being
science and engineering, having experience of greater than or equal to 3 years, working as professional,
having income of greater than `50,000 per month and marital status being married. The Group 1 was
coded as 0 and Group 2 as 1. The above description of demographic profile is exhibited in Table 2.
To test the moderation effect of demographic variables, the following multiple regression is proposed
(Sharma, Durand & Gurarie, 1981)
Y = a + bH + cZ + d (HZ) + u (Equation 1)
where Y = dependent variable (in the present case attitude towards mobile banking); H = independent
variable (in the present case it is perceived lifestyle or perceived trust or perceived efficiency or
perceived convenience or perceived ease of use); Z = dichotomous moderator variable having a value of
1 and 0 (e.g., Z = 1 for female and Z = 0 for male and similarly for other as shown in Table); and HZ =
the interaction term between independent and moderator variable.
Chawla and Joshi 99S
For Z to be a pure moderator variable, the coefficient d should be significant, whereas b and c should
be statistically insignificant. Z is a quasi-moderator variable if both the coefficients c and d are statisti-
cally significant.
The second method to test for moderation is through Fisher’s Z-transformation. To determine the
moderator effect using Fisher’s Z-transformations, the sample for each of the demographic variables is
divided into two groups (Dailey, 1978). The correlation coefficient between the dependent variable and
independent variable is computed for Group 1 and labelled as r1. Similarly the correlation coefficient
between the dependent and the independent variable is computed for the Group 2 and denoted by r2.
The hypothesis to be tested for examining the moderating effect is as follows:
where t1 and t2 denote the population correlation coefficients for Group 1 and Group 2, respectively.
Now as per the Fisher’s Z-transformation, we define
Now, Z1–Z2 follows a normal distribution with mean zero and variance = < F+< F
1 1
n1 - 3 n2 - 3
Now, Z is defined as
(Z1 - Z2)
Z= (Equation 2)
√ ([1/ (n1 - 3)] + [1/ (n2 - 3)]
For a given level of significance, if computed value of absolute Z is greater than the absolute tabulated
value, null hypothesis is rejected that means there is a moderation effect.
In Fisher’s Z-test, the correlation coefficient between independent and dependent variables across the
two groups are compared. In the case of regression method, we examine whether the regression coeffi-
cients are different in the two groups or in other words, interaction effect is significant or not.
Chawla and Joshi 101S
The results in Table 6 indicate that educational background does not moderate the relationship
between any of the independent variables and attitude towards mobile banking. This means that the
effect of each of the independent variables towards mobile banking is same irrespective of the educa-
tional background of the respondents.
With respect to experience, it is observed that the impact of perceived trust on attitude towards mobile
banking is more in case of people with more than 3 years of work experience in relation to those who
have less than or equal or equal to 3 years of work experience. Similarly, respondents with more experi-
ence (> 3 years) find the impact of convenience on attitude towards mobile banking more than those with
less than or equal to 3 years. The results are summarized in Table 7.
When occupation is used as a moderator variable, it is found (see Table 8) that professionals find the
impact of convenience on attitude towards mobile banking more than that of students.
As evident from Table 9, in case of income as a moderator variable, the influence of perceived effi-
ciency and convenience attitude towards mobile banking is more in case of higher income group (greater
than 50,000 per month) than in case of low-income group (less than or equal to 50,000 per month).
Next, marital status is taken as a moderator variable and the results are shown in Table 10. It is found
that the impact of trust and convenience on attitude towards mobile banking is more in case of married
respondents as compared to the single respondents.
The results of the regression of attitude towards mobile banking on each of the independent variables
are given in Table 11.
Regression results with Marital Status as a moderator variable and independent variables as
Variables/Statistic L T PE C EOU
Perceived lifestyle (L) 0.467*
Perceived trust (T) 0.226*
Perceived efficiency 0.492*
(PE)
Perceived 0.411*
convenience (C)
Perceived ease of use 0.481*
(EOU)
Marital Status (MS) –0.168 –0.581** –0.112 –1.093** 0.054
MSxL 0.024
MSxT 0.108**
MSxPE 0.007
MSxC 0.159***
MSxEOU –0.022
Constant 3.348* 4.839* 3.260* 3.416* 3.236*
R Square 0.446 0.279 0.327 0.279 0.315
Adjusted R Square 0.442 0.273 0.321 0.273 0.309
Source: Authors’ own findings.
Notes: i.) * is significant at 1 per cent.
ii.) ** is significant at 5 per cent.
iii.) *** is significant at 10 per cent.
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The results in the Table 11 indicate that each of the independent variables has a positive and signifi-
cant influence on the attitude towards mobile banking. For example, the antecedent ease of use has a
positive slope coefficient which implies that with increase in ease of use the attitude towards mobile
banking would go up. Similarly, the results for the remaining four antecedents can be interpreted.
The five regression equations have R square value ranging from 0.267 to 0.446. Although they are not
very high, they are statistically significant as indicated by the F-statistic. This shows that these regres-
sions have a significant goodness of fit.
Next, the moderation effect of demographic variables on the relationship between antecedents to
technology adoption and attitude towards mobile banking is tested using Fisher’s Z-transformation.
The results are summarized in Table 12.
Summary of Results
Gender has a moderating effect between the ease of use and attitude towards mobile banking. Further,
the effect is higher in case of women than in case of men. This means that women have found that the
effect of the ease of use for mobile banking is higher in case of women than men. This finding is consist-
ent with earlier studies (Im, Kim & Han, 2008; Venkatesh & Morris, 2000; Wang et al., 2016) who
found that the moderating effect of perceived ease of use on intention was slightly stronger for women
versus males.
Chawla and Joshi 107S
Trust has a positive impact on attitude towards mobile banking. However, age moderates this relation-
ship and it is found that the effect of trust on attitude towards mobile banking is more in case of older
respondents (above the age of 30) than younger respondents. This is consistent with suggestions from
earlier studies that age has a moderating effect between technology use and perceptions (Demirci &
Ersoy, 2008; Lee et al., 2010; Morris & Venkatesh, 2000; Porter & Donthu, 2006; Wang et al., 2009;
Wang et al., 2016; Yi et al., 2005). Older users perceive higher risk associated with new technologies
when compared to younger users (Liebermann & Stashevsky, 2002). Hence, it is important that new
technology is perceived as trustworthy by older users.
It is found that experience moderates the relationship between trust and attitude towards mobile
banking. The effect of trust on attitude is more in case of more experienced customers than less-
experienced ones. A plausible reason for this could be that it takes time to build up the trust. The amount
of time spent on using mobile banking capabilities lowers the risk perception associated with its adop-
tion. The results indicate that experience also moderates the relationship between ease of use and attitude
towards mobile banking. It is more in case of less-experienced customers than in case of more experi-
enced customers. It is reasonable to assume that less-experienced customers would be young in age and
hence more technology savvy as compared to their other counterparts. The finding contradicts the find-
ings of earlier studies (Im et al., 2008), which suggest that experience does not moderate the relationship
between the ease of use and intention.
The income has a moderating effect in measuring the relationship of perceived efficiency attitude
towards mobile banking. It is seen that the efficiency in higher income group is more than in case of
lower income group. A plausible reason could be that people in the higher income group are busy and do
not have time to go to branch for banking. Further, they have enough financial resources to purchase
latest smartphones and Internet packages for conducting banking transactions whenever required. Thus,
they opt for mobile banking as a preferred way to do their banking transactions. Income moderates the
effect of perceived convenience on the attitude towards mobile banking. The effect of perceived
convenience is more in case of higher income group than lower income group. This is because people in
higher income group are busy and thus have little time to physically visit bank branch. Thus, they
perceived mobile banking as a convenient way to conduct mobile banking transactions.
The academic qualifications, educational background, occupation and marital status of the respondent
do not have any moderation effect of antecedents of mobile banking adoption on the attitude towards
mobile banking. With respect to educational level or qualification, our findings corroborates the finding
of Wang et al. (2016) who found educational level not to be an important moderator of the key relationship
with user intention. These findings contradict previous studies which support the hypothesis that highly
educated people tend to adopt new technology more quickly than the less educated (Weinberg, 2005).
power of the model as indicated by R square for various independent variables vary between 27 per cent
and 45 per cent, which are significant as per F-statistics. This shows that each of the proposed variables
influence user attitude towards mobile banking adoption. This corroborates previous research studies,
which have found perceived ease of use (Deb & David, 2014; George & Kumar, 2013; Gu et al., 2009;
Lin, 2011; Nasri & Charfeddine, 2012; Suh & Han, 2003); convenience (Agarwal, Rastogi & Mehrotra,
2009; Howcroft, Hamilton & Hewer, 2002; Liao & Wong, 2008; Suh & Han, 2003); efficiency (Deb &
David, 2014; Lin, 2011; Mohammadi, 2015); trust (Agarwal et al., 2009; Hernandez & Mazzon, 2007;
Lewis, Palmer& Moll, 2010; Lin, 2011; Nasri & Charfeddine, 2012) and lifestyle (Mohammadi, 2015;
Riquelme & Rios, 2010; Tan & Teo, 2000) to positively and significantly influence attitude. In the Indian
context, Kumar, Lall and Mane (2017) in a study involving management students found that perceived
ease of use, perceived usefulness, social influence and trust propensity positively and significantly
influence intention to use mobile banking services.
If we compare the results as obtained from the regression analysis and that of Fisher’s Z-
transformation, the following conclusions emerge:
Gender does not moderate the relationship using regression analysis, whereas in case of Fisher’s
Z-transformation, it is found to moderate the relationship between ease of use and attitude and the effect
is more in case of females than males. Our study corroborates the findings of earlier studies (Amin et al.,
2006, Riquelme & Rios, 2010). Ease of use has a stronger influence on female respondent than males
(Riquelme & Rios, 2010; Wang et al., 2016). This suggests that perception of ease of use is more salient
for females than males (Wang et al., 2016). However, the direction of the moderating effect is found to
be opposite in comparison with findings by Amin et al.‘s (2006) who found that male undergraduate
students were slightly more inclined to see mobile phones as a practical device for banking purposes.
Age moderates the relationship between trust and attitude in the same direction by both the methods.
It is seen that the impact of trust on attitude is more for elder respondents than for younger respondents.
Further, it is seen that age moderates the relationship between convenience and attitude where the
younger respondent find it more convenient than the older ones.
Income moderates the impact of perceived convenience and efficiency on attitude towards mobile
banking and in the same direction.
Experience moderates the relationship between trust and attitude in both the methods, whereas it acts
as a moderator for ease of use to attitude using Fisher’s-Z test and convenience to attitude in regression
analysis.
Occupation does not act as a moderator as per Fisher’s Z-transformation; however, it moderates the
relationship between perceived convenience and attitude towards mobile banking.
The marital status does not moderate the relationship using Fisher’s Z-test, whereas it has impact in
influencing relationship between trust and convenience on attitude.
Qualification does not moderate the relationship using Fisher’s Z-test, whereas it has impacted the
relationship of three independent variables, namely, lifestyle, trust and ease of use on attitude towards
mobile banking.
Educational background does not act a moderator using both the tests.
Many of the results using the two methods are similar. There are of course differences between the
two in some cases which could probably be due to the nature of assumptions that two methods make in
testing a moderator variable. The independent variables on which demographic variables have shown a
moderating effect are trust, convenience and ease of use.
Considering the fact that the adoption rate of mobile banking is still marginal, this study reveals that
gender, age, income, experience, occupation, qualification and marital status are the salient demographic
variables, which moderate the impact of independent factors (ease of use, trust, lifestyle, convenience
Chawla and Joshi 109S
and efficiency) on user attitude towards mobile banking. High degree of competition among Indian
banks has resulted in banks offering innovative customer tools, the latest being mobile applications to
service customers in a better way. The first managerial and business implication which could be drawn
from this study is that banks are advised to enhance the use of mobile banking usage, particularly through
offering mobile banking applications which are easy to use, convenient, secure, efficient and match the
lifestyle expectations of their users. The second implication is based on the finding that except educa-
tional background all other demographic variables moderate the relationship with user attitude. Thus,
banks should make an attempt to increase and promote the features of mobile banking, such as ease of
use, convenience and efficiency among female users. Similarly, with respect to age, banks should develop
strategies to enhance confidence among old age consumers about the convenience and security of mobile
banking channel. Beyond ease of use, trust and convenience, banks must also emphasize on the compat-
ibility between the banking services offered and the working/lifestyle of their target customers. It may
involve spending more time explaining the capabilities of mobile banking or simplifying the interface
for older users. Another implication could be designing suitable services to meet the specific needs of
different demographic segments.
Acknowledgement
The authors are grateful to the anonymous referees of the journal for their extremely useful suggestions to improve
the quality of the article. Usual disclaimers apply.
An earlier version of this paper was presented as a full research paper entitled ‘Role of demographics as moderator
in mobile banking adoption’ in Twenty-third Americas Conference on Information Systems, Boston in August 2017
and was published in their conference proceedings.
110S Global Business Review 19(3S)
Appendix–1 (Questionnaire)
Read the following statements and indicate your level of agreement/disagreement for the following
statements a seven-point scale as indicated below (1 = Strongly Disagree and 7 = Strongly Agree)
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