Determinants of Digital Banking Services in Vietnam: Applying UTAUT2 Model

Abstract

Digital banking is one of the latest applications that integrates all services of traditional banks via digitized technology. Its pivotal role in the development of banking industry has been recently recognized, especially in emerging countries such as Vietnam. This paper identified the determinants of Vietnamese consumers' behavioural intention to adopt or use digital banking . By using the Modified Unified Theory of Acceptance and Use of Technology (UTAUT2), the eight constructing factors have been selected to examine their influences on the Vietnamese customers' behaviour: performance expectancy (PE), effort expectancy (EE), social influences (SI), facilitating conditions (FC), hedonic motivation (HM), price value (PV), habit (HT), and trust (TR). The findings suggested that performance expectancy, effort expectancy, hedonic motivation, habit, and trust significantly and positively influence the behavioural intention of digital banking services. The intention of adoption services, together with habit and facilitating conditions are three significant factors capturing the usage intention under the context of Vietnam. The empirical results not only made a valuable contribution to the existing research on banking innovation, but also provided benefits to policymakers, bank supervisors, and bank managers concerning how to develop and improve the customers' recognition and intention to use new banking services. Contribution/ Originality:This study is one of very few studies which have investigated the key factors influencing Vietnamese customers' behaviour in adopting and using digital banking services. The findings from UTAUT2 model showed that the usage intention was determined by the intention of adoption services, habit and facilitating conditions.

The Effect of the COVID-19 Pandemic and Utaut2 in Adopting Mobile Banking at Jakarta

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“…The results of Auliya's research (2018) and other studies (Thusi, 2018;Chao, 2019;Nguyen et al, 2020) state that HM has a positive effect on BI, so the fifth hypothesis is that HM has an effect on BI. H5: Hedonic Motivation affects the Behavioral Intention of using Mobile banking for private students in DKI Jakarta Auliya (2018) from her research results show that PV has a positive and significant effect on (BI).…”

“…The results of this study are in line with Auliya's research (2019). As for habit, based on empirical research(Venkatesh et al, 2012, Auliya, 2018Thusi, 2018;and Nguyen et al, 2020)…”

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“…Having the right type of leader, thus promoting the right organisational culture, is vital to organisations. Unsatisfied employees could lead to high turnover, as leadership and job satisfaction are highly correlated (Nguyen, Nguyen, Mai & Tran, 2020). Nguyen et al (2020) also mentioned a correlation between trust and corporate governance, where if the employees trust their employers or leaders, the employees are more likely to perform better.…”

“…Unsatisfied employees could lead to high turnover, as leadership and job satisfaction are highly correlated (Nguyen, Nguyen, Mai & Tran, 2020). Nguyen et al (2020) also mentioned a correlation between trust and corporate governance, where if the employees trust their employers or leaders, the employees are more likely to perform better. This research aims to see the contributing factors to job satisfaction in the staff of higher education institutions in Malaysia.…”