International Journal of Bank Marketing

Factors affecting adoption of internet banking in Jordan: chartered accountant's perspective

Awni Rawashdeh
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To cite this document:
Awni Rawashdeh , (2015),"Factors affecting adoption of internet banking in Jordan: chartered accountant's perspective",
International Journal of Bank Marketing, Vol. 33 Iss 4 pp. -
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 Factors Affecting adoption of Internet Banking in Jordan: Chartered Accountant's
Perspective

1. INTRODUCTION

The Internet bubble burst during early 2001, generating innumerable speculations that the
opportunities for companies to provide Internet services had disappeared. Internet players
and dot.com companies have continuously been struggling for survival and a majority of
their associated business continues to incur losses. Academics are still unable to arrive at
some consensus in this debate regarding the new technology: the debate continues to rage
about whether the Internet can induce some revolutionary change in the fundamental
ways that researchers conduct business or if it will be just an evolutionary process that
offers a simple new communication medium and distribution channel (Moe & Fader,
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2001).

According to Arab Advisors Group (2012), 24.4% of the Jordanian Internet users utilized
e-commerce to purchase products or pay bills in 2011, an increase from 15.4% in 2010.
Nearly 514,000 e-commerce users were recorded in 2011, accounting for a penetration
rate of nearly 8.2%, with the revenues of B2C e-commerce touching US$ 370 million in
2011, compared with the US$ 192 million in 2010, which is a big jump of nearly 51%.
The ‘clicks and mortar’ businesses, in particular, are still in their infancy because most
Jordanian retail chains are yet to open their online channels. From the customer
viewpoint, however, the adoption of areas like e-commerce is still rather small, although
many surveys have proven that several people intend to try it in the near future.

The expected continued growth of online purchases via the Internet will offer immense
opportunities to businesses in general, and to Internet Banking in particular. In this study,
the terms ‘Internet Banking’ and ‘online banking’ have been used interchangeably.
Internet Banking /online banking, however, is quite different from Electronic Banking (e-
banking) in which the latter is a higher level activity that includes both Internet Banking /
online banking as well as Telephone Banking, ATM, WAP-banking and other electronic
payment systems that are not operated through the Internet. This research paper has
focused only on Internet Banking because it is widely envisioned as the most important
and most popular delivery channel for banking services in the cyber age.

Banks will gain an advantage from the greatly reduced operating costs by simply
providing Internet Banking services that need fewer physical branches and lesser
numbers of staff. The Jordanian chartered accountants will also benefit from the speed,
round-the-clock availability and convenience of the services offered by Internet Banking.
However, Internet Banking has not yet taken off in Jordan, as much as imagined. To
appreciate the complete potential of Internet Banking, banks need to first develop fresh
services and products to be able to fully utilize the capabilities of the Internet. On the

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 contrary, Jordanian chartered accountants have to be made aware of Internet Banking
services as well as be completely comfortable and secure with the usage of these services
because the newest Internet Banking operation rules will differ from the ones that they
had employed earlier.

Although studies that examine the adoption of Internet Banking are available, research on
this issue in the context of Jordan and from the perspective of the Jordanian accountants
is still deficient. Furthermore, Internet Banking has fatal consumer privacy weaknesses
(Pavlou, 2003). Although Internet Banking has gradually come into use since many
years, several users are still anxious regarding their Web privacy (Kwon & Wen, 2010).
These issues will exert a negative impact on Internet Banking, because the consumers
will perceive the potential risks. Thus, the ease of use, usefulness and Web privacy
protection are the breakpoints for Internet Banking popularity. The accelerated popularity
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of Internet Banking is accompanied by an urgent need to understand the factors that will
affect chartered accountants to use Internet Banking. Knowledge of the specific factors
that affect the adoption of Internet Banking can provide great management insight into
developing effective strategies that will enable banks to remain competitive and hold
their market. Hence, this research adopted the Technology Acceptance Model (TAM),
integrated it with the perceived Web privacy and validated the factors that affect the
chartered accountants in the adoption of Internet Banking. Clearly, there is a great need to
study the factors influencing the behavioral intention of the Jordanian chartered
accountants towards adopting Internet Banking so that the banks can better formulate
their marketing strategies to increase the usage of Internet Banking in the near future.
This particular study is also aimed at investigating the Jordanian accountant’s behavioral
intention of using the Internet Banking services to focus on the perceptions of the users in
terms of usefulness and ease of use of Internet Banking, besides the privacy of using this
dynamic technology for meeting their banking requirements.

Despite the profusion of prior studies conducted aimed at enlarging the understanding of
the users on the adoption of this technology, some of them had been conducted on
Internet Banking services via the extension of the well-established TAM (Technology
Acceptance Model). As several global banking groups are offering, as well as improving,
the Internet Banking services at a rapid pace, this is the opportune time for studying the
users’ adoption of Internet Banking. Such a study will create interest not merely from an
academic viewpoint but also in the banking executives. This study aims specifically at
investigating the perception of the Jordanian chartered accountants on the adoption of
Internet Banking for corporate purposes. The survey focuses on the behavioral intention
of the Jordanian chartered accountants towards using Internet Banking for handling their
lives and work-associated banking issues.

The second Section presents a review of the literature on technology adoption and
innovation diffusion depending on which the researcher proposed as the behavioral

2
 intention model of the Jordanian accounts for adopting Internet Banking, as well as
formulating the hypotheses for the associated research. In the third Section, we will
discuss the research methodology as well as the present findings from the analysis of the
empirical data in the 4th Section. In the last or the 5th Section we will conclude this paper
with discussions regarding the limitations of the study, further research directions and
managerial implications.

2. LITERATURE REVIEW AND MODEL FORMULATION

2.1 Technology Acceptance Models

Davis (1989) developed TAM (Technology Acceptance Model) according to which, the
adoption of computers by users will be based on their behavioral intention to usage,
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which is in turn based on their attitude towards use, including the two beliefs of perceived
usefulness and perceived ease of use. Davis had developed TAM by using and improving
upon an earlier theory called TRA (Theory of Reasoned Action) by Fishbein and Ajzen,
in 1975 (Ajzen & Fishbein, 1980). In TRA, Fishbein and Ajzen (1975) proposed that
behavioral intention is the immediate determinant of the corresponding behavior that is
distinguishable into 1) subjective norm concerning behavior and 2) attitude towards
behavior. In TAM, Davis posited two theoretical factors, namely perceived ease of use
and perceived usefulness as the fundamental determinants of system usage in any
organization. Such factors also offer better measures for explaining and predicting system
use compared with the other factors (Davis, 1989).

TAM became a widely accepted model to predict the acceptance, as well as usage of the
information systems. It has recently been applied for predicting the adoption of the
Internet, as well. According to recent studies, Lee (2009) adapted TAM for studying the
adoption of Internet Banking and he found much evidence to support TAM. They also
introduced the factor ‘playfulness’ for predicting the attitude towards usage. Data was
collected from a private bank in Taiwan. The results offered support for their research
model and also for the hypotheses related to directional linkage among the variables of
the models. The complete explanatory power of the research model was acceptable for
behavioral intention for using online banking and the attitude towards use for online
banking, which suggests that the extended TPB with the TAM model has the ability to
explain a relatively huge proportion of the variation of the behavioral intention for
adopting Internet Banking. Manochehri and Sundarraj (2011) conducted another study,
which applied TAM in the context of Internet Banking. TAM was extended by
compatibility, as well as trust factors. One empirical study that involved students from a
large university in the region validated the research model.

2.2 Theoretical Model for the adoption of Internet Banking

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 Internet Banking has become the latest distribution channel for the delivery of banking
services. Assessing it from both the practical and academic perspectives, Internet
Banking is interesting in understanding and assessing the behavioral intention of the
Jordanian chartered accountants to adopt Internet Banking services. Researchers select
TAM as the baseline model for the study as it is a perfectly tested model that is
concerned with the acceptance technology of the users. This particular study augments
TAM with a factor called ‘perceived web privacy’. This study specifically hypothesizes
the behavioral intention to use, which is the influenced attitude towards use, perceived
ease of use, perceived web privacy and perceived usefulness. The study tests the strength
of the hypothesized relationships that are embedded in the theoretical model, as well as
the model's robustness in predicting the behavioral intention of the Jordanian chartered
accountants towards adopting Internet Banking in the Jordanian business environment.
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Fig.1 presents the theoretical model graphically.

Several researchers prefer to use TAM for predicting the attitude towards the use, as well
as behavior towards the information systems and technology in different scenarios. This
study utilizes TAM along with factors of perceived ease of use and perceived usefulness
for assessing the determinants of the behavioral intention and attitude towards use of the
Jordanian chartered accountants regarding Internet use (equivalent to the factor,
behavioral intention in the TAM). As this study has adopted the original TAM, it uses
behavioral intention as the dependent variable, as well as skips the factor, actual usage.
From the theoretical front, several research studies have been conducted, which reported
a significant and strong relationship between the use of targeted behavior or technology
and behavioral intention. Therefore, it is theoretically justified to incorporate behavioral
intention as a dependent variable for examining the acceptance of Internet Banking.
Cheng, Lam, and Yeung (2006) also argued for survey-based research designing, in
which the behavioral intention is much better when compared with the actual usage
because they are contemporaneously measured with their beliefs, and this study is a
survey-based research. The option of utilizing behavioral intention instead of actual usage
as a dependent variable is considered both necessary and appropriate (Cheng, et al.,
2006).

Moreover, users generally cite feeling secure in performing transactions on the Internet as
a big factor which addresses their issues regarding the effective usage of the Internet to
make online purchases (Cheng, et al., 2006). This study, therefore, includes the factor
perceived web privacy as the attitude towards use predictor and intention to utilize, as in
a prior study performed by Jahangir and Begum (2008). Jahangir and Begum’s (2008)
study created a set of four items for measuring perceived web privacy. Its initial
outcomes indicate that ease of use, privacy and security, perceived usefulness and
consumer attitude towards use are positively and significantly related to customer

4
 adaption (Fig. 1). However, Jahangir and Begum (2008) did not include the factor
intention, which has been included here in this theoretical model.

Depending upon the theoretical model that was developed above, the researcher has
formulated the hypotheses of the research, as explained below. As TAM has been utilized
as the base model, the study has to test the following TAM hypotheses that are within the
context of the adoption of Internet Banking.

2.3 Technology Acceptance Model (TAM) and Perceived Web Privacy (PWP)

2.3.1 Perceived Usefulness (PUF)

Perceived usefulness refers to the degree to which a person believes that engaging in
Internet Banking would enhance his or her performance (Davis, 1989). The perceived
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usefulness construct is one of the strongest predictors to examine the usage of

technology. Davis' (1995) TAM suggests that the perceived usefulness of an innovation is
positively related to its rate of adoption. Several prior empirical studies revealed that
perceived usefulness is an important factor for determining the adoption of an innovation
(Tan & Teo, 2000; Taylor & Todd, 1995). Considering the advantages that Internet
Banking offers, it would be expected that the Jordanian chartered accountants who
perceive Internet Banking as useful would also be more likely to adopt it. Therefore, the
above theoretical argument leads to the following hypotheses:
H2a: Perceived usefulness has a direct positive influence on the Jordanian chartered
accountants’ attitude towards use.
H2b: Perceived usefulness has a direct positive influence on the Jordanian chartered
accountants’ intention.
2.3.2 Perceived Ease of Use (PEU)
Davis (1989) defined perceived ease of use as the degree to which a person believes that
engaging in Internet Banking would be free of effort. Chartered accountants who use
Internet Banking will probably do so because they believe that the use of Internet
Banking is relatively free of effort, i.e., they perceive Internet Banking as be easy to use.
A significant amount of research (Davis, Bagozzi, & Warshaw, 1989) over the past
decades supported the significant effect of perceived ease of use on attitude and intention,
either directly or indirectly through its effect on perceived usefulness (e.g., Davis et al.,
1989). Thus, this study hypothesized that perceived ease of use of Internet Banking would
exert a positive effect on both perceived usefulness and behavioral intention to continue
to use Internet Banking. Based on this, the following hypotheses are proposed:
H2a: Perceived ease of use has a direct positive influence on the Jordanian chartered
accountants’ attitude towards use.
H2b: Perceived ease of use has an indirect positive influence on the Jordanian chartered
accountants’ intention via perceived usefulness.

5
 H2c: Perceived ease of use has an indirect positive influence on the Jordanian chartered
accountants’ attitude towards use via perceived usefulness.

Many researchers suggested that TAM needed to include additional variables to provide
an even stronger model (Legris, Ingham, & Collerette, 2003). Wu and Wang (2005)
proposed an extension to the original TAM, which included perceived risk, but omitted
Web perceived privacy. According to Eltoweissy, Rezgui, and Bouguettaya (2003) Web
privacy refers to the right of Web users to conceal their personal information and have
some degree of control over the use of any personal information disclosed to others
(Eltoweissy, et al., 2003). With the ubiquity of computers and the emergence of the Web,
privacy has become a digital problem (Eltoweissy, et al., 2003). Perceived ease of use,
one of the main factors in TAM, refers to the extent to which a user believes that
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employing a specific technology would be easy to use (Davis, 1989). In the course of pre-
internet banking analyses, any e-service which seems easy to learn, understand and use,
exerts a great influence on customer perceived web privacy. As the initial support for this
general privacy effect was observed in the context of e-services (Featherman, Valacich,
& Wells, 2006), it has still not been proven if the perceived ease of use, in particular,
influences perceived web privacy. An associated line of research proposes that a clearly
explained and easy to understand website (i.e., one that will probably receive a high
rating of perceived ease of use) will positively raise the degree of consumer confidence in
the perceived web privacy regarding an e-service (Gefen, Karahanna, & Straub, 2003).
As the following research reveals that privacy and risk are inversely related (Pavlou,
2003; Pavlou & Gefen, 2004), this research approach demonstrates that, besides
increasing the user's privacy levels, perceived ease of use also greatly boosts the
confidence of the customer's perceived web privacy. Thus, this study hypothesized that
perceived ease of use of Internet Banking would have a positive effect on perceived Web
privacy to continue to use Internet Banking. Based on this, the following hypothesis is
proposed.

H2d: Perceived ease of use has a direct positive influence on perceived web privacy.

2.3.3 Perceived Web Privacy (PWP)

Further, this particular study seeks to test the hypothesized relationships associated with
perceived web privacy. Personal information could be violated without the owner being
aware of it during online transactions. Some accountants may feel that perceived privacy
from Internet Banking is still not mature enough; others hesitate before trusting Internet
Banking. The confidentiality of Internet Banking transactions is still far from perfect.
According to Jahangir and Begum (2008), perceived web privacy had been found to
favorably influence the intention of customers towards using Internet Banking.
Customers are likely to enhance usage only when they perceive that their credit card

6
 details as well as other confidential personal details are secure. Perceived web privacy,
therefore, is understood to bear a positive relationship with the Jordan accountants’
attitude to utilize Internet Banking in Jordan and with their intention towards using it.
Based on this, the following hypotheses are proposed.

H3b: Perceived web privacy has a direct positive influence on the Jordanian accountants’
attitude towards use.

H3a: Perceived web privacy has a direct positive influence on the Jordanian accountants’
intention.

2.3.4 Attitude (ATT) and Intention (INT)

Based on the theory of reasoned action (Ajzen, 1985), attitude is defined as an

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individual's positive or negative feelings when performing target behavior such as the
adoption of Internet Banking adoption in Jordan. Researchers (Ajzen, 1985; Fishbein and
Ajzen, 1975 and Taylor and Todd, 1995) illustrate the relationship between the attitude
and intentions, in particular, the chartered accountants’ likelihood to engage in Internet
Banking in certain ways (Alsajjan & Dennis, 2010; Fishbein & Ajzen, 1975). If the
attitude of the chartered accountants towards Internet Banking is positive, then they are
likely to form an intention to perform the behavior (Ajzen, 1985; Nasri & Charfeddine,
2012). Therefore, it can be assumed that if the perception of the chartered accountants
regarding the attitudinal factor is positive, then it is more likely that it will have a positive
influence on the Jordanian accountants’ intention. Thus, this leads to the formulation of
the hypothesis:

H4: Jordanian accountants’ attitude towards use has direct positive influences on the
Jordanian accountants’ intention.

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Fig. 1: Suggested Model

3. RESEARCH METHODOLOGY

3.1 Research Strategy

Virtually no research exists on examining the behavioral intention of the Jordanian

chartered accountants, as leaders thinking in society strongly impact their clients’
decisions to adopt the Internet Banking services by extending the TAM. To satisfy this
deficiency, a postal survey study was conducted mainly for hypothesis testing via the
framework of the original TAM as the foundation for determining the predictors of the
Jordanian chartered accountants' intention to use Internet Banking in Jordan. For data
collection, a questionnaire was designed via adapting scales and an instrument was
developed for TAM. TAM was augmented by including the factor perceived web privacy
developed by Jahangir and Begum (2008) and scaling was done towards measuring this
factor in the study.

3.2 Sampling

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 Sampling, as a reliable sample frame representing all the Jordanian chartered
accountants, is neither easily available nor cost-effective to conduct this research.
Therefore, this research focused its investigation on a specific segment of the Jordanian
chartered accountants employed as chartered accountants. Furthermore, the reason for
such a selection was that chartered accountants in such a profession were much more
likely to utilize Internet Banking in their offices or homes due to business and
professional requirements, which became an investigation issue. Hence, the sample
chosen in this study involved the chartered accountants of Jordan.

Based on the discussions mentioned above it can be inferred that the study population is
those chartered accountants in Jordan who are registered with JACPA (Jordan
Association of Certified Public Accountants). In keeping with JACPA’s rules and
regulations, the researcher was supplied with an address list of the accountants.
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Therefore, the questionnaires were forwarded to the respondents work addresses and not
to their residential addresses.

In total, 570 chartered accountants come under JACPA, 2013. Employing the random
sampling technique, a sample of nearly 390 chartered accountants was selected to
conduct this research. According to Uma’s book (2003), such a technique will be
appropriate if the population frame, such as a directory, is available. Most often it is used
in studies involving the consumer or market attitude towards the use of a survey which is
the primary concern in such a study. The questionnaire was delivered at the work
addresses of the chartered accountants, being administered between August and
September 2013, either via postal service or e-mail attachment. Within the specified time,
298 valid questionnaires were analyzed, resulting in a 76.4% response rate.

3.3 Measurement of the Factors

Both the studies established the reliability and validity of the instrument mainly that the
TAM instrument that had been replicated, as well as used widely in several other studies.
This study utilizes the adapted question items, like the instrument for measuring the
respective factors mentioned below, employing the seven-point Likert scale for every
item (where 1 = strongly disagree; 2 = disagree; 3 = slightly disagree; 4 = neutral; 5 =
slightly agree; 6 = agree; and 7 = strongly agree). Factors have been defined as below:
Davis (1989) defined perceived ease of use as the degree to which people believe that
employing a specific system will enhance their job performance. Four question items
adapted from Davis (1989) have been incorporated to measure the perceived ease of use.
Davis (1989) defined perceived usefulness as the degree to which people believe that
utilizing a specific system will be effort free. Four question items adapted from Davis
(1989) have been used to measure perceived usefulness. Marshall and John (2006)
defined perceived web privacy as the personal details regarding the customers that are
collected via e-commerce which are used, collected, as well as maintained in a specific

9
 manner. Four question items have been used for measuring perceived web privacy.
Basically, attitude towards use refers to the negative or positive feelings of the
individuals (evaluative affect) about performing specific behaviors (Fishbein & Ajzen,
1975). Four question items, adapted from Davis (1989), have been used for measuring
attitude towards use. According to Davis (1989), intention is defined as the user’s
likelihood to engage in Internet Banking. Three question items adapted from Davis
(1989) have been used for measuring intention towards use.

3.4 Survey Questionnaire and Pilot Test

Depending on the hypothesized model shown in Fig. 1, which was developed using a
detailed review of the literature associated with the technology of user acceptance, as
well as the latest technology diffusion, the questionnaire includes 23 items, of which four
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items relate to demography and 19 relate to the user acceptance behavior, as the research
measurement scale. This questionnaire has been utilized in a pilot test involving 60
accountants who completed the questionnaire, as well as offered valuable comments.
From the feedback of the respondents, relevant alterations were made to the questionnaire
to enhance its readability, thereby ensuring its appropriateness and accuracy. Factor
analysis had been performed on the data received from the pilot study. The test results
were satisfactory with five factors corresponding to the five intended factors that emerged
with factor loadings that ranged between 0.64 and 0.85. All Cronbach's alpha-values
surpassed the threshold value commonly adopted and equaled to 0.75.

4. RESULTS AND DISCUSSIONS

The collated data was analyzed using SPSS and AMOS. A total of 305 responses had
been received, of which nearly 298 were accepted as valid responses for further analysis,
after the removal of some erroneous and missing items. Finally, a 76.4% response rate
was obtained. To ensure research rigor, as well as result validity, the procedures followed
were proposed by Cheng et al., (2006) for applying SEM (Structural Equation Modeling)
to analyze the data. First, an instrument had been developed for the measurement scale by
adopting the systematic approach, as well as incorporating the pilot test and pre-test for
ensuring the appropriateness of the instrument. Second, an effective approach was used
for data collection. Third, an evaluation performed at an item level by using the tests for
item convergent validity and reliability. Fourth, a satisfactory model was derived and an
analysis was conducted with an assessment of the undimensionality and model fit. Fifth,
the tests and diagnostics were evaluated for composite reliability, variance was extracted
and discriminant validity for gaining confidence in scale measurement. The structural
model was finally tested by Confirmatory Factor Analysis (CFA).

4.1 Demographic Characteristics of the Respondents

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 The descriptive statistics of the respondents’ demographic characteristics were as
follows: Of the 298 respondents, 4.7% were female; 33.3% were in the 25-34 age group;
25.6% were in the 45-54 age group; 21.7% were 35-44 years of age; and 14.7% were 45-
54 years of age.

4.2 Exploratory Factor Analysis

On survey data, including the exploratory factor analysis, using SPSS, had been
conducted. The rotated factor matrix that resulted from Varimax rotated the principal axis
factor of the independent variables via the use of the 1.0 eigen-value cut-off criterion, as
shown in Table 1, indicating that five factors had emerged, in addition to reporting their
factor loadings. Data had been tested via the SPSS exploratory factor analysis also called
the Exploratory Factor Analysis (EFA) for evaluating Cronbach's alpha which ranged
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between 0.783 and 0.929. Every item had been evaluated separately to ensure item
reliability and convergent validity. The factor loadings for the perceived ease of use
ranged from 0.57 to 0.71, for perceived usefulness from 0.72 to 0.76, for perceived web
privacy from 0.72 to 0.81, for attitude towards use from 0.65 to 077 and for intention
from 0.74 to 0.80. As all factor loadings were found to be at an acceptable significant
level, all 19 items in the questionnaire were retained for further analysis.

4.3 Confirmatory Factor Analysis

The hypothesized model is used for testing the model fitness by conducting CFA
(Confirmatory Factor Analysis) on the data. The results proved that the hypothesized
model is basically recursive, which means unidirectional, as shown in Table 2. In total,
190 different sample moments (pieces of information) were recorded from where the
default model estimates were computed, estimating 46 distinct parameters, leaving 144
degrees of freedom. Minimum iteration was achieved, thus offering the assurance that the
estimation procedure yielded admissible outcomes and eliminated any concerns regarding
multicollinearity effects. Results also offered a quick overview of the model fit that
included χ2 value (181.948), besides the degree of freedom as well as the probability
value of <0.05.

Table 1: Rotated Factor Matrix and Cronbach's alpha

Factor PUF PEU PWP ATT INT Cronbach's alpha

PUF1 0.76 0.11 0.00 0.12 0.15 0.83
PUF2 0.70 0.15 0.07 0.08 0.08
PUF3 0.71 0.05 0.05 0.14 0.07
PUF4 0.72 0.15 0.02 0.09 0.13
PEU1 0.13 0.71 0.18 0.07 0.06 0.78
PEU2 0.12 0.66 0.10 0.05 0.07
PEU3 0.06 0.57 0.16 0.11 0.16

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 PEU4 0.13 0.70 0.07 0.07 0.10
PWP1 -0.02 0.13 0.81 0.19 0.23 0.87
PWP2 0.07 0.11 0.76 0.11 0.12
PWP3 0.02 0.21 0.72 0.17 0.11
PWP4 0.08 0.14 0.72 0.13 0.10
ATT1 0.06 0.05 0.14 0.77 0.11 0.84
ATT2 0.12 0.05 0.20 0.69 0.23
ATT3 0.17 0.11 0.10 0.65 0.17
ATT4 0.14 0.13 0.14 0.71 0.18
INT1 0.22 0.19 0.22 0.32 0.80 0.93
INT2 0.20 0.15 0.21 0.27 0.79
INT3 0.18 0.17 0.24 0.28 0.74
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Extraction Method: Principal Axis Factoring. Rotation Method:

Varimax with Kaiser Normalization.

4.4 Model Assessment

Conformity with expanding the expected parameter estimates, to start with, is vital to
assess fit individual parameters in a hypothesized model for determining the viability of
their estimated values. Generally, the parameter estimates exhibit the correct size and
signs and for being consistent with the underlying theory.

Unexpected estimates will indicate either the inappropriateness of the model or missing
input data. Results showed that the estimates were more or less normal, as well as
acceptable. This parameter estimates reliability: the other test statistic is CR (Critical
Ratio) which represents the parameter estimate divided by SE (Standard Error). As a
thumb rule, the critical ratio must be >± 1.96 for an estimate to be considered acceptable
(Arbuckle, 2005, 2008). The results showed that every CR value was greater than 1.96,
indicating that all of them were acceptable. Fit statistics review: on reviewing the fit
statistics from Table 3, it was noted that all the fit statistics indicated a good fit. Key fit
statistics revealed a value of χ2 equal to 147.420, 0.383 as the p-value, 0.951 as GFI,
0.950 as NFI, 0.998 as CFI, 0.998 as TLI, 0.015 as RMI, 1 as PCLOSW and 0.010 as
RMSEA. All these statistics show marginal to very good fit as per the commonly
suggested criteria (Table 2).

Table 2: Fit Statistics of the Model

Fit Statistic Suggested Obtained

Chi-square 147.420
DF 143
Chi-square significance p < or =0.05 0.383
Chi-square/DF < 5.0 1.031

12
 GFI > 0.90 0.951
TLI Close to 1 indicates a very good 0.998
fit
NFI > 0.90 0.950
CFI > 0.90 0.998
RMR <0.05 0.015
PCLOSE > 0.50 1.000
RMSEA < 0.05 0.010

4.5 Multicollinearity Statistics

To discover Multicollinearity, both tolerance and Variance Inflation Factors (VIF) were
performed and the results are listed in Table 3. Values calculated for the tolerance and
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variance inflation factor show that there is no multicollinearity in the study, which
enabled the researcher to be confident to test the hypothesis. It is finally concluded that
the hypothesized model is great in explaining the data as well as representing the
relationships between the variables.

Table 3: Multicollinearity Statistics

Model Collinearity Statistics

Tolerance VIF
1 (Constant)
PUF .866 1.154
PEU .834 1.199
PWP .811 1.234
4.6 Results of Hypothesis Testing

After establishing an acceptable measurement model, the researcher evaluated the

structural model showing the path diagram in Fig. 2. Table 4 reports the regression
weights. The SEM analysis results indicate that H1a, H1b, H2b, H2c, H2d, H3a, H3b and
H4 have been supported, although H2a was not supported.

Table 4: Regression Weights: (Group number 1 - Default model)

Estimate S.E. C.R. P Label

PUF <--- PEU .411 .089 4.641 ***
PWP <--- PEU .482 .089 5.415 ***
ATT <--- PUF .343 .089 3.880 ***
ATT <--- PEU .082 .117 .704 .481
ATT <--- PWP .478 .091 5.235 ***
INT <--- PUF .405 .107 3.792 ***
INT <--- PEU .273 .136 1.999 .046

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 Estimate S.E. C.R. P Label
INT <--- PWP .449 .111 4.032 ***
INT <--- ATT .583 .094 6.208 ***
PUF4 <--- PUF 1.000
PUF3 <--- PUF .905 .079 11.509 ***
PUF2 <--- PUF .922 .080 11.543 ***
PUF1 <--- PUF .934 .073 12.781 ***
PEU4 <--- PEU 1.000
PEU3 <--- PEU .877 .095 9.196 ***
PEU2 <--- PEU .959 .099 9.737 ***
PEU1 <--- PEU .942 .090 10.436 ***
PWP4 <--- PWP 1.000
PWP3 <--- PWP 1.056 .080 13.148 ***
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PWP2 <--- PWP 1.062 .082 12.908 ***

PWP1 <--- PWP 1.185 .081 14.636 ***
ATT1 <--- ATT 1.000
ATT2 <--- ATT 1.029 .082 12.532 ***
ATT3 <--- ATT .933 .082 11.446 ***
ATT4 <--- ATT 1.049 .084 12.444 ***
INT1 <--- INT 1.000
INT2 <--- INT .960 .038 25.129 ***
INT3 <--- INT .892 .038 23.469 ***

To test the statistical significance of the parameter estimates from SEM, the test statistic
is the CR (Critical Value), which represents the parameter estimate divided by its
Standard Error (SE). For a significance level of 0.05, the CR needs to be > ±1.96. Any
level below this implies that the parameter can be considered unimportant for the model.
Factor loading on PEU-ATT (Table 4) was 0.082 (with CR = 0.704; p = 0.481), which
was not significant. This result regarding attitude towards use is not surprising. It is
consistent with the suggestion of Moore and Benbasat (1991) that in the context of the IT
usage context, attitude towards use can be synthesized from the perceived characteristics
of innovating (Rogers, 1995). In the recent empirical studies, the revised TAM frequently
drops the factor attitude towards use. Future research can also consider including such an
alternative approach.

4.7 Predictive and Explanatory Power of the Model

The results of this study provide support for an extended TAM. The original TAM
postulated behavioral intention to use as a major determinant of user behavior and it is
able to explain and predict user behavior, based on merely three theoretical factors viz.,
perceived ease of use, perceived usefulness and behavioral intention (Davis, et al., 1989).

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 Eight hypotheses were supported by this finding. Perceived web privacy showed a
positive influence (0.478) on the attitude towards use and 0.449on behavioral intention to
use in the extended TAM, which was also supported. Regarding the separate predicting
power of every factor on behavior intention, the results showed that perceived usefulness
with 0.405 had accepted the significant explanatory strength by maintaining its influential
role. Perceived ease of use (0.286), attitude towards use (0.581) and (0. 449) perceived
web privacy exerted considerable effect on the behavioral intention to use. Perceived ease
of use, however, did not exert a direct impact on attitude towards use. In fact, 0.082
perceived ease of use had a lesser effect on the attitude towards use.
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Fig. 2: AMOS Graphics of the Model

The direct effect of the perceived ease of use was 0.08 on attitude (Fig. 2). This is
because of the indirect or mediated effect on the attitude of perceived ease of use. These
findings are also consistent with the findings of Davis et al., (1989), where perceived
usefulness did not fully intervene in the effect of perceived ease of use on the attitude
towards use. To conclude, such results offer many key insights into the determinants of
the usage of Internet Banking. First, the major determinant of behavioral intentions of the
customers is their attitude towards using Internet Banking. Second, perceived web
privacy can be a significant secondary determinant of the behavioral intention of the
customers. Third, perceived usefulness is important as a secondary determinant of the
behavioral intention of the customers. Last, perceived ease of use is highly significant,

15
 and also acts as a direct determinant of the behavioral intention of the customers.
However, it is also mediated via perceived usefulness rather than exerting a direct impact
on the behavioral intention.

5. CONCLUSIONS AND IMPLICATIONS

5.1 Implications for Bank Management

In the survey done by Sathye (1999), nearly 70% of customers were revealed to have
expressed issues on the real benefits and web privacy with regard to Internet Banking
which are the most significant factors, among others, such as no internet access and
difficulty in use (Sathye, 1999). Sathye, however, did not propose any model for testing
the impact of such factors on the acceptance of Internet Banking. Perceived usefulness,
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moreover, is jointly predicted by perceived usefulness, as well as perceived ease of use as

exerting an indirect influence through attitude on behavioral intention to use Internet
Banking. The results found were similar to the findings suggested by Taylor and Todd
(1995) which showed that perceived usefulness exerts both indirect and direct influences
on the behavioral intentions towards the use of this system. These findings are consistent
with those of the previous studies in the literature (Gefen, et al., 2003; Kwon & Wen,
2010; Thong, Hong, & Tam, 2006; Yi-Cheng, Chun-Yu, Yi-Chen, & Ron-Chen, 2007).
One interpretation is the difficulty in utilizing the online systems in which treatment with
money will become a sensitive issue for the accountants. Accordingly, the development
and planning of Internet Banking and the software developers in Jordan should pay great
attention to the practical functions, as well as extend the important features that are
frequently required. Considering the marketing aspect, bankers need to highlight the
complete functionality of their systems for efficient provision of the users various
banking requirements. The study also showed that besides the perceived usefulness,
perceived web privacy exerts a direct and stronger effect on Internet Banking acceptance.
In the previous research held on TAM (Al-Ajam & Nor, 2013; Chan & Lu, 2004; Cheah,
Teo, Sim, Oon, & Tan, 2011; Lai & Li, 2005), perceived that web privacy had not been
considered in the context of Internet Banking.

Findings show that bankers enhance the privacy features of the systems and check their
system privacy as well as the precaution functions that have been implemented. With
such functions, one can reassure the Jordanian accountants that Internet Banking is a safe
method of performing transactions. Further, banks must consider the shifting perceptions
of the Jordanian accountants by emphatically persuading the Jordanian chartered
accountants of the availability of the WWW facilities and the elimination of the intrusion
of a third party into their Internet Banking account in order to remove their negative
perceptions; thus they need to enable them to enjoy a more secure and comfortable
feeling while using the Internet Banking services. Cases in which online banking faces
privacy breaches can seriously undermine the confidence of the consumer. In light of

16
 this, proper training of the Jordanian chartered accountants on the safe use of Internet
Banking could help to improve the privacy standards and enhance their overall
confidence in the long run. However, this research did not study the robustness of the
revised TAM model, although earlier research revealed that the TAM factors were
usually invariant across varying age, IT competence and gender subgroups. Accordingly,
bankers can adopt this revised TAM with reasonable confidence.

In the current phase, TAM has been adopted as a theoretical framework for studying
online shopping acceptance. Klopping and McKinney (2004) identified perceived
usefulness as the key aspect in adoption when compared with perceived ease of use. This
study is consistent with the findings that although perceived ease of use affects perceived
usefulness, perceived ease of use is linked indirectly and directly to intention via the
impact on perceived usefulness (Rawashdeh & Selamat, 2013). Similar to this research
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on Internet Banking, Shih's (2004) study on online shopping, extended the TAM by
adding perceived web privacy as a factor and found that high perceived web privacy
directly increased the consumer attitude towards using e-shopping.

In 2003, Gefen et al., suggested a growing confidence in the presence of privacy

protection mechanisms, created essentially into the website (Gefen, et al., 2003). It
appears that the technology acceptance for Internet Banking is very similar to e-
governance or online shopping. This theoretically means that the revised TAM with the
factor of perceived web privacy will work equally well in predicting the acceptance of
Internet Banking, as well as online shopping. Perceived ease of use, web privacy and
perceived usefulness are the main factors today in both kinds of systems. One may,
however, predict that through well constructed privacy features, web privacy is not going
to be the main issue and perceived usefulness instead will become the key factor, in the
near future.

This study also sheds light on the ability of perceived ease of use of Internet Banking to
positively influence how customers view the privacy of their personal information when
dealing with the Internet Banking providers. Internet Banking providers should consider
the benefits of creating more user-friendly platforms, as well as training consumers (e.g.
using YouTube videos) on how to use them, in order to increase perceived web privacy,
as well as the intention to adopt Internet Banking (Martins, Oliveira, & Popovič, 2014).

5.3 Conclusions

Although the explanation and discussion on each hypothesis included in this study are
provided in Section 2, this section just summarizes the hypotheses proposed in Section 2
and discusses their findings. Every hypothesis has been supported, barring the H2a (i.e.,
PEU-ATT). The empirical findings of this study support the theoretical model that
embraces TAM and the perceived web privacy factor. Results support the view that the

17
 perceived ease of use (Yoon & Barker Steege, 2013), perceived web privacy (Martins, et
al., 2014) and perceived ease of use are the predicting variables which affect perceived
usefulness (Leong, Ooi, Chong, & Lin, 2011), as well as the attitude towards use as the
intervening variable and behavioral intention towards using Internet Banking as a
dependent variable. Perceived usefulness, perceived ease of use and perceived web
privacy exert a direct as well as indirect effect on behavioral intention.

As defined in Section 2.3.1, perceived usefulness refers to the degree to which a person
has confidence that engaging in Internet Banking would enhance his or her performance
(Davis, 1989). This factor was proposed and validated to examine the adoption of
technology (e.g. PC). Theoretically, it has been argued that Internet Banking can offer
more flexible transactions. For example, many chartered accountants resort to Internet
Banking to track the records of their banking transactions and monitor their accounts.
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Therefore, it is expected that the greater the perception of the usefulness of Internet
Banking for work or household related activities, the more likely it is that these services
will be adopted in the workplace or home. The findings obtained from this study are
consistent with the above assumption. The findings of this study confirmed that the
perceived usefulness exerts a significant positive influence on the attitude and intention
of the users to adopt Internet Banking. These findings are consistent with those in the
previous literature on technology adoption (Davis, 1989).

As per the discussions in Sections, 2.3.2 perceived ease of use is considered directly
related to the attitude, intention, perceived Web privacy and perceived usefulness.
Venkatesh and Brown (2001) defined hedonic outcomes as pleasure derived from PC use;
for example, if the chartered accountants are confident that tracking records of their
banking transactions and monitoring their accounts are free of effort. Therefore, it is
expected that the greater the perception of the ease of use of Internet Banking, the more
likely it is that Internet Banking services will be adopted by the Jordanian chartered
accountants. The findings resulting from this study are consistent with the above
assumption except for the H2a (i.e., PEU-ATT). The findings show that perceived ease of
use exerts no direct significant effect on behavioral attitude. This study suggests that
perceived usefulness acts as a total mediator between perceived ease of use and attitude
towards Internet Banking use. This finding is in accord with the results of (Davis, 1993),
who identified that perceived ease of use is not a significant determinant for behavioral
attitude. This result corresponds to prior research done by (Venkatesh & Davis, 1996,
2000). They indicated that the perceived ease of use exerted a direct and significant effect
on the behavioral intention to use. The findings of this study also confirmed that the
perceived ease of use has a significant positive influence on the intention, perceived
usefulness and perceived Web privacy to adopt Internet Banking. This finding is in line
with that of the previous literature on technology adoption (Davis, 1989).

18
 The findings obtained from this study on the contributions of the influence of Web
privacy in explaining user attitude and intention to adopt Internet Banking are discussed
in detail below. Cheng et al., (2006) suggested that the degree of Web privacy affects the
adoption rate. The greater the perceived Web privacy by the user the more likely that the
Jordanian chartered accountants will be ready to disclose personal information in Internet
Banking and the more likely that Internet Banking becomes adopted. Prior research
suggests that consumers were aware of the importance of the Web privacy (Cheng, et al.,
2006; Jahangir & Begum, 2008). This was considered as one of the factors that
accelerated online transactions. Therefore, in Section 2 the adoption of Internet Banking
was described as requiring a clear message regarding the level of Web privacy for its
acceptance (Cheng, et al., 2006; Jahangir & Begum, 2008). The findings of this study
confirmed that perceived web privacy exerts a statistically significant positive influence
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on the attitude and intention to adopt Internet Banking. Behavioral intention is influenced
by perceived web privacy indirectly and directly, by encountering an intervening variable
termed attitude towards use. Moreover, the findings give evidence that perceived web
privacy impedes the adoption of Internet Banking (Giovanis, Binioris, &
Polychronopoulos, 2012), but can be diminished via more favourable perceptions
regarding the ease of use of Internet Banking. This finding is consistent with the results
of the previous empirical studies (Chong, Ooi, Lin, & Tan, 2010; Giovanis, et al., 2012;
Nasri & Charfeddine, 2012). It is clear from the key fit statistics that model testing yields
a set of fit indices along with the overall well-fit, thereby indicating that the model fits
perfectly with the data. Hypothesis testing results offer satisfactory assistance for the
extended TAM via SEM analysis.

As mentioned above in Sections 2.3.4, if the attitude of the Jordanian accountants

towards the Internet Banking adoption behavior is positive then they are likely to develop
an intention to adopt it. This theoretical assumption is confirmed by the findings obtained
in this research, which suggest that attitude exerts a significant positive influence on the
behavioral intention to adopt Internet Banking. This finding is in line with the previous
work on technology adoption (Ajzen, 1985; Fishbein & Ajzen, 1975; Tan & Teo, 2000;
Taylor & Todd, 1995). The fact that the remaining eight hypotheses were supported by
the data implies that all but one independent variable significantly explained the attitude
and intention to adopt Internet Banking.

5.4 Limitations and Suggestions for Future Research

Limitations: As this empirical study had been performed within a time constraint with
different other cross-sectional studies, it is not without limitations. Jordan’s Internet
Banking market, besides the knowledge regarding user behavior on Internet Banking, is
only in its infancy stage. During a period when quick changes are taking place, new
technologies are entering the market every day, resulting in a cross-sectional study which
cannot be generalized perfectly. A longitudinal study for completely investigating the

19
 pre-launch stage, post-launch stage and promotion stage of Internet Banking will
certainly be significant in contributing towards the literature on Internet Banking in the
near future. This study only deals with factors related to web privacy (Eastman & Iyer,
2004). Moreover, further research can tackle the issues of security and privacy
individually, as the former will stimulate growing attention to the web literature. Also,
the web privacy measurement instrument can further be refined to enhance its validity, in
future studies. This study has been done in Jordan but it is not completely generalized to
apply to other countries and territories, especially those with a developed culture like that
of the UK or USA. In the market of the Arab states, more importantly, with rapid changes
occurring in the rural regions and the increasing numbers of Internet users, as well as
WAP phone applications, the environment regarding adoption of Internet Banking can
change dramatically at any time. It is not difficult to argue that the theory which applies
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to Jordan need not necessarily be accurate for Internet Banking in the Arab countries.

This study, being cross-sectional in design, promotes further research to be undertaken in

great in-depth longitudinal study. It will also be worth examining some specific new
Internet Banking services and products to be launched in the market, such as mutual
funds management services, insurance protection services, etc. In particular, studies can
be conducted at an early stage in service launching or during the pilot test stage to
investigate the behavior of the chartered accountants in Jordan towards the adoption of
the new Internet Banking services. If vital, any corrective action can be taken right at an
early stage so that the management of the bank can be enhanced to renew the service and
accelerate the usage rate for recouping earlier investment costs. Research can be
conducted in the future to further extend as well as refine the TAM and test it in the
context of other technologies. Specifically, research can be done on technology
acceptance in global settings like Netelle, Payoneer, PayPal, and those others with similar
potential.

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