A Study on the Factors Affecting the Intention to Use Smartphone Banking: The Differences between the Transactions of Account Check and Account Transfer

Banking transactions using smartphones or more commonly known as “smartphone banking” are increasingly becoming popular as a way for financial transactions given the growing number of smartphone users. The smartphone banking is considered to be different from mobile banking because of the unique and innovative features of smartphones a combination of a computer and mobile phone that can easily access the Internet. This study based on the Technology Acceptance Model(TAM), examines the factors that influence the intention to use smartphone banking by surveys and analyzing the findings gathered from previous mobile banking related researches. Furthermore, this research identifies the issues of security risk and trust in using smartphone banking in addition to its perceived ease of use and perceived usefulness as key factors suggested under TAM. Statistics on the usage frequency of smartphone banking in Korea shows that the proportion of account transfer transactions are much smaller than the account check transactions, compared with the Internet banking in general. This study explains such less common usage of smartphones for account checking transactions than account transfer transactions, by showing that the key factors (i.e. perceived ease of use and perceived usefulness) have greater impact in account check than in account transfer, and trust has greater impact on account transfer transactions than account check transactions in smartphone banking.