The Adoption of Personal Internet Banking in Vietnam
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Published:
Aug 31, 2015
Keywords:
Five-Factor Model Personal Internet Banking Structural Equation Modeling Technology Acceptance Model
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Abstract
Based on previous studies a model of the determinants of an individual’s intentions to use Personal Internet Banking (PIB) services was formulated, tested and developed to arrive at a final model. Independent determinants included an individual’s personal characteristics, personality traits, and level of trust in the bank. New findings stressed the important mediation roles played by Perceived Ease of Use and Perceived Usefulness in the total effect of Trust on Behavioral Intention while all of the personal characteristics, except for Position Description, were found to be less important than in several previous studies. Among the personality traits the direct effect of Agreeableness on Perceived Ease of Use and Neuroticism on Behavioral Intention had not been reported in previous PIB studies and the same was true for other significant correlations involving Extraversion, Conscientiousness, and Openness to Experience. Based on the final causal model practical implications of the findings are discussed.
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References
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Al-Majali, M. and Nik Mat, N. K. (2010) Application of Decomposed Theory of Planned Behavior on Internet Banking Adoption in Jordan. Journal of Internet Banking and Commerce 15(2): 1–7.
Alsajjan, B. and Dennis, C. (2010) Internet Banking Acceptance Model: Cross-market Examination. Journal of Business Research 63(9–10): 957–963.
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Boyacioglu, M. A., Hotamis, T. N. and Cetin, H. (2010) An Evaluation of Internet Banking in Turkey. Journal of Internet Banking and Commerce 15(2): 1–32.
Calisir, F. and Gumussoy, C. A. (2008) Internet Banking Versus Other Banking Channels: Young Consumers’ View. International Journal of Information Management 28(3): 215–221.
Chan, P. and Hosein, N. Z. (2010) An Analysis of Consumer Adoption Rates in Internet Banking. European Journal of Management 10(1): 49-61.
Chau, V. S. and Ngai, L. W. L. C. (2010) The Youth Market for Internet Banking Services: Perceptions, Attitude and Behaviour. The Journal of Services Marketing 24(1): 42–60.
Chong, A. Y. L., Ooi, K. B., Lin, B. and Tan, B. I. (2010) Online Banking Adoption: An Empirical Analysis. International Journal of Bank Marketing 28(4): 267–287.
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Davis, F. D. (1989) Perceived Usefulness, Perceived Ease of Use, And User Acceptance of Information Technology. MIS quarterly 13(3): 319–340.
Davis, F. D., Bagozzi, R. P. and Warshaw, P. R. (1989) User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science 982–1003.
Donnellan, M. B., Oswald, F. L., Lucas, R. E. and Baird, B. M. (2006) The Mini-IPIP Scales: Tiny-Yet-Effective Measures of the Big Five Factors of Personality. Psychological Assessment 18(2): 192–203.
Fishbein, M. and Ajzen, I. (1975) Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading, Mass: Addison-Wesley Publishing Co.
Foon, Y. S. and Fah, B. C. Y. (2011) Internet Banking Adoption in Kuala Lumpur: An Application of UTAUT Model. International Journal of Business and Management 6(4): 161–167.
Grabner-Kräuter, S. and Faullant, R. (2008) Consumer Acceptance of Internet Banking: The Influence of Internet Trust. The International Journal of Bank Marketing 26(7): 483–504.
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Jaruwachirathanakul, B. and Fink, D. (2005) Internet Banking Adoption Strategies for a Developing Country: The Case of Thailand. Internet Research 15(3): 295–311.
Kesharwani, A. and Bisht, S. S. (2012) The Impact of Trust and Perceived Risk on Internet Banking Adoption in India: An Extension of Technology Acceptance Model. International Journal of Bank Marketing 30(4): 303–322.
Kesharwani, A. and Tripathy, T. (2012) Dimensionality of Perceived Risk and Its Impact on Internet Banking Adoption: An Empirical Investigation. Services Marketing Quarterly 33(2): 177–193.
Kline, R. B. (2005) Principles and Practice of Structural Equation Modeling, 2nd ed., New York: Guilford Press.
Lee, M. C. (2009) Factors Influencing The Adoption of Internet Banking: An Integration of TAM and TPB with Perceived Risk and Perceived Benefit. Electronic Commerce Research and Applications 8(3): 130–141.
Le, T. H. (2011) The Antecedents of Intention of Using Internet Banking System in Vietnam-Based on Technology Acceptance Model. Disssertation, Kun San University, Taiwan.
Liao, Z. and Cheung, M. T. (2008) Measuring Consumer Satisfaction in Internet Banking: A Core Framework. Communications of the ACM 51(4): 47–51.
Lin, C. and Nguyen, C. (2011) Exploring E-Payment Adoption in Vietnam and Taiwan. The Journal of Computer Information Systems 51(4): 41–52.
Migliore, L. A. (2011) Relation between Big Five Personality Traits and Hofstede’s Cultural Dimensions. Cross Cultural Management 18(1): 38–54.
Ministry of Industry and Trade. (2012) Vietnam E-Commerce Report 2011. Hanoi: Ministry of Industry and Trade.
Munusamy, J., Annamalah, S. and Chelliah, S. (2012) Perceived Barriers of Innovative Banking Among Malaysian Retail Banking Customers. Journal of Internet Banking and Commerce 17(1): 1–15.
Nasri, W. (2011) Factors Influencing the Adoption of Internet Banking in Tunisia. International Journal of Business and Management 6(8): 143–160.
Nasri, W. and Charfeddine, L. (2012) Factors Affecting the Adoption of Internet Banking in Tunisia: An Integration Theory of Acceptance Model and Theory of Planned Behavior. The Journal of High Technology Management Research 23(1): 1–14.
Nor, K. M., Abu Shanab, E. A. and Pearson, J. M. (2008) Internet Banking Acceptance in Malaysia Based on the Theory of Reasoned Action. Journal of Information Systems & Technology Management 5(1): 3.
Nor, K. M., Sutanonpaiboon, J. and Mastor, N. H. (2010) Malay, Chinese, and Internet Banking. Chinese Management Studies 4(2): 141–153.
Ozdemir, S. and Trott, P. (2009) Exploring the Adoption of a Service Innovation: A Study of Internet Banking Adopters and Non-Adopters. Journal of Financial Services Marketing 13(4): 284–299.
Prompattanapakdee, S. (2009) The Adoption and Use of Personal Internet Banking Services in Thailand. The Electronic Journal of Information Systems in Developing Countries 37(6): 1-31.
Qureshi, T. M., Zafar, K. and Khan, B. (2008) Customer Acceptance of Online Banking in Developing Economies. Journal of Internet Banking and Commerce 13(1): 1–9.
Rotchanakitmnuai, S. and Speece, M. (2003) Barriers to Internet Banking Adoption: A Qualitative Study Among Corporate Customers in Thailand. The International Journal of Bank Marketing 21(6/7): 312–323.
Sanayei, A., Shaemi, A. and Salajegheh, M. (2011) Analysis of the Factors Affecting of Internet Banking: Case Study of Customers of Mellat Bank in Isfahan City. Interdisciplinary Journal of Contemporary Research In Business 3(4): 751–761.
Sattabusaya, D. (2008) Key Factors That Determine Acceptance and Adoption of Internet Banking: The Case of Thailand.Dissertation, The University of Wales College of Cardiff, Wales, UK.
Sentosa, I., Ming, C. W., Soebyakto, B. B. and Nik Mat, N. K. (2012) A Structural Equation Modeling of Internet Banking Usage in Malaysia. Researchers World 3(1): 75–86.
Seyal, A. H. and Rahim, M. M. (2011) Customer Satisfaction with Internet Banking in Brunei Darussalam: Evaluating the Role of Demographic Factors. E - Service Journal 7(3): 47–68,70.
Shi, W., Shambare, N. and Wang, J. (2008) The Adoption of Internet Banking: An Institutional Theory Perspective. Journal of Financial Services Marketing 12(4): 272–286.
State Bank of Vietnam (2011) Annual Report 2010. Hanoi: State Bank of Vietnam. Straub, D., Boudreau, M. C., and Gefen, D. (2004) Validation Guidelines for IS Positivist Research. Communications of the Association for Information Systems 13(1): 380–427.
Triandis, H. C. (2001) Individualism-Collectivism and Personality. Journal of Personality 69(6): 907–924.
Van Raaij, E. M. and Schepers, J. J. L. (2008) The Acceptance and Use of a Virtual Learning Environment in China. Computers & Education 50(3): 838–852.
Venkatesh, V., Morris, M. G., Davis, G. B. and Davis, F. D. (2003) User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly 27(3): 425–478.
Wang, J. S. and Pho, T. S. (2009) Drivers of customer intention to use online banking: An empirical study in Vietnam. African Journal of Business Management 3(11): 669–677.
Winley, G. K. (2011) Factors associated with the Use of Personal Internet Banking in Thailand. Journal of Electronic Commerce in Organizations 9(2): 15–40.
Wixom, B. H. and Todd, P. A. (2005) A Theoretical Integration of User Satisfaction and Technology Acceptance. Information Systems Research 16(1): 85–102.
Yousafzai, S., Pallister, J. and Foxall, G. (2009) Multi-Dimensional Role of Trust in Internet Banking Adoption. The Service Industries Journal 29(5): 591–605.
Yousafzai, S. and Yani-de-Soriano, M. (2012) Understanding Customer-Specific Factors Underpinning Internet Banking Adoption. International Journal of Bank Marketing 30(1): 60–81.
Zolait, A. H. S. (2010) An Examination of The Factors Influencing Yemeni Bank Users’ Behavioural Intention to Use Internet Banking Services. Journal of Financial Services Marketing 15(1): 76–94.
Akram, S. and Asghar, N. (2012) An Empirical Analysis of Customer Satisfaction on Adoption of Internet Banking in Pakistan. Interdisciplinary Journal of Contemporary Research In Business 3(9): 1124–1132.
Aldás-Manzano, J., Lassala-Navarré, C., Ruiz-Mafé, C. and Sanz-Blas, S. (2009) Key Drivers of Internet Banking Services Use. Online Information Review 33(4): 672–695.
Al-Majali, M. and Nik Mat, N. K. (2010) Application of Decomposed Theory of Planned Behavior on Internet Banking Adoption in Jordan. Journal of Internet Banking and Commerce 15(2): 1–7.
Alsajjan, B. and Dennis, C. (2010) Internet Banking Acceptance Model: Cross-market Examination. Journal of Business Research 63(9–10): 957–963.
Al-Somali, S. A., Gholami, R. and Clegg, B. (2008) Internet Banking Acceptance in the Context of Developing Countries: An Extension of the Technology Acceptance Model. In European Conference on Management of Technology, Nice, France, September 2008.
Amin, H. (2007) Internet Banking Adoption Among Young Intellectuals. Journal of Internet Banking and Commerce 12(3): 1–13.
Anuar, M. M., Adam, F. and Mohamad, Z. (2012) Muslim Consumers’ Perception on Internet Banking Services. International Journal of Business and Social Science 3(5): 63–71.
Bellman, L. M. (1998) Using Personality Traits to Predict Communication Technology Use in The Home. Dissertation Pace University, New York , United States.
Boyacioglu, M. A., Hotamis, T. N. and Cetin, H. (2010) An Evaluation of Internet Banking in Turkey. Journal of Internet Banking and Commerce 15(2): 1–32.
Calisir, F. and Gumussoy, C. A. (2008) Internet Banking Versus Other Banking Channels: Young Consumers’ View. International Journal of Information Management 28(3): 215–221.
Chan, P. and Hosein, N. Z. (2010) An Analysis of Consumer Adoption Rates in Internet Banking. European Journal of Management 10(1): 49-61.
Chau, V. S. and Ngai, L. W. L. C. (2010) The Youth Market for Internet Banking Services: Perceptions, Attitude and Behaviour. The Journal of Services Marketing 24(1): 42–60.
Chong, A. Y. L., Ooi, K. B., Lin, B. and Tan, B. I. (2010) Online Banking Adoption: An Empirical Analysis. International Journal of Bank Marketing 28(4): 267–287.
Davis, F. D. (1986) A Technology Acceptance Model for Empirically Testing New End-User Information Systems: Theory and Results. Doctoral dissertation, MIT, Sloan School of Management, Cambridge, MA.
Davis, F. D. (1989) Perceived Usefulness, Perceived Ease of Use, And User Acceptance of Information Technology. MIS quarterly 13(3): 319–340.
Davis, F. D., Bagozzi, R. P. and Warshaw, P. R. (1989) User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science 982–1003.
Donnellan, M. B., Oswald, F. L., Lucas, R. E. and Baird, B. M. (2006) The Mini-IPIP Scales: Tiny-Yet-Effective Measures of the Big Five Factors of Personality. Psychological Assessment 18(2): 192–203.
Fishbein, M. and Ajzen, I. (1975) Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading, Mass: Addison-Wesley Publishing Co.
Foon, Y. S. and Fah, B. C. Y. (2011) Internet Banking Adoption in Kuala Lumpur: An Application of UTAUT Model. International Journal of Business and Management 6(4): 161–167.
Grabner-Kräuter, S. and Faullant, R. (2008) Consumer Acceptance of Internet Banking: The Influence of Internet Trust. The International Journal of Bank Marketing 26(7): 483–504.
Hofstede, G. (2011) Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture 2(1).
Hofstede, G. and McCrae, R. R. (2004) Personality and Culture Revisited: Linking Traits and Dimensions of Culture. Cross-Cultural Research 38(1): 52–88. [Online URL: http://ccr.sagepub.com/content/38/1/52] Accessed on 26-10-2012.
Jacques, P. H., Garger, J., Brown, C. A. and Deale, C. S. (2009) Personality and Virtual Reality Team Candidates: The Roles of Personality Traits, Technology Anxiety and Trust as Predictors of Perceptions of Virtual Reality Teams. Journal of Business and Management 15(2): 143–157.
Jaruwachirathanakul, B. and Fink, D. (2005) Internet Banking Adoption Strategies for a Developing Country: The Case of Thailand. Internet Research 15(3): 295–311.
Kesharwani, A. and Bisht, S. S. (2012) The Impact of Trust and Perceived Risk on Internet Banking Adoption in India: An Extension of Technology Acceptance Model. International Journal of Bank Marketing 30(4): 303–322.
Kesharwani, A. and Tripathy, T. (2012) Dimensionality of Perceived Risk and Its Impact on Internet Banking Adoption: An Empirical Investigation. Services Marketing Quarterly 33(2): 177–193.
Kline, R. B. (2005) Principles and Practice of Structural Equation Modeling, 2nd ed., New York: Guilford Press.
Lee, M. C. (2009) Factors Influencing The Adoption of Internet Banking: An Integration of TAM and TPB with Perceived Risk and Perceived Benefit. Electronic Commerce Research and Applications 8(3): 130–141.
Le, T. H. (2011) The Antecedents of Intention of Using Internet Banking System in Vietnam-Based on Technology Acceptance Model. Disssertation, Kun San University, Taiwan.
Liao, Z. and Cheung, M. T. (2008) Measuring Consumer Satisfaction in Internet Banking: A Core Framework. Communications of the ACM 51(4): 47–51.
Lin, C. and Nguyen, C. (2011) Exploring E-Payment Adoption in Vietnam and Taiwan. The Journal of Computer Information Systems 51(4): 41–52.
Migliore, L. A. (2011) Relation between Big Five Personality Traits and Hofstede’s Cultural Dimensions. Cross Cultural Management 18(1): 38–54.
Ministry of Industry and Trade. (2012) Vietnam E-Commerce Report 2011. Hanoi: Ministry of Industry and Trade.
Munusamy, J., Annamalah, S. and Chelliah, S. (2012) Perceived Barriers of Innovative Banking Among Malaysian Retail Banking Customers. Journal of Internet Banking and Commerce 17(1): 1–15.
Nasri, W. (2011) Factors Influencing the Adoption of Internet Banking in Tunisia. International Journal of Business and Management 6(8): 143–160.
Nasri, W. and Charfeddine, L. (2012) Factors Affecting the Adoption of Internet Banking in Tunisia: An Integration Theory of Acceptance Model and Theory of Planned Behavior. The Journal of High Technology Management Research 23(1): 1–14.
Nor, K. M., Abu Shanab, E. A. and Pearson, J. M. (2008) Internet Banking Acceptance in Malaysia Based on the Theory of Reasoned Action. Journal of Information Systems & Technology Management 5(1): 3.
Nor, K. M., Sutanonpaiboon, J. and Mastor, N. H. (2010) Malay, Chinese, and Internet Banking. Chinese Management Studies 4(2): 141–153.
Ozdemir, S. and Trott, P. (2009) Exploring the Adoption of a Service Innovation: A Study of Internet Banking Adopters and Non-Adopters. Journal of Financial Services Marketing 13(4): 284–299.
Prompattanapakdee, S. (2009) The Adoption and Use of Personal Internet Banking Services in Thailand. The Electronic Journal of Information Systems in Developing Countries 37(6): 1-31.
Qureshi, T. M., Zafar, K. and Khan, B. (2008) Customer Acceptance of Online Banking in Developing Economies. Journal of Internet Banking and Commerce 13(1): 1–9.
Rotchanakitmnuai, S. and Speece, M. (2003) Barriers to Internet Banking Adoption: A Qualitative Study Among Corporate Customers in Thailand. The International Journal of Bank Marketing 21(6/7): 312–323.
Sanayei, A., Shaemi, A. and Salajegheh, M. (2011) Analysis of the Factors Affecting of Internet Banking: Case Study of Customers of Mellat Bank in Isfahan City. Interdisciplinary Journal of Contemporary Research In Business 3(4): 751–761.
Sattabusaya, D. (2008) Key Factors That Determine Acceptance and Adoption of Internet Banking: The Case of Thailand.Dissertation, The University of Wales College of Cardiff, Wales, UK.
Sentosa, I., Ming, C. W., Soebyakto, B. B. and Nik Mat, N. K. (2012) A Structural Equation Modeling of Internet Banking Usage in Malaysia. Researchers World 3(1): 75–86.
Seyal, A. H. and Rahim, M. M. (2011) Customer Satisfaction with Internet Banking in Brunei Darussalam: Evaluating the Role of Demographic Factors. E - Service Journal 7(3): 47–68,70.
Shi, W., Shambare, N. and Wang, J. (2008) The Adoption of Internet Banking: An Institutional Theory Perspective. Journal of Financial Services Marketing 12(4): 272–286.
State Bank of Vietnam (2011) Annual Report 2010. Hanoi: State Bank of Vietnam. Straub, D., Boudreau, M. C., and Gefen, D. (2004) Validation Guidelines for IS Positivist Research. Communications of the Association for Information Systems 13(1): 380–427.
Triandis, H. C. (2001) Individualism-Collectivism and Personality. Journal of Personality 69(6): 907–924.
Van Raaij, E. M. and Schepers, J. J. L. (2008) The Acceptance and Use of a Virtual Learning Environment in China. Computers & Education 50(3): 838–852.
Venkatesh, V., Morris, M. G., Davis, G. B. and Davis, F. D. (2003) User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly 27(3): 425–478.
Wang, J. S. and Pho, T. S. (2009) Drivers of customer intention to use online banking: An empirical study in Vietnam. African Journal of Business Management 3(11): 669–677.
Winley, G. K. (2011) Factors associated with the Use of Personal Internet Banking in Thailand. Journal of Electronic Commerce in Organizations 9(2): 15–40.
Wixom, B. H. and Todd, P. A. (2005) A Theoretical Integration of User Satisfaction and Technology Acceptance. Information Systems Research 16(1): 85–102.
Yousafzai, S., Pallister, J. and Foxall, G. (2009) Multi-Dimensional Role of Trust in Internet Banking Adoption. The Service Industries Journal 29(5): 591–605.
Yousafzai, S. and Yani-de-Soriano, M. (2012) Understanding Customer-Specific Factors Underpinning Internet Banking Adoption. International Journal of Bank Marketing 30(1): 60–81.
Zolait, A. H. S. (2010) An Examination of The Factors Influencing Yemeni Bank Users’ Behavioural Intention to Use Internet Banking Services. Journal of Financial Services Marketing 15(1): 76–94.