2013 Conference

Financial Services

Financial Services

Rapid advances in wireless technology and innovative applications on mobile phones offer unprecedented opportunities to consumers around the world. Mobile data services utilized on a mobile phone enable consumers to enjoy a wide variety of services that are suitable to their life situations.  This study is one of the first to empirically investigate the adoption of mobile financial services from the viewpoint of consumers as well as the impact of using mobile financial services on financial capability.  Using the two solid theoretical frameworks of the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TBP), psychological constructs of attitude, perceived behavioral control, subjective norm, perceived usefulness, perceived ease of use, and perceived benefits / risks were incorporated into the empirical model. The online survey was conducted to collect data in the United States and a total of 1,082 respondents participated in the survey.  The results show that perceived behavioral control, subjective norms, and perceived usefulness are all important in explaining the adoption of mobile financial services. Other variables such as attitude, perceived ease of use, perceived benefits, and perceived costs were not significant in the model.  Thus, the use of the theory of planned behavior in this context was only partly supported.  Increased use of mobile financial services was associated with higher levels of financial capability. The results of the current study support the relationship between frequency of using mobile financial services and financial capability, and further research using other samples is needed.