Mobile Banking Adoption in the United States: A Structural Equation Modeling Analysis

Mobile banking penetration has been relatively low even though smartphones are the most dominant forms of mobile computing in the United States. This quantitative correlational study is focused on how consumers ‘perceptions affect their intention to use mobile banking in the United States. Among U.S. consumers with smartphones, Internet access, and a bank account; 68% used Internet, 33% used telephone-based banking, and only 21% engaged in some type of mobile banking activities in 2011. The web-based survey used in this study was derived from the technology acceptance model extended by the innovation diffusion theory. Data were collected by e-mail from a random sample of 398 people in the United States. The structural equation modeling (SEM) technique was used to analyze data. The results indicated that, perceived compatibility, credibility, and costs were the significant predictors of mobile banking adoption in the United States. Mobile Banking Adoption in the United States: A Structural Equation Modeling Analysis