Conclusion

This study adapts a part of TAM model and adds more constructs (perceived risk and facilitating condition) to create a new model. The results are consistent with previous researches and explores current situation of mobile banking adoption progress in Vietnam. The results show that hypotheses which test the direct effect of TAM model‟s construct on Behavioral Intention are all strongly supported. User‟s concern about security and privacy, especially in developing country like Vietnam, is an important factor influencing their intention to use mobile banking. Therefore it requires interactive cooperation among banks, mobile network providers, other content service supporters and Vietnamese government. The direct positive effect of belief in sustainable support in either technology infrastructure or legal aspect on customer‟s intention has made above finding more persuasive. The importance of government‟s role in creating a stable environment for both users and providers partly decides the success of this service.

However the hypothesis testing direct impact of BI on actual usage of mobile banking was not approved which means, intention can‟t generate associated actual usage. In that situation, PIT was proposed to play moderating role, breaking the barrier from behavior intention to actual adoption. Further examination on the role of PIT in pair relationship of TAM‟s constructs: PE- USAGE, PU- USAGE, PR- USAGE, FC- USAGE revealed that PIT has moderating effect on those relationships, except pair of perceived risk and usage (PR- USAGE). Moderating factor- PIT also eliminated the barrier between behavioral intention and actual adoption of mobile banking service. People with higher behavioral intention and higher willingness to involve with new technology will have higher usage of mobile banking.

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As a contribution to research, this study challenged the direct transfer from behavioral intention to actual adoption and has been supported. Other external factors were predicted to take place in coordinating the relationship between those two variables. And for a more meaningful contribution, this study proved the critical moderating effect of personal innovativeness in adoption of mobile banking, particularly in Vietnam. High personal innovativeness in technology was found among young student and company employees with middle income from 200 to 1000 USD per month.

Figure 6: Revised model 2. Implication

The development of mobile technology is continuing to change the way business is done. This research and other previous research have shown that mobile banking is becoming one of the most important delivery channels for banking products which makes mobile banking itself no longer sufficient for competitive advantage, it actually will become a threshold standard for financial industry. Therefore, in response to global trends brought about by using mobile phone,

Perceived ease of use

Perceived usefulness

Perceived risk

Facilitating condition

Behavioral intention

Actual usage Personal innovativeness in technology

47

banks have to better understand their clients and respond quickly and strategically to market development in customer centric way.

This study suggests that target users of mobile banking in early adoption stage are young, middle income and innovative customers. When innovativeness in technology is proved to have crucial role in adoption action, it is recommended for bank to influence on innovativeness characteristic of potential users. This study has not yet investigated the association between personal innovativeness with media exposure which is also believed to be able to enhance individual willingness toward a new technology.

The survey results reveal that most of respondents got known about mobile banking through internet, banks and their friends. While mobile users are target of mobile banking, the communication from mobile network operator with their customer on mobile banking should be strongly implemented. When mobile banking is suggested by Telecom Company, its outreach will be no longer limited within urban community. Meanwhile when mobile banking extends its target to other user categories, different types of advertising campaigns should be implemented.

Television and radio are the most powerful media channel in rural and remote area in Vietnam which should definitely taken into account to introduce and push up the usage of mobile banking.

Besides, in term of how mobile banking is used, it is found that most of transactions are limited at information level, such as account balance inquiry, financial information inquiry, and transaction detail inquiry. More advanced services as money transfer, payment through mobile banking which can generate more revenue to multi- players and provide added value to customer still mostly remain untouched. The reasons are suggested to claim on lack of cooperation between banks and banks with m-commerce companies, content providers as well as mobile operators. So

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far, few cooperation or agreements between 100 banks and financial institution in Vietnam in term of providing value added service to customers have come into the picture. The most successful cooperation- Banknetvn (http://www.banknetvn.com.vn) only consists of 14 members (over 100 institutions) and mainly focus on supporting technical infrastructure and terminals in national scale among its members. On the other hand, few e-commerce and m-commerce websites allow customers to finance their transaction through mobile payment which discourage user‟s utilization of mobile banking and inhibit the progress from cash domination into non-cash payment. In this situation, the coordination role of State Bank and government should be implemented. State Bank could use mobile banking as industry standards to force other banks activate their service and encourage the cooperation. A complete legal system in protecting user and multi-players benefit is urgent task assigned for government.

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54 Appendix

Extracted from questionnaire in English

Items Level of agreement

Perceived ease of use Strongly disagree Strongly agree

1. It would be easy for me to become skillful at using

6. Using mobile banking would enhance the efficiency of my banking activities

1 2 3 4 5 6 7

7. Using mobile banking would enable me to accomplish banking transaction more quickly

1 2 3 4 5 6 7

8. I am willing to participate in more banking transaction using mobile banking

11. When transaction errors occurs, I worry that I can lose my money

1 2 3 4 5 6 7

12. I would not feel totally safe providing personal privacy information over the mobile banking

14. I would use or be more likely to use mobile banking if my cell phone is facilitated enough to do mobile banking

1 2 3 4 5 6 7

15. I would use or be more likely to use mobile banking if there was substantial support from the mobile service providers.

1 2 3 4 5 6 7

16. I would use or be more likely to use mobile banking if there was substantial support from the banks

1 2 3 4 5 6 7

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17. I would use or be more likely to use mobile banking if there was substantial legal regulation protecting mobile banking users.

1 2 3 4 5 6 7

Personal innovativeness in technology

18. If I hear about a new technology, I would look for ways to experience it

1 2 3 4 5 6 7

19. Among my peer, I am usually the first to try out new information technology

1 2 3 4 5 6 7

20. I don‟t feel risky to try out a new technology 1 2 3 4 5 6 7