The customer's quest to manage funds digitally: exploring the factors that influence the intention to use and the ongoing use of mobile banking apps

Abstract

Despite the widespread use of mobile technologies, the adoption and ongoing use of mobile banking apps in developing countries like Zimbabwe remain limited. This research aims to identify the factors affecting people's intention to adopt and continue to use mobile banking apps, addressing the gap in context-specific studies and the low bank penetration rates, despite high mobile device usage. Using the Unified Theory of Acceptance and Use of Technology (UTAUT), the Theory of Planned Behaviour (TPB), and the User Experience (UX) model, the study explored how factors such as effort expectancy, social influence, perceived enjoyment, user experience, perceived interaction, trust, and risk influence user behaviour. Data were gathered from 377 mobile banking users in Zimbabwe through a quantitative survey, and Structural Equation Modelling (PLS-SEM) was employed for data analysis. The findings show that effort expectancy, perceived enjoyment, perceived interaction, and perceived risk significantly impact the intention to use mobile banking apps. In contrast, social influence, user experience, and perceived trust do not have a significant effect. Additionally, the intention to use, perceived trust, and perceived risk significantly affect continued usage. Continued use, in its turn, enhances customer loyalty and electronic word of mouth (e-WOM). These findings are useful for mobile app developers and bank managers looking to increase client retention and service quality in contexts characterised by low levels of trust and high levels of risk. The study enhances previous literature by providing an empirically-verified paradigm for understanding digital banking behaviour in underdeveloped economies and emphasises the specific factors impacting mobile financial service uptake in Zimbabwe.