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Review of The Technology Acceptance Model (TAM) in Internet banking and

Mobile banking

Article · June 2018

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 IJICTDC2018
International Journal of Information Communication Technology and 23
Digital Convergence
Vol. 3, No. 1, June 2018, pp. 23-41

Review of The Technology Acceptance Model (TAM) in Internet banking and

Mobile banking

Maqbool Ahmad*
Department of Digital Convergence Business Yeungnam University, South Korea
Email: [email protected]

Abstract
The adoption of new technology has been under debate since the 1970s. Over the decades,
many theories and models have proposed to address the consumer adoption issues; one of them
is the Technology Acceptance Model (TAM). The focus of this research article is to highlight
the significance of the TAM model in explaining system adoption and usage in Internet banking
and Mobile banking. This research paper will provide insight by providing a comprehensive
review of the literature in the context of the TAM model its extensions, development, and
shortcomings. This research study contributes to the existing literature; and will be beneficial
for future researchers interested in Internet banking and Mobile banking research comprehending
the TAM model.

Keywords: TAM model, TAM development, TAM limitations, Internet banking, Mobile banking

1. Introduction
Very popular and most frequently used theoretical framework in Information System
(IS) and mobile banking research that has captured user attention is the TAM (Lai,
2017). Overall, the TAM model was 40% evidenced effective in predicting the system
use (Legris, Ingham and Collerette, 2003). Davis (1985) purposed the Technology
Acceptance Model (TAM) model in his doctoral research thesis. Davis (1985) in his
conceptual model proposed that system features and capabilities stimulate user
motivation that in response becomes the driving force to use actual system Figure 1.

Figure 1. Conceptual TAM model

The conceptual TAM model was further refined and modified (Davis, Bagozzi and
Warshaw, 1989). The TAM was subject to various developments in the form of new
theory, for instance, the Unified Theory of Acceptance and Use of Technology
(UTAUT) (Venkatesh et al., 2003). The TAM theory was incorporated to predict user
intention to adopt new technology in IS and mobile banking by the public in developed
and developing countries. In fact, TAM is the extension of the generic Theory of
Reasoned Action (TRA) presented by (Fishbein and Ajzen, 1975). However, the TAM
theory set forth three fundamental determinants such as perceived usefulness (PU),
perceived ease of use (PEOU) and attitude towards using the system for adoption and
user acceptance of any new technology (Venkatesh et al., 2003; Chuttur, 2009; Bankole,
Bankole and Brown, 2011; Govender and Sihlali, 2014; Shaikh and Karjaluoto, 2015;

Manuscript Received: 27 April 2018 / Revised: 25 May 2018 / Accepted: 30 May 2018
Corresponding Author: Maqbool Ahmad
Author’s affiliation: Department of Digital Convergence Business Yeungnam University, South Korea
E-mail: [email protected]

ISSN: 2466-0094
Copyright ⓒ IJICTDC
24 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

Shaikh et al., 2015; Choudrie et al., 2017; Alzubi, Al-Dubai and Farea, 2018).
In his research, Davis (1989) proposed that user attitude is the significant determinant
to evaluate whether the user will actually use the system or not. He introduced that
user attitude is directly affected by perceived usefulness and perceived ease of use.
Finally, he hypothesized that PEOU and PU influenced by system design characteristic
X1, X2, and X3 as highlighted in the proposed research framework in Figure 2.

User Motivation

X1 Perceived Usefulness

X2 Attitude Toward Using Actual System Use

X3 Perceived Ease of Use

Figure 2. Original TAM model

2. Overview of the TAM development

The TAM model experienced many developmental phases and was further extended.
According to Davis (1985) an individual who has strong behavioral intention might use
the system without forming any attitude. Therefore, Davis et al. (1989) reformed the
original TAM model by adding behavioral intention as a new variable that has directly
affect by PEOU and PU. This gives rise to a new extension of the original TAM model
as demonstrated in Figure 3.

Figure 3. The first modified version of the TAM model

Davis et al. (1989) conducted a longitudinal research on 107 users to verify the new
modified TAM model and found the small and significant impact of perceived ease of
use and perceived usefulness on behavioral intention. As a result, research construct
attitude has removed from the resultant TAM model.
Another development of the TAM model was the consideration of external variable
that might have the influence on the user's belief towards system usage. External
variables X1, X2 and X3 introduced system characteristics, user participation, user
training and process implementation (Venkatesh and Davis, 1996) in Figure 4.
 IJICTDC2018 25

Figure 4. The final verified version of the TAM model

Adams, Nelson and Todd

(1992) conducted a study to test and authenticate the replication of the TAM model
and its major constructs PEOU and PU in field and laboratory research. The research
carried out on MBA students to check the consistency and validity of five digital
applications and their actual use such as Harvard Graphics, Lotus 123, word perfect,
email and voice mail. However, the researcher found that TAM model accurately
sustained its prediction reliability to explicate system usage and its adoption.
A research conducted by Hendrickson, Massey and Cronan (1993) on the database
and spreadsheet application to measure the reliability of PEOU and PU on TAM model.
The participant of the research was 123 undergraduate students. The academic scholars
found a significant impact of PEOU and PU in the test-retest result of reliability. A
study replicated the TAM model by (Subramanian, 1994) on customer dial-up systems
and voice mail. The participants of the study were 179 knowledge workers, the research
results confirmed the results of previous studies conducted on the TAM model.
The TAM theory expanded the concept of TRA understand consumer behavior,
attitude and intention to accept mobile banking (Kazi, 2013). The parsimony of the
TAM model makes it one of the most widely employed models worldwide (Sitorus et
al., 2017). Many new technologies such as e-commerce, mobile shopping (Jeong and
Yoon, 2013), World Wide Web, the Internet (To and Lai, 2014), e-learning adoption
(Mohamad Hsbollah, Kamil and Idris, 2009), internet banking (Radomir and Nistor,
2013), mobile banking (AlSoufi and Ali, 2014), mobile payments (Liébana-Cabanillas,
Sánchez-Fernández and Muñoz-Leiva, 2014), online transactions (Çelik and Yilmaz,
2011), online gaming acceptance (Zhu, Lin and Hsu, 2012) and assistive social robots
(Heerink et al., 2010) have examined and validated the TAM theory. In many studies,
TAM used with some modification in relation to the concept of adoption and actual
system usage (As-Sultan, Al-Baltah and Abdulrazzak, 2017).

3. Previous studies of Internet banking and TAM

Afshan et al. (2018) have investigated the framework of internet banking with
extended TAM model and integration of additional risk factors in the Pakistani context.
The data collected from 339 consumers through an online questionnaire. The structural
equation modeling technique employed to evaluate the proposed framework. The
significant influencing factors of the study are structural assurance, personal propensity
to trust and familiarity with the bank, these factors affect the initial trust of the consumer
to adopt internet banking in Pakistan. According to the authors, the research has a
practical implication for a financial institution to formulate their strategies enhancing
the adoption of internet banking.
Marakarkandy, Yajnik and Dasgupta (2017) integrated constructs into TAM model
to discover internet-banking adoption in India. The incorporated variables include as
perceived usefulness, perceived ease of use, perceived risk, trust, internet usage efficacy,
internet banking self-efficacy, subjective norm, banks initiative, government support,
image, trialability, and attitude. Four demographic dimensions education, income, gender
26 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

and age assembled into two groups in the augmented TAM model to test the moderating
effect. A survey questionnaire used to collect data from 300 participants. Confirmatory
factor analysis employed for the analysis of primary data. The findings of the research
revealed that all the variables contributes to and supports the proposed model. Adoption
of internet banking usage variation among variables found 26.5% and variation in the
TAM model was 29.9% described by predictors variables in this research.
Alwan and Al-Zu’bi (2016) examined the determinants of internet banking adoption
in Jordan. The data gathered from thirteen commercial banks active account holder
consumers. The sample of 476 customers based on primary data analyzed using
regression techniques. The results highlight that all variables significant influence on
adoption whilst among all variables website quality and consumer trust were found the
best predictors of consumer acceptance of internet banking. Although, consumer
adoption rate is very low in Jordan. Consumers with a high educational background
and high ability to use computer application are the actual users of this useful
technology.
Lin, Wu and Tran (2015) examined the latent factors of internet banking adoption
in Vietnam. According to the authors, internet-banking growing faster than e-commerce
and other applied technologies. Two models theory of planned behaviors and technology
acceptance model have combined in this research. Personal interviews conducted to
collect data with respect to variables dived into seven groups (e.g. perceived ease of
use, perceived usefulness, perceived credibility, subjective norm, perceived behavioral
control, attitude to use and intention to use). Structured Equation Modeling (SEM) and
the Analysis of a Moment Structures (AMOS) statistical 7.0 package software utilized
for evaluation of the hypothesized associations among variables. Perceived ease of use
found significantly effecting users attitudes. On the contrary, perceived credibility have
not found any direct linkage with consumer’s attitudes. All other variables have
consistent results with the proposed model and past studies.
Santouridis and Kyritsi (2014) state that internet banking offers round the clock
banking access to its consumers. Furthermore, the scholars said that internet banking
eliminates the anxiety that is caused by physical cash handing, lower transaction costs,
save time and provide direct access from any location. In their research, the authors
identified salient determinant that affects the adoption of internet banking in Greek.
Primary research carried out using an interviewer-administered survey questionnaire.
The widely used TAM model with external variables incorporated in the study. The
sampled data consist of 266 consumers of internet banking. The linear regression
analysis executed on sampled data to analyze the effect of external variables on
consumer's perception to accept internet banking. It is confirmed from the findings that
easiness of use, usefulness and credibility found a significant impact on consumer’s
perception using internet banking. Moreover, satisfaction and innovativeness also found
strong predictor of users' intentions in Greek.
Safeena et al. (2013) explore c consumer’s adoption of internet banking in India.
The data collected from 549 respondents using survey-based questionnaire. The variables
employed in this research includes perceived usefulness, perceived ease of use,
subjective norm, attitude and perceived behavioral. The findings of this research indicate
that perceived usefulness implies the most significant predictors of consumer’s intention
to accept internet-banking adoption. However, all other variables support the proposed
hypothesis.
Kesharwani and Singh Bisht (2012) tried to examine security and privacy threat in
relation to the adoption of internet banking in India. The theoretical basis of this
research laid down by incorporating extended TAM model. The data collected from 619
respondents using the questionnaires. The analysis of data conducted by the use of
AMOS 16.0 software version. The results of the research indicate that perceived risk
negatively affects user’s behavioral intention to adopt internet banking. While trust and
 IJICTDC2018 27

perceived risk factors also have a negative relationship. However, this research found
that a well-designed website could help to minimize users risk concerns with respect
to usage of internet banking.
Aslam, Khan and Tanveer (2011) have explored barriers influencing adoption of
internet banking in non-metropolitan towns of Pakistan. Internet banking flourished
rapidly in both developed and developing countries as a component of e-banking. The
sample data collected from 520 active consumers of internet banking via the structured
questionnaire. The data collected from the questionnaire analyzed by way of SPSS
software. The results of the study reveal that the low perceived value of the internet
banking, lack of knowledge and information found the most critical barriers to internet
banking adoption in non-metropolitan towns of Pakistan. Moderate significant barriers
that also hinders accepting internet banking includes the risk of hacking, lack of security,
high financial risk, and fear of incomplete transactions. The researchers recommend that
commercial bank should establish the effective way to address consumer's basic
concerns.
Yaghoubi (2010) examined factors that affect online banking adoption in Iran. The
authors state that online banking recognized as the most prominent and profitable
e-commerce application. The research investigated TAM and the Theory of Planned
Behavior (TPB) models combined. The primary data collected from 349 respondents
and the analysis of the data made using SEM technique. The results depict that perceived
usefulness and perceived behavioral control positively linked with the intention to use
online banking. All other variables of the research signify its robustness to predict users'
intention to accept the prompt service in the banking industry.
According to Lee (2009), internet banking has emerged as a profitable application
of e-commerce. The scholar investigated factors affecting internet-banking adoption. In
this study, two theories TAM and TPB employed along with perceived benefit and
perceived risk. The data collected from 368 participants by providing them online
questionnaire in Taiwan. The analysis of data conducted through AMOS software. The
results of the study indicate that financial risk affected positively to perceived
usefulness, perceived benefit and attitude. On the other hand, security/privacy risk
adversely affected the users' intention to used internet banking in the Taiwanese context.

Table 1. Overview of selected articles on adoption of Internet banking

Citation Context Constructs

(Afshan et al., 2018) Internet banking adoption Perceived usefulness
Perceived ease of use
Intention to use
Risk dimensions (e.g. time, security,
privacy, financial)
Initial trust model (e.g. initial trust,
structural assurance, propensity to trust
and familiarity)
(Marakarkandy et al., Behavioural intentions to Perceived usefulness
2017) use Perceived ease of use
Perceived risk
Trust
Internet usage efficacy
Internet banking self-efficacy
Subjective norm
Banks initiative
Government support
Image
Trialability
28 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

Attitude
(Alwan and Al-Zu’bi, Internet banking adoption Customer trust
2016) Web service quality
Perceived ease of use
Privacy and security
Customer feedback
(Lin et al., 2015) Intention to use Perceived usefulness
Perceived ease of use
Perceived behavioral control
Perceived credibility
Subjective norm
Attitude to use
(Santouridis and Kyritsi, Behavioural intention (BI) Perceived usefulness
2014) Perceived credibility
Perceived ease of use
Satisfaction with traditional bank
branches – ATMs
Domain personal innovativeness
Web usage intensity
Prior e-shopping experience
(Safeena et al., 2013) Intention to use IB Perceived usefulness
Perceived ease of use
Subjective norm
Perceived behavioural
Control
Attitude
(Kesharwani and Singh Behavioral Intention Perceived usefulness
Bisht, 2012) Perceived ease of use
Perceived behavioral control
Trust
Website design
Perceived risk
Social influence
(Aslam et al., 2011) Internet banking services Psychological barriers
Technical barriers
Demographic characteristics
(Yaghoubi, 2010) Intention to use Perceived ease of use
Perceived usefulness
Perceived behavioral control
Subjective norms
Attitude
(Lee, 2009) Customers’ intention Perceived usefulness
Perceived ease of use
Perceived benefit
Social and time risk
Financial risk
Performance risk
Security/privacy risk

4. Previous studies of Mobile banking and TAM

Academic literature reveals that empirical research studies based on the TAM model
carried out to test adoption of m-banking facilities. The major constructs of the studies
consist of PEOU, PU, user’s behavior, attitude, intention and adoption of mobile
banking services (Koksal, 2016; Alalwan et al., 2016; Mohammadi, 2015; Mortimer et
al., 2015; Hanafizadeh et al., 2014; Jeong and Yoon, 2013; Cheah et al., 2011; Kim,
 IJICTDC2018 29

Mirusmonov and Lee, 2010; Schierz, Schilke and Wirtz, 2010; Shen et al., 2010; Crabbe
et al., 2009; Gu, Lee and Suh, 2009; Porter and Donthu, 2006; Luarn and Lin, 2005).
Chawla and Joshi (2018) empirically investigated the adoption of mobile banking
and tested moderating effect of demographic variables using TAM and the Diffusion
of Innovation (DOI) Theory to observe the influence of these variables on consumer
attitude on mobile banking in India. The moderator factors include age, gender,
qualification, occupation, income, experience, and marital status. The data collected from
the survey of 367 graduate-post graduate students and group discussion with eight public
sector senior managers. Fisher Z transformation and multiple linear regression model
was used to analyze the effects of moderating variables. The results of the research
show that educational background has not found any moderating effect on user attitude.
However, all other variables remain significant.
Another research conducted by Kumar, Lall and Mane (2017) in India considering
TAM model fundamental variables PEOU and PU along with trust and social influence
to analyze user's intention and found the positive significant influence of these variables
with respect to mobile banking services. Arif et al. (2016) analyzed consumer’s
perception and intention to accept and adopt mobile banking in Pakistan. Modified TAM
used with risk factors, for instance, security, privacy, time, and financial risk. The
research result showed that PEOU and PU have a strong, positive influence on the user's
attitude towards mobile banking. Furthermore, privacy and financial risks established
the negative impact on attitude using the mobile banking service.
Koksal (2016) finds out the fundamental factors that highlight the user's high
intention to accept mobile banking in the Lebanese context. The constructs investigated
in this research are perceived usefulness, perceived ease of use, trialability, trust,
perceived credibility, perceived self-efficacy, normative pressure, perceived financial
cost, and compatibility. The structured questionnaire delivered to 776 users in Beirut
for data collection and SPSS 21.0 utilized for evaluation of the data. The finding of
the study reveals that perceived compatibility affects significantly consumer's intention
to adopt mobile banking. However, trialability, PU, PEOU found the direct association
with adoption. Privacy and security remain the consumer's concern that they expect bank
not to disclose any information without their consent. The financial cost and normative
pressure found no relation with adoption. Young consumers are more inclined to adopt
mobile banking as compared with older ones in socio-demographic characteristics.
Alalwan et al. (2016) in their study examined consumer’ intention to adopt mobile
banking. The key determinants of the model are PU, PEOU, self-efficacy and perceived
risk used to analyzed the parsimonious model. The field survey of 343 Jordanian
customers conducted and SEM model used for analysis of primary data. The statistical
results indicate the value of R2 is 58% it means that all the dependent variables showed
58% variance on behavioral intention. Thus, all variables entirely have an influence on
consumer intention to adopt mobile banking in Jordan.
Mortimer et al. (2015) explored mobile banking motivation factors that influence a
user's intention to adopt technologies in Asian economies. The data collected from two
countries Thailand and Australia. The data collected using a web-based survey from
348 respondents. The results of data examined using path and invariance analyses,
exploratory and confirmatory factor analyses techniques. The findings of the research
reveal that PU, PEOU and perceived risk influence the consumer's intention in Australia.
In addition, in Thailand social influence plays important role in determining users'
behavior along with PU, PEOU and risk factors. The actual variance dependent
variables to impact independent variables of research model remain 59.3% in Australia
and 23.8% in Thailand. This research examined cross-cultural influencing factors of
mobile banking adoption.
Cudjoe, Anim and Nyanyofio (2015) examined the mobile banking adoption
determinants in the context of Ghana banking industry. The main research framework
30 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

variables were PU, PEOU, awareness, social influence, compatibility perceived

credibility perceived financial cost and perceived self-efficacy. They analyzed TAM
theoretical framework to investigate research results and unveiled that Ghanaians users
have negative behavior pattern to utilized mobile banking service. The survey from 150
sampled customers collected and SPSS version 20 used for evaluation. However,
perceived financial cost, perceived credibility, security, and privacy are the biggest
barriers and have the sound impact on user acceptance to use mobile banking technology
other than PU and PEOU.
Govender and Sihlali (2014) presented a theoretical framework to investigate
student's behavior intention to adopt m-banking and employed extended TAM. The key
variables of the proposed model were PEOU, perceived ease of adoption, social
influence, trust, usage behavior and perceived value intention. The survey from 71 IT
students gathered and regression analysis performed for estimation of the results. The
results depict that R2 of the explanatory variable was 42% it means that all variables
absolutely influencing intention to use mobile banking as the dependent variable. In
addition, the study reveals that TAM construct trust and perceived value had a strong
predictor of the student's intention towards the adoption of m-banking services in
KwaZulu-Nata a South African province.
Hanafizadeh et al. (2014) investigated Iranian clients to find out key elements that
affect them to adopt mobile banking. In addition, the authors encouraged users to adopt
cell phone banking to get the benefit of technology. Accordingly, the variables employed
in this study were PU, PEOU, perceived cost, perceived risk, trust and need for
interaction, perceived credibility compatibility with lifestyle. The survey questionnaire
from 361 bank clients conducted and AMOS software package employed for analysis.
The findings of the study reveal that all variables successfully described Iranian
consumer’s behaviour especially trust and lifestyle remain the most significant factors
in this study.
AlSoufi and Ali (2014) selected the kingdom of Bahrain to explore users' perception
of mobile banking adoption. To find out the influencing role of factors the following
constructs quality of service, customer services, and self-efficacy, efficient transaction,
alternatives, compatibility, perceived cost, perceived risk, perceived ease of use,
perceived usefulness and intention to use incorporated in the research framework. The
data compiled through the survey of 372 customers and SPSS package utilized for
analysis. Some factors did not demonstrate any impact on consumer’s behavioral
intention these factors include perceived risk and perceived cost. However, PU and
PEOU remain among influencing factors to affect the user’s intention.
Abadi, Kabiry and Forghani (2013) carried out an exploratory study using the famous
TAM model on the adoption of mobile banking to investigate the effect of this model
on Isfahanian user’s intention. The scholars found that PEOU, PU, and compatibility
effect positively user’s intention to adopt mobile banking. However, trust and perceived
risk showed insignificant and negative behavior with the proposed research model.
Chitungo and Munongo (2013) empirically analyzed unbanked rural communities in
Zimbabwe. The authors test the application of the extended TAM model and found
influencing factors of mobile banking adoption. Self-administered questionnaire from
275 unbanked rural consumers have composed and SPSS package used for analysis of
the data. The variables of the study that remain significant were perceived ease of use,
perceived usefulness, personal innovativeness, relative advantages and social norms.
Whereas, cost and risk factors deterred the mobile banking services adoption.
Jeong and Yoon (2013) identified five factors that affect users behavioral intention
of mobile banking adoption such as perceived financial cost, perceived self-efficacy,
perceived credibility, perceived ease of use and perceived usefulness. Survey
questionnaire from 165 respondents collected and least square multiple linear regression
employed for the estimation of the results. The results of the study explain that users
 IJICTDC2018 31

and non-users of mobile banking have different perception and perceived usefulness was
the most influential factor, however, perceived financial cost remain insignificant for
all variables.
Aboelmaged and Gebba (2013) investigated two models TPB and TAM to provide
insight related to consumer behavior of mobile banking adoption. The measurement item
used in this study were perceived ease of use, attitude, perceived usefulness, subjective
norm, behavioral control and mobile banking adoption. Survey of 119 respondents
accomplished and regression analysis carried out for evaluation of the results. The
construct subjective norm showed positive significant influence while usefulness and
behavioral control found insignificant during the analysis.
Akturan and Tezcan (2012) investigated the user's perceptions and intentions of
mobile banking adoption among youth. Seven risk dimensions such as performance risk,
time risk, financial risk, psychological risk, privacy risk, social risk and security risk
used in the research model. The data collected from 435 university students to analyze
their risk perception attitude before the adoption of mobile banking. The SEM model
utilized for assessment of the results. The findings described that perceived social risk;
perceived benefit and perceived usefulness are the key factors that affect student
behavior. In addition, no direct association among other variables noticed during the
analysis.
Hsu et al. (2011) explored the mobile financial services (MBS) and customer
adoption behavior. The research model developed adding variables such as subjective
norms, perceived cost, perceived security and belief-related constructs. This empirical
study contained 275 survey analysis and second-generation multivariate technique SEM
used for estimations. The results directed that subjective norms, attitude perceived
usefulness explain 74% about mobile financial service usage. On the other hand, variable
cost shoed no relationship effect with customer intention to use MBS.
Cheah et al. (2011) identified Malaysians consumer’s intention to accept mobile
banking. The authors extended the well-known TAM model. The variable for extension
used in this research comprises of perceived ease of use, perceived risk perceived
usefulness, personal innovativeness, social norm, relative advantages and behavioral
intention. A self-administrated questionnaire of 175 Malaysian consumers collected,
multiple regression and factor analysis conducted for the assessment. Variables for
example relative advantages, personal innovativeness, perceived ease of use and
perceived usefulness exhibited positive linkage with the user's intention to adopt mobile
banking. Whereas, social norms have shown insignificant findings. On the other hand,
perceived risk negatively linked with the adoption of mobile banking.
Medhi et al. (2009) examined low-income and low-literate consumer of developing
the country with respect to mobile banking adoption and usage in India, Kenya, South
Africa and the Philippines. Several countries trying to provide financial services to the
poor and unbanked population. The researchers set their parameters such that ease of
use, the frequency of usage, pace of uptake, services adopted and household type to
examine variation and usage of mobile banking. These variables in context with
low-income and a low-literate segment of society are imperative understanding to evolve
adoption and usage of mobile banking technology.
Crabbe et al. (2009) explored reasons regarding adoption and non-adoption of mobile
banking technology. The main influencing factors of users intention in Ghana are
perceived usefulness, perceived elitisation, perceived ease-of-use, perceived credibility,
sustained usefulness, facilitating conditions, usage and sustained usage behavior, attitude
and intention-to-use, individual differences, previous banking experience. A survey of
271 people compiled and exploratory factor analysis employed for the evaluation. The
findings depict that demographic factors perceived elitisation and facilitating conditions
perceived credibility have a substantial role in consumer adoption decisions.
One of the most valuable and used variable in the TAM model to explain the
32 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

adoption of new technologies is perceived usefulness (Shaikh and Karjaluoto, 2015).

According to Davis (1989) perceived usefulness considered as subjective probability of
user that system usage would increase job performance. Afterward, Davis (1993) refined
the concept of perceived usefulness, as the degree of consumers believes that new
technology usage would improve the overall performance.
Therefore, PU determines user’s behavior that using advanced technologies provide
greater job autonomy and increase the performance level (Pikkarainen et al., 2004). PU
regarded as the perception of the value of consumers from the probable use of new
technology (Jeyaraj, Rottman and Lacity, 2006). PU is the user’s opinion that particular
technology could enhance individual and organizational performance and as a result
gave financial and non-financial benefits (Rauniar et al., 2014). PU represents efficiency
and effectiveness as external variables (Ramayah and Lo, 2007).
Consequently, user’s favors the innovation that improves performance efficiency and
rewards in a particular task. Consumers would consider the usage of new technology
in mobile banking if it increases efficiency in a cashless transaction; provide accurate
financial information and conducting routine banking operation (Pikkarainen et al.,
2004). Moreover, the usefulness of mobile banking empowers users to use banking
facility 24/7 basis without any restraint to a physical location. This perception of control
on finances affects user’s behavioral intention to use m-banking services (Chitungo and
Munongo, 2013). PU considered the significant and positive influencing factor on
consumer’s attitude and system usage intention in adoption of m-banking facility
(Alalwan et al., 2016; Talukder, Quazi and Sathye, 2014; Akturan and Tezcan, 2012;
Nysveen, Pedersen and Thorbjørnsen, 2005).
Prior empirical research on technology adoption revealed that perceived ease of use
(PEOU) considered another key determinant of system usage (Venkatesh and Davis,
2000; Gefen, Karahanna and Straub, 2003; Pikkarainen et al., 2004; Chan, 2004; Wang
et al., 2003). PEOU is described as “the degree to which a person believes that using
a particular system would be free from efforts" (Davis, 1989). According to Davis
(1989), PEOU affects consumer attitude towards the adoption of new technologies.
User's attitude has a straight association with the behavioral intention that regulates
information system usage. PEOU is a very significant construct that affects acceptance
of information system (Venkatesh and Davis, 2000).
Moreover, research scholar employed PEOU to analyze consumer understanding
towards learning and using a system with no effort (Ezzi, 2014). PEOU and user’s
intention association has investigated empirically in many countries in prior literature
on mobile banking (Wentzel, Diatha and Yadavalli, 2013). A research conducted in
Nigeria on mobile banking adoption among 500 participants reveals that PEOU
influence the participant’s intention to use m-banking services (Olasina, 2015). Another
study carried out to analyze consumer intention to use a technology in South Africa.
The result indicates that people would utilize a facility only if they find it effortless
(Wentzel et al., 2013).
PEOU is a fundamental factor that may have an impact on the user's intention to
use a particular technology (Maroofi, Kahrarian and Dehghani, 2013). Furthermore,
PEOU influence on consumer’s intention is subject to a specific task that the user wants
to perform using a technology. Therefore, the banking institution should highlight the
ease of using mobile banking (pay invoices, transfer money) when they advertise their
services (Wang and Shan, 2013). M-banking financial facility has investigated to address
technology acceptance in the Republic of Korea. The results indicate that user’s
innovativeness and connectivity has a positive influence on PEOU towards m-banking
(Lee, Trimi and Kim, 2013).
 IJICTDC2018 33

Table 2. Overview of selected articles on adoption of M-banking

Citation Context Constructs

(Abbas et al., 2018) M-banking · Social influence
adoption · Perceived risk
· Relative advantage
· Ubiquitous finance control (UFC)
· Personal innovativeness
· Perceived trust
(Chawla and Joshi, 2018) Attitude towards · Perceived ease of use
m-banking · Perceived convenience
· Perceived efficiency
· Perceived trust
· Perceived lifestyle
· Moderating variables
(Koksal, 2016) Behavioral intention to · Perceived usefulness
adopt mobile banking · Perceived credibility
· Perceived ease of use
· Trust
· Perceived self-efficacy
· Trialability
· Compatibility
· Perceived financial cost
· Normative pressure
(Alalwan et al., 2016) Intention to adopt · Perceived usefulness
m-banking · Perceived ease of use
· Perceived risk
· Behavioural intention
· Self-efficacy
(Mortimer et al., 2015) Consumer’s intentions to · Need for interaction
use m-banking · Social influence
· Perceived risk
· Perceived ease of use
· Perceived usefulness
(Cudjoe et al., 2015) M-banking and consumer · Social influence
behavior adoption · Awareness
· Perceived usefulness
· Perceived ease of use
· Compatibility
· Perceived credibility
· Social influence
· Perceived financial cost
· Perceived self-efficacy
(Hanafizadeh et al., 2014) Intention to use m-banking · Perceived usefulness
· Ease of use
· Perceived risk
· Need for interaction
· Perceived cost
· Credibility
· Trust
· Compatibility with lifestyle
(Govender and Sihlali, The actual use of · Perceived ease of adoption
2014) m-banking · Social influence
· Perceived value
· Trust
· Intention to use
34 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

Citation Context Constructs

(AlSoufi and Ali, 2014) Intention to use m-banking · Perceived cost
· Perceived risk
· Perceived usefulness
· Perceived ease of use
· Compatibility
· Quality of services
· Efficient transaction
· Self-efficacy
· Customer services
· Alternatives
(Kazi and Mannan, 2013) Intention to adopt · Perceived ease of use
· Perceived usefulness
· Social influence
· Perceived risk
(Chitungo and Munongo, Intention to adopt · Perceived usefulness
2013) m-banking services · Perceived ease of use
· Perceived risk
· Social norms
· Relative advantages
· Costs
· Personal innovativeness
(Jeong and Yoon, 2013) Adoption of m-banking · Perceived financial cost
services · Perceived credibility
· Self-efficacy
· Perceived ease of use
· Perceived usefulness
(Aboelmaged and Gebba, Adoption of m-banking · Attitude
2013) · Behavioral control
· Perceived usefulness
· Subjective norm
· Perceived ease of use
(Akturan and Tezcan, M-banking adoption · Perceived benefit
2012) · Performance risk
· Time risk
· Financial risk
· Psychological risk
· Privacy risk
· Social risk
· Security risk
· Attitude
· Perceived usefulness
· Perceived ease of use
(Hsu et al., 2011) Intention to use mobile · Attitude
financial services · Perceived cost
· Perceived security
· Subjective norms
· Perceived ease of use
· Perceived usefulness
(Cheah et al., 2011) Behavioral intention to · Personal innovativeness
adopt mobile banking · Perceived risk
· Perceived ease of use
· Perceived usefulness
· Relative advantages
 IJICTDC2018 35

Citation Context Constructs

(Medhi et al., 2009) Investigate variation in · Low-income
adoption and usage of · Low-literate
m-banking · Key service adopted
· Household type
· Pace of uptake
· Ease of use
· Frequency of usage
(Crabbe et al., 2009) Sustained usage of mobile · Perceived usefulness
banking · Perceived ease-of-use
· Attitude
· Behavioural intention
· Perceived elitisation
· Perceived credibility
· Sustained usefulness
· Facilitating conditions
· Demographic factors
5. Limitation in TAM model
The TAM model has also many limitations, which gave an opportunity to explore
it further. Research scholars pointed out many criticisms of the TAM model such as
TAM uses self-reported data instead of real and actual data. The subjective measure
of the self-reported study is unreliable to predict actual system usage (Legris, Ingham
and Collerette, 2003; Yousafzai, Foxall and Pallister, 2007). However, self-reported
many research studies conducted on TAM using students as participants in a controlled
environment cannot be generalized (Lee, Kozar and Larsen, 2003). Another criticism
of TAM is that construct attitude may have significant effects on system usage and
it should be reconsidered in the original TAM model. Affective and cognitive two
additional constructs suggested and experimented with a research along with attitude
exhibits positive results (Yang and Yoo, 2004).
Brown et al. (2002) replicate the TAM model in the banking sector and found
different evidence regarding system usage in the mandatory environment and voluntary
settings as applied by (Davis, 1989). Many research scholars conducted field research
on mobile banking they found that due to lack of substantial features in the TAM model
it is insufficient to exhibit influence on user’s behavioral intention (Taylor and Todd,
1995; Luarn and Lin, 2005; Schepers and Wetzels, 2007; Chitungo and Munongo,
2013). Similarly, Burton-Jones and Hubona (2006) employed TAM model on 125 US
employees and found in results that PEOU and PU may not all effects system usage
rather than any other external variables like age, education and experience had a direct
impact on system usage.
Several researchers remarked that TAM model originally used to describe employee’s
behavior in the organization to adopt new technology to improve work performance,
where users accept new technology under a compulsory environment and without
incurring the personal expense. Therefore, TAM has limitation and not sufficient to
explain user acceptance of new technology in the case of mobile banking at his own
expense in a voluntary environment (Kim, Chan and Gupta, 2007; Xiong, 2013).
However, the TAM model omits demographic, economic and external variable and
unable to explain the adoption of mobile services adoption in relation to user's attitudes
and behavioral intentions (Venkatesh and Davis, 2000). Therefore, many scholars used
additional variables in 23 research as an extension of TAM in their theoretical
framework for technology adoption such as personal innovativeness, relative advantage
(Chitungo and Munongo, 2013), perceived security (Hsu, Wang and Lin, 2011), lifestyle
and needs perceived cost of use and perceived risk (Hanafizadeh et al., 2014).
Furthermore, Luarn and Lin (2005) state that the TAM model missed trust-based
variables and assumes there is no barrier for the user to adopt the system. In fact, one
36 Novel Approach: Testing and Computing Periodicity of Continuous Time Signal

of the noticeable limitations of TAM model omits significant aspects of user acceptance
(Park, 2009; Shaikh and Karjaluoto, 2015).
Bagozzi (2007) remarked that there is a weak theoretical association between
intention and actual use. He argued that intention is not representative of actual use
because over time individual decision is subject to change to adopt new technology.
Finally, Bagozzi considered TAM a philosophical theoretical model and the individual's
intention to determine his act to use the actual system. Thus, he proposed that the TAM
model is not suitable to predict and explain actual system use; therefore, the individual's
intention needs to investigate further.

6. Conclusion
Davis purposed the TAM model to predict user intention to adopt new technology
in information system and mobile banking. Davis in his conceptual model proposed that
system features and capabilities stimulate user motivation that in response becomes the
driving force to use the actual system. The TAM theory set forth three fundamental
determinants such as perceived usefulness (PU), perceived ease of use (PEOU) and
attitude towards using the system for adoption and user acceptance of any new
technology. PU defined, as the degree of consumers believes that new technology usage
would improve the overall performance. PEOU described as “the degree to which a
person believes that using a particular system would be free from efforts". The
conceptual TAM model further refined and modified in 1989. The public in developed
and developing countries incorporated the TAM theory to predict user intention to adopt
new technology in m-banking. The parsimony of the TAM model makes it one of the
most widely employed models worldwide. Many new technologies such as e-commerce,
mobile shopping, World Wide Web, the Internet, e-learning adoption, internet banking,
mobile banking, mobile payments, online transactions, online gaming acceptance,
assistive social robots, computer science, engineering, management, operation research
and psychology have examined and validated the TAM theory.
The TAM model has also many limitations, which gave an opportunity to explore
it further. TAM uses self-reported data instead of real and actual use data. Several
researchers remarked that TAM model originally used to describe employee's behavior
in the organization to adopt new technology to improve work performance, where users
accept new technology under a compulsory environment and without incurring the
personal expense. TAM model omits demographic, economic and external variable.
However, TAM is unable to explain the adoption of mobile services adoption in relation
to user’s attitudes and behavioral intentions. Many research scholars conducted field
research on mobile banking they found that due to lack of substantial features in the
TAM model it is insufficient to exhibit influence on user’s behavioral intention.
Therefore, TAM has limitations and not sufficient to explain user acceptance of new
technology in the case of mobile banking at his own expense in a voluntary
environment. The focus of this research article is to highlight the significance of the
TAM model in explaining system adoption and usage in Internet banking and Mobile
banking. Overall, the TAM model was 40% evidenced effective in predicting the system
use.
A comprehensive amount of research work deal with the TAM. Since from its first
appearance until the present review of this model indicates the popularity of the model
in the context of technology acceptance. The TAM model originated in the
psychological perspective now has evolved the fundamental model to understand the
acceptance and rejection of human behavior. Numerous studies had confirmed its
strength and prominence by applying this model to various technologies. Over the years,
the presentation and classification of TAM-related research studies in two broad
categories internet banking and mobile banking supported the good presentation of TAM
research. The conducted review of the TAM model its extensions, development, and
 IJICTDC2018 37

shortcomings has specified consistent evolution of the model, still many unexplored
areas related to theory, and practical aspects of technology adoption could facilitate the
interested parties such as academic researchers, organizations, and government
institutions. This research study contributes to the existing literature; and will be
beneficial for future researchers’ desirous in Internet banking and Mobile banking
research comprehending the TAM model.

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