Factors that Influence the use of Mobile Banking in LebanonIntegration of UTAUT2 and 3M Model

Resumo

Mobile banking (M-banking) is a remote service offered by financial institutions that enables customers to access banking services by the use of mobile devices (e.g. phone, tablet, etc.) at any time and in any place. Hence, mobile banking has been marketed as a useful and innovative service that banks offer to their consumers to improve their satisfaction and loyalty. However, in developing countries, acceptance and use of mobile banking technology is still poor. Thus, the current study proposed a conceptual model that tries to explain the factors that influence the use of mobile banking from a customer perspective. The basis for this framework is the integration of the 3M model of motivation and personality and the extended unified theory of acceptance and use of technology two (UTAUT2). For its analysis, a self-administrated questionnaire was developed with which data was obtained from a non-random sample of Lebanese banking customers. Structural equation modelling (SEM) was then employed to analyse the data collected, using EQS 6.1 for windows and Stata 14.0. The results obtained supported links among personality traits, motivational factors and use behaviour. Specifically, Lebanese individuals’ mobile banking use was significantly influenced by effort expectancy, facilitating conditions, hedonic motivation, need for cognition, need for structure, need for affiliation, proactive personality, neuroticism, and agreeableness. However, performance expectancy, social influence, general self-efficacy, extraversion, conscientiousness, and openness to experience did not have a significant impact on use behaviour. Examining factors that influence the use of mobile banking especially in Lebanon makes important contributions to literature and practice. The current study extends the theoretical model of UTAUT2 by incorporating personality constructs. More in particular, it highlights the importance of psychological aspects in predicting technology acceptance behaviour. Lastly, it is an attempt to provide guidelines for effective marketing strategies that enhance mobile banking usage rates in Lebanon.