Mobile Banking Application (App) Adoption Behaviour Amongst
Malaysian Consumers
EVON CHIN YU WEN1, WONG CHEE HOO1, ALEX LEE2, AW YOKE CHENG3
1Faculty of Business and Communications, INTI International University,
71800 Nilai,
MALAYSIA
2Hertfordshire Business School, University of Hertfordshire,
AL10 9AB, Hertfordshire,
UNITED KINGDOM
3Office of the Registrar, BERJAYA University College,
MALAYSIA
Abstract: Irrespective of the size of a corporation, consumer preference for a certain product is a crucial subject
for many companies, if not all, globally as it is essential to the success of the enterprise. Various consumers
have different opinions of a product, and consumer preference serves as a guide for identifying a product's
features. The success of a product is influenced by consumer preferences. It will be detailed displaying
common elements such as service quality, technology, internet marketing, company image, and convenience
that impact consumer selection. The feature of consumer choice for a given product has not been fully
addressed by the current study, in fact, there are studies that focused on consumer choice, and their influences
vary. Therefore, the timeliness of this study is apparent. This research is essential for companies who wish to
identify popular banking applications (apps). As service quality, technology, online advertising, corporate
image, and convenience impact consumer preference for mobile banking apps in Malaysia, hypotheses have
been developed for the research study. This research enables academics to comprehend the phenomena under
investigation and will also be useful for studying mobile banking apps in Malaysia in particular. This study
aims to shed light on this nexus through quantitative correlation analysis, utilizing survey on consumer
preferences for specific items and affecting variables. This study employs a quantitative correlation research
methodology and seeks to establish the existence of correlations between each independent variable and the
dependent variable. Total of 416 samples were collected using convenience sampling targeting bank users aged
above 21 years old. The data was subsequently cleaned and analyzed using SPSS. During the study, research
outputs based on hypotheses and proposals emerged with service quality, technology and internet advertising
positively affecting consumer preferences with service quality being the most significant predictor.
Key-Words: - Mobile Banking, Apps, Adoption Behaviour, Preference, Malaysia
Received: August 17, 2022. Revised: February 21, 2023. Accepted: March 12, 2023. Published: March 31, 2023.
1 Introduction
The purpose of this research is to investigate the
link between consumer choice and its influencing
factor(s) in the Malaysian mobile banking app
market with the objective to investigate the impact
of service
quality, technology, online advertising, corporate
image and convenience on the mobile banking app
preferences amongst Malaysian consumers.
According to Ananda and Sonal (2019), [2], in a
competitive environment, banks can gain a
competitive edge by delivering better customer
service to increase consumers’ preferences towards
their brands when customer service is deemed more
superior to their competitors, particularly with
globalization altering banks’ usage of technology to
improve consumer service (Kamau, et al, 2019),
[10].
Technologically savvy consumers favours products
and services that efficiently employ modern
technology, such as online banking, QR code
payment, amongst others, in their mobile banking
app. Study shown by (Shpak et al., 2020), [25],
banks’ marketing efforts are one of the variables
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that impact the effectiveness of banking structures
where effective advertising may increase consumer
preference while ineffective marketing efforts might
result in the attrition of consumers. This was
supported by Ozkan et al. (2020), [18], who posit
that corporate image is far more essential in the
banking business than in the manufacturing industry
due to the absence of a tangible product whose
qualities can be easily evaluated. Consumers will
not accept financial products or services from an
institution with a poor perceived reputation.
According to Anouze et al (2019), [3], the
importance of establishing instructions and
navigational simplicity for bank consumers has a
greater beneficial impact on consumer choice as
unfavourable circumstances faced by consumers
will ultimately change consumers’ preferences
towards a brand or company. The purpose of this
paper is therefore to determine whether these
variables influence the adoption of Malaysian
banking app amongst their consumers.
A study by Anouze et al (2019), [3] found that
service convenience is one of the banking industry's
challenges, as not all consumers who want service
are able to visit a bank during regular business
hours. In other words, businesses that are unable to
deliver timely services would lose consumer
preference and loyalty. According to Mahmoud
(2019), [16], one of the primary motives for
consumers to adopt electronic banking is
convenience. However, Rawwash et al (2020), [21]
found that other industries, such as e-banking
services, were not influenced by convenience.
Therefore, it is essential to assess the elements that
would affect the present study subject.
With the underlying understanding, this research
seeks to achieve five Research Objectives (RO)
RO1: To determine the impact of service quality on
Malaysian consumers' preference for mobile
banking apps.
RO2: To determine the effect of technology on the
choices of mobile banking apps amongst Malaysian
consumers.
RO3: To determine how internet advertising
influences the selection of mobile banking apps by
Malaysian consumers.
RO4: To determine the relationship between
corporate image and consumer demand for mobile
banking apps in Malaysia.
RO5: To determine the importance of ‘convenience’
and its influence on the selection of mobile banking
apps by Malaysians.
The following hypotheses (H) were developed to
answer the research objectives mentioned above:
H1: Service quality has an influence on Consumer
Preference towards Mobile Banking App in
Malaysia.
H2: Technology has an influence on Consumer
Preference towards Mobile Banking App in
Malaysia.
H3: Online Advertising has an influence on
Consumer Preference towards Mobile Banking App
in Malaysia.
H4: Corporate image has an influence on Consumer
Preference towards Mobile Banking App in
Malaysia.
H5: Convenience has an influence on Consumer
Preference towards Mobile Banking App in
Malaysia
2 Literature Review
This section reviews the empirical and theoretical
perspectives of the study.
2.1 Empirical Review
According to Maeng et al (2020), [15],
untrustworthy websites and an abundance of
alternatives will impact consumers’ selection. In
classical philosophy, consumer preferences were
contextualized by their orientation toward satisfying
consumer needs, which accounted for resource
constraints and the rational use of products and
services (Babakaev et al., 2019), [4]. Although
Maeng et al. (2020), [15] concurred with this
statement, they added that consumers’ preferences
for goods and services might alter due to price and
lack of demand. Therefore, service quality,
technology, internet advertising, company image,
and convenience may be the primary factors
influencing consumer preference.
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2.1.1 Service Excellence and Consumer
Preference
As found by Pakurár et al. (2019), [19], service
quality is a crucial success element for companies
pursuing market competitiveness, growth, and
expansion. A study by Ananda and Sonal (2019),
[2], stated that the ultimate weapon has been defined
as maximizing consumer happiness through
exceptional consumer service. High service quality
distinguishes service providers from their rivals by
boosting profitability, recruiting new consumers,
lowering expenses, maintaining existing consumers
and thus, strengthening the business image (Islam et
al., 2021), [9]. Consequently, service quality is one
of the most influential elements that may determine
the preference of Malaysian consumers for mobile
banking apps.
2.1.2 Technology and Consumer Preference
According to Kong and Ibrahim (2019), [11],
technical advances have been the most influential
element in the evolution of banking distribution.
This was echoed by Sankaranarayanan and
Rajagopalan (2020), [22], who argued that
technological progress compels businesses to
evolve. One example is the global banking industry,
which is experiencing significant change. The
relationships between consumers and banks, as well
as how consumers manage their finances, have been
changed by technological advances, notably in
banks (Hatem et al., 2021), [8]. This may be
explained by the growing importance of modern
technology in the majority of businesses,
particularly the banking industry. This is further
supported by a study by Hatem et al. (2021), [8],
which mentioned that consumer expectations in the
banking industry are evolving fast as a result of
ongoing innovation and the use of technology.
2.1.3 Online Advertising and Consumer
Preference
According to Mulchandani et al (2019), [17], the
problem of differentiation and developing a unique
selling proposition is exacerbated in the banking
industry due to the rapid imitation of newly
introduced services and products by rivals.
According to Aghaei (2021), [1], a marketing
strategic tool such as internet advertising supports
banks in finding targeted consumers and
determining consumer preferences. There are a
variety of marketing tactics, such as internet
advertising, that will greatly affect consumer choice
when picking banks of their choice. Typically,
banks allocate a sizeable portion of their budget to
promotional expenditure on social media, visual
media, and print media in order to attract new
consumers and retain existing ones (Mulchandani et
al., 2019), [17]. This is due to the banking industry's
recognition that internet advertising may readily
attract consumers.
2.1.4 Corporate Image and Consumer
Preference
A finding shared by Anouze et al. (2019), [3], states
that "corporate image" refers to the consumer's
remembrance of the company's impression.
Another research finding by Purwanto et al. (2020),
[20], concurred, stating that a corporate image is
defined as a consumer's or the generally favourable
view of a corporation. When a company has a poor
image or reputation, the first and most evident
negative effect is a decline in business (Loveland et
al., 2019), [14]. Ozkan et al. (2020), [18], asserted
that corporate image is more significant in banking
than in manufacturing due to the absence of a
tangible product whose attributes can be
immediately appraised.
2.1.5 Convenience and Consumer
Preference
Although convenience is frequently examined in the
banking business, the majority of past research has
focused on the convenience of e-banking services
(Wibowo, 2020), [26]. This is also posited by
Anouze et al. (2019), [3], - consumers who utilize
banking products place a premium on convenience,
which has a favourable influence on consumer
choice. Mahmoud (2019), [16], concured,
emphasizing that ease of usage is one of the most
significant elements to consider when a consumer
wants to embrace a banking application.
2.1.6 Underlying Theories
If preferences can be represented as utility
functions, then consumer choice may be decided by
maximizing utility, according to the underlying
theory presented by Liederet al. (2018), [13].
Consumer choice research is one of the most
frequent applications of the underlying theory. This
study examines one model and two theories
pertinent to consumer preference, including the
SERQUAL Model, the rational choice theory and
the revealed preference theory.
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2.2 Theoretical Review
2.2.1 SERQUAL Model
In Zainuddin et al. (2019), [28], SERVQUAL's
service quality model is a multidimensional model
that is adaptable to diverse research situations. The
SERVQUAL methodology measures consumer
preference as the difference between consumer
expectation and perception of the bank's service
(Anouze et al., 2019), [3]. According to the study
by Zainuddin et al. (2019), [28], earlier research in
the banking industry has utilized the SERVQUAL
model to evaluate service quality. Savic and
Veselinovi (2019), [24] concurred, stating that using
the SERVQUAL methodology improves banking
service quality and boosts consumer loyalty
amongst Malaysian consumers. Therefore, the
SERVQUAL model will serve as the major
theoretical foundation for this investigation.
2.2.2 The Theory of Rational Decision
The rational choice theory enables marketers to
more accurately forecast consumer preferences. The
advantage of utilizing rational choice theory for
consumer preference in this study is that it is
applicable for measuring and assessing consumer
preference for a particular product. This idea
enables researchers to determine if elements such as
technology, internet advertising, business image,
and convenience influence consumer preference.
This study will thus employ the theory of rational
choice to determine consumer preferences that are
most impacted by-products and influencing factors.
2.2.3 Revealed Preference Theory
As shared by Cattaneo et al. (2020), [6], empirical
examination of the traditional revealed preference
theory indicates that it is not always consistent with
the observed consumer choice behaviour.
Consequently, revealed preference theory is
essential and must be restudied to reveal the essence
of consumer desire for a particular product. The
revealed preference theory of consumer choice will,
therefore, be used to assist in this study to identify
the consumer preference component influencing this
mobile banking application adoption. Thus, Figure
1 represented the conceptual framework for this
study.
This research (Figure 1) is critical for businesses
looking to identify popular banking applications
(apps). Hypotheses for the research study have been
developed as factors such as service quality,
technology, online advertising, corporate image, and
convenience influence consumer preference for
mobile banking apps in Malaysia. This study helps
academics understand the phenomena under
investigation and will be useful for researching
mobile banking apps in Malaysia in particular.
Fig. 1: Conceptual Framework
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3 Methodology
This section explains the methods and tools utilized
in the research.
3.1 Research Design
The primary purpose of this study is to identify the
elements that impact consumer preferences when
utilizing mobile banking applications. To be
eligible to answer the survey, respondents must be
above the age of 21 and have a personal bank
account or have used services from a bank. There
are two sorts of sampling procedures according to
Saunders et al. (2019), [23]: probability sampling
and non-probability sampling.
Bougie and Sekaran (2019), [5] also pointed out that
probability sampling involves random sorting,
which makes sure that each unit of a sample has an
equal chance of being sampled, while non-
probability sampling may or may not accurately
represent the population and so adds to bias. This
study uses non-probability sampling to get a high
response rate. It provides a simple sampling strategy
based on the distribution of online questionnaires to
get cost-effective results (Saunders et al., 2019),
[23].
3.2 Sample Size
According to the sample size chart created by
Krejcie and Morgan (1970),[12], the sample size for
this study is 385 because the population of Malaysia
is greater than one million. Therefore to improve
efficiency, the study questionnaire is sent through a
number of internet platforms. A total of 422
questionnaires were sent which accounted for an
additional 10% of the recommended sample size
with the intention to yield a higher response rate.
3.3 Sample Technique
The surveys were given to family, friends,
coworkers, and connections in the extended
network. The research objective is to focus on
Malaysian consumers who have utilized the
products or services of multiple commercial banks.
Malaysia's total population was predicted to be 33
million by 2021 (Worldpopulationreview, 2021),
[27].
3.4 Data Collection
The target group for the research of mobile banking
app users is individuals over the age of 21. Google
Forms was utilized by researchers to construct
questionnaires and distribute them to respondents in
order to gather data since it improves the
researcher's efficiency in verifying the summary and
extracting the data for analysis.
3.5 Data Analysis
Multiple linear regression analysis is used to figure
out how consumers' preferences for commercial
banks relate to the independent variables. Multiple
linear regression, multicollinearity (ANOVA), and
beta-coefficient testing will be done to look at the
link between variables.
4 Results
In this section, the results of the data analysis are
shown. These results helped meet the different goals
of the study.
Table 1. Reliability Test result for dependent and independent variables
Variables
Cronbach's Alpha
No. of Items
Consumer Preference
(Dependent Variables)
.808
5
Service Quality
(Independent Variables)
.820
4
Technology
(Independent Variables)
.764
4
Online Advertising
(Independent Variables)
.856
4
Corporate Image
(Independent Variables)
.731
4
Convenience
(Independent Variables)
.706
4
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4.1 Reliability Analysis
As per table 1, the Cronbach Alpha score of an
internal consistency test for extensive data gathering
must be larger than 0.70. Any item with a score
below 0.70 is untrustworthy and must be excluded
from future analysis(Saunders et al., 2019) [23].
Using the preliminary test, which was based on the
analysis of 416 respondents, the results' precision and
significance were evaluated. The overall number of
responders exceed the anticipated aim of 385
samples.
4.2 Demographic Profile
The surveys were distributed online via various
social media channels in order to reach Malaysian
consumers from various states. Due to the time
restrictions of the study, a non-random sampling
approach was used. 416 replies were received from a
total of 422 being sent – a 98.6% response rate.
Table 2. Demographic Profile
Frequency
Percentage
Cumulative
Percentage
Valid
21 – 30
185
44.5
44.5
31 – 40
103
24.8
69.2
41 – 50
72
17.3
86.5
51 – 60
27
6.5
93.0
61 and above
29
7.0
100.0
Total
416
100.0
Frequency
Percentage
Cumulative
Percentage
Valid
Female
174
41.8
41.8
Male
242
58.2
100.0
Total
416
100.0
Frequency
Percentage
Cumulative
Percentage
Valid
RM12,001 and above
40
9.6
9.6
RM3,000 and below
145
34.9
44.5
RM3,001 to RM6,000
155
37.3
81.7
RM6,001 to RM9,000
48
11.5
93.3
RM9,001 to RM12,000
28
6.7
100.0
Total
416
100.0
Table 2 provides the demographic characteristics of
the research participants. Age groups 21–30 (44.5
percent; n = 185) and 31–40 (24.8 percent; n = 103)
comprised more than 70 percent of all respondents.
The percentage of female respondents is 41.5%
(n=174), while the percentage of male respondents
is 58.2% (n=242). RM 3,000 and lower (34.9%; n =
145) and RM 3,001 to RM 6,000 (37.3%; n = 155)
had the greatest response rates. According to table
4.9, the majority of respondents with monthly
incomes between RM3,000 and RM6,000 are aged
between 21 and 40. The majority of young
individuals favour mobile banking applications over
senior citizens.
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4.3 Multiple Linear Regression and ANOVA
The focus of hypotheses testing is the direction of R2
and P-value, which are statistical measures of
multiple regression fitting regression line. The range
of R2 is between 0 and 1. When R2 equal to 0, there
would be no variation in independent variable can
attributed dependent variables.
According to Bougie and Sekaran (2019),[5],
ANOVA is a framework that offers information
about the degrees of variability inside a regression
model and serves as the foundation for significance
tests. Service quality, technology, online advertising,
company image, and convenience may predict 67%
of consumer decisions, according to the model
summary and ANOVA test (Tables 3 and 4). Total
regression model was significant at p<0.05 with
service quality, technology, online advertising,
company image, and convenience as the significant
predictors.
Table 3. Model Summary
Model Summary
Model
R
R Square
Adjusted R Square
Std. Error of the Estimate
1
.825a
.681
.677
.33406
a. Predictors:(Constant), Convenience, Corporate Image, Technology, Online Advertising, Service Quality
b. Dependent Variable: Consumer Preference
Table 4. ANOVA
ANOVA
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
97.539
5
19.508
174.813
.000b
Residual
45.753
410
.112
Total
143.292
415
a. Dependent Variable: Consumer Preference
b. Predictors:(Constant), Convenience, Corporate Image, Technology, Online Advertising, Service Quality
The current state of the research hypotheses is
presented in Table 5. All hypotheses are accepted
given that each independent variable has a high F
value and a p-value of 0.05. The Beta value of
0.762 indicates that service quality is the primary
factor impacting consumer preference for mobile
banking applications in Malaysia, followed by
technology (0.745), online advertising (0.640),
corporate image (0.559), and convenience (0.507).
The test's results are statistically significant and
consistent with the rule of thumb.
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Table 5. Multiple Linear Regression OutcomesANOVA
Model
Sum of Squares
df
Mean Square
F
Sig.
1. Service Quality
Regression
83.242
1
83.242
573.889
.000b
Residual
60.050
414
.145
Total
143.292
415
2. Technology
Regression
79.609
1
79.609
517.527
.000b
Residual
63.684
414
.154
Total
143.292
415
3. Online Advertising
Regression
58.772
1
58.772
287.880
.000b
Residual
84.520
414
.204
Total
143.292
415
4. Corporate Image
Regression
44.770
1
44.770
188.128
.000b
Residual
98.522
414
.238
Total
143.292
415
5. Convenience
Regression
36.851
1
36.851
143.330
.000b
Residual
106.441
414
.257
Total
143.292
415
a. Dependent Variable: Consumer Preference
b. Predictors: (Constant), Service Quality, Technology, Online Advertising, Corporate Image, Convenience
Cooper and Schindler (2018), [7], stated that the
variance inflation factor was looked at to make sure
there were no problems with multicollinearity. If the
VIF value is more than 10, the data are thought to
overlap a lot.
This is called a Type 1 error, and it leads to a biased
result which is not an issue in this study.
4.4 Summary of Hypothesis Testing
Table 6. Summary of Hypothesis Testing
Hypotheses
Results
Status
H1: Service quality has an influence on Consumer
Preference towards Mobile Banking App in Malaysia.
p-value: 0.000
β: .419
Accepted
H2: Technology has an influence on Consumer Preference
towards Mobile Banking App in Malaysia.
p-value: 0.000
β: .276
Accepted
H3: Online Advertising has an influence on Consumer
Preference towards Mobile Banking App in Malaysia.
p-value: 0.000
β: .247
Accepted
H4: Corporate image has an influence on Consumer
Preference towards Mobile Banking App in Malaysia.
p-value: 0.886
β: .006
Rejected
H5: Convenience has an influence on Consumer Preference
towards Mobile Banking App in Malaysia.
p-value: 0.745
β: -.012
Rejected
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5 Discussion
Only three factors, namely service quality,
technology, and online advertising, exhibited a
substantial positive link with consumer preferences
in picking an online banking app, according to the
findings of the preceding chapters. To dominate the
market and generate consumer loyalty, banks could
utilize their strengths and capitalize on new chances
by managing these independent factors, such as by
adding more services to their mobile banking
applications. For example, the bank can add a
Chatbot feature in the banking app. Consumers can
direct click on the Chatbot when facing any
problem. Instant service is very important nowadays
as people wish to receive fast and quality services
when they face issues. Therefore, instant service can
enhance consumer preference for a specific product
or service.
In addition, banks should focus on technology,
which has the second-highest coefficient of 0.276%.
This illustrates that technology is a significant cause
of worry for folks in the modern day. The bank
manager must remain abreast of technological
advancements and assure the security of every
transaction and service. Technology generates
consumer-valued goods and services, notably in
terms of obstacles and convenience. Using
economies of scale as an example, banks that work
with fintech startups may offer a simple but
functional product at a reduced price. Currently,
available mobile banking app features include
banking transactions, an E-wallet for obtaining and
transferring cash, and ‘Duit-now’, which only
requires an individual's identity. Banks may
innovate or add new features to existing mobile
banking apps, such as deploying an online robot to
handle inquiries and resolve issues in only seconds.
The bank must prioritize innovative technologies
that can assist financial institutions in retaining
current consumers and reaching out to prospective
new consumers.
6 Conclusion and Recommendation
According to the research findings, there are three
aspects that may impact consumer choice when
selecting banking applications. Referring to current
journals and publications, there are few studies and
surveys that include the dependent variable
(consumer preference) and all independent factors
(service quality, technology, online advertising,
corporate image, and convenience). The data was
collected and input into SPSS for analysis.
Regression analysis revealed several shortcomings.
This survey has a limitation in that it only examined
Malaysians' preferences for banking applications; as
the information collected is not based on a
countrywide sample, the relative relevance of the
factors may vary by country. Since Malaysia is a
developing nation, the findings may have only a
modest impact on other developing nations, which
often employ other banking app types and acquire
asymmetrical technology. In reality, a consumer
from a different nation will have different
preferences that may modify the value of each
explanatory variable, such as financial services
legislation and standards for banking sectors,
culture, demographics, and geography.
Considering the preceding constraints, a number of
solutions have been proposed as the present research
subject focuses solely on banking applications in
Malaysia; its findings may vary compared to other
nations, particularly those that are developed or
impoverished. A more robust model for future
research enables the questionnaire or other research
tools to place a greater emphasis on consumer
sentiment. Therefore, it is recommended that future
research aims for a larger sample size.
This study aims to gain a better understanding of the
variables that influence consumer preference for
banking applications. The survey questionnaire
comprised a series of questions based on these
variables. The most significant aspect is service
quality (0.419), followed by technology (0.276),
internet advertising (0.247), corporate image
(0.002), and convenience (-0.012). Future
researchers can use this study to learn more about
how Malaysian consumers utilize banking
applications.
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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.70
Evon Chin Yu Wen, Wong Chee Hoo,
Alex Lee, Aw Yoke Cheng
E-ISSN: 2224-2899
768
Volume 20, 2023
Banking Structures. Acta Universitatis
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Evon Chin Yu Wen, Principal Researcher
responsible for the review of the literature and
performed data collection and initial data analysis.
-Wong Chee Hoo, Principal Supervisor responsible
for guidance in the criticality of the literature review
and the robust process of data analysis, discussion
and meeting research outcomes.
-Alex Lee, Foreign External Reviewer and
Supervisor with similar responsibilities as Wong
Chee Hoo.
-Aw Yoke Cheng, Local External Reviewer and
Supervisor with similar responsibilities as Alex Lee.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
The authors thank INTI International University,
Malaysia for providing financial support to publish
this paper.
Conflict of Interest
The authors have no conflict of interest to declare
that is relevant to the content of this article.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.70
Evon Chin Yu Wen, Wong Chee Hoo,
Alex Lee, Aw Yoke Cheng
E-ISSN: 2224-2899
769
Volume 20, 2023