Consumers’ Attitudes towards Mobile Banking in Bangladesh

Mohammad Majedul Islam1

and Md. Enayet Hossain2

1 – Lecturer, Department of Marketing, University of Rajshahi, Rajshahi, Bangladesh

majedul@ru.ac.bd

2 – Professor, Department of Marketing, University of Rajshahi, Rajshahi, Bangladesh

mehossain@yahoo.com

ABSTRACT

The aim of this study is to investigate the

factors influencing the consumer acceptance of

mobile banking in Bangladesh. The

demographic, attitudinal, and behavioural

characteristics of mobile bank users were

examined. 292 respondents from seven major

mobile financial service users of different

mobile network operators participated in the

consumer survey. Infrastructural facility, self-

control, social influence, perceived risk, ease

of use, need for interaction, perceived

usefulness, and customer service were found

to influence consumer attitudes towards

mobile banking services. The infrastructural

facility of updated user friendly technology

and its availability was found to be the most

important factor that motivated consumers’

attitudes in Bangladesh towards mobile

banking. The sample size was not necessarily

representative of the Bangladeshi population

as a whole as it ignored large rural population.

This study identified two additional factors i.e.

infrastructural facility and customer service

relevant to mobile banking that were absent in

previous researches. By addressing the

concerns of and benefits sought by the

consumers, marketers can create positive

attractions and policy makers can set

regulations for the expansion of mobile

banking services in Bangladesh. This study

offers an insight into mobile banking in

Bangladesh focusing influencing factors,

which has not previously been investigated.

KEYWORDS

Mobile Phone, Mobile Banking, Consumer

Attitude, Influencing Factors, and Bangladesh

Paper type Research paper

1. INTRODUCTION

Mobile banking is a system that allows

customers of mobile financial institution

(MFI) to offering banking services of

make deposits, withdraw, and to send or

receive funds from a mobile account

through a mobile device such as a mobile

phone or personal digital assistant. Mobile

banking offers services of banking like

account information; payments, deposits,

withdrawals, and transfers; investments;

ATM support; and content services.

Bangladesh Bank has introduced

permissions for mobile banking on July

2011 to promote market development.

Initially five banks have responded

positively to establish active deployments

where three largest of these were launched

immediately at the time of launching and

others in early 2012. By the end of the first

quarter of 2012 the fastest early expansion

has come from bKash (Brac Bank) and

Dutch Bangla Bank Limited (DBBL).

Most retail banks in Bangladesh is

providing online banking as add-on

services to the existing branch activities

while mobile banking is in the initial stage

of implementation. This service is enabled

here by the use of bank agents that allow

mobile account holders to transact at

independent agents locations outside of the

bank branches. This involves a sequenced

set of activities includes finding and

training agents, marketing to bring

attention to the service, and acquiring

customers using know-your-customer

(KYC) and account opening processes

while at the same time helping new

customers to begin to transact.

There are 55.6 million Bank accounts are

operating through branch banking in July

2012 which is only 36% of total

population. The maximum portion of the

population is outside from banking sector.

It is certainly shows a positive sign to

intensification of the capital flows by the

introduction of mobile banking. Within

two years of operation mobile banking

customers proliferated at 7.21 million in

September 2013 [43]. Though the

increasing rate is little fast mobile banking

customers are very low considering mobile

phone subscribers’ penetration rate or

coverage of rural population. The mobile

phone subscribers in Bangladesh are

109.35 million [46] and 71.9% people are

living in low banking coverage are in rural

[51]. So, enormous opportunities are

waiting for the banking industry of

Bangladesh in the platform of mobile

banking service.

The existing features are primarily

beneficial for the consumers. But all the

banks are not so much aggressive to attract

their respective customers. This research

aims to investigate the factors influencing

the consumer acceptance of mobile

banking so that MFIs can improve their

facilities and make people aware for the

development of banking sector in

Bangladesh.

2. LITERATURE REVIEW

2.1 Mobile Phone Banking

M-banking involves conducting account

balance and transaction history inquiries,

funds transfers, bill payments, stock

trades, portfolio management, as well as

insurance ordering, via a mobile device

[47]. An emerging component of M-

services that could become a significant

revenue source to both banks and telecom

service providers is M-banking [34]. It

provides value for consumers, above other

banking channels, through ubiquitous

access, time convenience, and mobility [4,

29]. The degree of interest and the

willingness to pay vary for individual

services; it seems to be necessary to design

specific services taking the needs and

wishes of relevant target groups into

consideration. Banks ought to therefore

employ mobile channels with a clear

business- focus [48]. The proliferation of

mobile phone adoption, together with

advances in mobile technology, has

accelerated the development of M-services

[45, 49]. Despite its many advantages, the

use of mobile phones in banking services

is still in its and Internet banking retains its

position as the leading channel in

electronic banking [11, 25]. The

emergence of mobile banking underscores

how, occasionally, innovations emerge

from unexpected places and have the

capability of reconfiguring the significance

of a technology to its users, offering a way

to lower the costs of moving money from

place to place and opening a way to bring

more users into contact with formal

financial [6]. There appears to be no set of

clearly identifiable variables that serve as a

basis for success and that those necessary

conditions for the replication of m-

banking models identified by the existing

literature to other countries around the

world do not guarantee results. Moreover,

we find that some of these conditions are

not present in countries where m-banking

models have been successful [16].

2.2 Consumer Attitude, Adoption,

Information, Environmental Influence

of Mobile Banking

The wide use of geographic, demographic,

socio-economic and psychographic

variables have not always been accepted as

good predictors in predicting buying

behaviour in financial services by past and

recent studies, which claimed that, the

benefits customers seek for in banking

services and/or the product attributes

should be identified instead [28, 30, 32].

Consumers’ motives also predetermine

consumers’ attitudes and behaviours

towards different banking technologies [7].

The findings increase the understanding of

customer-perceived value and value

creation on the basis of attributes of

mobile services and customer-perceived

disadvantages of mobile phones in

electronic banking context [23]. Perceived

usefulness, perceived risk, cost and

compatibility were found to affect

consumer acceptance of M-banking. The

results also support a mediation model,

whereby attitude transfers the effects of the

consumers’ perceptions to their intention

to use M-banking [50]. Usefulness, social

norms and social risk, in this order, are the

factors that influence the intention to adopt

mobile banking services the most. Ease of

use has a stronger influence on female

respondents than male, whereas relative

advantage has a stronger effect on

perception of usefulness on male

respondents. Social norms or the

importance of others in the decision, also

influence adoption more strongly among

female respondents than male [41]. The

information and guidance offered by a

bank has the most significant effect on

decreasing the usage barrier, followed by

image, value and risk barriers respectively.

The information and guidance showed no

effect on the tradition barrier [26].

Compatibility, perceived usefulness, and

risk are significant indicators for the

adoption of m-banking services.

Compatibility not only had a strong direct

effect but was also identified as an

important antecedent for perceived ease of

use, perceived usefulness and credibility.

Trust and credibility are crucial in

reducing the overall perceived risk of m-

banking [20]. Customer value perceptions

in banking actions differ between internet

and mobile channels. It suggests that

efficiency, convenience and safety are

salient in determining the differences in

customer value perceptions between

internet and mobile banking [25]. The

framework offers an integrated view,

taking into account more predictors than

other studies on the adoption of

innovations. It was also observed that the

predictors’ influence over the criterion

variable was different for each group of

mobile banking users and non-users [40].

It was found that perceived usefulness,

perceived social risk, perceived

performance risk and perceived benefit

directly affect attitudes towards mobile

banking, and that attitude is the major

determinant of mobile banking adoption

intention [2].

2.3 M-banking in Emerging Markets

Chinese online and mobile bank users

were predominantly males, not necessarily

young and highly educated, in contrast

with the electronic bank users in the West.

The issue of security was found to be the

most important factor that motivated

Chinese consumer adoption of online

banking. Main barriers to online banking

were the perception of risks, computer and

technological skills and Chinese traditional

cash-carry banking culture. The barriers to

mobile banking adoption were lack of

awareness and understanding of the

benefits provided by mobile banking [22].

In Africa, m- banking is now being added

on to the services offered to existing

customers by a number of retail banks and

this is likely to continue. However,

genuinely transformational models of m-

banking are few today; and they face

numerous obstacles. These include the

standard uncertainties about the pace and

scale of customer adoption, exacerbated by

the fact that low end models require higher

volumes of transactions to be viable [39].

Perception of cost, risk, low perceived

relative advantage and complexity were

revealed to be the main reasons behind the

reluctance to use the service. The influence

of other background factors is less evident

[11]. The residents of the study site use

mobile money for a variety of transactions

related to the personal and professional

lives in Bangladesh [1]. M-banking has the

potential to bring basic banking and

electronic transactions services to

unbanked consumers in developing

markets. But in enabling two-sided

markets, m-banking solutions also provide

specific questions for telecommunications

industry regulators [5]. The unbanked

require efficient utilization of varying

sources of cash inflows. Living off a cash‐

based economy, they receive irregular

income from occasional jobs, farm

produce, and “welfare”. Their limited

access to established financial channels

exposes them to financial risks and less

secure transactions [3]. To develop a good

distribution network, Vietnam Mobile

Services should build four elements into

its channel management execution

strategy: (i) engaging intermediaries to

help manage the individual stores; (ii)

ensuring that outlets were sufficiently

incentivized to actively promote the

service; (iii) maintaining tight control over

the customer experience; and (iv)

developing several different methods for

stores to re-balance their stocks [33]. In

Bangladesh, around 54% respondents

opinioned that this system is less costly

and time saving and 63% respondents felt

trust to this service. 83% respondents think

it is easier to access but this service is not

available for interbank transaction, as well

as the absence of regulatory framework

may lead to money laundering activities

[17].

3. RESEARCH OBJECTIVES

In Bangladesh, mobile banking has

introduced newly in the banking sector

targeting unbanked people for the essential

money transactions. The service is

growing with increasing rate as it seems

less costly and time saving. But it has

some technological difficulties for most of

the unbanked people. Therefore, the

objectives of the study were:

to figure out the demographic

characteristics of mobile banking

users; and

to ascertain the factors influence

consumer attitudes towards mobile

banking

4. METHODOLOGY

The questions in the questionnaire were

based on review of literatures and the

specific characteristics of Bangladeshi

people & market context. The specific

characteristics represented different

services and facilities provided by the

MFS institutions and expected by the MFS

consumers of Bangladesh. The

questionnaire was translated into Bengali

language to make clear and simple to

understand by every respondent. The items

in the questionnaire were constructed

based on the consumer attitude and

acceptance of mobile banking focusing:

Consumers’ attitudes and reactions

to mobile banking services

Consumers’ perceptions of mobile

banking service attributes

Consumers’ expectations and

major concerns of mobile banking

Demographic factors,

psychological factors, social factors, and

infrastructural factors

The constructs/factors have been adopted

from existing literatures and field survey.

Among eight factors six were espoused

from existing literatures those are

Perceived Usefulness [2, 11, 13, 14, 19,

20, 21, 22, 27, 31, 36, 41, 50, 53],

Perceived Risk [2, 8, 9, 10, 11, 12, 14, 15,

18, 20, 22, 24, 26, 27, 29, 37, 38, 41, 42,

44, 50, 52], Self-Control [22], Perceived

Ease of Use [2, 11, 13, 14, 41, 50], Need

for Interaction [12, 14, 41, 50], and Social

Influence [2, 14, 18, 41]. Along with the

six factors field survey had found another

two factors named Infrastructure Facility

(22% Respondents), and Customer Service

(17% Respondents).

The field study was carried out in June

2013 using empirical data. The sample size

decisions were primarily based on cost

considerations and in line with studies on

consumer attitude and acceptance of

mobile banking, where sample sizes used

were between 114 to 1,167 respondents. A

total 292 respondents from six divisions of

Bangladesh, including capital city, Dhaka,

were collected randomly at the time of

transaction from MFS agent stores through

interview. Respondents verbally replied to

a structured questionnaire and their

answers were recorded accordingly by the

interviewers.

The analysis was performed using eight

factors to rank their relative significance

and to describe their influences consumer

acceptance on MFS of the respondents.

Likert scale was used ranging from 1 to 6

response categories where 1 denotes don’t

know, 2 = not good, 3 = not so good, 4 =

good, 5 = very good, and 6 = excellent. As

far as scale-based variables were

concerned, principal factor analysis was

performed. In this study, the correlation

matrix was used to obtain Eigen values. To

facilitate the interpretation of factor

loading, VARIMAX rotation was

performed. SPSS software version 18 was

used for analysing the data.

5. DATA ANALYSIS AND RESULTS

5.1 Descriptive Statistics

Demographic characteristics of the study

were investigated in regards to the

respondents’ gender, age, occupation,

income, residence region, mobile financial

services (MFS) account, mobile network

operator (MNO) subscription, reason for

MFS account, monthly MFS transaction,

and purpose of MFS transactions. Missing

values, outliers, and distribution of all the

measured items were conducted to avoid

the error of the estimates and also to purify

the data. The demographic profile and

mobile banking history of the respondents

are summarized in Table 1. Most of the

respondents were at 18 to 25 years age

range (62.7%), which implies that mostly

students (55.1%) are using MFS for

mobile banking. Male and female ratio of

the respondents was 84.6% and 15.4%

respectively.

It indicates female respondents are less to

operate mobile banking directly. Income

range of the respondents is less than BDT

10,000 and they are covering most of the

regions of Bangladesh except Barisal

(2.1%). Mobile banking users are having

mostly Dutch Bangla Bank Ltd. (DBBL)

and bkash account for using MFS which is

45.9% and 46.9% respectively where they

are favouring Grameen Phone (GP) at

66.1% as MNO subscription. Respondents

have opened mobile banking account

mostly for easy money transfer (82.2%)

for personal need (83.6%) of money

receive or payment, and doing maximum

five transaction (65.8%) in a month.

In Table 2 the descriptive statistics of

different individual items has been

presented with factor coefficients of

selected eight factors. The factor loadings

indicate the highest correlations between

variables and corresponding factors.

Table1. Demographic profile and mobile banking history of the respondents.

Demographic

Characteristics Frequency % Valid %

Cumulative

%

Gender Male 247 84.6 84.6 84.6

Female 45 15.4 15.4 100

Age

< 18 Yr 23 7.9 7.9 7.9

18-25 Yr 183 62.7 62.7 70.5

26-30 Yr 49 16.8 16.8 87.3

> 30 Yr 37 12.7 12.7 100

Occupation

Student 161 55.1 55.1 55.1

Business 50 17.1 17.1 72.3

Service 67 22.9 22.9 95.2

Agriculture 14 4.8 4.8 100

Monthly

Income

(BDT, 1$=78 BDT)

< 10K 185 63.4 63.4 63.4

10-20K 59 20.2 20.2 83.6

21-30K 36 12.3 12.3 95.9

>30K 12 4.1 4.1 100

Residence

Region

Barisal 6 2.1 2.1 2.1

Chittagong 48 16.4 16.4 18.5

Dhaka 47 16.1 16.1 34.6

Khulna 61 20.9 20.9 55.5

Rajshahi 81 27.7 27.7 83.2

Rangpur 49 16.8 16.8 100

MFS Account

DBBL 134 45.9 45.9 45.9

bKash 137 46.9 46.9 92.8

TRUST 5 1.7 1.7 94.5

MERCENTILE 2 0.7 0.7 95.2

PRIME 6 2.1 2.1 97.3

NCC 2 0.7 0.7 97.9

ISLAMI 6 2.1 2.1 100

Mobile Network

Operator

Grameen Phone 193 66.1 66.1 66.1

ROBI 48 16.4 16.4 82.5

AIRTEL 17 5.8 5.8 88.4

Bangla Link 27 9.2 9.2 97.6

Tele Talk 4 1.4 1.4 99

City Cell 3 1 1 100

Reasons Behind

MFS A/C

No Bank A/C 32 11 11 11

Easy Money

Transfer 240 82.2 82.2 93.2

No Bank

at Locality 12 4.1 4.1 97.3

Purchase through

Mobile 2 0.7 0.7 97.9

Low Charge than Bank 6 2.1 2.1 100

Number of Monthly

Transaction

< 1 47 16.1 16.1 16.1

1 -- 5 192 65.8 65.8 81.8

6 -- 10 36 12.3 12.3 94.2

> 10 17 5.8 5.8 100

Purpose of

Transaction

Business 48 16.4 16.4 16.4

Personal 244 83.6 83.6 100

The greater the coefficients, the more the

variable are pure measures of factor. For

instance, VGN, SAE, ACS, NPN, and

EAM show the highest correlations with

Infrastructural Facility (IF). Thus, these

variables were considered as group. As all

of these variables were related to network

& basic mobile banking platform, this

group named as “Infrastructural Facility”

Table2. Descriptive statistics of the variables.

Factors Item Item Name Mean Std.

Deviation

Factor

Loading

Cronbach's

Alpha

IF

(Infrastructural

Facility)

VGN Very Good Network 3.90 1.080 0.789

0.746

SAE Service Available in Everywhere 3.98 1.460 0.746

ACS Available ATM and Customer Service 3.92 1.311 0.655

NPN No Problem in Network 3.91 1.144 0.608

EAM No Difficulty in Account Manage 4.78 1.069 0.471

SC (Self-

Control)

IU Independently Use 3.87 1.525 0.820

0.762 USM Use Self Mobile Phone 3.64 1.555 0.737

CDO Can do like others 4.14 1.304 0.690

PF Purchase Facility 3.64 1.579 0.564

SI (Social

Influence)

AMB Lot of Advertisement for MBanking 4.26 1.337 0.761

0.754

CAI Customer Agent Influence for MBanking 3.88 1.298 0.694

PIU Profession Influence to Use MBanking 4.19 1.429 0.667

FNFI FNF Influence to Use Mobile Banking 4.10 1.272 0.608

MPU Many People Use Mobile Banking 4.27 1.341 0.527

PR (Perceived

Risk)

NAM Not Available Money at Customer Agent 4.20 1.355 0.766

0.721

NMD Network Most time Down 4.01 1.349 0.690

ECA Extra Charge taking by Customer Agent 4.17 1.388 0.679

MSC More Service Charge 4.2 1.485 0.636

NSR No Service in Remote Areas 4.16 1.404 0.647

EoU (Ease of

Use)

FMT Fast Money Transfer 5.31 0.868 0.555

0.549 ATM ATM Use without Bank Account 4.22 1.638 0.552

EAO Easy Account Opening 5.08 0.981 0.518

ATB Anytime Banking 5.09 0.945 0.406

NFI (Need for

Interaction)

WPO Wants to Purchase like others 4.56 1.259 0.697

0.558 WUO Wants to Use like others 4.92 1.064 0.694

FNFS Available Support from FNF 4.44 1.030 0.456

PU (Perceived

Usefulness)

AAT Any Amount Transfer 4.39 1.315 0.746 0.409

AWB Anywhere Banking 4.68 1.059 0.687

CS (Customer

Service)

ICS Immediate Support Available from CS 3.73 2.249 0.745 0.417

ETS Easy to Solve Wrong Transaction 3.44 1.455 0.688

Similarly, IU, USM, CDO, and PF show

highest correlations with Self-Control;

AMB, CAI, PIU, FNFI, and MPU with

Social Influence (SI); NAM, NMD, ECA,

MSC, and NSR with Perceived Risk (PR);

FMT, ATM, EAO, and ATB with Ease of

Use (EoU); WPO, WUO, and FNFS with

Need for Interaction (NFI); AAT and

AWB with Perceived Usefulness (PU);

and ICS and ETS have highest correlation

with Customer Service (CS).

5.2 Measures of Sampling Adequacy

This study has used KMO and Bartlett’s

Test to examine the accuracy of sample.

The result of Kaiser-Meyer-Olkin Measure

shows that the current sample is adequate

for factor analysis. Table 3 shows the

current data yield about 78.7% accuracy at

1% level of significant for the said

analysis.

Table3. KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of

Sampling Adequacy. 0.787

Bartlett's Test of

Sphericity

Approx. Chi-

Square 2512.336

df 435

Sig. .000

5.3 Scale Reliability

There are thirty items have been

considered for the study. Multi-item scales

(Six Point Likert Scale) response format

has been used to operationalize each

individual item of the questionnaire. The

overall measurement for contextually

formatted items is described in Table 4.

Result shows that scales used for the data

collection are reliable with highly

recommended alpha score (a0.825) which

is within the range of good scale reliability

[35].

Table4. Reliability statistics of items

Cronbach's

Alpha

Cronbach's Alpha

Based on

Standardized Items

N of

Items

0.825 0.835 30

5.4 Extraction communalities

This study has examined communalities of

each variable accounted for the research.

Initially 34 items were approached for this

test. This study did not find absolute

commonalities score for all items. Hence,

four items (scored less than 0.5) have been

dropped from the data set. But, two items

ATB and FMT have scored 0.454 and

0.364 respectively those were kept as these

are basic attributes of mobile banking

service. The score was low due to

introduction stage of the services in

Bangladesh. The other 28 items having 0.5

or more commonalities score have been

accepted for further analysis. Since data

have been collected from field survey,

author has considered current score level

for 30 items included in eight factors.

5.5 Scree Plot

In this study examines the optimal number

of items using scree plot. This

demonstrates the distribution of variance

among the components. For each principal

component, the corresponding Eigenvalue

is plotted on the y-axis. The Eigenvalue of

each item in the initial solution is plotted

in the figure below. Figure shows that the

variance of each component is less than

the proceeding one. The sharp fall is

marked till fifth principle component and

last big drop occurs between third and

fourth components. It is known that

components on the shallow slope

contribute little to the solution. Thus, it can

choice first four five principal components

for understanding consumer attitude

towards mobile banking in Bangladesh.

Figure 1. Scree plot

5.6 Variance

The study identifies 30 items from initially

approached 34 items that are important to

measuring consumer attitudes towards mobile

banking in Bangladesh. All 30 items are

selected based on Eigenvalue - value 1 or

above includes into the list of items.

Statistically 30 items construct eight factors

which can explain 58.14% of the field. So, this

study considers these factors are important for

the study. Factor-1 explains 19.087% having

Eigenvalue of 5.726 and Factor-8 explains

3.612% with Eigenvalue 1.084 as lowest

(Table 5). Hence, factor-1 is the most

important in the current study which is related

to the infrastructural development of mobile

financial services in Bangladesh.

Table5. Eigen value and variability of the retained factors.

Factors IF SC SI PR EoU NFI PU CS

Eigen values 5.726 2.616 2.16 1.723 1.514 1.339 1.278 1.084

Variability 19.087 8.722 7.201 5.744 5.048 4.465 4.259 3.612

Cumulative % 19.087 27.809 35.009 40.753 45.801 50.266 54.525 58.137

Pearson correlation coefficients of all factors

represents in Table 6. Here, considerable

numbers of correlation coefficients among

factors are significant (p ≤ 0.01 or p ≤ 0.05).

Table 6. Pearson correlation coefficients among all factors

Factors IF SC SI PR EoU NFI PU CS

IF 1

SC .308** 1

SI .329** .446** 1

PR -0.011 .121* 0.053 1

EoU .329** .444** .323** .147* 1

NFI .277** .342** .440** 0.082 .269** 1

PU .250** .202** .184** 0.007 .347** 0.097 1

CS .211** .202** 0.1 0.027 .226** .133* .170** 1

Notes: **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-

tailed).

5.7 Exploratory Factor Analysis

As result shows in Table 2, eight factors were

initially formed considering 30 variables to

influence consumer attitudes towards mobile

banking in Bangladesh. Factor analysis was

conducted to know the underlying factor

associated with all 30 variables. This study

exposes that consumer attitudes towards mobile

banking in Bangladesh is highly influence by

four factors i.e. infrastructural facility, self-

control, social influence, and perceived risk and

other four factors (ease of use, need for

interaction perceived usefulness and customer

service)have less alpha score than significant

level. But this study considers also the factors

having less Cronbach’s alpha score as these have

high factor loading score. Again, the mobile

banking services are newly introduced in

Bangladesh and most consumers are not well

known about all measures. The eight factors are

briefly discussing in following paragraphs:

Infrastructural Facility: This study has

identified that infrastructural facility has high

influence on mobile banking attitude in

Bangladesh. This factor constitute with five

items - Very Good Network, Service Available

in Everywhere, Available ATM and Customer

Service, No Problem in Network, and No

Difficulty in Account Manage. This factor’s

Cronbach’s Alpha 0.746 is quite satisfactory

within acceptable level (0.70 or above)[35].

However, the factor loading score for each item

is within the acceptable level (from 0.471 to

0.789).

Self-Control: Mobile banking influence by the

self-control on mobile technology of the

consumers in Bangladesh. This factor constitutes

with four variables with good factor loading

score range from 0.564 to 0.820. The Cronbach’s

Alpha 0.762 is within the acceptable level.

Social Influence: Consumers using mobile

banking services in Bangladesh are highly

influenced by interpersonal & external forces of

the society. This study identified five variables to

construct social influence for forcing mobile

banking services use. The factor loading score

for all five items are range from 0.537 to 0.761

and Cronbach’s Alpha 0.754 is at acceptable

level.

Perceived Risk: The factor perceived risk

creating difficulties on mobile banking attitudes

of consumers in Bangladesh. It has constructed

by five items with very good factor loading score

ranging from 0.647 to 0.766. Again, the

Cronbach’s Alpha score 0.721 is positioning

within acceptable level.

Ease of Use: This study explores ease of use of

the technology for mobile banking has

influenced on consumer attitudes towards mobile

banking services in Bangladesh. This factor has

constructed by four items those have factor

loading score ranging from 0.406 to 0.555 and

the Cronbach’s Alpha value 0.549 is almost

acceptable level.

Need for Interaction: The factor need for

interaction influence consumers on positive

attitude towards mobile banking services in

Bangladesh. It has three variables having factor

loading score ranging from 0.456 to 0.697 and

Cronbach’s Alpha value 0.558 which is nearest

to acceptable level.

Perceived Usefulness: Perceived usefulness is

another factor to influence consumers’ attitudes

towards mobile banking services in Bangladesh.

This factor has only two variables with low

Cronbach’s Alpha 0.409 but high factor loading

scores of 0.687 and 0.746.

Customer Service: The last factor is customer

service is the specific factor to influence

Bangladeshi consumers’ to show positive or

negative attitudes towards mobile banking

services. This factor also has only two variables

with low Cronbach’s Alpha 0.417 but high factor

loading scores of 0.688 and 0.745.

6. GENERAL DISCUSSION

The primary theoretical contribution of this study

is the identification of factors that can be used to

enlighten and foretell consumers’ attitudes

towards mobile banking, particularly within the

Bangladesh context. This research also creates a

research interest on mobile banking for the

business researchers. Secondly, two additional

factors (infrastructural facility and customer

service) relevant to mobile banking that were

absent in previous researches were identified.

Finally, by investigating consumers’ attitudes

towards mobile banking within the Bangladesh

context, this study answers the call for additional

research to different fields of mobile banking

services.

This study found only 6.58% having mobile

banking account on mobile phone subscriptions

and 9.14% on rural population those are

relatively very low penetrations compare to other

emerging markets in the world. It indicates that

there is a huge scope of mobile banking in

Bangladesh and Banks and MNOs have massive

business opportunity. Again, the consumers of

this country are focusing highly on

infrastructural facility as a force to make their

intention to use mobile banking services. It is

suggested that along with others six factors

infrastructural facility is the most important

factor for Bangladeshi consumers and they also

concern on customer service facility of mobile

banking. Thus, by addressing the concerns of

and benefits sought by the consumers, marketers

can create positive attractions and policy makers

can set regulations for the expansion of mobile

banking services.

7. LIMITATION AND CONCLUSION

The sample size of this study was not necessarily

representative of the Bangladeshi population as a

whole as it ignored large rural population.

Secondly, the generalizability of this research

may be impacted by fact that the sample’s is

skewed towards males. This may be due to

general tendency of Bangladesh culture to do

outside tasks by maximum males. In addition,

this research only explores the factors to

influence motivators and inhibitors on behavioral

intentions. In terms of future research, a large

scale study with more representative sample

could be conducted to validate the factors of this

study and to enhance the generalizability of the

research conclusions.

Mobile banking services is very new to

Bangladeshi consumers and it is still at early

stages in Bangladesh. The current target market

for mobile banking is relatively small due to the

lack of updated user friendly infrastructural

facility. There is a good potential for introducing

mobile banking services. This research has

served to enhance the understanding of the

factors influencing consumers’ attitudes towards

mobile banking in the context of Bangladesh. It

has demonstrated that there were multiple factors

at work for influencing the consumers and that

some are more influential than others under

given circumstances. The knowledge gained by

this study into the motivators and inhibitors of

mobile banking is useful for practitioners who

aim to maximize consumer adoption of this self-

service banking service.

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