Customer Adoption of Virtual Bank In Hong Kong Using UTAUT Model Integrating Perceived Risk, Trust and Price Value
DOI:
https://doi.org/10.70301/Keywords:
Virtual Banks, Digital Banks, Digital-only Bank, UTAUT, Perceived Risk, Turst, Price ValueAbstract
Purpose - This research studied the driving factors for the customer adoption of virtual banks in Hong Kong using the UTAUT model, integrating perceived risk, trust, and price value. In addition, the mediation effect of trust on perceived risk on customer adoption was examined.
Design/method/approach - In this research, the sequential explanatory mixed methods design was employed to integrate the strengths of both quantitative and qualitative methods. A quantitative survey was conducted with 644 citizens in Hong Kong via an online platform, and a physical survey was used to collect the data. The survey data were then analyzed to test the hypotheses. PLS-SEM statistical procedures were used to come up with the inferential statistics. These quantitative research findings were triangulated with a case study interviewing 15 experienced banking professionals and 13 end users. A semi-structural open-ended questionnaire was published on the online survey platform Qualtrics and then distributed to the participants by an anonymous link.
Findings - The quantitative survey results showed that performance expectancy, perceived risk, trust, and price value significantly drove the behavioral intention to use virtual banks. The complementary mediation effect was suggested between perceived risk and trust. An important finding was that effort expectancy was not a significant factor in behavioral intention to use virtual banks. Six themes were grounded from the interview data that validate and triangulate the survey results related to the hypothesis.
Practical implications - The research discovers which levers have the most influence on user adoption for the virtual banks’ management. Customer acquisition and promotion efforts can be designed in more precise and targeted ways. The same insights can be used in omnichannel strategies and defensive tactics for incumbent banks,. For regulators, the results related to perceived risks and trust can be used to guide public communications, consumer policies, and other regulatory initiatives.
Original/Value - This research may be the first of its kind to use the sequential explanatory mixed methods design with quantitative research first and then qualitative research to study this topic. It is also the first study that integrated the UTAUT model with perceived risk, trust, and price value to study virtual banks in Hong Kong.
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