Telecommunications companies world‐wide are developing 3G mobile phones and applications. In the UK, mobile banking is considered to be one of the most value‐added and important mobile services available. However, the adoption rate of using 3G mobile phones for financial services is yet to be determined. The current research examined both innovative attributes and customers’ perceived risk in order to understand customers’ behaviour and motivation toward this innovation. It has advanced the theoretical frameworks of innovation and customers’ risk perception as new attributes and risk dimensions were identified. The findings provide banking executives with a better understanding of what are the perceived advantages and disadvantages of 3G mobile banking services, helping them to plan marketing strategies and promotion approaches for 3G mobile banking services in the future.