Вы находитесь на странице: 1из 9

Computers in Human Behavior 29 (2013) 1133–1141

Contents lists available at SciVerse ScienceDirect

Computers in Human Behavior

journal homepage: www.elsevier.com/locate/comphumbeh

Development of a quantitative model of the impact of customers’ personality

and perceptions on Internet banking use
Hyun Shik Yoon ⇑, Linsey M. Barker Steege
Department of Industrial and Manufacturing Systems Engineering, University of Missouri, E3437 Lafferre Hall, Columbia, MO 65211, USA

a r t i c l e i n f o a b s t r a c t

Article history: Despite the rapid increase of Internet users and cited benefits of using Internet banking, the number of
Available online 10 November 2012 Internet banking users has not risen as strongly as expected. In order to understand this problem, it is
critical to understand how customers’ personalities and perceptions influence Internet banking use. In
Keywords: this study, a quantitative model of Internet banking use was developed, which incorporates four dimen-
Internet banking sions, namely, (1) openness toward advanced technology as an individual personality dimension, (2)
Perceived usefulness website usability, including perceived usefulness and ease of use, (3) perceived security concern, and
Perceived ease of use
(4) green concern for conserving nature resources as the social influence dimension. The study investi-
gates the moderating effect between these dimensions on Internet banking use. A survey instrument
Green concern was used to gather data to estimate the proposed research model. The results show that openness, web-
site usability, and perceived security concern significantly influence customers’ Internet banking use. In
terms of moderating effects, all dimensions play an important role as a moderator on the relation
between other dimensions and Internet banking use. Overall, the model helps to increase our under-
standing of how these dimensions interact to influence Internet banking use, which can help in the design
of Internet banking and other e-channel systems.
Ó 2012 Elsevier Ltd. All rights reserved.

1. Introduction only half of them make financial transactions through Internet

banking; that is, many of them still hesitate to make financial
Advanced developments in information technology and the transactions through Internet banking. Therefore, in order to
Internet have changed how banks operate their business and the understand why many Internet users are not using Internet
ways in which consumers conduct their banking activities banking, and some Internet banking users still hesitate to make
(Eriksson, Kerem, & Nilsson, 2008; Sayar & Wolfe, 2007). Today, financial transactions through Internet banking, it is critical to
most traditional banks use Internet technology and offer their Inter- understand how individuals’ personality and their perceptions
net banking services to customers. As a result, consumers can access toward Internet banking influence their actual use.
their accounts, transfer funds between accounts, view their bank In previous research related to predictors of use of e-channels,
statements, pay their bills, and conduct other banking transactions many scholars have focused solely on finding antecedents that
electronically through the bank’s website anytime and anywhere. might influence users’ intention to use e-channels such as
There are numerous benefits of using Internet banking for both e-commerce websites or Internet banking by analyzing simple
banks and their customers. Major benefits include cost savings for causal relationships and providing empirical models without any
the bank and convenience for the customer in accessing the bank interactions or moderating effects (Chang & Chen, 2009; Kim,
24 h a day, 7 days a week (Xue, Hitt, & Chen, 2011). According to Ferrin, & Rao, 2008; Kim, Mirusmonov, & Lee, 2010; Pikkarainen,
the Federal Deposit Insurance (FDIC), however, consumers have Pikkarainen, Karjaluoto, & Pahnila, 2004). However, solely consid-
shown reluctance to make their business transactions online. De- ering the direct causal relationships between these factors and
spite the rapid increase in the number of Internet users and cited use of Internet services may not accurately reflect user decision-
benefits using Internet banking, the number of Internet banking making and motivations for use. For example, according to
users has not risen as strongly as expected (Alsajjan & Dennis, previous research, perceived security concerns have negative im-
2010; White & Nteli, 2004). For example, statistics from the FDIC pacts on intention to use e-channels; that is, those who are highly
indicate that about 80% of Americans use Internet banking and concerned about security issues might be less likely to use these
services (Grabner-Kräuter & Faullant, 2008; Howcroft, Hamilton,
⇑ Corresponding author. Tel.: +1 210 527 7438; fax: +1 573 882 2693. & Hewer, 2002; Kim et al., 2010; Lee, 2009; Rotchanakitumnuai
E-mail address: hsyhb5@mail.missouri.edu (H.S. Yoon).
& Speece, 2003; Treiblmaier, Pinterits, & Floh, 2004). The Internet

0747-5632/$ - see front matter Ó 2012 Elsevier Ltd. All rights reserved.
1134 H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141

Crime Complaint Center (IC3) reported that more than $480 mil- traits present in various personality measures, definitions, and
lion was lost to Internet crimes related to security issues in 2011, models. The Five-Factor Model (FFM) of human personality is one
which represents a 3.4% increase over 2010. However, many peo- of the most established personality models (McCrae & Costa, 1987)
ple have begun using e-channels regardless of these security prob- and it is well accepted for personality traits research (Korukonda,
lems due to of other perceived benefits (e.g., usability and ease of 2007; Li, Tan, Teo, & Tan, 2006). The model includes five basic fac-
access) (AlGhamdi, Drew, & Al-Ghaith, 2011). In this case, previous tors: openness, conscientiousness, extraversion, agreeableness,
research cannot account for increased use of e-channels in spite of and neuroticism.
high security concerns. Therefore, in order to provide a solid re- Previous studies that have investigated factors affecting the
search model to explain the current complex phenomenon of Inter- adoption decision of various technologies indicated that personal
net banking use, interaction effects between factors that have been innovativeness is a significant predictor influencing the adoption
associated with Internet banking use in previous research must be of IT (Agarwal & Prasad, 1999; Crespo & Del Bosque, 2008; Lu,
considered. Yao, & Yu, 2005; Nov & Ye, 2008). Innovative individuals are more
The purpose of this paper is to address this gap in existing re- prone to try out any new IT (Agarwal & Prasad, 1998) and are
search by developing a quantitative model of factors associated viewed as ‘‘communicative, curious, dynamic, venturesome, and
with Internet banking use. In this model we consider four key simulation-seeking’’ (Kim et al., 2010, p. 313). Thus, personal inno-
dimensions (security, usability, personality, and social influence), vativeness is an important construct in studying individual behav-
which have been found as main factors from previous research that ior toward innovation. Some individuals are more innovative than
influence IT adoption. In addition, interactions between factors others and these differences can be explained by personality traits
that might impact Internet banking use are discussed. (Agarwal & Prasad, 1998). Considering the definition of each the
factors in the FFM, openness is likely to be related to use of ad-
2. Concept framework and research hypotheses vanced IT, whereas the other four factors are not hypothesized to
be as strongly related to the creative or innovative concept. Open-
The research model for this study was designed to investigate ness represents a person’s receptivity to new ideas and experiences
main factors that affect Internet banking use and interaction ef- (Korukonda, 2007). It describes people who are creative, original,
fects among the main factors as mentioned above. Therefore, our curious, sensitive, flexible, broad-minded, and adventurous (Klein,
research model expands on previous research focusing on security Lim, Saltz, & Mayer, 2004). Therefore, for our research model, we
and usability perceptions to include four key dimensions: person- consider openness as a personality trait that may influence individ-
ality, security, usability, and social influence. This model also ex- uals’ acceptance for advanced technology such as Internet banking.
tends previous work by including interaction effects between
dimensions. Our research model is shown in Fig. 1 where we inte- 2.1.1. Openness
grate these four dimensions and hypothesize that they are impor- People who score low on openness are considered to be closed
tant concerns for customers during Internet banking activities. In to experience and tend to be conventional and traditional in their
the following sections we offer a discussion of the underlying the- outlook and behavior. They prefer familiar routines to new experi-
ory motivating inclusion of each dimension in the model. ences, and generally have a narrower range of interests. Con-
versely, individuals who score high on openness to experience
2.1. Personality dimension tend to have a broad range of interests, receptivity to new ideas,
and inventiveness (Lee, 2009). Therefore, individuals high on this
Personality is defined as a set of characteristics unique to an factor are more likely to have positive attitude or behavior toward
individual and thus, an individual’s perceptions, intentions, atti- accepting technology (Devaraj, Easley, & Crant, 2008). Previous
tudes, motivations, and behaviors are influenced by his or her per- studies suggest that openness positively influences personal inno-
sonality (Ryckman, 2007). Previous studies have used personality vation in IT (Nov & Ye, 2008), perceived task technology (Gu &
as a predictor of human beliefs and behavior (Kim et al., 2010; Wang, 2009), and mindfulness in IT innovation (Einwiller & Will,
Nov & Ye, 2008). There are a number of different dimensions or 2001). In studying the characteristics of the Chief Information

Fig. 1. The proposed research model of Internet banking use.

H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141 1135

Officer (CIO), Li et al. (2006) found that the CIO with high openness dimension, we identified perceived usefulness (PU) and perceived
has a positive impact on organizational innovative usage of IT. ease of use (PEU) as important factors influencing Internet banking
Accordingly, bank customers scoring high on openness are likely use.
to try out Internet banking. Therefore, we propose the following
hypothesis. 2.3.1. Perceived usefulness and perceived ease of use
The technology acceptance model (TAM), originally developed
Hypothesis 1. A customer’s openness positively influences by Davis, Bagozzi, and Warshaw (1989), attempts to explain
Internet banking use. technology usage and technology acceptance behaviors using two
primary factors, PU and PEU. From the initial study investigating
the acceptance of word-processor technology, the TAM was ex-
2.2. Security dimension tended to personal computers (Igbaria, Iivari, & Maragahh, 1995),
the World Wide Web (Chau & Hu, 2001), telemedicine technology
Perceived security in the context of Internet banking and our (Wang, Wang, Lin, & Tang, 2003), Internet banking (Cheng, Lam, &
model is defined as ‘‘a perceived potential loss due to fraud or a Yeung, 2006; Lee, 2009; Liao & Cheung, 2008), and e-commerce
hacker compromising the security of Internet banking’’ (Lee, (Devaraj, Fan, & Kohli, 2002; Gefen & Straub, 2000; Pavlou, 2003).
2009, p. 2). The concept of consumer-perceived security has been Several previous studies have used PU and PEU in their models
widely dealt with using an IT device or e-commerce and has been and investigated the relation with Internet banking use. They
shown to influence consumer behavior to varying degrees and in found that both of these factors are significant influences on Inter-
varying contexts (Grabner-Kräuter & Faullant, 2008; Howcroft net banking use (Alsajjan & Dennis, 2010; Chang & Abdul Hamid,
et al., 2002; Kim et al., 2010; Lee, 2009; Rotchanakitumnuai & 2010; Wang et al., 2003); specifically, both PU and PEU have posi-
Speece, 2003; Treiblmaier et al., 2004). According to Kim et al. tive and direct effects on Internet banking use. However, other
(2010), for example, security statements are significant factors studies indicated that while PU has a positive impact on Internet
for improving customers’ perceived security and in turn customers’ banking use, PEU has a significant indirect effect on Internet bank-
perceived security is positively influenced by their perceived trust ing adoption through PU (Chan & Lu, 2004; Cheng et al., 2006; Lee,
in e-payment systems. 2009). In this study, we also believe that both factors should be
Financial transactions are one of the primary activities in Inter- important determinants influencing Internet banking use, but PU
net banking (Liao, Liu, & Chen, 2011). Making financial transactions is considered more influential as a direct effect than PEU in
using IT devices presents numerous risks for consumers since explaining this phenomenon and the following hypotheses are
criminal acts can be performed with extremely high speed, and proposed.
without any physical contact (Cheung & Lee, 2006). In fact, many
customers believe that they are vulnerable to identity theft using
Internet banking services (Einwiller & Will, 2001). If an unautho- Hypothesis 3a. A customer’s perceived usefulness positively
rized person is able to get access to the Internet banking portfolio influences Internet banking use.
of a user, tremendous financial information may be in jeopardy and
there might be considerable financial loss. Therefore, the most
important categories of Internet banking are likely to be security Hypothesis 3b. A customer’s perceived ease of use positively
risk related to the potential loss because of deficiencies in the oper- influences Internet banking use.
ating system or misappropriation of funds through illegal external
access (Littler & Melanthiou, 2006; Rotchanakitumnuai & Speece,
Hypothesis 3c. A customer’s perceived usefulness mediates the
2003). As the amount of products and services offered through
effects of perceived ease of use on Internet banking use.
the Internet grows rapidly, consumers are concerned about secu-
rity issues more and more. According to numerous studies
(Grabner-Kräuter & Faullant, 2008; Howcroft et al., 2002; Kim 2.4. Social influence dimension
et al., 2010; Lee, 2009; Rotchanakitumnuai & Speece, 2003;
Treiblmaier et al., 2004), security issues have proven important Social influence may occur when an individual’s opinions, feel-
barriers to the use of online services. Basically, consumers want ings or actions are affected by other people. Social influence, also
to control what kind of data is collected, for what purpose, how known as subjective norm, is defined as perceived pressures from
long data is recorded for, how and for what purposes their data most people to make or not to make a certain behavioral decision
is processed. Accordingly, security risk is widely considered the (Ajzen, 1991; Lu et al., 2005). Previous research has shown that
most important factor related to the use of Internet banking subjective norm has a significant impact on intention, attitude,
(Cheung & Lee, 2006; Lee, 2009; Sayar & Wolfe, 2007). Therefore, and behavior for certain IT use (Agarwal & Prasad, 1998; Chan &
we propose the following hypothesis. Lu, 2004; Devaraj et al., 2008; Lee, 2009; Malhotra & Galletta,
2003). Limayem, Khalifa, and Frini (2000) also suggest that subjec-
Hypothesis 2. A customer’s perceived security concern negatively tive norm, including mass media, advertisements, and friend influ-
influences Internet banking use. ences, affects purchase intention in e-commerce; that is, it
influences customers’ behavior. Previous research identifies two
sources of social influence, namely, external and internal sources,
2.3. Usability dimension which affect technology adoption behavior (Rogers, 1995). Exter-
nal sources are sources from mass media, advertisements, and
Compared to traditional offline banking, Internet banking is other marketing-related information. On the other hand, internal
viewed as one of the most effective ways to operate bank transac- sources are defined as word-of-mouth influence from friends, fam-
tions because it offers many benefits including faster transaction ily, and others. In this study, we consider green concern as a con-
speed, lower or no transaction handling fees, and increased infor- struct related to social influence and incorporate it in our
mation transparency (Lee, 2009; Turban, King, Lee, Warkentin, & research model. Considering both external and internal sources
Chung, 2004). These benefits can positively influence the cus- of social influence, Internet banking use might be encouraged by
tomer’s cognition toward Internet banking use. For the usability these sources.
1136 H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141

2.4.1. Green concern Hypothesis 5c. A customer’s perceived security concern moder-
With increasing pressure from various stakeholders in recent ates the relation between his/her perceived usefulness and Inter-
years, some organizations are concerned about their impact on the net banking use.
environment and have devoted their time and resources to support
environmentally sustainable business activities. Some of the largest
Hypothesis 5d. A customer’s perceived security concern moder-
banks are also looking for ways to save the environment and re-
ates the relation between his/her perceived ease of use and Inter-
sources (Todorova, 2007) and encourage their customers to go green
net banking use.
by using Internet banking (Skonctue, 2010). For example, receiving
online statements instead of paper bank statements by mail is one
way to preserve the environment and the banks are trying to provide 2.5.2. Interaction between social influence dimension and security
customers with this information by using external sources of social dimension
influence such as advertising through their website and sending We also consider an interaction between green concern and
e-mail to customers. Previous studies found that companies’ green perceived security. Like interactions in previous chapter, green
efforts play an important role in improving customer satisfaction, concern mediates the relation between perceived security concern
loyalty, trust, and attitude (Maignan & Ralston, 2002; McDonald & and Internet banking use. Although Internet banking users believe
Rundle-Thiele, 2008; Sen, Bhattacharya, & Korschun, 2006). that there are risks involved in making transactions via Internet
Today, consumers tend to associate ‘‘environmentally friendly’’ banking, they may be willing to use these services because they
with product quality (Creyer, 1997) or for measuring a company’s are motivated to promote green practices/technologies. Con-
concern for the consumer and society (Kang & James, 2006). More versely, although some users are motivated to go green, they
people are willing to ‘‘go green’’ to protect the environment. Fur- may not be willing to use Internet banking since they have a stron-
ther, people’s behavior toward green concern is influenced by ger concern about security than their motivation to go green. Based
how other people such as friends, family, coworkers, and others on these relationships, we propose the following hypotheses.
will view them. In this study, we expect customers use Internet
banking because they believe it is one way to save the environ- Hypothesis 5e. A customer’s green concern moderates the relation
ment, following other people who practice going green. Therefore, between his/her perceived security concern and Internet banking
we propose the following hypothesis. use.

Hypothesis 4. A customer’s green concern is positively influences Hypothesis 5f. A customer’s perceived security concern moder-
Internet banking use. ates the relation between his/her green concern and Internet bank-
ing use.

2.5. Interaction effects 3. Research method

2.5.1. Interaction between usage dimension and security dimension 3.1. Measurement
As indicated in the research model in Fig. 1, Internet banking use
is influenced by an interaction between usability factors such as PU To ensure the content validity of the scales, the items selected
and PEU, and perceived security. This interaction indicates a mod- must represent the concept about which generalizations are to
eration phenomenon where PU and PEU moderate the relation be- be made (Kerlinger & Lee, 2000). Therefore, items selected for mea-
tween perceived security concern and Internet banking use. Some suring the constructs in our research model were mainly adapted
previous studies have investigated the relationship between secu- from prior studies to ensure content validity. A survey was de-
rity concern and e-commerce/Internet use and found that users’ signed to include a two-part questionnaire as presented in Appen-
perceived security negatively influenced customer loyalty or trust dix A. The first part includes nominal scales, and the second part
in e-commerce (Chang & Chen, 2009; Cheung & Lee, 2006), security includes seven-point Likert scales, ranging from ‘‘disagree
protection (or security statement), and positively influenced inten- strongly’’ (1) to ‘‘agree strongly’’ (7). The first part is the demo-
tion to purchase in e-commerce (Kim et al., 2008) and use of an e- graphic information comprised of nine questions used to collect
payment system (Kim et al., 2010). While these studies indicated data about respondents’ characteristics including gender, age, edu-
that security concern influences the use of electronic channels, cation, and experience of Internet and Internet banking usage. The
there is a phenomenon that cannot be explained by the previous re- second part of the survey consisted of 22 items to measure the con-
search. Although many individuals perceive risks using IT device or structs of PU, PEU, customers’ perceived security, green concern,
e-commerce, they may be willing to use it because of its usefulness openness, and the Internet banking use with a smart phone. Four
and ease of use (Kim et al., 2010; Lee, 2009). For example, there are items for openness were adopted from Gu and Wang (2009) and
bank customers who may use Internet banking due to perceived Li et al. (2006). Four items for perceived security concern were
usefulness and perceived ease of use even though they realize the adopted from Kim et al. (2008, 2010), and Chang and Chen
risks to their sensitive information. Conversely, other bank custom- (2009). Items for perceived ease of use (four items) and usefulness
ers may not be willing to use Internet banking due to their per- (four items) were adopted from Cheng et al. (2006), Kim et al.
ceived security concern even though they perceive it as useful (2008), and Lopez-Nicolas, Molina-Castillo, and Bouwman (2008)
and easy to use. Thus, we propose the following hypotheses. . Four items for green concern were adopted from Lopez-Nicolas
et al. (2008). Two items for Internet banking use were from Kim
Hypothesis 5a. A customer’s perceived usefulness moderates the et al. (2008). All items except items from Kim et al. (2010) were
relation between his/her perceived security concern and Internet modified for Internet banking use since they were originally devel-
banking use. oped for e-channels such as e-payment systems or e-commerce.

3.2. Data collection

Hypothesis 5b. A customer’s perceived ease of use moderates the
relation between his/her perceived security concern and Internet Undergraduate students in a southern public US university par-
banking use. ticipated in the study. These students were enrolled in a Principles
H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141 1137

of Information Systems for Management course. Drennan, Sullivan, As a result, one incorrectly identified structural path or one con-
and Previte (2006) argued that university students are ‘‘represen- struct having weak measures might affect all other estimates
tative of a dominant cohort of online users’’. College students rep- throughout the covariance-based structural equation model. Un-
resent the most connected (online) segment of the US population der such conditions, Chin, Peterson, and Brown (2008) recom-
shopping and spending online. They are experienced and frequent mend the use of Partial Least Squares (PLSs) path modeling over
users of the Internet. Approximately, it took about 20 min for par- the traditional covariance-based structural equation modeling ap-
ticipants to complete the questionnaire. Prior to any data collec- proach since PLS employs a component-based approach for model
tion, approval for the study was obtained from the local estimation and it is not highly demanding on sample size and
Institutional Review Board. A total of 150 questionnaires were dis- residual distribution. These reasons make the technique avoid
tributed, of which 125 questionnaires were collected and used in inadmissible solutions and factor indeterminacy. Therefore, it is
the analysis for a response rate of 83%. Table 1 shows the demo- appropriate for researchers to use PLS path modeling when they
graphic distribution of the sample. 72% of respondents were male, try to estimate a larger complex model dealing with attitudes
and 28% were female. Most of the respondents (86%) were between and behaviors.
20 and 30 years old. In terms of previous experience with transac- The model shown in Fig. 1 was analyzed using SmartPLS. Smart-
tion types using Internet banking, a majority of respondents had PLS assesses the psychometric properties of the measurement
experience with all four activities: reviewing accounts, transferring model and estimates the parameters of the structural model taking
money, paying bills, and reviewing banking statements. into account the moderating latent constructs. First, in accordance
with the guidelines of Gefen, Karahanna, and Straub (2003), we
conducted a PLS confirmatory analysis. The results show that items
4. Data analysis and results have much higher self-loadings than cross-loadings. Second, in or-
der to check that the measures used for the various constructs are
4.1. Measurement validation reliable, we calculated composite reliabilities. As shown in Table 2,
the composite reliability scores are highly satisfactory. Cronbach’s
We conducted the Harman’s one-factor test (1976) to assess the alpha values for each construct were also estimated following the
severity of common method bias. This test requires that all vari- approach of Nunnally and Bernstein (1994). They range from 0.71
ables to be entered together. It assumes that there is a high level to 0.95, and all values are greater than the recommended value of
of common method variance present if all variables load on one 0.7, suggesting adequate measurement reliability. Third, following
factor accounting for all of the variance or one factor accounts Fornell and Larcker (1981), we estimated the average variance ex-
for majority of the variance. The result of principle components tracted (AVE) by each of the different latent constructs in Table 2.
factor analysis shows six factors each with an eigenvalue greater All latent constructs have an average variance extracted higher
than 1. There is no single factor that accounts for the majority of than 0.7 and it shows that all AVEs are greater than its correlations
the covariance. The largest covariance explained by one factor is with other constructs. Fourth, in order to confirm that there is ade-
only 31.8%, an indication that common method bias is not a great quate discriminant validity among the various constructs, the cor-
concern. relations among the various latent constructs are reported in
We use latent constructs with multiple measurement items to Table 2 as well. In the diagonal element of Table 2, we show the
explain the determinants of Internet banking usage. For estimat- square root of AVEs (italic and bold region) by each of these latent
ing such models, we need to simultaneously consider both the constructs. As shown in Table 2, the square root of the average var-
measurement and structural components (Hair, Black, Babin, iance extracted by each of the latent variables is higher than the
Anderson, & Tatham, 2006). Generally speaking, covariance-based correlation between the latent variable and all the other latent
structural equation models assume multivariate normal distribu- variables. This demonstrates that the different latent variables ex-
tions (Fornell & Bookstein, 1982). However, studies related to hu- tract a higher share of variance from their own indicators than
man belief, behavior, and attitude have repeatedly indicated that from other latent variables. Since the measurement model is satis-
their measures might be skewed (Peterson & Wilson, 1992) and factory, we can proceed to test the structural model. Next, we dis-
might not meet the multivariate normality assumptions required cuss the structural model results that are used to test our specified
by the covariance-based structural equation modeling techniques. hypotheses.

Table 1
Demographics of respondents.

Demographic Category Count Percentage (%)

Age Younger than 20 years old 5 4
20–30 years old 107 86
31–40 years old 10 8
Older than 40 years old 3 2
Gender Female 35 28
Male 90 72
Computer experience Less than 1 year 1 1
1–5 years 4 3
5–10 years 34 27
More than 10 years 86 69
Internet use frequency Daily 122 98
Weekly 3 2
Transaction type with Internet banking (choose all that apply) Reviewing accounts 118 32
Transferring money 85 23
Paying bill 69 19
Reviewing bank statements 98 26
1138 H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141

Table 2
Correlation matrix and AVEs for constructs.

Construct Cronbach’s a Composite reliability Mean S.D. Squared root of AVEs and correlations
AVE Green PEU PU Security IB use Openness
Green 0.911 0.938 3.35 1.76 0.790 0.889
PEU 0.896 0.927 6.43 0.88 0.761 0.019 0.872
PU 0.947 0.962 6.45 1.03 0.863 0.013 0.762 0.929
Security 0.917 0.942 3.05 1.64 0.800 0.038 0.326 0.398 0.894
IB use 0.710 0.872 4.38 1.54 0.747 0.090 0.572 0.593 0.477 0.880
Openness 0.760 0.847 5.63 1.25 0.583 0.001 0.244 0.156 0.121 0.230 0.763

4.2. Model testing

Fig. 2 shows the model testing results. Our model accounts for
* p<.001
58% of variance in perceived usefulness and 54% of variance in
Internet banking use. As hypothesized, Internet banking use is sig- Fig. 3. Direct effect of PEU on Internet banking use.
nificantly determined by openness (b = .137, p < .001), perceived
security concern (b = .286, p < .001), PU (b = .287, p < .001), and
PEU (b = .372, p < .001); all factors except green concern (b = .372, between green concern and perceived security concern
p = .355) significantly influence on Internet banking use. Therefore, (b = .165, p < .05). Based on these results, we can conclude that
H1, H2, H3a, and H3b were supported and H4 was rejected. consumers’ security concern moderated the impact of PU on Inter-
To examine whether PU mediates the effects of PEU on Internet net banking use such that the impact of PU on Internet banking is
banking use, we added PU as a mediator between PEU and Internet lower at higher levels of customers’ perceived security concern.
banking use in this model. The PLS result (Figs. 3 and 4) showed To further validate the interaction effect, we estimated the ef-
that the link from PEU to PU is significant. However, the link from fect size (f2) by comparing the value of R2 between the main and
PU and Internet banking use is not significant. According to Baron the interaction effect (Chin et al., 2008). The effect size of the inter-
and Kenny (1986), this result shows the influences of PEU on Inter- action is 0.173, which shows a medium to large effect (Cohen,
net banking use is not fully mediated by PU, that is, PU did not play 1988). Hence, we found significant interaction effects supporting
as a mediator between PEU and Internet banking use. Hence, hypotheses H5a, H5b, H5c and H5d.
hypothesis H3c was not supported. In summary, our data analysis results provide support to all of
To test the interaction effects proposed by hypotheses H5a, the hypotheses except H3c (PEU ? PU ? Internet banking use)
H5b, H5c, H5d, H5e and H5f, we followed a product-indicator ap- and H4 (green concern ? Internet banking use).
proach (Chin et al., 2008). We created the interaction variables
by cross-multiplying the items of PU and perceive security con-
cern, PEU and perceived security concern, and Green concern and 5. Discussion
perceived security concern. In order to reduce risk of multicolline-
arity, all items were standardized before multiplication (Aiken, This study developed and evaluated a model of the relation be-
West, & Reno, 1991). As shown on the figure, all interaction effects tween four factors and Internet banking use. The model is differen-
we expected are significant: interaction between PU and perceived tiated from previous research by including not only both openness
security concern (b = .556, p < 0.05), interaction between PEU and as a personality dimension and green concern as a social influence,
perceived security concern (b = .530, p < .05), and interaction but also moderating effects between antecedent factors in the

* p<.001, ** p<.05

Fig. 2. Model testing results.

H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141 1139

.762* .043
* p<.001

Fig. 4. Mediating effect of PU between PEU and Internet banking use.

model. There are several theoretical and practical implications However, there may be cases where people are weighing costs
from this study. and benefits and are willing to make trade-offs between security
From a theoretical perspective, to our knowledge, this is the concerns and usability/ease of access/environmental impact that
first study that introduces personality as a contributing factor to motivate their use of Internet banking and other e-channels. These
Internet banking use. As discussed, an individual’s perceptions, potential trade-offs where users are weighing the importance of
intentions, attitudes, motivations, and behaviors are influenced different factors and their role in decisions to use or not use an
by his or her personality. However, personality has not been widely e-channel technology have not been evaluated in previous models.
used in the Information Systems (ISs) field even though there are Our research demonstrates that there are interactions between
some studies that have investigated Internet banking adoption these factors that may be representative of this type of trade-off
behaviors (Chan & Lu, 2004; Lassar, Manolis, & Lassar, 2005; consideration in motivating user behaviors. Specifically, the signif-
Pikkarainen et al., 2004). Therefore, this study is the first step to icant interaction between security concern and PU on Internet
build theoretical background to understand the role of personality banking shows that customers with lower security concerns may
in Internet banking use by expanding the current theoretical be able to trade those off because of a strong perceived usefulness
framework on Internet banking use. of Internet banking technologies. Additionally, in terms of the
Perceived security has been widely dealt with related to use of direct effect of green concern, it did not significantly affect Internet
IT and has been found to play an important role in IT adoption banking use. However, the results showed that green concern
(Grabner-Kräuter & Faullant, 2008; Howcroft et al., 2002; Kim moderates the relation between perceived security concern and
et al., 2010; Lee, 2009; Rotchanakitumnuai & Speece, 2003; Internet banking use. Namely, those who have high degree of green
Treiblmaier et al., 2004). Our study provides support for previous concern would use Internet banking even though they are strongly
research showing that perceived security concern negatively af- concerned about security issues.
fects Internet banking use. In order to build a stronger theoretical This study also illustrates the role of human information
frame on Internet banking use, the next step should empirically processing theory from human behavior and decision-making
investigate factors that can positively enhance customers’ security processes, which describes considering the relative importance of
concern on Internet banking use. Website quality, security state- different factors to arrive at a decision (Shaki & Gevers, 2011).
ment, technical protections and so on might be considered as fac- According to the theory, a variety of attention resources through
tors that can enhance customers’ security concern and Internet mess media can influence human perception, decision, and re-
banking use. For instance, if customers perceive that a website sponse selection. Lately, many Internet banking users have been
interface of Internet banking has higher quality than other sites, surrounded by a lot of information such as security problem and
they might trust the website’s integrity and have positive percep- the benefits of paperless-tasks for Internet banking. That kind of
tion of security on the site. Therefore, this factor might improve information can play an important role as attention resources in
customers’ intention to use Internet banking. decision making process. Therefore, the findings of our research
Recently, ‘‘going green’’ efforts to preserve the environment have important contributions by demonstrating the roles of vari-
have been widely recognized by many people and communities ous factors that influence Internet banking use and the moderating
(Skonctue, 2010). However, there is little research dealing with this roles in relation between antecedents and Internet banking use.
issue. This study suggests an individual’s green concern as a social
influence dimension, which might influence Internet banking use. 6.2. Implications for practice
The findings of our study did not support a significant relationship
between green concern and in Internet banking use. However, if we Our study also has practical implications. The proposed model
test this factor as a determinant that can influence Internet banking can be used to identify motivating factors and barriers to Internet
use with different samples in different environments, we could get banking use, and also more complex interactions between factors
a significant result that shows its impact on Internet banking use. to better design Internet banking systems and attract customers.
Another implication derived from the study is the role of green
concern as the social influence. In order to encourage Internet
6. Implications
banking use by customers, a strong awareness program is needed
to educate customers that Internet banking is an important way
6.1. Implications for research
to preserve and protect our environment.
One of the most important issues in this research was to inves-
tigate the interaction effects between factors in four dimensions 7. Conclusions, limitations, and directions for future studies
that affect Internet banking use. As we expected, our results
showed that all interaction effects are significant, that is, there This study developed and evaluated an integrated model on
are significant interaction effects between PU and perceived secu- Internet banking use, which incorporates customers’ personality
rity concern, between PEU and perceived security concern, and be- and their perceptions toward Internet banking use. The resulting
tween green concern and perceived security concern. When model provides an integrated view of Internet banking use includ-
considering simple causal relations provided by previous research, ing personality dimensions and interactions between factors to re-
we cannot explain complex situations in the current business envi- flect complex trade-offs and weighing of alternatives present
ronment. Several research studies found that perceived security during human decision-making processes.
concern negatively affects IT adoption (Grabner-Kräuter & Faullant, This study is not without limitations. For our research model,
2008; Howcroft et al., 2002; Kim et al., 2010; Lee, 2009; other variables such as gender, age, and computer experience
Rotchanakitumnuai & Speece, 2003; Treiblmaier et al., 2004). could be relevant, but were not included in this study. For example,
1140 H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141

differences in national culture can affect customers’ belief, attitude, C. Perceived ease of use
and behavior in using Internet banking use. In some countries in C.1 It is easy to use Internet banking to accomplish my
Asia, collectivism might affect human behavior related to security banking tasks
issues. In this case, this result may not be generalizable to those C.2 Internet banking is easy to use
countries. Hence, future work can build upon this work to include C.3 Learning to operate Internet banking would be easy
data from other countries to validate the model for other cultural for me
groups. Another issue is that we did not consider social classes of C.4 It is easy for me to remember how to perform tasks
samples based on their income and occupation. Different classes with Internet banking
might have different behavior toward Internet banking use. By D. Social influence (green concern)
comparing different results from different classes, we might have D.1 People around me have encouraged me to use
a more significant result on Internet banking use. In terms of per- Internet banking to promote ‘green’
sonality traits, future research should consider dealing with all five D.2 My decision to adopt Internet banking to promote
factors in FFM to identify more specific types of characteristic that ‘green’ is influenced by my friends
can influence Internet banking use. Overall, the model developed D.3 My decision to adopt Internet banking to promote
through this study has practical implications as it helps to identify ‘green’ is influenced by my family or relatives
motivating factors and barriers to Internet banking use, and also D.4 My decision to adopt Internet banking to promote
more complex interactions between factors, to enable bank man- ‘green’ is influenced by my colleagues or peers
agers and other e-channel stakeholders to better design Internet E. Perceived security concern
banking systems and attract customers. E.1 I would not feel safe in making transactions over the
Internet banking
E.2 I would not feel totally safe providing personal
Appendix A. Questionnaire
privacy information over the Internet banking
E.3 I do not perceive the information relating to user and
Part. 1
Internet banking transactions as secure
E.4 I am worried to use Internet banking because other
A. Gender (male/female) people may be able to access my account
B. Age groups F. Internet banking use
(Younger than 20 years old/20–30 years old/31–40 years F.1 I am using Internet banking more often than others
old/Older than 40 years old) F.2 On average I use Internet banking ________. (daily/
C. Have you ever used Internet banking? (yes/no) weekly/monthly/biweekly/bimonthly)
C1. If yes, choose all transactions that you use for Internet
(Checking accounts/transferring money/paying bills/ References
checking bank statements)
Agarwal, R., & Prasad, J. (1998). A conceptual and operational definition of personal
D. How many years have you used computers? innovativeness in the domain of IT. Information Systems Research, 9(2), 204–215.
(Less than 1 year/15 years/5–10 years/more than Agarwal, R., & Prasad, J. (1999). Are individual differences Germane to the
10 years) acceptance of new information technologies? Decision Sciences, 30(2), 361–391.
Aiken, L. S., West, S. G., & Reno, R. R. (1991). Multiple regression: Testing and
E. Do you have Internet connection either at home or using interpreting interactions. Sage Publications.
other devises (e.g., smart phone)? (yes/no) Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human
F. How often do you use the Internet? (daily/weekly/ Decision Processes, 50(2), 179–211.
AlGhamdi, R., Drew, S., & Al-Ghaith, W. (2011). Factors influencing e-commerce
monthly/other) adoption by retailers in Saudi-Arabia: A qualitative analysis. The Electronic
G. When you use the Internet, what application do you use? Journal of Information Systems in Developing Countries, 47.
(choose all that apply) Alsajjan, B., & Dennis, C. (2010). Internet banking acceptance model: Cross-market
examination. Journal of Business Research, 63(9), 957–963.
(E-mail/web-surfing/news/e-commerce/Internet banking/ Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in
other) social psychological research: Conceptual, strategic, and statistical
considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.
Chan, S., & Lu, M. (2004). Understanding internet banking adoption and use
behavior: a Hong Kong perspective. Journal of Global Information Management,
12(3), 21–43.
Part. 2 Chang, H., & Abdul Hamid, M. (2010). An empirical investigation of internet banking
in Taiwan. Global Journal of Business Research, 4(2), 39–47.
Chang, H., & Chen, S. (2009). Consumer perception of interface quality, security, and
loyalty in electronic commerce. Information & Management, 46(7), 411–417.
A. Openness Chau, P. Y. K., & Hu, P. J. H. (2001). Information technology acceptance by individual
A.1 I am curious about many different things professionals: A model comparison approach. Decision Sciences, 32(4), 699–719.
A.2 I like to think up new ways of doing things Cheng, T., Lam, D. Y. C., & Yeung, A. C. L. (2006). Adoption of internet banking: An
empirical study in Hong Kong. Decision Support Systems, 42(3), 1558–1572.
A.3 I like to challenge the norms
Cheung, C. M. K., & Lee, M. K. O. (2006). Understanding consumer trust in Internet
A.4 I like to read challenging materials shopping: A multidisciplinary approach. Journal of the American Society for
B. Perceived usefulness Information Science and Technology, 57(4), 479–492.
Chin, W. W., Peterson, R. A., & Brown, S. P. (2008). Structural equation modeling in
B.1 Internet banking enables me to accomplish my tasks
marketing: Some practical reminders. The Journal of Marketing Theory and
more quickly Practice, 16(4), 287–298.
B.2 The Internet banking is useful Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.).
B.3 Internet banking is a convenient way to manage my Hillsdale, NJ: Lawrence Erlbaum Associates.
Crespo, A. H., & Del Bosque, I. R. (2008). The effect of innovativeness on the adoption
finances of B2C e-commerce. Computers in Human Behavior, 24(6), 2830–2847.
B.4 Internet banking eliminates geographic limitation Creyer, E. H. (1997). The influence of firm behavior on purchase intention: do
and increases flexible in mobility consumers really care about business ethics? Journal of Consumer Marketing,
14(6), 421–432.
H.S. Yoon, L.M. Barker Steege / Computers in Human Behavior 29 (2013) 1133–1141 1141

Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer Liao, C., Liu, C. C., & Chen, K. (2011). Examining the impact of privacy, trust and risk
technology: A comparison of two theoretical models. Management Science, perceptions beyond monetary transactions: An integrated model. Electronic
982–1003. Commerce Research and Applications, 10(6), 702–715.
Devaraj, S., Easley, R. F., & Crant, J. M. (2008). How does personality matter? Relating Limayem, M., Khalifa, M., & Frini, A. (2000). What makes consumers buy from
the five-factor model to technology acceptance and use. Information Systems Internet? A longitudinal study of online shopping. IEEE Transactions on Systems,
Research, 19(1), 93–105. Man and Cybernetics, Part A: Systems and Humans, 30(4), 421–432.
Devaraj, S., Fan, M., & Kohli, R. (2002). Antecedents of B2C channel satisfaction and Littler, D., & Melanthiou, D. (2006). Consumer perceptions of risk and uncertainty
preference. validating e-commerce metrics. Information Systems Research, 12(3), and the implications for behaviour towards innovative retail services: The
316–333. case of Internet Banking. Journal of Retailing and Consumer Services, 13(6),
Drennan, J., Sullivan, G., & Previte, J. (2006). Privacy, risk perception, and expert 431–443.
online behavior: An exploratory study of household end users. Journal of Lopez-Nicolas, C., Molina-Castillo, J., & Bouwman, H. (2008). An assessment of
Organizational and End User Computing, 18(1), 1–22. advanced mobile services acceptance: Contributions from TAM and diffusion
Einwiller, S., & Will, M. (2001). The role of reputation to engender trust in electronic theory models. Information & Management, 45(6), 359–364.
markets. In Paper presented at the 5th international conference on corporate Lu, J., Yao, J. E., & Yu, C. S. (2005). Personal innovativeness, social influences and
reputation, identity, and competitiveness, Paris, France. adoption of wireless Internet services via mobile technology. The Journal of
Eriksson, K., Kerem, K., & Nilsson, D. (2008). The adoption of commercial Strategic Information Systems, 14(3), 245–268.
innovations in the former central and eastern European markets: The case of Maignan, I., & Ralston, D. A. (2002). Corporate social responsibility in Europe and the
internet banking in Estonia. International Journal of Bank Marketing, 26(3), US: Insights from businesses self-presentations. Journal of International Business
154–169. Studies, 33(3), 497–514.
Fornell, C., & Bookstein, F. L. (1982). Two structural equation models: LISREL and PLS Malhotra, Y., & Galletta, D. (2003). A multidimensional commitment model of
applied to consumer exit-voice theory. Journal of Marketing Research, 19, volitional systems adoption and usage behavior. Journal of Management
440–452. Information Systems, 22(1), 117–151.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with McCrae, R. R., & Costa, P. T. (1987). Validation of the five-factor model of personality
unobservable variables and measurement error. Journal of Marketing research, across instruments and observers. Journal of Personality and Social Psychology,
48, 39–50. 52(1), 81.
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Inexperience and experience with McDonald, L. M., & Rundle-Thiele, S. (2008). Corporate social responsibility and
online stores: The importance of TAM and trust. IEEE Transactions on Engineering bank customer satisfaction: A research agenda. International Journal of Bank
Management, 50(3), 307–321. Marketing, 26(3), 170–182.
Gefen, D., & Straub, D. (2000). The relative importance of perceived ease of use in IS Nov, O., & Ye, C. (2008). Personality and technology acceptance. Personal
adoption: A study of e-commerce adoption. Journal of the Association for innovativeness in IT, openness and resistance to change. In Paper presented at
Information Systems, 1(8), 1–30. the 41th annual international conference on system sciences, Hawai, USA.
Grabner-Kräuter, S., & Faullant, R. (2008). Consumer acceptance of internet Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory. McGraw, New York:
banking: the influence of internet trust. International Journal of Bank McGraw-Hill.
Marketing, 26(7), 483–504. Pavlou, P. A. (2003). Consumer acceptance of electronic commerce. Integrating trust
Gu, L., & Wang, J. (2009). A study of exploring the ‘‘big five’’ and task technology fit and risk with the technology acceptance model. International Journal of
in web-based decision support systems. Issues in Information Systems, 10(2), Electronic Commerce, 7(3), 101–134.
210–217. Peterson, R. A., & Wilson, W. R. (1992). Measuring customer satisfaction: Fact and
Hair, J., Black, W., Babin, B., Anderson, R., & Tatham, R. (2006). Multivariate data artifact. Journal of the Academy of Marketing Science, 20(1), 61–71.
analysis (6th ed.). Saddle River, NJ: Pearson Prentice Hall. Pikkarainen, T., Pikkarainen, K., Karjaluoto, H., & Pahnila, S. (2004). Consumer
Harman, H. H. (1976). Modern factor analysis (3rd ed.). Chicago: University of acceptance of online banking: An extension of the technology acceptance
Chicago Press. model. Internet Research, 14(3), 224–235.
Howcroft, B., Hamilton, R., & Hewer, P. (2002). Consumer attitude and the usage and Rogers, E. M. (1995). Diffusion of innovations (4th ed.). New York, NY: The Free Press.
adoption of home-based banking in the United Kingdom. International Journal of Rotchanakitumnuai, S., & Speece, M. (2003). Barriers to internet banking adoption:
Bank Marketing, 20(3), 111–121. A qualitative study among corporate customers in Thailand. International
Igbaria, M., Iivari, J., & Maragahh, H. (1995). Why do individuals use computer Journal of Bank Marketing, 21(6), 312–323.
technology? A Finnish case study. Information & Management, 29(5), 227–238. Ryckman, R. M. (2007). Theories of personality (9th ed.). Belmont, CA: Cengage
Kang, G., & James, J. (2006). Revisiting the concept of a societal orientation: Learning.
conceptualization and delineation. Journal of Business Ethics, 73, 301–318. Sayar, C., & Wolfe, S. (2007). Internet banking market performance. Turkey versus
Kerlinger, F., & Lee, H. (2000). Foundations of behavioral research (4th ed.). the UK. International Journal of Bank Marketing, 25(3), 122–141.
Cambridge, England: Cambridge University Press. Sen, S., Bhattacharya, C. B., & Korschun, D. (2006). The role of corporate social
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making responsibility in strengthening multiple stakeholder relationships: A field
model in electronic commerce. The role of trust, perceived risk, and their experiment. Journal of the Academy of Marketing Science, 34(2), 158–166.
antecedents. Decision Support Systems, 44(2), 544–564. Shaki, S., & Gevers, W. (2011). Cultural characteristics dissociate magnitude and
Kim, C., Mirusmonov, M., & Lee, I. (2010). An empirical examination of factors ordinal information processing. Journal of Cross-Cultural Psychology, 42(4),
influencing the intention to use mobile payment. Computers in Human Behavior, 639–650.
26(3), 310–322. Skonctue, P. (2010). Going green by using internet banking. <http://artipot.
Klein, K. J., Lim, B. C., Saltz, J. L., & Mayer, D. M. (2004). How do they get there? An com/articles/613756/going-green-by-using-internet-banking.htm> (Retrieved
examination of the antecedents of centrality in team networks. The Academy of 18.07.12).
Management Journal, 47(6), 952–963. Todorova, A. (2007). Is it time for you to go paperless? <http://www.smartmoney.
Korukonda, A. R. (2007). Differences that do matter: A dialectic analysis of com/borrow/debt-strategies/should-you-go-paperless/> (Retrieved 18.07.12).
individual characteristics and personality dimensions contributing to Treiblmaier, H., Pinterits, A., & Floh, A. (2004). Antecedents of the adoption of
computer anxiety. Computers in Human Behavior, 23(4), 1921–1942. e-payment services in the public sector. In Paper presented at the 25th
Lassar, W. M., Manolis, C., & Lassar, S. S. (2005). The relationship between consumer international conference on information systems, Washington, DC, USA.
innovativeness, personal characteristics, and online banking adoption. Turban, E., King, D., Lee, J., Warkentin, M., & Chung, H. M. (2004). Electronic
International Journal of Bank Marketing, 23(2), 176–199. commerce: A managerial perspective. Upper Saddle River, NJ: Prentice Hall.
Lee, M. (2009). Factors influencing the adoption of internet banking: An integration Wang, Y. S., Wang, Y. M., Lin, H. H., & Tang, T. I. (2003). Determinants of user
of TAM and TPB with perceived risk and perceived benefit. Electronic Commerce acceptance of internet banking: An empirical study. International Journal of
Research and Applications, 8(3), 130–141. Service Industry Management, 14(5), 501–519.
Li, Y., Tan, C. H., Teo, H. H., & Tan, B. C. Y. (2006). Innovative usage of information White, H., & Nteli, F. (2004). Internet banking in the UK: Why are there not more
technology in Singapore organizations: Do CIO characteristics make a customers? Journal of Financial Services Marketing, 9(1), 49–56.
difference? IEEE Transactions on Engineering Management, 53(2), 177–190. Xue, M., Hitt, L. M., & Chen, P. (2011). Determinants and outcomes of internet
Liao, Z., & Cheung, M. T. (2008). Measuring consumer satisfaction in internet banking adoption. Management Science, 57(2), 291–307.
banking: A core framework. Communications of the ACM, 51(4), 47–51.