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Abstract
Introduction
Mobile banking has become an essential aspect of modern financial services, particularly among digitally literate populations such as Gen Z and Millennials. Despite the widespread adoption of mobile banking, understanding the factors influencing its use in specific cultural and demographic contexts remains underexplored. This study investigates the adoption of Bank Syariah Indonesia's (BSI) mobile banking services among Gen Z and Millennials in Yogyakarta using the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) framework.
Objectives
The research aims to identify and analyze the key factors driving the decision to adopt mobile banking services, focusing on intrinsic motivators such as performance expectancy, effort expectancy, hedonic motivation, price value, and habit, as well as external factors like social influence and facilitating conditions.
Method
This study employed a quantitative approach, collecting data from 124 respondents through structured questionnaires. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), the relationships between the UTAUT2 factors and mobile banking adoption were evaluated.
Results
The findings indicate that intrinsic factors, particularly habit, performance expectancy, and effort expectancy, significantly influence mobile banking adoption. Hedonic motivation and price value also play essential roles, whereas external factors such as social influence and facilitating conditions were found to have no significant impact.
Implications
The study underscores the importance of user-centered strategies that enhance functionality, ease of use, and emotional satisfaction. It suggests that financial institutions should focus on fostering habitual engagement and cost-effective services to drive adoption.
Originality/Novelty
This research contributes to the literature on digital financial services by offering insights into mobile banking adoption among Gen Z and Millennials in Indonesia, emphasizing the relevance of intrinsic motivators in a technologically advanced context.
Keywords
Article Details
Copyright (c) 2024 Yasminah Nur Fitriah , Anom Garbo
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References
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References
Abdurrahman, A., Gustomo, A., & Prasetio, E. A. (2024). Exploring barriers, drivers, and routines of dynamic capabilities in Indonesian digital banking transformation: A qualitative study based on the TOE framework. The Electronic Journal of Information Systems in Developing Countries, 90(6), e12329. https://doi.org/10.1002/isd2.12329
Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99–110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002
Alalwan, A. A., Dwivedi, Y. K., Rana, N. P., & Algharabat, R. (2018). Examining factors influencing Jordanian customers’ intentions and adoption of internet banking: Extending UTAUT2 with risk. Journal of Retailing and Consumer Services, 40, 125–138. https://doi.org/10.1016/j.jretconser.2017.08.026
Anjani, W., & Mukhlis, I. (2022). Penerapan model UTAUT (the unified theory of acceptance and use of technology) terhadap minat dan perilaku penggunaan mobile banking [Penerapan model UTAUT (the unified theory of acceptance and use of technology) terhadap minat dan perilaku penggunaan mobile banking]. Jurnal Ekonomi Akuntansi Dan Manajemen, 21(1), 1–22. https://jurnal.unej.ac.id/index.php/JEAM/article/view/30570
Aziz, S., & Afaq, Z. (2018). Adoption of Islamic banking in Pakistan an empirical investigation. Cogent Business & Management, 5(1), 1548050. https://doi.org/10.1080/23311975.2018.1548050
Baabdullah, A. M., Alalwan, A. A., Rana, N. P., Kizgin, H., & Patil, P. (2019). Consumer use of mobile banking (M-Banking) in Saudi Arabia: Towards an integrated model. International Journal of Information Management, 44, 38–52. https://doi.org/10.1016/j.ijinfomgt.2018.09.002
Banna, H., Hassan, M. K., Ahmad, R., & Alam, M. R. (2021). Islamic banking stability amidst the COVID-19 pandemic: The role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 310–330. https://doi.org/10.1108/IMEFM-08-2020-0389
Beik, I. S., Arsyianti, L. D., & Permatasari, N. (2023). Analysis on the determinant of millennials’ zakat payment through digital platform in Indonesia: A multinomial logistic approach. Journal of Islamic Marketing, 15(2), 541–572. https://doi.org/10.1108/JIMA-09-2021-0313
Berakon, I., Aji, H. M., & Hafizi, M. R. (2021). Impact of digital Sharia banking systems on cash-waqf among Indonesian Muslim youth. Journal of Islamic Marketing, 13(7), 1551–1573. https://doi.org/10.1108/JIMA-11-2020-0337
Bhatnagr, P., Rajesh, A., & Misra, R. (2024). A study on driving factors for enhancing financial performance and customer-centricity through digital banking. International Journal of Quality and Service Sciences, 16(2), 218–250. https://doi.org/10.1108/IJQSS-09-2023-0141
Bilgah, B., & Frimayasa, A. (2024). Analisis pendekatan model UTAUT 2 terhadap penerimaan penggunaan e-banking Livin pada Bank Mandiri (Studi kasus nasabah Bank Mandiri Jabodetabek) [Analysis of the UTAUT 2 model approach to the acceptance of the use of Livin e-banking at Bank Mandiri (Case study of Bank Mandiri Jabodetabek customers)]. Innovative: Journal of Social Science Research, 4(4), 8492–8503. https://doi.org/10.31004/innovative.v4i4.13035
Bolton, R. N., McColl-Kennedy, J. R., Cheung, L., Gallan, A., Orsingher, C., Witell, L., & Zaki, M. (2018). Customer experience challenges: Bringing together digital, physical and social realms. Journal of Service Management, 29(5), 776–808. https://doi.org/10.1108/JOSM-04-2018-0113
Chaidir, T., Ro’is, I., & Akhmad Jufri. (2021). Penggunaan aplikasi mobile banking pada bank konvensional dan bank syariah di Nusa Tenggara Barat: Pembuktian Model Unified Theory of Acceptance and Use of Technology (UTAUT) [The use of mobile banking applications in conventional banks and Islamic banks in West Nusa Tenggara: Proving the Unified Theory of Acceptance and Use of Technology (UTAUT) Model]. Elastisitas - Jurnal Ekonomi Pembangunan, 3(1), 61–76. https://doi.org/10.29303/e-jep.v3i1.37
Donner, J., & Tellez, C. A. (2008). Mobile banking and economic development: Linking adoption, impact, and use. Asian Journal of Communication, 18(4), 318–332. https://doi.org/10.1080/01292980802344190
El-Masri, M., & Tarhini, A. (2017). Factors affecting the adoption of e-learning systems in Qatar and USA: Extending the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2). Educational Technology Research and Development, 65(3), 743–763. https://doi.org/10.1007/s11423-016-9508-8
Evan, I., Winarno, W. W., & Putro, H. P. (2021). Evaluasi tingkat penerimaan e-money di kalangan mahasiswa Yogyakarta menggunakan modifikasi UTAUT2 [Evaluation of the level of acceptance of e-money among Yogyakarta students using modified UTAUT2]. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10(1), 11–22. https://doi.org/10.24843/EEB.2021.v10.i01.p02
Fenu, G., & Pau, P. L. (2015). An analysis of features and tendencies in mobile banking apps. Procedia Computer Science, 56, 26–33. https://doi.org/10.1016/j.procs.2015.07.177
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
Gąsiorkiewicz, L., Monkiewicz, J., & Monkiewicz, M. (2020). Technology-driven innovations in financial services: The rise of alternative finance. Foundations of Management, 12(1), 137–150. https://doi.org/10.2478/fman-2020-0011
Hinduan, Z. R., Anggraeni, A., & Agia, M. I. (2020). Generation Z in Indonesia: The self-driven digital. In E. Gentina & E. Parry (Eds.), The new Generation Z in Asia: Dynamics, differences, digitalisation (pp. 121–134). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-220-820201012
Hofstede, G. (1984). Cultural dimensions in management and planning. Asia Pacific Journal of Management, 1(2), 81–99. https://doi.org/10.1007/BF01733682
Kim, G., Shin, B., & Lee, H. G. (2009). Understanding dynamics between initial trust and usage intentions of mobile banking. Information Systems Journal, 19(3), 283–311. https://doi.org/10.1111/j.1365-2575.2007.00269.x
Lestari, D. (2019). Measuring e-commerce adoption behaviour among gen-Z in Jakarta, Indonesia. Economic Analysis and Policy, 64, 103–115. https://doi.org/10.1016/j.eap.2019.08.004
Mahdzan, N. S., Zainudin, R., & Au, S. F. (2017). The adoption of Islamic banking services in Malaysia. Journal of Islamic Marketing, 8(3), 496–512. https://doi.org/10.1108/JIMA-08-2015-0064
Mbama, C. I., Ezepue, P., Alboul, L., & Beer, M. (2018). Digital banking, customer experience and financial performance: UK bank managers’ perceptions. Journal of Research in Interactive Marketing, 12(4), 432–451. https://doi.org/10.1108/JRIM-01-2018-0026
Mogaji, E. (2023). Redefining banks in the digital era: A typology of banks and their research, managerial and policy implications. International Journal of Bank Marketing, 41(7), 1899–1918. https://doi.org/10.1108/IJBM-06-2023-0333
Morosan, C., & DeFranco, A. (2016). It’s about time: Revisiting UTAUT2 to examine consumers’ intentions to use NFC mobile payments in hotels. International Journal of Hospitality Management, 53, 17–29. https://doi.org/10.1016/j.ijhm.2015.11.003
Mufarih, M., Jayadi, R., & Sugandi, Y. (2020). Factors influencing customers to use digital banking application in Yogyakarta, Indonesia. The Journal of Asian Finance, Economics and Business, 7(10), 897–907. https://doi.org/10.13106/jafeb.2020.vol7.no10.897
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208
Nugroho, A. P., Zulni, D. A., & Andriansyah, Y. (2023). Exploring the adoption of digital wallets among Islamic millennials in Yogyakarta, Indonesia using an extended UTAUT model: The role of Islamic consumption ethics. Journal of Theoretical and Applied Information Technology, 101(14), 5528–5540. https://www.researchgate.net/profile/Yuli-Andriansyah/publication/372823708_Exploring_the_Adoption_of_Digital_Wallets_among_Islamic_Millennials_in_Yogyakarta_Indonesia_Using_an_Extended_UTAUT_Model_The_Role_of_Islamic_Consumption_Ethics/links/64c94e4b862f8d299988c14a/Exploring-the-Adoption-of-Digital-Wallets-among-Islamic-Millennials-in-Yogyakarta-Indonesia-Using-an-Extended-UTAUT-Model-The-Role-of-Islamic-Consumption-Ethics.pdf
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