Determinants of continuance intention to use e banking payment services evidence from vietnam Các yếu tố quyết định ý định tiếp tục sử dụng dịch vụ thanh toán ngân hàng điện tử bằng chứng từ Việt Nam
AN INTRODUCTION
Background of the study
The demand for services, especially in the banking sector, is surging in Vietnam due to the country's rapid economic growth The rise of the Internet and affordable next-generation mobile technologies, such as 3G and 4G, is transforming consumer habits and preferences Today’s consumers expect financial services that are available around the clock and seamlessly integrated with their social networks As various sectors embrace digitization to enhance traditional interactions, the significance of social networks continues to escalate.
As of the third quarter of 2019, Facebook boasted 2.45 billion active users, highlighting the widespread influence of social networks (Clement, 2020) The rapid growth of mobile device adoption, nearing 70% globally (Skinner, 2014), has significantly propelled digital transformation, particularly in the banking sector A survey across 22 countries revealed a 19 percentage point increase in mobile banking app usage from 2013 to 2014, while internet banking remained stable (Bain & Company, 2014) In Vietnam, the banking industry saw the introduction of diverse products and services from 2011 to 2016, amidst heightened competition due to global economic integration This competitive landscape has compelled commercial banks to seek innovative opportunities to enhance profits and improve customer relationships through advanced services In the digital age, traditional banking methods struggle to meet the evolving demands of consumers who increasingly prioritize convenience.
The digital revolution has transformed the way commercial banks operate, moving away from traditional branch-based services to embrace digital banking, which has become a strategic goal and competitive advantage With the rise of mobile devices and tablets, accessing information about goods and services has never been easier A McKinsey assessment projected that in 2014, banks could see net profit increases ranging from 43% to 48% due to the influence of digital technology.
As cashless societies gain traction among Vietnamese citizens, E-banking is increasingly collaborating with retail establishments to enhance their payment networks The financial technology sector in Vietnam, projected to double in value by 2020, ranks second in ASEAN for growth potential, driven by a rapidly changing macroeconomic landscape With a stable political climate and promising economic expansion, Vietnam offers a conducive environment for small and medium-sized enterprises (SMEs) Currently, smartphone penetration stands at 53.8%, with mobile devices serving as primary sources of information and entertainment Despite the rise of e-wallets, the majority of transactions in Vietnam still rely on cash on delivery, highlighting the need for further research on the acceptance and growth of electronic wallets in the Fintech market, which holds significant potential.
To enhance client acquisition, significant investments have been made in advertising campaigns, amounting to billions of VND The convenience of e-wallets has led many customers to utilize them for paying utility bills, fostering a growing community of users Additionally, e-wallets facilitate free money transfer gateways among customers of different institutions According to the State Bank of Vietnam, there are expected to be around 20 e-wallets available by 2019, attracting interest from foreign investors.
Samsung, Goldman Sachs, and local investors like Vingroup, Viettel, and VNPay are capitalizing on the growing trend of e-wallets, which currently boast 10 million users globally With Vietnam's mobile phone user base exceeding 100 million, the potential for significant growth in e-wallet adoption is substantial However, the entry of numerous new businesses into the mobile payment sector is intensifying competition.
The significant market potential has led to attractive special offers for new customers, prompting them to explore alternative payment solutions Consequently, the success and expansion of E-wallet payment systems hinge on fostering customer loyalty.
Recent academic research on cashless payment systems, including contactless payments, Alipay, and e-money, has surged, focusing primarily on consumer adoption in regions like India and Africa However, emerging markets such as Vietnam have been overlooked in existing studies Most research has targeted broad populations rather than specific demographic groups with unique behaviors This study aims to explore the factors influencing Generation Z's adoption of electronic wallets in Vietnam By reviewing existing literature on e-wallet usage, hypotheses will be developed, and data will be analyzed using Structural Equation Modeling (SEM) to draw meaningful conclusions Ultimately, the findings will be discussed in detail.
Research objectives and research question
Online technology is rapidly evolving, enhancing customer interactions with businesses and organizations Traditional methods like telephone transactions and ATMs have paved the way for the internet, which has revolutionized electronic banking This new delivery method simplifies transactions for both users and banks, offering faster access, greater convenience, and 24/7 availability, regardless of the customer's location.
This study contributes to the extant knowledge concerning factors impacting continuance intention through the following research objective:
To identify the impact of certain services characteristics and banking systems on clients In order to achieve these objectives, two research questions are addressed as follows:
1.What are factors that impact continuance intention to use E-banking in Viet Nam?
2.To what extent do these factors impact bank performance?
Research methods
A questionnaire survey was conducted to explore the continuance intention to use E-Banking in Vietnam The analysis utilized Partial Least Square-Structural Equation Modeling (PLS-SEM) with Smart-PLS 3.2.8 to evaluate quantitative data collected from 255 participants Smart-PLS facilitates a progressive assessment of the data through both the measurement model, which verifies the reliability and validity of the constructs, and the structural model, which tests the study's hypotheses.
Research findings
Online banking has become a widely used new class of financial services
Vietnamese purchasing behavior, particularly regarding online banking services, remains underexplored due to its complex socio-technical nature This study aims to identify the factors influencing Vietnamese customers' intentions to utilize online banking, enhancing our understanding of this topic The findings can aid online banking service providers in developing user growth strategies and serve as a valuable resource for future research in the field.
LITERATURE REVIEW
E- Banking and E-Banking in Viet Nam
The internet's rapid growth has led to a diverse range of web-based applications that enable businesses to attract and retain customers through innovative services and products To benefit both organizations and consumers, it is essential to understand the key factors influencing consumers' willingness to adopt these technologies.
Gorczkowska, 2020).Despite the importance of website design, previous studies have not consistently identified the components that affect user perception
Thongpapanl and Ashraf (2011) highlight that research shows conflicting results regarding the optimal amount of information websites should provide to minimize perceived risk and aid informed purchasing decisions Similarly, Gounaris, Koritos, and Vasilakopoulou (2010) stress the significance of the online transaction environment, echoing earlier findings Additional studies by Venkatesh, Morris, and Davis (2003) further contribute to this discourse.
Andrews, Bianchi 2013, Cortinas, Chocarro, and Villanueva, 2010, Toufaily,
Ricard and Perrine (2013) alongside Al Qeisi, Dennis, and Alamanos (2014) investigate how specific website elements influence user interaction and engagement Their research is framed within the context of the Unification Theory of Acceptance and Use, highlighting the importance of understanding user behavior in relation to website design.
In the competitive banking sector, customers utilize multiple channels for transactions, including face-to-face interactions, personal computers, mobile phones, and tablets While high-engagement transactions like loans are often conducted in-person, low-engagement activities such as checking account status are typically handled online (Cortias, Chocarro, & Villanueva, 2010) To attract diverse customer segments, banks emphasize various website design elements, balancing utilitarian features like product information and navigation with hedonistic aspects such as aesthetics, ultimately enhancing the overall customer experience.
12 experience (Floh, Zauner, Koller, & Rush, 2014; Ahmed, Romeika, Kauliene,
Internet banking is recognized as one of the most lucrative e-commerce platforms (Lee, 2009) Many banking institutions have implemented Internet banking systems to lower costs and enhance customer service (Xue, Hitt & Chen, 2011) However, despite the significant benefits electronic banking can offer consumers, its adoption has been gradual and often disappointing (Bernardelli, Korzeb, & Niedzióka, 2020).
While earlier research focused on factors influencing end-user adoption of IT, empirical data on the dual role of success and resistance factors in motivating Internet banking usage remains limited A study by Martins, Oliveira, and Popovi (2014) highlights the perceived risk associated with Internet banking, suggesting it is viewed as riskier than traditional banking By integrating the Unified Theory of Acceptance and Use of Technology (UTAUT) with elements of perceived risk—such as performance, financial, time, psychological, social, privacy, and overall risk—this research creates a comprehensive model to explain consumer intent in adopting Internet banking This study not only combines established theoretical frameworks with the critical perceived risk factor but also aids banking institutions in understanding user motivations and developing effective strategies to attract customers Additionally, transitioning communication from physical bank branches to online platforms benefits both banks and consumers by enhancing efficiency and reducing costs.
E-banking is essentially the provision of banking products and services through electronic channels Electronic banking has long used telephone and automated teller machine (ATM) transactions In more recent years, it has been transformed by the internet, a new delivery method that has simplified banking transactions for both users and banks No matter where the customer is, the internet offers quicker access, is more practical, and is always available In order to plan, manage, and oversee financial activities, banks provide their customers with information or services
Electronic banking, also known as e-banking, involves the delivery of banking services to customers via internet technology, as described by Daniel in 2008 This concept encompasses the automated distribution of both traditional and innovative banking products directly to customers through electronic and interactive communication channels.
E-banking serves as a vital alternative channel for financial institutions, offering significant opportunities for growth and development It encompasses online financial services and product sales, enabling customers to access a variety of banking services over the internet Key electronic channels in e-banking include the internet, wireless networks, phone banking, and mobile devices, allowing customers to conduct transactions anytime and anywhere, akin to a virtual bank branch This convenience facilitates quicker and more efficient banking compared to traditional methods, as customers can securely access services without needing to visit a physical bank E-banking enhances user experience by providing informative, communicative, and transactional capabilities, while also optimizing operational costs and maximizing profits through the delivery of high-quality services.
As of 2006, Vietnam's banking sector includes five state-owned commercial banks, 38 joint stock commercial banks, four joint venture banks, and five foreign bank branches Additionally, the country has five finance companies, 29 foreign bank branches, 45 foreign bank representative offices, and nine finance leasing companies Following Vietnam's accession to the World Trade Organization on January 7, 2007, it is anticipated that the number of banks will continue to grow.
Since 1992, numerous reforms have been made to the banking industry in
Vietnam's young and dynamic population makes it an ideal location for the expansion of online banking services, allowing commercial banks to cater to a broader customer base According to a Neilsen report from 2017, a significant 68% of individuals in rural areas and 84% of the overall population are embracing digital banking solutions.
In urban areas, smartphone usage has reached 14 individuals per household, highlighting a significant trend in digital engagement As of 2015, approximately 45 banks in Vietnam provided online banking services, including SMS banking and internet banking, while 32 banks developed mobile banking applications, according to Q&Me This indicates a strong potential for the expansion of online banking in Vietnam, particularly through institutions like the Bank for Agriculture and Rural Development and the Industrial and Commercial Bank.
Vietnam's banking sector is dominated by four major institutions: the Bank for Foreign Trade of Vietnam, the Bank for Investment and Development of Vietnam, and two others, which collectively represent approximately 70% of the country's lending activities In 2005, joint ventures and foreign banks contributed around 14% to the total lending landscape, highlighting the presence of significant international banking players in the market.
HSBC, Deutsche Bank, and ANZ, have built up their reputations and local presences, and some have even invested in domestic commercial banks
(VinaCapital, 2006) In addition to traditional banking services, the majority of banks now offer electronic banking services:
Since 2001, Vietcombank has offered online banking services, allowing customers to send money, check account balances, and access currency rates The bank's Connect Card facilitates money transfers, balance inquiries, and cash withdrawals from international credit cards Vietcombank focuses on serving small and medium-sized businesses as well as individual clients, while maintaining strong relationships with long-term partners, including state-owned enterprises and large corporations in the import-export sector.
• Since the year 2000, the Industrial and Commercial Bank of Vietnam
Incombank has been providing online banking services since 2004, allowing customers to easily access essential information such as account balances, transaction histories, interest rates, and currency rates through its website To enhance its e-banking offerings, Incombank is collaborating with renowned international corporations, including Fujitsu, Intel, and HP.
• Online banking was made available by the Bank for Investment and
Development of Vietnam (BIDV) starting in 1998 (BIDV, 2000) Customers can check their account balance, pay bills, and transfer money The typical clientele of
Theoretical background on factors affecting the continuance intention to use e-
Privacy, as defined by Westin (1968), refers to the ability of individuals or organizations to manage the sharing of their information with third parties In the realm of technology acceptance, privacy concerns (PC) relate to consumers' fears of potential misuse of their personal data by corporations (Kayhan and Davis, 2016) Research indicates that these privacy concerns can significantly impede the adoption of information technology For example, Wang et al (2019) found that consumers are hesitant to continue using current mobile payment platforms due to privacy issues Furthermore, Fan et al (2021) suggested that privacy concerns can lead users to abandon social networking applications In the context of mobile payment services, users are required to provide accurate personal information for transaction authorization, yet many customers worry that these platforms may collect more sensitive data than necessary (Dewan and Chen).
In 2005, public concern over privacy protection surged in China following several high-profile data security scandals Notable examples include the improper collection of customer data by a mobile ride-hailing operator (Tencent News, 2021) and the misuse of personal information by the m-payment provider "Alipay" (Peng, 2018) As consumers recognize the risks associated with prevailing technologies, they are more likely to transition to alternatives that prioritize privacy protection.
H1 : The privacy concern (PC) on conventional services positively affects potential users’ continuance intention to use E-Banking
Trust development is a continuous process that significantly motivates individuals to utilize e-government services, as highlighted by Men-sah and Adams (2020) and Pérez-Morote, Pontones-Rosa, and Núñez-Chicharro (2020) Furthermore, research by Al Sudairi and Dwivedi (2010) and Cheng, Fu, and de Vreede (2021) underscores the importance of trust in enhancing user engagement with digital government platforms.
Trust is essential in all economic transactions, particularly in technology and mobile platform services, where consumers face challenges in assessing the reliability of service providers due to limited interaction capabilities.
In the mobile and e-commerce sectors, consumers are vulnerable to exploitation by vendors, highlighting the importance of addressing security concerns (Oghuma, 2013) Companies often misuse user databases for financial gain, leading to heightened uncertainty and risk within platform-based business models reliant on mobile networks These transactions are prone to threats from viruses and hackers, which can increase users' perceived danger To mitigate these risks and promote consistent usage, establishing trust is essential, as it plays a crucial role in influencing user behavior.
H2 The trust (T) on conventional services positively affects potential users’ continuance intention to use E-Banking
According to DeLone & McLean (2004), McKnight & Chervany (2000),
According to Oghuma et al (2016), system quality refers to the expected performance reflected in a system's overall effectiveness Platform-based applications are designed for "smart" handheld devices and excel in scenarios involving interrupted telecom transmissions While coverage and signal quality have significantly improved in recent years, with the government planning to implement 5G applications nationwide, cellular services remain unreliable in certain areas of the country.
Subpar system performance in platform-based applications hinders subscriber access, negatively affecting users' perceptions of government services Research indicates a significant positive relationship between system quality and trust in m-commerce (Sarkar et al., 2020) The ease of service adoption directly influences customer satisfaction and retention, as difficulties in transaction completion can diminish overall user experience Consequently, system quality plays a crucial role in fostering trust in platform-based services (Reichheld & Schefter, 2000).
H3 The system quality (SQ) on conventional services positively affects potential users’ continuance intention to use E-Banking
Social influence plays a crucial role in an individual's decision to adopt new inventions, as highlighted by Im et al (2011) and Wijenayake et al (2020) This influence is rooted in social norms that individuals feel compelled to adhere to, as noted in Wijenayake et al.'s 2020 study, paralleling the findings of Dutot et al (2019).
Lishomwa and Phiri (2020) assert that belonging influences individuals' intentions, particularly in the context of Gen Z's adoption of e-wallets, as they seek tools that allow self-expression and social connection This leads to the formulation of the fifth hypothesis Additionally, Ruiz and Garcia (2019) differentiate between reputation and popularity, noting that brands perceived as popular tend to enjoy a better reputation (Liu and Li, 2019) Consequently, customers may form perceptions about both the e-wallet application and the corporate bank based on the social influence associated with the service, leading to the sixth hypothesis Trust, recognized as a critical element in both physical and digital environments (Lou and Yuan, 2019), drives consumers to seek social evaluations of service providers before making purchasing decisions (Jung et al., 2019), supporting the findings of Ayeh et al (2013).
"homophily phenomena"—which explains the habit of sharing and reading
Positive evaluations from community members significantly influence digital consumers' trust in applications like electronic wallets, leading them to embrace these tools when they encounter favorable reviews and opinions.
Consequently, the following theory is created
H4: The social influence (SI) on conventional services positively affects potential users’ continuance intention to use E-Banking
According to Reeves & Sabharwal (2013), "a psychological state when the emotion surrounding disconfirmed expectations along with consumer's erstwhile experience about the services" is what is meant by satisfaction According to
Customer satisfaction, as defined by Alkraiji and Iskandarli (2020), reflects the feelings of individuals following multiple interactions with a service provider Dissatisfied customers may choose to discontinue using a service, highlighting the importance of overall satisfaction with platform-based services Key factors influencing continued usage include ease of use, government support, and effective complaint resolution processes Previous studies indicate that user satisfaction significantly impacts behavior towards e-government services (Alkhuraiji, 2020) The success of an Information System (IS) model is largely contingent upon customer happiness with the service Research consistently identifies perceived utility and ease of use as critical elements that significantly affect user satisfaction in e-governance services (Alkraiji, 2020; Dehghanpouri et al.; Lytras & Serban; Slack & Singh).
H5: The satisfaction (ST) on conventional services positively affects potential users’ continuance intention to use E-Banking
Continuation intention refers to a user's ongoing commitment to a particular action or purpose, as recognized by their consistent engagement According to Santhanamery and Ramayah (2013), this intention signifies the user's desire to persist in their usage of a service or product over time.
The long-term intention to use technology hinges on its superiority over previous versions While IS researchers have primarily focused on acceptance and adoption, continuity of use is equally crucial According to Lin (2012), continuation behavior reflects the perceptions of IS adopters post-decision Initial usage, especially of e-Government services, is a key indicator of implementation success, as noted by Wangpipatwong et al (2008) Ultimately, the success of an information system is determined more by its ongoing use than by initial adoption.
H6: The continuance intention (CT) on conventional services positively affects potential users’ continuance intention to use E-Banking
A sense of security is crucial for alleviating customers' fears regarding online purchases, as highlighted by Salisbury et al (2001) Customers are more likely to engage in e-services when they perceive their transactions as secure (Cheng et al., 2006) Strong security measures enhance the use of e-banking services, demonstrating a clear link between trust and the intention to utilize online banking Gefen (2000) found that trust significantly influences purchase intentions, suggesting that confidence in e-commerce vendors boosts users' likelihood of returning to their websites Furthermore, Doney and Cannon (1997) established that consumer trust correlates with future intentions to use a vendor Additional research supports the strong relationship between trust and perceived usefulness (PU) in online transactions (Chircu et al., 2000; Gefen et al., 2003; Stewart, 2003).
In 1999, it was emphasized that security is a crucial factor influencing client acceptance of e-banking services This suggests that users are unlikely to utilize these services unless they perceive them as safe and secure.
H7: The perceived security (PS) on conventional services positively affects potential users’ continuance intention to use E-Banking
Additionally, other studies have shown a strong correlation between trust and
PU (Chircu et al., 2000; Gefen et al., 2003; Stewart, 2003) In a similar spirit,
Prior study about continuance intention to use e-banking
The financial sector saw the introduction of electronic networks in the 1970s, enabling capital transfers between financial institutions through remote communication The establishment of the Fedwire system by the Federal Reserve marked the first electronic network for money transfers among national banks in the U.S Throughout the 1980s and 1990s, both developed and developing countries witnessed rapid growth in national monetary networks In 2002, the Continuous Linked Settlement (CLS) service was launched, providing a unified electronic platform that connects major global payment systems and serves as a 24-hour international money transfer center for reliable currencies worldwide.
Sales terminals, introduced by IBM in 1970, revolutionized payment methods by enabling credit cards, debit cards, cheques, smart cards, and electronic money transfers for face-to-face transactions Initially, these terminals were simple devices connected to a central processor that handled all processing tasks, limiting their functionality By the 1980s, ATMs emerged as another form of electronic payment, but prior to 1990, significant advancements in sales terminal technology were lacking.
Sales terminals, first introduced by IBM in 1970, revolutionized payment methods by enabling transactions through credit cards, debit cards, cheques, smart cards, and electronic money transfers in face-to-face interactions Initially, these terminals were basic devices connected to a main controller that handled all processing, limiting their functionality The 1980s marked the introduction of ATMs, further advancing electronic payment options However, Iran did not make significant strides in adopting card usage until after 1990.
Since 2001, Iran has been adjusting its payment system to align with global banking technology advancements, driven by a comprehensive payment system plan This initiative took three years to develop, ensuring compliance with both domestic and international standards Key projects were operational from 2005 to late 2009, with additional components functioning until late 2010, reflecting a well-structured implementation process.
A study conducted in 2005 highlighted that Iranian users prioritize security and confidence as the most essential features of e-payment systems, with flexibility and tracking being less important User-suggested features play a vital role in the development of new systems and enhance user acceptance Sherafat et al (2007) found that familiarity, cultural factors, and willingness to adopt e-payment methods are key to their success Akbarian and Vakili (2011) revealed that customers prefer e-payment systems that are valuable, satisfactory, and effective, considering technological, economic, and legal benefits Additionally, Nikghadam Hojati et al (2011) established a significant link between the use of e-banking services and customer satisfaction, emphasizing the importance of these systems in enhancing user experience.
23 factors of customer satisfaction" Akhavan Saffar and Mohammadzadeh
In the study "Investigating the quality of the provided services by e-banking internet portals in the country," Moghadam (2012) evaluated consumer perceptions of online banking services The results indicated that consumers expressed dissatisfaction with the user-friendliness of these services, while they were satisfied with four key aspects: trustworthiness, accessibility, privacy/security, and accountability, as well as task performance.
A study by Sanayeie et al (2012) assessed the effectiveness of electronic services on customer satisfaction and return rates, revealing that factors such as efficiency, privacy, and accountability significantly enhance customer satisfaction In contrast, accessibility, service completion, and contact were found to have no impact on satisfaction levels Ultimately, the findings indicate that higher customer satisfaction positively influences the likelihood of customers using Mellat Bank's electronic services again.
Ardekani et al (2013) found that the security of card readers significantly affects the electronic satisfaction of entrepreneurs, particularly in small and medium enterprises (SMEs) Their research highlighted that trust plays a crucial role in enhancing this electronic satisfaction Additionally, Mobarak's essay on "e-banking methods and customer satisfaction - a case study in Botswana" further explores these themes.
(2007) demonstrated that e-banking service providers failed to educate users about e-banking and used antiquated or unupdated technology, which were insufficient to meet customer demands
Research indicates a significant relationship between e-banking characteristics and factors such as age groups, job types, and occupations It is essential for banks to engage with the intricacies of e-banking to effectively influence clients in Botswana and enhance profitability A study titled “The Comparison of Satisfaction with E-Banking Services Among Customers with and Without an Educational Degree” further explores this topic.
In Penang, Malaysia, a study by Chavosh et al (2011) found that, despite facing challenges, costs, and security concerns, both customers with and without educational degrees express satisfaction with various e-payment services.
Security concerns are the primary challenges faced by users of e-payment systems, regardless of their educational background Research by Zafar et al (2011) highlights that service quality dimensions significantly influence customer satisfaction in e-banking, particularly in Pakistan Emphasizing the importance of web service quality can enhance consumer satisfaction within the banking sector Similarly, Akindele and Rotimi (2014) found a strong correlation between e-banking and customer satisfaction in Nigeria Despite inherent security risks, e-banking remains popular among Nigerians due to its convenience, flexibility, speed, efficiency, and transaction accessibility.
RESEARCH MODEL
Survey as a quantitative method
Surveys are defined as a method for collecting information about the characteristics, actions, or opinions of a large group of people (Pinsonneault and Kraemer, 1993) They involve gathering data from a sample of individuals through their responses to questions, offering a more efficient and cost-effective alternative to traditional one-on-one engagement (Check and Schutt, 2011) The survey method is advantageous due to its inclusivity in studying various variables, requiring minimal investment for development and administration, and allowing for relatively easy generalizations (Bell, 2013).
The survey is structured into three distinct sections The first section gathers general background information about the respondents The second section requires participants to evaluate their intention to continue using E-Banking, using a Likert scale ranging from 1 (Absolutely Disagree) to 5 (Absolutely Agree) The third section focuses on additional relevant inquiries related to E-Banking usage.
The study utilized a 25-question survey, where respondents rated the influence of various factors on their intention to continue using their Banking System, using a Likert scale from 1 (Totally Disagreed) to 5 (Totally Agreed) The measurements for asset misappropriation determinants were established based on prior research (Tran and Le, 2018; Koomson et al., 2020) Specifically, the analysis included 51 indicators to assess five components of asset misappropriation, alongside 9 indicators to gauge the prevalence of asset misappropriation.
Reliability refers to the ability to obtain consistent results using the same tools and methods across different studies For research to be deemed reliable, other researchers should achieve identical outcomes under similar conditions An example of low reliability is a broken thermometer that provides varying measurements in the same environment According to Babbie (2020), reliability is particularly crucial when a single observer collects data, as their subjectivity can influence results Wilson (2014) further emphasizes that dependability issues often stem from this subjectivity, which can compromise the overall reliability of the research.
The validity of a study is crucial in assessing the adherence to scientific research methods, as highlighted by Oliver (2010) It encompasses internal validity, external validity, and measurement validity, which together ensure the integrity of research findings (Bell, 2022) Internal validity pertains to the accuracy of a tool in addressing specific inquiries, while external validity assesses the generalizability of results to broader contexts, requiring a well-defined population and representative sample (Bell, 2022) Measurement validity, on the other hand, evaluates how effectively a tool measures what it intends to assess.
26 scale assesses a given concept or idea If a psychologist wishes to test intelligence, they should make sure the scale does not measure a similar but unrelated idea
Regardless of age, gender, economic level, or educational background, people who have not yet utilized or are now utilizing mobile banking services in Vietnam are the study's subjects
The study utilizes online questionnaires distributed to managers and employees of medium and small-sized firms across various sectors, employing a convenience sampling method Targeting Vietnamese consumers, the questionnaires were sent via email To ensure the generalizability of the research findings, a sufficient sample size is crucial, adhering to the guideline that there should be five observed variables for each independent variable, as stated by Hair, Anderson, Tatham, and Black (1998) For this study, which includes eight independent variables, a minimum of 258 observations is required to achieve the desired level of analysis and obtain reliable, generalized results.
Measurement
A multi-item scale was utilized to evaluate the constructs related to the intention to continue using E-Banking Each construct in the study was measured through a series of statements, which respondents rated on a five-point Likert scale, as outlined by Bryman and Bell.
2007) Table 3.1 presents measures of all constructs of the study
1 I intend to continue using Banking platforms rather than
Users Expectations as Determinants of Continuance
2 My intentions are to continue using Banking platforms rather than use any alternative means
3 I think Smart BANKING application is an indispensable utility in modern life
Intention towards mHealth amongst health workers: Case of Cstock in Malawi
1 I am concerned that the information I submit to the Smart Banking platform could be misused
2 I am concerned that others can find private information about me from the Banking platform
3 I am concerned about providing personal information to the Banking platform because it could be used in a way I did not foresee
Factors Influencing the Continuance Use of Mobile Social Media: The effect of Privacy Concerns
1 How much do you trust your bank?
2 Smart Banking is a safe financial service
3 I feel secure about using Smart Banking to conduct my bills
1 Smart Banking platform services increase the speed of payment process
2 The Smart Banking platform enhances the appearance of the interface through which I manage the payments
3 Smart Banking applications make it easy for me to use financial services quickly and conveniently
1 I start using Smart Banking when people around me use it
2 I tend to choose banks that acquaintances have used and recommended to me
3 When people say bad things about the bank I'm using, I will switch to another bank
1 I am satisfied with the security of transactions that can be performed via smart banking systems
2 I am satisfied with the cost of getting access and using smart
Omar Hujran, Mutaz M Al- Debei, Ahmad Samed Al- Adwan, Ayman Alarabiat, Nuseiba Altarawneh
"Examining the antecedents and outcomes of smart government
3 I am satisfied with the flexibility that is being offered through smart banking systems usage: An integrated model", Government Information Quarterly, 2022
1 Banking platform are a secure method of transections
2 Using the Banking platform means it is safe and secure
3 Banking platforms maintain your privacy
1 I feel the Banking interface is very easy to use
2 I rarely manipulate the wrong service on the Banking system
3 The functions in the E-Banking system are easy to use and convenient
DATA ANALYSIS AND FINDING
Data analysis and modelling
4.1.1 Data analysis with PLS-SEM using SmartPLS
The study utilized descriptive statistics to initially investigate the data characteristics, followed by inferential analysis through partial least squares-structural equation modeling (PLS-SEM) to explore the predicted relationships among the constructs SEM is particularly effective in analyzing complex model interactions, making it suitable for research involving latent variables PLS-SEM, a multivariate regression technique, enables the examination of correlations between multiple independent and dependent variables simultaneously The Smart-PLS data analysis process consists of two key stages: the measurement model and the structural model, which will be elaborated on in the subsequent sections.
The measurement model is utilized to analyze the unidirectional relationship between items measuring a single research construct, requiring researchers to evaluate the construct's reliability and validity (Hair et al., 2011) Measure reliability refers to the internal consistency of the construct's items, with Cronbach's alpha being a common method to assess this dependability A Cronbach's alpha of 0.7 or higher indicates a reliable metric (De Vaus, 2002) In Smart-PLS, composite reliability is employed to evaluate internal consistency (Hair Jr et al.).
A metric is deemed dependable when its composite reliability exceeds 0.708 (Bagozzi & Yi, 1988; Hair Jr et al., 2021) Additionally, an item is retained in the model if its outer loadings are greater than 0.4 (Chin, 1998; Hulland, 1999).
Fornell and Larcker (1981) define convergent validity as being established when the average variance extracted (AVE) exceeds 0.5 In contrast, discriminant validity is confirmed when the square root of a construct's AVE is greater than its highest correlation with any other construct in the model.
In the second stage of the analysis, the structural model, also known as the inner model, is utilized to test the hypotheses The primary criterion for assessing the influence of exogenous latent variables on endogenous variables at this stage is the determination coefficient (R2) Additionally, T-statistics are computed to evaluate the significance levels of both the measurement and structural models, with values exceeding 1.96 indicating statistical significance for the tested hypotheses (Hair et al., 2012).
Research findings
Gender Frequency Percent Valid Percent Cumulative Percent
In the survey, female respondents represented 55.4% of the participants, while the remaining were male staff According to Table 4.2, the age distribution reveals that 16.7% of respondents are aged 31-35, and 43.8% fall within the 36-40 age group Additionally, 43.8% of participants are over 41 years old, totaling 113 individuals The remaining respondents, who are under 30 years old, consist of 18 individuals, making up 7% of the total.
Age Frequency Percent Valid Percent
Table 4.2 presents the age distribution of survey respondents, while Table 4.5 highlights the job sectors of participants The data reveals that a significant majority, 76.7% (198 individuals), are employed in the administrative agency sector In contrast, 8.9% of respondents, totaling 23 individuals, are self-employed, and 37 individuals, representing 37%, work in various other sectors.
Types of sector Frequency Percent Valid Percent
Table 4.4 indicates that all survey participants, totaling 258 individuals, possess a bank account, highlighting the universal banking access among respondents.
Working position Frequency Percent Valid Percent Cumulative Percent
Working position Frequency Percent Valid Percent Cumulative Percent
Table 4.5 illustrates the preferred modes of payment among participants, revealing that E-Banking (QR) payments dominate, utilized by 213 individuals, which constitutes 82.5% of the total responses In contrast, credit cards are used by 32 respondents, representing 12.4%, while only 13 participants, or 5.1%, opt for cash payments.
4.2.1.2 Descriptive statistics of asset misappropriation
This section highlights the prevalence of asset misappropriation among small and medium-sized enterprises in Vietnam, where employees frequently engage in personal activities during work hours, utilize office internet for personal use, and misappropriate organizational resources Notably, the average scores for these behaviors exceed 2.15, with standard deviations ranging from 1.2 to 1.3, indicating a significant level of misconduct among staff (refer to Table 4.9).
Theoretical range Min Max Min Max
1 I am concerned that the information I submit to the
Smart Banking platform could PC1 2.19 1.337 1 5 1 5
1 I am concerned that others can find private information about me from the Banking platform PC2 2.5 1.267 1 5 1 5
1 I am concerned about providing personal information to the Banking platform because it could be used in a way I did not foresee PC3 1.98 1.206 1 5 1 5
Table 4.6 Descriptive statistics of privacy concern
Theoretical range Min Max Min Max
1 How much do you trust your bank? T1 2.19 1.337 1 5 1 5
1 Smart Banking is a safe financial service T2 2.5 1.267 1 5 1 5
Smart Banking to conduct my bills T3 1.98 1.206 1 5 1 5
Table 4.7 Descriptive statistics of trust
Theoretical range Min Max Min Max
35 services increase the speed of payment process
1 The Smart Banking platform enhances the appearance of the interface through which I manage the payments SQ2 2.5 1.267 1 5 1 5
1 Smart Banking applications make it easy for me to use financial services quickly and conveniently SQ3 1.98 1.206 1 5 1 5
Table 4.8 Descriptive statistics of system quality
Theoretical range Min Max Min Max
1 I start using Smart Banking when people around me use it SI1 2.19 1.337 1 5 1 5
1 I tend to choose banks that acquaintances have used and recommended to me SI2 2.5 1.267 1 5 1 5
1 When people say bad things about the bank I'm using, I will switch to another bank SI3 1.98 1.206 1 5 1 5
Table 4.9 Descriptive statistics of social influence
1 I am satisfied with the security of transactions that can be performed via smart banking systems ST1 2.19 1.337 1 5 1 5
1 I am satisfied with the cost of getting access and using smart banking systems ST2 2.5 1.267 1 5 1 5
1 I am satisfied with the flexibility that is being offered through smart banking systems ST3 1.98 1.206 1 5 1 5
Table 4.10 Descriptive statistics of satisfaction
Theoretical range Min Max Min Max
Banking platforms rather than discontinue its use CI1 2.19 1.337 1 5 1 5
1 My intentions are to continue using Banking platforms rather than use any alternative means CI2 2.5 1.267 1 5 1 5
1 I think Smart BANKING application is an indispensable utility in modern life CI3 1.98 1.206 1 5 1 5
Table 4.11 Descriptive statistics of cpntinuance intention
Theoretical range Min Max Min Max
1 Banking platform are a secure method of transections PS1 2.19 1.337 1 5 1 5
1 Using the Banking platform means it is safe and secure PS2 2.5 1.267 1 5 1 5
1 Banking platforms maintain your privacy PS3 1.98 1.206 1 5 1 5
Table 4.12 Descriptive statistics of perceived security
EASY TO USE Code Mean
Theoretical range Min Max Min Max
I feel the Banking interface is very easy to use EU1 2.19 1.337 1 5 1 5
I rarely manipulate the wrong service on the Banking system EU2 2.5 1.267 1 5 1 5
The functions in the E-Banking system are easy to use and convenient EU3 1.98 1.206 1 5 1 5
Table 4.13 Descriptive statistics of easy to use
An valuation of the measurement model
Researchers can assess reliability using item loadings, composite reliability (CR), average variance extracted (AVE), and discriminant validity of constructs using the measurement model
Researchers can assess reliability using item loadings, composite reliability (CR), average variance extracted (AVE), and discriminant validity of constructs using the measurement model
4.2.1 Assessing reliability of the constructs
All items measuring the study's constructs exhibit outer loadings exceeding 0.4, with the exception of SQ3, which has a loading of 0.066 Additionally, nearly all items show T-statistics greater than 1.96, signifying their significance in relation to the underlying constructs, except for SQ, which has a T-statistic of only 0.605.
4.2.2 Assessing reliability of the constructs
The Average Variance Extracted (AVE) for all measures exceeds 0.5, demonstrating that each construct exhibits convergent validity This indicates that the items associated with their respective constructs account for a significant portion of variance, reflecting the true underlying constructs rather than measurement error, as illustrated in Table 4.18 (Hair et al.).
The discriminant validity of the constructs is confirmed, as the square root of the Average Variance Extracted (AVE) for each construct, represented by the bold diagonal elements, exceeds the highest correlation with any other construct, indicated by the off-diagonal components in the model.
CT EU PC PS SI SQ ST T
4.2.3 Structural model assessment for hypothesis testing
Prior to hypothesis testing, multicollinearity was assessed, revealing that the Variance Inflation Factors (VIFs) for the model's exogenous variables are well below the threshold of 5, as illustrated in Table 4.20 This indicates that multicollinearity among the exogenous variables is not a concern within the model (Hair et al., 2012).
Multicollinearity is a concern in statistical analysis, especially when the Variance Inflation Factor (VIF) exceeds 4 or the tolerance level falls below 0.25, indicating the need for further investigation Severe multicollinearity requires immediate attention if the VIF surpasses 10, necessitating adjustments to ensure accurate results.
When the tolerance level is below 0.1, it is essential to eliminate highly correlated variables such as CT1, CT2, CT3, PS1, PS2, ST2, and ST3 These variables contain redundant information, and their removal will not substantially impact the coefficient of determination.
4.2.4 Effects different factors on the continuance intention
Factors have a positive effect on continuance intention
Table shows the results of data analysis regarding relationships between factors on continuance intention Overall, the joint effect of factors can be used to explain 95% of continuance intention (R2 adjusted = 0.95)
DISCUSSION AND CONCLUSION, LIMITATION
Dicussion and conclusion
Our research confirmed that nearly all proposed hypotheses are valid, with the exception of two Specifically, we found that Continuance Intention (CT3), Perceived Security (PS1-PS2), and Satisfaction (St2-St3) are all supported, aligning with findings from previous studies by Bhattacherjee.
According to Bhattacherjee et al (2008) and Oliver (1980), post-consumption confirmation significantly influences users' overall perception of services, particularly E-banking This confirmation enhances perceived security and privacy, ultimately leading to increased customer satisfaction and confidence in the service.
Research highlights the crucial role of perceived privacy and security in building trust (Vatanasombut et al., 2008; Hanafizadeh et al., 2014a) Given that banking involves sensitive financial data, it is essential to instill confidence in users regarding the safety of conducting banking transactions via mobile devices.
A significant portion of users, specifically 45%, will not engage with a bank's mobile banking services without strong confidence in the security and privacy measures in place Interestingly, the expected relationship between user satisfaction and perceived security and privacy was minimal While experienced users may exhibit heightened concerns regarding online banking security, it remains a common expectation among all consumers that banks must ensure robust protection of their financial information (Yoon, 2010).
Research indicates that several key factors influence customers' likelihood to persist with smartphone banking services Banks must consider these elements when strategizing to enhance smartphone banking adoption rates Notably, Vietnam's high digital literacy fosters positive attitudes such as self-efficacy and the development of habits related to the continued use of electronic services.
To meet consumer expectations for mobile financial services, banks must focus on factors that influence user satisfaction and usage, as highlighted by Shaikh and Karjaluoto (2015) User satisfaction is essential for encouraging continued use of financial services, prompting banks to ensure that customers remain engaged beyond their initial experience Our study identifies key elements affecting consumers' intentions to persist with mobile banking, revealing that perceived utility, self-efficacy, and user enjoyment significantly drive this motivation Therefore, Vietnamese banks should enhance customer satisfaction by promptly addressing needs and expectations To ensure their services are reliable, timely, responsive, and secure, these banks must prioritize technical innovation and system performance improvements, as suggested by Casaló et al (2007) Such initiatives will foster greater consumer satisfaction and confidence in frequently using financial services, as noted by Susanto et al (2013) Additionally, the inherent intangibility and complexity of banking services contribute to uncertainty and risk for consumers.
Enhancing an organization's telecommunications infrastructure is essential for accelerating communication lines and boosting the efficiency of operational tools Additionally, implementing robust information security management systems is crucial for strengthening data protection and ensuring the integrity of sensitive information.
- Increasing user confidence in the event of inconsistencies and account shortfalls
- Holding recurring training sessions to go through the features of online banking and payment systems
- Increasing e-banking capabilities that eliminate consumers' need to visit the branch and provide the bank a competitive edge
Enhancing the specialization and expertise of staff who interact with clients and support e-payment systems is crucial for boosting accountability By adopting these strategies, the bank can attract new clients and build trust, ultimately gaining a competitive advantage in the market.
Limitations of the study
This study on smartphone banking services in Central Vietnam has several limitations that should be noted Firstly, the research focused exclusively on customers in this region, which may affect the generalizability of the findings Additionally, the responses from consumers were uneven, potentially leading to insignificant statistics for certain positive correlations between the examined variables, despite the sample size meeting the regression model's requirements It's also important to highlight that positive correlations do not necessarily imply causation, as other unconsidered factors may influence the decision to continue using electronic banking services.
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