International Journal of Information Management 34 (2014) 689–703

Contents lists available at ScienceDirect

International Journal of Information Management

journal homepage: www.elsevier.com/locate/ijinfomgt

Extending the understanding of mobile banking adoption: When

UTAUT meets TTF and ITM
Tiago Oliveira a,1 , Miguel Faria a,2 , Manoj Abraham Thomas b,3 , Aleš Popovič a,c,∗
a
ISEGI, Universidade Nova de Lisboa, Campus de Campolide, 1070-312 Lisboa, Portugal
b
Department of Management, School of Business, Virginia Commonwealth University, 301 West Main Street, Richmond, VA 23284-4000, United States
c
University of Ljubljana, Faculty of Economics, Kardeljeva ploščad 17, SI-1000 Ljubljana, Slovenia

a r t i c l e i n f o a b s t r a c t

Article history: Mobile banking (mBanking) enables customers to carry out their banking tasks via mobile devices. We
Available online 23 July 2014 advance the extant body of knowledge about mBanking adoption by proposing a model for understand-
ing the importance and relationship between the user perception of mBanking, initial trust in mBanking
Keywords: services, and the fit between the technology and mBanking task characteristics. We synergistically com-
Mobile banking bine the strengths of three IS theories – task technology fit (TTF) model, unified theory of acceptance and
Technology adoption
usage of technology (UTAUT), and initial trust model (ITM). The model was tested in a study conducted
TTF
in Portugal, one of the European Union (EU) countries with the highest mobile phone adoption. Based
UTAUT
Initial trust model
on the sample of 194 individuals we applied partial least squares (PLS) to test the conceptual model pro-
pose. The path significance levels were estimated using the bootstrapping method (500 resamples). The
study found that facilitating conditions and behavioral intentions directly influence mBanking adoption.
Initial trust, performance expectancy, technology characteristics, and task technology fit have total effect
on behavioral intention. The paper offers valuable insights to decision-makers involved in the imple-
mentation and deployment of mBanking services. For researchers, the paper highlights the usefulness
of integrating TTF, UTAUT and ITM in the development of a decision support framework to study the
adoption of new technologies.
© 2014 Elsevier Ltd. All rights reserved.

1. Introduction IT adoption literature provides a vast pool of theoretical models

Throughout the last few decades, firms have persistently
invested significant resources in implementing new information
technologies (IT) to achieve competitive advantages. One particu-
larly relevant objective of such IT investments has been to reach
out to existing and attract new prospective customers through
IT-enabled sales and marketing prowess. Not surprisingly, an
increased interest in information systems (IS) and marketing lit-
erature has followed. Recently, an increased stream of research has
focused particularly to the understanding of various determinants
perceived important by end-customers when considering adopting
new IT-enabled sales channels offered by their providers.
∗ Corresponding author. Tel.: +386 1 5892 783.
E-mail addresses: toliveira@isegi.unl.pt (T. Oliveira), mgarranaf@gmail.com
(M. Faria), mthomas@vcu.edu (M.A. Thomas), ales.popovic@ef.uni-lj.si (A. Popovič).
1 In the context of banking services provision technological
Tel.: +351 213 828 610.
2
Tel.: +351 919430880.
3
Tel.: +1 804 828 3183.
(e.g. Davis, 1989; Davis, Bagozzi, & Warshaw, 1989; Rogers, 1995;
Venkatesh, Morris, Davis, & Davis, 2003) being applied to different
end-customer service contexts (e.g. Laforet & Li, 2005; Lin, 2011;
Pagani, 2004). While a review of more recent studies suggest extant
works center their attention on coupling various theoretical mod-
els or factors influencing end-customer intention to adopt an IT,
a more comprehensive view transcending existing adoption mod-
els is needed (Pavlou & Fygenson, 2006; Williams, Dwivedi, Lal, &
Schwarz, 2009). More specifically, literature suggests that personal
trust and the relevance of a new technology to address a specific
need (Lee, Cheng, & Cheng, 2007; Lu, Yao, & Yu, 2005) might impor-
tantly shape the adoption behavior of end-customer. To bridge this
gap we advance the current body of knowledge by analyzing the
effects of (1) the degree to which a technology fits the task at hand
and (2) the inclination of end-customers to trust the IT-enabled
innovation without prior experience or appropriate information
about the adopting technology.
advances have changed the way in which financial services are
transacted, with mobile banking (mBanking) being the latest

http://dx.doi.org/10.1016/j.ijinfomgt.2014.06.004
0268-4012/© 2014 Elsevier Ltd. All rights reserved.
690 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
development in this domain. mBanking allows bank clients to use
a smartphone or portable computing device to perform banking
tasks such as monitor account balances, bill payments, money
transfer, or find ATM locations. The phenomenon is so impor-
tant that IS professionals have described it as one of the most
promising and important developments in the field of mobile com-
merce and banking business (Lin, 2011). Research has shown that
changing technologies and consumer preferences can have a sig-
nificant impact on the success of a bank’s service distribution
strategies (Byers & Lederer, 2001). With the proliferation of mobile
technology and ubiquitous connectivity, it is therefore likely that
consumers will opt for the convenience and novelty of mBank-
ing. Speculating growth in adoption by a discernible segment of
customers, financial institutions are including mBanking as part
of their strategic directive (Nysveen, Pedersen, & Thorbjornsen,
2005). For example, mBanking expands extant channels for bank-
ing services and, in emerging markets, provides some possibility
for becoming a primary channel (Barnes & Corbitt, 2003).
The aim of this study is to provide a comprehensive insight into
the decision factors affecting the adoption of mBanking. Partic-
ularly, the objective is to explore the influence of end-customer
attitude toward, initial trust in, and technology characteristics of
mBanking solutions. Through the development of a research model
that blends the unified theory of acceptance and usage of technol-
ogy (UTAUT) (Venkatesh et al., 2003) with task technology fit (TTF)
model (Goodhue & Thompson, 1995) and initial trust model (ITM)
(Kim, Shin, & Lee, 2009), we establish the direct effects of initial
trust, attitude, and technology characteristics on mBanking adop-
tion behavior. Since direct effects may not necessarily portray a
complete picture, we extend our study to identify the total effect
of variables that impact the adoption of mBanking.
The rest of this paper is organized as follows. In Section 2, we
provide an overview of mobile banking studies and present the
theoretical foundations used in this study. The conceptual model
linking the three theoretical models and the hypotheses are then
presented. The research method and design is discussed in Sec-
tion 4, followed by the analysis of the results. Section 6 discusses
the major findings of our study, its theoretical contributions, and
managerial implications. Finally, we conclude the paper by sum-
marizing the limitations of the study and suggesting avenues for
future research.
2. Theoretical background
2.1. mBanking adoption
We understand mBanking as an instance of a mobile com-
merce (mCommerce) application by which financial institutions
enable their customers to carry out banking activities via mobile
devices. It relies on technologies (e.g. short messaging services,
SMS) and communication protocols (e.g. wireless applications pro-
tocols, WAP) for providing banking services (e.g. transfer of funds)
(Kim et al., 2009; Luarn & Lin, 2005), and related enquiries (for e.g.
searching for the closest ATM location) (Mallat, Rossi, & Tuunainen,
2004; Shih, Hung, & Lin, 2010; Wu & Wang, 2005). mBanking
includes mobile accounting (e.g. check book requests, blocking lost
cards, money transfers or insurance policies subscription), mobile
brokerage (selling and purchasing financial instruments), and
mobile financial information services (balance inquiries, statement
requests, credit card information, branches and ATM locations, for-
eign exchange rates or commodity prices) (Tiwari, 2007).mBanking
is regarded as a service with profit potentials for both financial
institutions and the telecom industry (Nysveen et al., 2005). As
a mCommerce application characterized by mobility and broad
reach (Ngai & Gunasekaran, 2007) it has evolved as a worldwide
phenomenon with promising feature enhancements. For exam-
ple, Lloyd’s TSB implemented near-field communication (NFC) for
contactless payments at the 2012 Olympics. ING Direct offers
mBanking functionalities that allow customers to transfer money
by ‘bumping’ their phones. American Express has reward programs
offering mobile users discounts when they ‘check in’ via mobile
geo-location at participating merchants (Capgemini Consulting,
2012). Commonwealth Bank of Australia allows account trans-
actions started in one channel (for instance, the Internet) to
be completed in another (such as a smart phone) (Capgemini
Consulting, 2012).
In IT business value literature, mBanking has received consid-
erable attention by both academia and practice (Gu, Lee, & Suh,
2009; Kim et al., 2009; Luarn & Lin, 2005; Medhi, Ratan, & Toyama,
2009; Zhou, Lu, & Wang, 2010). Popular models and theories, such
as technology acceptance model (TAM) (Davis, 1989), innovation
diffusion theory (IDT) (Rogers, 1995), unified theory of acceptance
and usage of technology (UTAUT) (Venkatesh et al., 2003), and task
technology fit (TTF) (Goodhue & Thompson, 1995) have been used
to study the adoption or the intention to adopt mBanking. In seek-
ing a better understanding of mBanking adoption determinants,
studies have also progressed beyond these models. For example,
Kim et al. (2009) used the initial trust model (ITM) to study the rela-
tionship between initial trust in mBanking and usage intentions of
mBanking whereas Zhou et al. (2010) combined the TTF model and
the UTAUT to propose an improved mBanking adoption model. To
the best of our knowledge, none of the extant studies have taken a
holistic view to assess mBanking adoption by examining the role of
initial trust, technology perception and task technology fit. A sum-
mary of literature exploring mBanking, including the methodology
and major findings of each study, is presented in Appendix A. It can
be observed that the most commonly studied variables in extant
mBanking adoption models are perceived ease of use, perceived
usefulness, performance expectancy, relative benefits of mBank-
ing, and trust. The results from previous works explain roughly
between 31% and 84% of the behavioral intention to use mBank-
ing, and about 39–65% of the use of mBanking. In the following
sections we introduce the theoretical underpinnings that support
the conceptualization of our research model.
2.1.1. Task technology fit (TTF)
The TTF adoption model suggests that the user will adopt a new
technology if it is good enough to execute the daily task efficiently.
Hence, the adoption to a new information system will depend
greatly on the users’ daily tasks (Goodhue & Thompson, 1995).
This model explains adoption using four constructs – task char-
acteristics, technology characteristics, task technology fit, and use.
The task characteristics and technology characteristics determine
the task technology fit which leads to the adoption and use of the
information system.
TTF has been used in several studies. Dishaw and Strong (1999)
used an integrated TTF model with TAM to explain the relationship
between software use and user performance. Lee et al. (2007) use
a modified TTF model to explore the factors affecting the adoption
of mCommerce in the insurance industry. Klopping and McKinney
(2004) studied e-commerce adoption using a hybrid model comb-
ing TTF and TAM. Zhou et al. (2010) studied the mBanking adoption
using an integrated model of TTF and UTAUT.
2.1.2. Unified theory of acceptance and usage of technology
(UTAUT)
UTAUT (Venkatesh et al., 2003) was proposed as an extension
of the popular TAM (Davis, 1989; Davis et al., 1989). It is the most
well known improvement of the TAM. The unified theory is based
on eight prominent models in IS adoption research. The model
has been empirically examined and found to outperform the eight
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
individual models, including TAM. It aims to explain user’s inten-
tion to use an IS and their subsequent behavior. The theory suggests
three antecedents to the intention to adopt an IS, namely – per-
formance expectancy, effort expectancy and social influence. The
positive effect of these factors on behavioral intention is influenced
by age and gender. Furthermore, the link between effort expectancy
and behavioral intention can be moderated by experience. Expe-
rience and voluntariness of use also have a moderating effect on
relationship between social influence and behavioral intention. The
behavioral intention and facilitating conditions together influence
the actual use of the IS.
UTAUT has drawn attention of researchers and has been used
in different research settings to study behavior intention and
technology adoption. Hong, Thong, Chasalow, and Dhillon (2011)
considered UTAUT as an influential theory in the IS adoption con-
text and used it to conceptualize a model to study agile IS adoption.
Luo, Li, Zhang, and Shim (2010) analyzed the impact of trust, risk,
self-efficiency and performance expectancy in mBanking adoption.
They concluded that the performance expectancy is the most sig-
nificant determining factor in the mBanking services acceptance.
2.1.3. Initial trust model (ITM)
Initial trust is the willingness of a person to take risks in order
to fulfill a need without prior experience, or credible, meaning-
ful information (Kim & Prabhakar, 2004; McKnight & Chervany,
2001). Convenience, flexibility, and perceived benefits such as the
role of service usefulness contribute to the formation of initial trust
(Koufaris & Hampton-Sosa, 2004).
Initial trust plays an important role when users with little or
no prior experience consider the adoption of an innovate service
such as mBanking (Kim et al., 2009; Kim & Prabhakar, 2004). McK-
night et al. (McKnight, Choudhury, & Kacmar, 2002; McKnight,
Cummings, & Chervany, 1998) categorizes the forces that affect
initial trust into three – institution, personal and environmental.
Institution-based trust factors are a firm’s characteristics such as
size, capability, integrity, role in the market, benevolence, repu-
tation or brand (Jarvenpaa, Tractinsky, & Vitale, 2000; McKnight
et al., 2002; McKnight, Kacmar, & Choudhury, 2004). Initial trust
is influenced by the user personality, such as the propensity to
trust (Gefen, 2000). Environmental forces (situational normality)
(McKnight et al., 2002) are the structural assurances relevant to
enhancing trustworthiness such as service guarantees, and social
influence (Kim et al., 2009; McKnight et al., 2004).
The role of initial trust in e-commerce related areas such as
Internet shopping (Lee & Turban, 2001; Lowry, Vance, Moody,
Beckman, & Read, 2008; Ratnasingham, 1998), and mobile bank-
ing services (Mallat et al., 2004) have been widely studied. Kim
et al. (2009) used ITM to establish a model where initial trust in
mobile banking is explained by trust propensity, structural assur-
ances, firm reputation and relative benefits. In the next section, we
describe the research model based on the three adoption models.
3. Research model and hypotheses
3.1. The research model
mBanking is a relatively new concept. In this study, we posit that
the task-technology fit, and user perceptions of technology com-
bined with the initial trust in the service play an important role
in the decision to adopt mBanking. We propose a holistic research
model that is theoretically grounded on three well-established the-
ories: (a) TTF, (b) UTAUT, and (c) ITM. The TTF model (Goodhue,
1995; Goodhue & Thompson, 1995) provides the theoretical basis to
assess the technology characteristics and task characteristics, and
the task technology fit in mBanking. Attitude toward technology is
691
measured using UTAUT. Since mBanking is rather new to mCom-
merce, user experience is residual. Moreover, not every customer
may consider its adoption. Hence two UTAUT moderators, volun-
tariness and experience, are not considered in this study. However,
the two other moderators, gender and age, are taken into account
to remain as close as possible to UTAUT. The research model is
depicted in Fig. 1.
3.2. Hypotheses
3.2.1. TTF
mBanking uses wireless technologies to provide users ubiqui-
tous, real-time service with the help of protocols such as General
Package Radio Services (GPRS) and Code Division Multiple Access
(CDMA). mBanking gives users mobility, access and readiness to
banking services that are not available via online or traditional
brick-and-mortar services. Technology makes mBanking attrac-
tive to users on the go, by enabling common banking tasks such
as account management, brokerage and financial inquiries both
accessible and convenient. Hence, the task characteristics and the
technology characteristic of mBanking results in a higher task tech-
nology fit. Therefore,
H1. Technology characteristics of mBanking positively influence
the Task Technology Fit.
H2. Task characteristics positively influence the Task Technology
Fit.
Task technology fit is the rational perspective of what a new
technology can do to optimize a job. It is affected by the nature of
the task and practicality of the technology to complete the task.
Thus TTF influences the attitude of the user toward mBanking and
the adoption of mBanking. Therefore,
H3a. Task Technology Fit positively influences user adoption of
mBanking.
UTAUT posits that user attitude toward technology translates
into performance expectancy (Venkatesh et al., 2003). In other
words, a user may adopt mBanking for its expected benefits such
as the ability to control personal finances remotely, and make fund
transfers instantly and securely. Thus,
H3b. Task Technology Fit positively influences performance
expectancy of mBanking.
3.2.2. UTAUT
The UTAUT aims to explain the user’s intention to use an IS
and their subsequent usage behavior. The theory identifies four
constructs that are direct determinants of intention or behav-
ioral usage. They are performance expectancy, effort expectancy,
social influence, and facilitating conditions (Venkatesh et al., 2003).
Performance expectancy is defined as the degree to which an indi-
vidual believes that using the system will help attain gains in job
performance (Venkatesh et al., 2003). Luo et al. (2010) and Riffai,
Grant, and Edgar (2012) concluded that performance expectancy
is a key factor for a user to accept the mBanking technology. Per-
formance expectancy implies that the user realizes gains from the
use of mBanking. It bears resemblance to the perceived usefulness
construct from TAM (Kim et al., 2009; Martins, Oliveira, & Popovič,
2014; Miltgen, Popovič, & Oliveira, 2013). The value to customers
from mBanking can be more than those available from Internet
based or brick-and-mortar based services. Such benefits include
convenience, satisfaction, economic benefits, and personal image
(Rogers, 1995; Taylor & Tood, 1995). Similarly, initial trust in the
mBanking will be shaped when the user experiences performance
gains from the use of mBanking (Kim et al., 2009). Thus,
692 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703

Technological
TTF
Technology Task
Characteristics Characteristics
H1(+) H2(+)

Task
H3a(+)
Technology Fit

H3b(+) UTAUT
Gender Age

Techological and Behavioral

Performance
Expectancy

Effort H4a(+)
Expectancy
H5(+)
Behavioral
H8(+) Adoption
H6(+) intention
Social
Influence
H7(+)
Facilitating
Conditions H12(+) H11b(+)

Initial Trust Model

Firm
H4b(+) Initial Trust H11a(+)
Reputation

H9(+) H10(+)
Personal
Structural
Propensity to
Assurances
Trust

Environmental
Fig. 1. Research model.

H4a. Performance expectancy positive influences the behavioral
intention to adopt mBanking.
H4b. Performance expectancy positively influences the user’s ini-
tial trust in mBanking.
Effort expectancy is defined as the degree of ease associated with
the use of the system (Venkatesh et al., 2003). This construct reflects
the perceived ease of use (TAM) of an IS (Kuo & Yen, 2009; Luarn &
Lin, 2005; Martins et al., 2014; Miltgen et al., 2013; Wang, Lin, &
Luarn, 2006) and has a positive impact on the behavioral inten-
tion. User interfaces, content design, and functional ability (Kim
et al., 2009; Venkatesh et al., 2003) of mBanking can influence its
adoption. Hence,
H6. Social influence positively influences the behavioral intention
to use mBanking.
Facilitating conditions is a UTAUT construct that is considered
to have a direct effect on the technology adoption. It is defined as
the degree to which an individual believes that an organizational
and technical infrastructure exists to support use of the system
(Venkatesh et al., 2003). Multiple avenues of promotion of mBank-
ing, and support from the organization remove impediments to
usage and influence adoption. Therefore,
H7. Facilitating conditions positively influences the adoption of
mBanking.

H5. Effort expectancy positively influences the behavioral inten-
tion to use mBanking.
Social influence is a direct antecedent of behavioral intention.
Venkatesh et al. (2003) defines social influence as the degree to
which an individual perceives that it is important for others to
believe that he or she uses the new technology or complies with
others’ expectations. It is the notion that individual behavior is
influenced by the way peers or family members value the use of
mBanking. The individual may feel trendy and professional by using
a new service technology such as mBanking. Thus,
As theorized by UTAUT, age and gender have a positive effect
on the behavioral intention due to their moderator effect on per-
formance expectancy, effort expectancy, and social influence. In
addition, age also has a positively effect on adoption due to its
moderator effect on facilitating conditions. The objective of this
research is to determine whether the intention to adopt mobile
banking leads to a decision for its adoption. Thus,
H8. Behavioral intention to use mBanking has a positive effect on
user adoption.
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
3.2.3. Initial trust
Trust is considered an important determinant for a stable social
relationship, and its influence in interpersonal relationships is a
critical component of economic transaction (Jarvenpaa, Knoll, &
Leidner, 1998). Being a relatively new entrant to the mCommerce
arena, mBanking services face concerns of risk and user confidence.
Customers who lack experience are reluctant to use mBanking ser-
vices. Structural assurance in the form of guarantees of protection of
information, escrow services, assurance of transactional confiden-
tiality, and contractual terms and conditions can build the initial
trust and confidence in mBanking services (Kim et al., 2009). Thus,
H9. Structural assurances offered by service firms positively influ-
ence the user’s initial trust in mBanking.
Propensity to trust is defined as the user’s natural tendency to
trust other people (McKnight et al., 2002). When adopting new
technologies, users with higher propensity to trust will have more
confidence in using mBanking. Hence,
H10. The user’s propensity to trust positively influences initial
trust in mBanking.
A firm’s reputation reflects the customers’ perception of its
capability to the deliver the service effectively, the credibility of
the organization, and the reliability in its business engagement
(McKnight et al., 1998). It plays an important role in the formation of
confidence and the intention to use the offered services (Kim et al.,
2009). It increases customer’s recognition of a newly introduced
service and helps maintain confidence in future transactions (Kim
et al., 2009). Thus, firm reputation is a significant factor in user’s
initial trust. It strongly influences the intention to use the service
(2003). Therefore,
H11a. The firm’s reputation positively influences the user’s initial
trust in mBanking.
H11b. The firm’s reputation positively influences the user’s inten-
tion to adopt mBanking.
Users have no previous experience when a new service is
introduced. Kim et al. (2009) ascertained that a person’s initial trust
in the firm to offer accurate, stable and secure financial transactions
are vital to the behavioral intention to use mBanking. Thus,
H12. Initial trust positively influences the user’s intention to adopt
mBanking.
4. Research method
4.1. Study background
Portugal is known as one of the European Union (EU) countries
with the highest mobile phone adoption [13]. According to 2009
Eurostat data, mobile phone users in Portugal average 151 mobile
phones per 100 inhabitants compared to the EU average of 125 per
100 inhabitants. The 2010 annual statistical report from ANACOM,
the Portuguese regulator entity for communications, estimates
154.9 mobile phones for every 100 citizens by the end of that year
(ANACOM, 2011). The International Telecommunication Union
(2011) states that Portugal has approximately 72.5% active mobile
broadband subscriptions per 100 inhabitants, which is considerably
higher than the 54% broadband penetration in Europe. Portugal’s
unique liking for mobile devices and broadband coverage, makes
the country prone to become a niche market in early mobile tech-
nology adoption (ANACOM, 2011). However, a recent study by TNS
(2012) reveals that mBanking users in Portugal (4%) are much lower
than the European average (17%). Nevertheless, 35% of the Por-
tuguese population is interested in using mBanking, which still
translates in a higher percentage than Europe’s average of 29%
693
(2012). The high percentage of mobile phone usage and the desired
change to the newer banking service distribution models makes
Portugal an ideal candidate for this study.
4.2. Participants
The study was conducted in Portugal. To a participant, mBank-
ing was described as a mobile commerce application that gives the
user the opportunity to make the everyday bank transactions (such
as balance inquiries, check book requests, block lost cards, make
money transfers, etc.), mobile brokerage (trading financial instru-
ments), and financial inquiries (bank balance, statement requests,
ATM locations, foreign exchange rates, etc.) using a mobile phone
or other portable device. The participation in the study was vol-
untary. To increase content validity, we indicated that the survey
should be filled out by a respondent who is familiar with mBanking
concept. To encourage participation and reduce self-reporting bias,
we gave all participants the opportunity to receive the findings of
the study.
4.3. Measurement
To test the model shown in Fig. 1, a survey instrument was
developed based on previously published literature. The items and
the scales for the TTF constructs were chosen from Zhou et al.
(2010) and Goodhue and Thompson [21]. The items and scales for
the UTAUT constructs were adapted from Zhou et al. (2010) and
Venkatesh et al. (2003). The items and scales for the initial trust
were adapted from Kim et al. (2009). Unit of analysis focused on
the individual and the responses were measured using a 7 point
Likert Scale on an interval level ranging from “strongly disagree”
to “strongly agree” (refer Appendix B). The moderator variable age
was measured in years, and gender was coded using a 0 or 1 dummy
variable where 1 represented men. The questionnaire was created
in English and reviewed for content validity. Since it was adminis-
tered to the Portuguese general population, the English version of
the instrument was then translated to Portuguese. Following the
recommendation of Brislin (1970), a professional translator and a
IS professional reviewed the instrument for content validity.
4.4. Data
Data was collected using an online survey conducted via a pop-
ular survey web site. To test the instrument, a pilot study was
conducted among a group of 30 college students who were not
included in the main survey. Preliminary evidence showed that the
scales were reliable and valid, with the exception of three items
with low loading (SI4, PPT4 and BI6) that were removed from the
questionnaire. These loadings are less than 0.40, for these reason
was eliminated (Henseler, Ringle, & Sinkovics, 2009a, 2009b).
Following the pretest, the survey was sent to a user base of
people with one or more mobile phones at a public university in
Portugal, Lisbon. A total of 730 e-mails were sent in April 2012
using personal hyperlinks that could be used only once, thus pre-
venting repeated responses. A follow-up reminder was sent to
non-respondents after four weeks. 284 responses were received
at the end of eight weeks. The response rate was 38.9%, of which 90
responses were removed due to incompleteness, leaving 194 valid
responses (152 early respondents and 42 late respondents). To test
for nonresponse bias, the sample distribution of the early and late
respondent groups was compared using the Kolmogorov–Smirnov
(K-S) test (Ryans, 1974). The sample distributions of the two groups
did not differ statistically indicating the absence of nonresponse
bias (Ryans, 1974) (refer Table 1). Further, the common method
bias was examined using Harman’s one-factor test (Podsakoff,
694 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703

Table 1
Testing possible Biases: Early respondents vs. later respondents.

Full sample (n = 194) Early respondents (n = 152) Late respondents (n = 42) Kolmogorov–Smirnov test

Mean S.D. Mean S.D. Mean S.D. p-Value

Task characteristics (TaskC) 4.88 1.57 4.98 1.51 4.98 1.51 0.43
Technology characteristics (TC) 5.33 1.38 5.29 1.38 5.29 1.38 0.61
Task technology fit (TTF) 4.81 1.34 4.79 1.34 4.79 1.34 0.71
Performance expectancy (PE) 5.12 1.47 5.05 1.49 5.05 1.49 0.70
Effort expectancy (EE) 4.73 1.32 4.66 1.32 4.66 1.32 0.87
Social influence (SI) 3.04 1.50 3.06 1.48 3.06 1.48 0.99
Facilitating conditions (FC) 4.84 1.49 4.86 1.46 4.86 1.46 1.00
Structural assurance (SA) 4.03 1.38 4.08 1.36 4.08 1.36 0.94
Personal propensity to trust (PPT) 3.60 1.58 3.52 1.55 3.52 1.55 0.52
Firm reputation (Franke & Chasin) 5.52 1.19 5.48 1.16 5.48 1.16 0.34
Initial trust (ITrst) 4.95 1.28 4.91 1.29 4.91 1.29 0.58
Behavioral intention (BI) 4.58 1.69 4.59 1.63 4.59 1.63 0.70
Adoption (Adopt) 4.10 2.01 4.11 1.92 4.11 1.92 0.58

MacKenzie, Lee, & Podsakoff, 2003). No significant common method
bias was found in the dataset.
The profile of the sample is shown in Table 2. 57% of the respon-
dents were women, 34% of the respondents owned more than
one mobile phone, and more than half used a smartphone or
a PDA.
5. Results
To test the model we used a two-step method, beginning with
the measurement model to test the reliability and validity of the
instrument and then analyzing the structural model (Anderson &
Gerbing, 1988). Since the research is an early stage assessment of
mBanking and all items in the data are not normally distributed
(p < 0.01 based on Kolmogorov–Smirnov’s test), the partial least
squares (PLS) is the most appropriate method for this study (Hair,
Sarstedt, Ringle, & Mena, 2012; Hair, Ringle, & Sarstedt, 2011). The
complexity of the model (large number of moderators) also makes
PLS attractive for this research, as it is less restrictive on the sample
size and data distribution (Chin, 1998; Chin, Marcolin, & Newsted,
2003). PLS estimation requires ten times the largest number of
structural paths directed at a particular construct in the model
(Chin, 1998; Gefen & Straub, 2005). The sample in our study met
the necessary conditions for using PLS.
Table 2
Distribution of survey respondents.
5.1. Measurement model
Tables 3 and 4 present the measurement model results. Com-
posite reliability (CR) is above 0.70 (minimum CR is 0.90) indicating
that the scales have internal consistency (Table 3). To evaluate the
indicator reliability, we opted to consider the loadings above 0.70.
Hence two items, SI3 and FC4, were eliminated. As seen in Table 3,
the instrument presents good indicator reliability as the loadings
are above 0.70. Average variance extracted (AVE) was used to test
convergent validity. AVE should be higher than 0.50 so that the
latent variables explain more than half of the variance of its indi-
cators (Fornell & Larcker, 1981; Hair et al., 2012; Henseler, Ringle,
& Sinkovics, 2009a, 2009b). As seen in Table 3, all constructs meet
these criteria. The AVE, CR, and Alpha values are higher than the
recommended thresholds of 0.500, 0.700, and 0.770 respectively
(Bagozzi & Yi, 1988; Gefen, Straub, & Boudreau, 2000; Nunnally,
1978). This demonstrates convergent validity and validity indicat-
ing that the constructs can be used to test the conceptual model.
Finally, discriminant validity was tested based on two criteria.
First, the loadings are larger than cross loadings. To secure the
model’s discriminant validity, three items were eliminated (TC3,
PE4 and ASBM4) because of their low loadings and high cross load-
ings. Second, the square root of AVE for each construct should be
greater than the correlations with all constructs (Boudreau, Gefen,
& Straub, 2001; Fornell & Larcker, 1981). In Table 4, we can see
that the square root of AVE (in bold) is higher than the correlation
between constructs.
The measurement model results indicate that the model has
good internal consistency, indicator reliability, convergent validity
and discriminant validity. Hence, the constructs from our model are
statistically distinct and can be used to test the structural model.

Distribution Frequency total: 194 %

5.2. Structural model
Gender Male 83 42.8
Female 111 57.2
The path significance levels were estimated using a bootstrap
Age 18–20 17 8.8
with 500 resamples. The R2 criteria (Chin, 1998) are used to assess
20–29 101 52.1
30–39 52 26.8 the predictive capacity of the structural model. Examination of R2
>40 24 12.4 (Table 5) shows that the model explains task technology fit (TTF),
performance expectancy (PE), initial trust (ITrst), behavioral inten-
Schooling Lower than BSc 58 29.9
BSc 93 47.9 tion (BI) and mBanking adoption (Adopt). The final model is shown
MSc or higher 43 22.2 in Fig. 2. Since the moderator effects are not statistically signifi-
Number of mobile 1 128 66.0
cant, we choose not to consider the moderator variables (age and
phones owned 2 or more 66 34.0 gender) in the final model (model without moderators).
The analysis results can be summarized as follows. Technol-
Uses a smartphone or Yes 107 55.2 ogy characteristics (TC) (ˇ ˆ = 0.70; p < 0.01) and task characteristics
a PDA No 87 44.8 ˆ = 0.15; p < 0.05) are statistically significant in explain-
(TaskC) (ˇ
mBanking Yes 103 53.1 ing TTF, thus confirming hypotheses H1 and H2. The results show
No 91 46.9
that TC is the more important construct in explaining TTF. When
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703 695

Table 3
Item loadings, AVE, CR and alpha.

Factor Item Loading t-Value AVE CR Alpha

Task characteristics TaskC1 0.90 58.26*** 0.78 0.94 0.91

(TaskC) TaskC2 0.91 60.53***
TaskC3 0.90 37.45***
TaskC4 0.83 28.15***

Technology TC1 0.88 32.15*** 0.82 0.93 0.89

characteristics (TC) TC2 0.93 41.24***
TC4 0.91 51.05***

Task technology fit TTF1 0.92 58.65*** 0.86 0.96 0.94

(TTF) TTF2 0.93 59.24***
TTF3 0.94 61.48***
TTF4 0.91 43.60***

Performance PE1 0.92 45.81*** 0.87 0.95 0.92

expectancy (PE) PE2 0.93 45.07***
PE3 0.94 93.45***

Effort expectancy EE1 0.91 51.40*** 0.80 0.94 0.92

(EE) EE2 0.93 62.75***
EE3 0.91 49.98***
EE4 0.82 22.95***

Social influence (SI) SI1 0.94 69.43*** 0.86 0.92 0.84

SI2 0.91 33.42***

Facilitating FC1 0.88 44.96*** 0.74 0.90 0.82

conditions (FC) FC2 0.89 37.74***
FC3 0.81 22.80***

Structural SA1 0.86 73.45*** 0.69 0.90 0.85

assurance (SA) SA2 0.89 86.90***
SA3 0.72 43.92***
SA4 0.84 36.09***

Personal PPT1 0.71 8.91*** 0.75 0.90 0.83

propensity to trust PPT2 0.94 53.76***
(PPT) PPT3 0.92 44.54***

Firm reputation FR1 0.93 106.01*** 0.86 0.96 0.94

(Franke & Chasin) FR2 0.94 88.96***
FR3 0.92 145.85***
FR4 0.90 9.80***

Initial trust (ITrst) ITrst1 0.96 62.14*** 0.80 0.94 0.91

ITrst2 0.94 23.22***
ITrst3 0.96 30.73***
ITrst4 0.71 31.12***

Behavioral BI1 0.91 51.65*** 0.78 0.95 0.93

intention (BI) BI2 0.85 77.78***
BI3 0.86 112.59***
BI4 0.89 51.82***
BI5 0.89 48.90***

Adoption (Adopt) Adopt1 0.92 79.97*** 0.86 0.95 0.92

Adopt2 0.95 105.65***
Adopt3 0.91 50.21***

*p < 0.1.
**p < 0.05.
***
p < 0.01.

TC increases one standardized unit, TTF increases 0.70 standardized
units, ceteris paribus The model explains 62.9% of the variation in
TTF.
TTF is statistically significant (ˇ ˆ = 0.70; p < 0.01) in explain-
ing performance expectancy (PE), thus H3b is confirmed. In other
words, when TTF increases one standardized unit, PE increases 0.70
standardized units, ceteris paribus The model explains 48.5% of the
variation in PE.
Performance expectancy (PE) (ˇ ˆ = 0.43; p < 0.01), structural
assurances (SA) (ˇ ˆ = 0.26; p < 0.01), and firm reputation (FR) (ˇ ˆ =
0.30; p < 0.01) are statistically significant in explaining initial trust
(ITrst). Thus hypotheses H4b, H9 and H11a are confirmed, whereas
personal propensity to trust (H10) is not confirmed. The results
indicate that performance expectancy is the most important con-
struct in explaining the initial trust in mBanking. The model
explains 60.9% of the variation in initial trust.
Performance expectancy (PE) (ˇ ˆ = 0.40; p < 0.01) and initial
trust (ITrst) (ˇˆ = 0.36; p < 0.01) are statistically significant in
explaining the behavioral intention (BI) of mBanking adoption. This
confirms hypotheses H4a and H12. Effort expectancy (EE), social
influence (SI) and firm reputation (FR) are not statistically signif-
icant in explaining the behavioral intention. Consequently H5, H6
696 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703

Table 4
Correlations and AVEs (square root, shown in bold at diagonal).

TaskC TC TTF PE EE SI FC SA PPT FR ITrst BI Adopt

TaskC 0.89
TC 0.57 0.90
TTF 0.55 0.78 0.93
PE 0.55 0.69 0.70 0.93
EE 0.48 0.68 0.70 0.68 0.89
SI 0.28 0.27 0.42 0.47 0.41 0.93
FC 0.49 0.62 0.64 0.61 0.79 0.35 0.86
SA 0.35 0.39 0.40 0.42 0.49 0.40 0.43 0.83
PPT −0.40 −0.28 −0.32 −0.35 −0.32 −0.20 −0.27 −0.25 0.86
FR 0.23 0.43 0.39 0.37 0.44 0.15 0.44 0.45 −0.13 0.93
ITrst 0.42 0.62 0.61 0.66 0.69 0.38 0.70 0.57 −0.27 0.58 0.90
BI 0.55 0.54 0.55 0.67 0.55 0.42 0.55 0.42 −0.40 0.33 0.64 0.88
Adopt 0.55 0.50 0.56 0.65 0.60 0.48 0.59 0.42 −0.41 0.23 0.59 0.79 0.93

and H11b are not confirmed. The model explains 53.4% of the vari-
ation in behavioral intention to adopt mBanking.
The study hypothesized that mBanking adoption (Adopt) is
explained by task technology fit (TTF), facilitating conditions (FC),
and behavioral intention (BI). However, the results suggest that
TTF is not statistically significant (ˇˆ = 0.10; p > 0.10), i.e. H3a is
not confirmed. Hypothesis H7 and H8 are confirmed as facilitating
conditions (FC) (ˇˆ = 0.18; p < 0.01) and behavioral intention (BI)
ˆ = 0.64; p < 0.01) are statistically significant. Behavioral inten-
(ˇ
tion is the most important construct to explain the mBanking
adoption given that when BI increases one standardized unit, adop-
tion increases 0.64 standardized units, ceteris paribus The model
explains 66.7% of the variation in the adoption of mBanking.
Overall, within the 15 hypotheses formulated, 10 are confirmed
by the data. Fig. 2 summarizes the empirical results of the research
hypotheses.

Table 5
Structural model results.

Independent variables Model with moderators Model without moderators

2
Hypothesis Beta t-Value R Hypothesis Beta t-Value R2

Task technology fit 62.9% Task technology fit 62.9%

√ √
Task characteristics (TaskC) H1( ) 0.15 2.27** H1( ) 0.15 2.23**
√ √
Technology characteristics (TC) H2( ) 0.70 12.28*** H2( ) 0.70 12.25***

Performance expectancy 48.5% Performance expectancy 48.5%

√ √
Task technology fit (TTF) H3b( ) 0.70 16.98*** H3b( ) 0.70 15.96***

Initial trust 60.9% Initial trust 60.9%

√ √
Performance expectancy (PE) H4b( ) 0.43 5.95*** H4b( ) 0.43 5.69***
√ √
Structural assurances (SA) H9( ) 0.26 4.32*** H9( ) 0.26 4.59***
√
Personal propensity trust (PPT) H10(×) −0.02 0.23 H10( ) −0.02 0.23
√ √
Firm reputation (Franke & Chasin) H11a( ) 0.30 4.03*** H11a( ) 0.30 3.88***

Behavioral intention 58.1% Behavioral intention 53.4%

√ √
Performance expectancy (PE) H4a( ) 0.35 4.51*** H4a( ) 0.40 4.90***
Effort expectancy (EE) H5(×) 0.02 0.26 H5(×) 0.01 0.14
Social Influence (SI) H6(×) 0.09 1.24 H6(×) 0.10 1.52
Gender 0.24 1.36 – – –
Age −0.05 0.67 – – –
Gender*Age −0.15 0.73 – – –
PE*Gender H4m(×) −0.04 0.17 – – –
PE*Age 0.09 0.97 – – –
PE*Gender*Age −0.09 0.37 – – –
EE*Gender H5m(×) −0.30 1.37 – – –
EE*Age −0.12 1.20 – – –
EE*Gender*Age 0.33 1.36 – – –
SI*Gender H6m(×) 0.07 0.36 – – –
SI*Age 0.00 0.03 – – –
SI*Gender*Age −0.05 0.27 – – –
√ √
Initial trust (ITrst) H12( ) 0.41 3.92*** H12( ) 0.36 2.86***
Firm reputation (FR) H11b(×) −0.05 0.80 H11b(×) −0.04 0.55

Adoption 67.3% Adoption 66.7%

Task technology fit (TTF) H3a(×) 0.10 1.45 H3a(×) 0.10 1.33
√ √
Facilitating conditions (FC) H7( ) 0.18 2.84*** H7( ) 0.18 3.12***
Age 0.04 0.99 – – –
FC*Age H7m(×) 0.08 1.36 – – –
√ √
Behavioral intention (BI) H8( ) 0.64 8.79*** H8( ) 0.64 8.77***

Note: H4m, H5m, and H6m are hypotheses that age and gender positively influence performance expectancy, effort expectancy, and social influence due to its moderator
effect on behavioral intention. H7m is the hypothesis that age positively influences adoption due to its moderator effect on facilitating conditions.
*p < 0.1.
**
p < 0.05.
***
p < 0.01.
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703 697

TTF
Technology Task
Characteristics Characteristics
0.70*** 0.15**

Task
Technology Fit 0.10
R2=62.9%
0.70***
Performance UTAUT
Expectancy
R2=48.5%

Effort 0.40***
Expectancy
0.01 Behavioral
Adoption
intention 0.64***
R2=66.7%
Social 0.10 R2=53.4%
Influence
0.18***
Facilitating
Conditions 0.36*** -0.04

Initial Trust Model

Initial Trust Firm

0.43*** 0.30***
R2=60.9% Reputation

0.26*** -0.02
Personal
Structural
Propensity to
Assurances
Trust

Fig. 2. Structural model results. Note: *p < 0.1; **p < 0.05; ***p < 0.01; Or Note: *p < 0.1; **p < 0.05; ***p < 0.01.

6. Discussion 6.2. Initial trust (ITrst)

The research model presented in this paper is unique in that it
synergistically combines the task technology fit, initial trust, per-
formance expectancy, and behavioral intention in evaluating the
decision to adopt mBanking. The interpretation of the results based
on the empirical findings is discussed below.
6.1. Task technology fit (TTF)
mBanking is a relatively new concept in Portugal and individ-
uals are not yet fully aware of the various banking tasks that can be
conducted via this service. This explains the smaller effect of task
characteristics (TaskC) on TTF, compared to the technology charac-
teristics (TC). Nonetheless, mBanking is growing in recognition as
a useful banking service and the research model explains 62.9% of
the variation in TTF. Results show a substantial effect of TTF on per-
formance expectancy (PE). TTF explains 48.5% of PE variation, and
is consistent with results from similar studies (Zhou et al., 2010).
This indicates the relationship between TTF and UTAUT models.
Specifically, it demonstrates the link between what the technology
can do (task technology fit) and how useful it can be in optimizing
the task at hand (performance expectancy). It also confirms that
task performance is improved when the users of technology fitted
to them as an individual perceived it as being more useful (Parkes,
2013).
Initial trust (ITrst) in our model is explained by structural assur-
ances (SA) and firm reputation (FR). The results indicate the link
between SA and ITrst, and are consistent with previous studies (Kim
et al., 2009; Shan & Lu, 2009; Zhou, 2011a, 2011b). Similarly, the
effect of firm reputation (FR) on initial trust (ITrst) is consistent
with the findings by Zhou (2011b). This confirms that an individual
is more willing to trust a new service such as mBanking when there
is reputation in the firm and assurance against risks.
Our study also found that personal propensity to trust (PPT) does
not have a significant effect on initial trust (ITrst). This indicates that
users are not opposed to mBanking, and that it may be treated com-
parable to other known electronic banking services such as Internet
banking. A consumer will be more interested in adopting mBanking
when there is service assurance, and task optimization.
6.3. Performance expectancy (PE)
Our research model validates the relationship between per-
formance expectancy (PE) and initial trust (ITrst). This finding is
consistent with Kim et al. (2009) linking relative benefits of mBank-
ing and initial trust. Initial trust is formed when the user finds
performance gains from using the mBanking services. Thus, when
the banking tasks are optimized by the new service, it leads to initial
trust.
698 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
As suggested by related research (Luo et al., 2010; Zhou et al.,
2010), the findings of this study also confirm that PE has a direct
effect on the behavioral intention to use mBanking. It is of interest
to note that performance expectancy is seen by the user has one of
the most important factors in the acceptance of mBanking. PE was
also the only construct from the UTAUT model confirmed to have
an effect on behavioral intention (BI).
6.4. Behavioral intention (BI)
The research model explains 53.4% of variance of behavioral
intention (BI). The most important factors that influence BI are
performance expectation (PE) and initial trust (ITrst). The results
confirm that when there is initial trust the behavioral intention to
adopt a new technology is driven by its usefulness.
6.5. mBanking adoption
The research model explains 66.7% of adoption of mBanking.
The factors that positively influence adoption are behavioral inten-
tion (BI) and facilitating conditions (FC). Based on the findings,
we argue that, when there is behavioral intention, the facilitating
conditions such as organizational and technical infrastructure to
support mBanking leads to its adoption.
6.6. Additional findings
Our results did not confirm the moderating effects of gender
and age. This is contrary to prior studies (Venkatesh et al., 2003;
Wang, Wu, & Wang, 2009; Yu, 2012), and is likely due to the wide
adoption of mobile phones in Portugal. The comfort level and famil-
iarity with using mobile phones may also explain the insignificant
effect of effort expectancy (EE) on behavioral intention (BI) to adopt
mBanking.
Firm reputation is found to have no significant effect on BI, as
previously reported in other studies (Kim et al., 2009). As posited by
Kim et al. (2009), it could be that once the reputation of a financial
institution reaches a certain status, trust is already established in
well-known and classic services. At this juncture, FR is no longer
the significant factor that attracts more people to their services.
In addition, social influence (SI) is also found to have no
significant effect on BI. The rationale for this finding is that
mBanking is a service that is personal and very sensitive.
The need to show off, or impress others is overshadowed by
the need to keep the transactions confidential and the finan-
cial data secure. This is not to suggest that EE and SI are
to be ruled out. Instead we argue that the overall effect of
task technology fit (0.70*0.40 + 0.70*0.43*0.36 = 0.39), technol-
ogy characteristics (0.39*0.70 = 0.27), performance expectancy
(0.40 + 0.43*0.36 = 0.55) and initial trust (0.36) on BI have an over-
powering effect on EE and SI.
7. Implications
This study makes important contributions for research and
practice. For researchers, the model presents a holistic approach to
examine the factors that influence mBanking adoption by synergis-
tically combining three established theories namely, TTF, UTAUT,
and ITM. By establishing the relationship between the users’ per-
ceptions of the new technology, task technology fit in fulfilling
banking needs, initial trust in mBanking services, and the adoption
of mBanking, the study makes new contribution to the published
literature. For practitioners, it offers valuable insights into the role
of technology in service delivery. More notably, it offers a pragmatic
view of the behavioral and technological factors that are impera-
tive to the decision to adopt mBanking. The study can help financial
institutions optimize their mBanking initiatives, implementation,
and deployment. The theoretical and practical implications are
described below.
7.1. Theoretical implications
This study makes several important theoretical contributions.
First, to the best of our knowledge this is an early attempt toward a
holistic and integrative approach to explain mBanking adoption.
Although prior studies have addressed mBanking adoption, the
strength of this research lies in combining the behavioral, tech-
nological and environmental determinants from three established
adoption models. This is evidenced by high explanatory power of
our research model. Our model explains 53.4% of the behavioral
intention to adopt mBanking compared to 31% indicated by Kim
et al. (2009), and 66.7% of mBanking adoption compared to 55.7%
by Zhou et al. (2010). Compared to the previous studies (sum-
marized in Appendix A), the research models are thus a valuable
contribution to the existing body of research.
Second, it is important to point out that the constructs relevant
to mBanking adoption are not just BI (0.64), and FC (0.18), but
also TTF (0.70*0.40*0.64 + 0.10 + 0.70*0.43*0.36*0.64 = 0.35),
technology characteristics (0.70*0.35 = 0.25), performance
expectancy (0.40*0.64 + 0.43*0.36*0.64 = 0.36) and initial trust
(0.36*0.64 = 0.23). This warrants the development of a conceptual
model that integrates TTF, UTAUT and initial trust (ITrst) to explain
the adoption of a new technology such as mBanking.
Finally, the study emphasizes an often neglected, yet profound,
tie between adoption theory and trust literature. While our results
suggest performance expectancy significantly directly contributes
to behavioral intention to adopt, a mediating effect of performance
expectancy through initial trust on behavioral intention to adopt
suggests intrinsic user characteristics, such as trust, should be
embedded in the adoption studies. This is in accordance with the
findings from Li, X., Hsieh, J. J. P.-A., & Rai, A. (2013) linking intrinsic
characteristics, i.e. motivation, to later adoption stages, i.e. technol-
ogy use.
We believe researchers initiating future studies on technology
adoption will find this study beneficial. The integrative approach
presented in this paper should serve as a suitable model to evaluate
the role of behavioral, technological, and environmental factors in
technology adoption.
7.2. Practical implications
This research serves important practical implications to deci-
sion makers, IT departments, and marketing departments involved
in the implementation and deployment of mBanking services. It
established the significant direct effect of task technology fit on per-
formance expectancy, the significant direct effect of performance
expectancy on initial trust as well as behavioral intention, and the
significant direct effect of initial trust on behavioral intention.
The direct effect of TTF on PE indicates that the consumer has to
realize value (for example, convenience, economic gains, satisfac-
tion, etc.) from using the technology for the fulfilling the banking
tasks. This implies that, at a minimum the mBanking should offer all
services available via Internet based services. Because of the signif-
icant role of technology characteristics in explain TTF, we propose
that the marketing campaigns target customers to encourage the
use of mBanking as an efficient tool to carry out their daily banking
needs. Companies can influence the decision to adopt mBanking by
highlighting the benefits that the service can offer to the customer,
and by ensuring that the service optimizes the user experience.
An mBanking initiative is a strategic and financial investment.
Consequently, promoting this service should address value added
benefits to the customer, such as quick and easy access, universal
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
accessibility and minimal risks. This follows the finding that PE has
a significant effect on behavioral intention, and being an antecedent
to initial trust. Since structural assurance also influences the initial
trust in mBanking, ensuring and upholding information protection
guarantees, transactional confidentiality, and availability of ser-
vices are important to minimize reputational risks and encourage
adoption.
The study showed that initial trust has a more significant effect
on the behavioral intention to adopt mBanking compared to effort
expectancy and social influence. mBanking is a highly personalized
service, and users are mostly concerned about confidentiality and
security. Hence decision makers and financial institutions should
focus on establishing a relationship of trust with the customer from
a very early stage. Marketing campaigns have to emphasize the
security policies and safeguards that are in place to prevent finan-
cial and information loss.
Since the strategic objective of developing an mBanking initia-
tive is to ensure its adoption, it is essential that the behavioral
intention of the user translates into the acceptance and loyalty to
the service. In addition to behavioral intention, the study found
that facilitating conditions also have a positive effect on mBanking
adoption. Thus, providing the necessary infrastructure, both orga-
nizational and technical, in order to ensure a seamless experience
can be decisive to the adoption of mBanking. Useful suggestions in
this regard include creating micro support sites, round-the-clock
call centers, and qualified personnel to offer a helping hand.
8. Limitations and future research
This study is not without its limitations. Some limitations are
attributable to the inherent nature of this new technology. mBank-
ing is a relatively new service in Portugal. Most mobile phone users
are familiar with the service as a concept, but lack experience or
factual knowledge regarding its capabilities. There is an observed
tendency to draw parallel with online banking. Whether this plays
a role in the outcome of the study needs to be determined. It will
be interesting in the future to compare online banking and mBank-
ing, and the transition if any, from one to the other. Since it is our
assumption that there will be wider adoption of mBanking by the
general population over time, a longitudinal study to assess this
evolution will be of interest. Modifying the research model pre-
sented in this research to include ‘experience’ as a moderator can
also be an interesting adjustment worthy of pursuit. The structure
of trust changes once the new service is adopted, and information
quality becomes the single most important antecedent during the
later stages of use (Zahedi & Song, 2008). Zhou (2013) indicates that
service providers need to offer quality systems, information and
services in order to facilitate users’ continuance usage of mobile
Reference Context
An mBanking adoption questionnaire was submitted in an
Luarn and Lin (2005)
e-commerce exposition and symposium held in Taiwan.
A qualitative in-depth interviewing design was submitted to
Laukkanen (2007)
experienced electronic banking customers to determine the
factors that create value perceptions in fund transfer service
via personal computer and mobile phone.
699
payments. As mobile technology advances and financial service
models evolve, this research can be extended to include data quality
dimensions and how they impact the use of mBanking.
In this study, we did not differentiate between the different
types of banking institutions such as retail banks, commercial
banks, community development banks or private banks. Tallon
(2010) reports on the differentiation in IT and strategic choices
between different types of banking institutions. Taking this into
account will be of great interest to create a more holistic research
model. Furthermore, mBanking is a service that is dependent on the
telecom industry as an intermediary. We did not consider whether
this plays a role in the adoption of mBanking. This is another limi-
tation that future research can address.
Last but not least, mBanking is very popular in rural areas (Matos
& D’Aguiar, 2010). One future research direction could be to con-
duct a comparative study between the adoption of mBanking in
rural and urban areas. In some parts of the world, especially in
Africa, banks are positioning mBanking as their primary product
(Capgemini Consulting, 2012), Hence it will also be interesting to
test the model in developing countries where there is wide adop-
tion of mBanking.
9. Conclusion
This study formulated and empirically tested an integrative
model to explain the decision to adopt mBanking at an individ-
ual level. The results from our study suggest that the proposed
model possesses substantial explanatory power and is robust
under several circumstances. Not only is the integration of TTF
and Itrst with UTAUT theoretically appealing, but it is also
empirically significant, since it explains why much of the vari-
ation for intention to adopt and adoption itself is much higher
than indicated by previous adoption research on adoption inten-
tions.
The study reveals that the most important constructs explain-
ing mBanking adoption are behavioral intention (BI), facilitating
conditions (FC), task technology fit (TTF), technology character-
istics (TC), performance expectancy (PE) and initial trust (ITrst).
The significant overall effect of task technology fit, technol-
ogy characteristics, performance expectancy and initial trust
on mBanking adoption prove the importance of the developed
research model.
By highlighting the usefulness of integrating three established
theories namely, TTF, UTAUT and ITM, the research presents a
holistic approach for future studies on the adoption of new IS tech-
nologies. For practitioners, the research offers valuable insights for
developing mBanking solutions.
Appendix A. Mobile banking adoption research
Methodology Major findings
Behavioral intention is positively affected by
Extended TAM. perceived self-efficacy (ˇ = 0.18), perceived
credibility (ˇ = 0.36), perceived ease of use
(ˇ = 0.33) and perceived usefulness (ˇ = 0.31).
Behavioral intention is negatively affected by
perceived financial cost (ˇ = −0.19).
The model explains 82% of variation in
behavioral intention to use mBanking.
Means-end The most important characteristics of
approach. mBanking are the ability to use the service
wherever wanted, saving time and being an
immediate service.
The inhibitors of mBanking are the display of
the device.
700 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
Appendix A (Continued )
Reference Context
(Morawczynski and A questionnaire was submitted about trust in mobile
Miscione (2008) transactions with focus on M-Pesa, a mobile banking system in
Kenya.
An mBanking adoption web–questionnaire was submitted to
Gu et al. (2009)
customers who use mBanking within WooriBank in Korea.
A mBanking adoption questionnaire was submitted to
Kim et al. (2009)
customers from the three biggest mobile telcos in Korea.
A questionnaire was submitted to university students to
Yang (2009)
understand the adoption and resisting factors of the mobile
banking technology.
A survey was conducted at an Eastern U.S. university to
Luo et al. (2010) conjointly examine the multi-dimensional trust and
multi-faceted risk perceptions in the initial adoption stage of
mBanking.
Wessels and Drennan A national web-based survey was submitted to understand the
(2010) costumers mBanking perceptions in Australia.
Koenig-Lewis, Palmer, An online-survey was submitted to understand the young
and Moll (2010) consumers mBanking adoption in Germany.
A questionnaire was conducted in universities and service
Zhou et al. (2010)
halls of China Mobile and China Unicom branches to examine
the factors affecting mBanking integrating a TTF and an UTAUT
model.
A questionnaire was conducted in two halls of the largest
Zhou (2011a)
mobile telecommunication operator in China to examine the
effect of initial trust on mBanking user adoption.
A questionnaire was conducted to potential and repeat
Lin (2011) customers to examine the effect of innovation attributes and
knowledge-based trust on attitude and behavioral intention
about adopting (or continuing to use) mBanking.
A questionnaire was conducted in the service halls of two
Zhou (2012) Chinas telcos to examine the factors affecting mBanking user
adoption integrating the perspective of trust and flow
experience.
A street questionnaire was conducted in the Taipei downtown
Yu (2012)
areas to investigate what makes an individual adopt mobile
banking using the Unified Theory of Acceptance and Use of
Technology (UTAUT).
Methodology Major findings
N/A Customers use M-Pesa services because they
(theoretical believe that their money will be kept save by
approach). Safaricom, the mobile service provider.
Behavioral Intention is positively affected by
Extended TAM.
perceived ease of use (ˇ = 0.38), perceived
usefulness (ˇ = 0.21) and trust (ˇ = 0.35).
The model explains 79.7% of variation in
behavioral intention to use mBanking.
Initial trust Usage intention is positively affected by
approach. relative benefits of mBanking (ˇ = 0.18) and
initial trust in mBanking (ˇ = 0.33).
The model explains 31% of variation in usage
intention of mBanking.
Rasch mBanking adoption is encouraged by the speed
measurement of transactions and special reductions in
model. transaction service fees, including rapid
transaction reply speed, advantageous
transaction reply fees, practical banking
services and reduced banking transaction fees.
The Factors inhibiting mBanking adoption are
related to system configuration safety and
system basic fees.
Multi- Behavioral intention is positively affected by
dimensional performance expectancy (ˇ = 0.49).
trust approach, Behavioral intention is negatively affected by
multi-faceted perceived risk (ˇ = −0.23)
risk perception The model explains 50.9% of the variation in
approach and behavioral intention to use mBanking.
UTAUT.
Intention to use mBanking is positively
Extended TAM. affected by compatibility (ˇ = 0.29) and
attitude toward mBanking (ˇ = 0.27).
Intention to use mBanking is negatively
affected by cost (ˇ = −0.12)
The model explains 83.9% of the variation in
intention to use mBanking.
Behavioral intention to adopt mBanking is
Extended TAM. positively affected by perceived usefulness
(ˇ = 0.39) and compatibility (ˇ = 0.39).
Behavioral intention to adopt mBanking is
negatively affected by risk.
The model explains 65.1% of variation in
behavioral intention to adopt mBanking.
User adoption is positively affected by task
TTF and UTAUT.
technology fit (ˇ = 0.3), performance
expectancy (ˇ = 0.37), social influence
(ˇ = 0.22) and facilitating conditions (ˇ = 0.24).
The model explains 57.5% of variation in user
adoption.
Initial trust Usage intention is positively affected by initial
approach. trust (ˇ = 0.42) and perceived usefulness
(ˇ = 0.37).
The model explains 52.5% of the variation in
usage intention.
Innovation Behavior intention about adopting mBanking is
diffusion positively affect by attitude toward adopting
theory and mBanking (ˇ = 0.2).
knowledge Behavior intention about using mBanking is
based trust positively affect by attitude toward using
approach. mBanking (ˇ = 0.07).
Trust and Usage intention is positively affected by trust
experience (ˇ = 0.39).
approach. Usage intention is positively affected by actual
usage (ˇ = 0.69).
The model explains 38.7% of variation in actual
usage.
Usage is positively affect by facilitating
UTAUT.
conditions (ˇ = 0.56) and behavior intention
(ˇ = 0.72).
The model explains 65.1% of variation in usage.
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
Appendix B. Survey
TaskC. Task Characteristics (Zhou et al., 2010):
TaskC1. I need to manage my accounts anytime anywhere.
TaskC2. I need to do transfers anytime anywhere.
TaskC3. I need to have a real time control in my accounts.
TaskC4. The financial instructions I give can’t wait.
TC. Technology Characteristics (Zhou et al., 2010):
TC1. Mobile banking provides ubiquitous services.
TC2. Mobile banking provides a real time service.
TC3. Mobile banking provides secure services.
TC4. Mobile banking provides a quick service.
TTF. Task Technology Fit (TTF) (Zhou et al., 2010):
TTF1. Mobile banking payment services are appropriate.
TTF2. Mobile banking account management services are appro-
priate.
TTF3. Real time mobile banking services are appropriate
TTF4. In general, mobile banking services are enough.
PE. Performance Expectancy (Zhou et al., 2010):
PE1. I gain time using mobile banking.
PE2. Mobile banking optimizes my financial operations.
PE3. Mobile banking allows me to make my payments quicker.
PE4. I will improve my earnings using mobile banking.
EE. Effort Expectancy (Zhou et al., 2010):
EE1. Learning to use mobile banking is easy.
EE2. It’s easy to enter in the mobile banking page.
EE3. It’s easy to use the mobile banking service skillfully.
EE4. I do not have any doubts about what I’m doing when I’m
using the service.
SI. Social Influence (Zhou et al., 2010):
SI1. My friends and family value the use of mobile banking.
SI2. The people that influence me use mobile banking.
SI3. I find mobile banking trendy.
SI4. The use of mobile banking gives me professional status.
FC. Facilitating Conditions (Zhou et al., 2010):
FC1. I have all the necessary resources to use mobile banking.
FC2. I have the know-how to use mobile banking.
FC3. If I have any doubts about how to use the mobile banking
service I do have a support line to help me.
FC4. If I have any doubts about how to use the mobile banking
service I do have an account manager that helps me.
PPT. Personal Propensity to Trust (Kim et al., 2009):
PPT1. I don’t use new Technologies.
PPT2. I avoid the use of new products like mobile banking.
PPT3. I avoid the use of non-classical means to transact money.
PPT4. I’m cautious with the financial transactions I execute.
SA. Structural assurances (Kim et al., 2009):
SA1. I do not incur in the risk of financial losses using mobile
banking services.
SA2. I do not incur in the risk of personal information theft using
mobile banking services.
SA3. My banks mobile banking service has a Client Protection
Policy.
SA4. My personal mobile phone information is secure when I use
the Mobile banking service.
FR. Firm Reputation (Kim et al., 2009):
FR1. I trust my bank.
FR2. My bank is known for its suitability.
FR3. The services my bank provides are of great quality.
FR4. My bank is a secure institution.
ITrst. Initial Trust (Kim et al., 2009):
IT1. Mobile banking seems dependable.
IT2. Mobile banking seems secure.
IT3. Mobile banking seems reliable.
IT4. Mobile banking was created to help the client.
701
BI. Behavioral intention (Kim et al., 2009):
BI1. I have the intention of making a service payment by mobile
phone
BI2. I have the intention of making my mobile phone payments
by using the Mobile banking service
BI3. I’m curious about mobile banking.
BI4. I have the intention of managing my accounts using my
mobile phone.
BI5. I have the intention of making a transfer by mobile phone.
BI6. I want to know more about mobile Banking.
Adopt. Adoption (Goodhue & Thompson, 1995; Zhou et al., 2010):
Adopt1. I use mobile banking.
Adopt2. I use mobile banking to manage my accounts.
Adopt3. I use mobile banking to make transfers.
Adopt4. I subscribe financial products that are exclusive to mobile
Banking.
Note: All items are based on 7-point scale (1 being “strongly dis-
agree” and 7 being “strongly agree”).
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Tiago Oliveira is an Assistant Professor at the NOVA School of Statistics and Informa-
tion Management. He was academic visitor at the Information Systems Department,
Virginia Commonwealth University, USA. He holds a Ph.D. from the Universidade
Nova de Lisboa in Information Management. His research interests include tech-
nology adoption, digital divide and privacy. He has published papers in several
academic journals and conferences, including the Information & Management, Deci-
sion Support Systems, Journal of Global Information Management, International Journal
of Information Management, Industrial Management & Data Systems, International
Journal of Accounting Information Systems, Applied Economics Letters, Communications
in Statistics - Simulation and Computation, and American Journal of Mathemati-
cal and Management Sciences among others. Additional detail can be found in
http://www.isegi.unl.pt/toliveira/.
Miguel Faria has a master’s degree in ‘Information Management’, with special-
ization in ‘Risk Management’ from the NOVA School of Statistics and Information
Management, Universidade Nova de Lisboa. His current research interests are in
 T. Oliveira et al. / International Journal of Information Management 34 (2014) 689–703
the areas of technology adoption, Mobile Banking and Mobile Payments. In the
professional sector, he has over 7 years of work experience in the banking indus-
try. Currently he works for one of the major global banking and financial services
companies.
Manoj Abraham Thomas is an assistant professor in the Department of Informa-
tion Systems at Virginia Commonwealth University. His research interests include
emerging technologies, semantic web, knowledge engineering, and business ana-
lytics. He conducts research in diverse settings involving uncertain environments,
non-traditional users, and unconventional application of technological solutions,
and has been involved in Information and Communication Technology (ICT) studies
in the United States, Brazil, Botswana, India, Portugal and Haiti. His research has
703
been published and presented internationally. He rides and works on motorcycles
when he wants to get away from the digital realm.
Aleš Popovič is an Assistant Professor of Information Management at the Faculty of
Economics at the University of Ljubljana and visiting professor at ISEGI – University
Nova in Lisbon. He holds BS, M.Sc. and Ph.D. degrees from the University of Lju-
bljana. His research focuses on business intelligence, information management, and
business process management. He is the (co)author of numerous papers in national
and international professional and scientific journals. He has collaborated in many
applied projects in the areas of business process modelling, analysis, renovation and
informatization and in the area of business intelligence.