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Thai Nguyen University Socialist Republic of Vietnam Southern Luzon State University Republic of the Philippines FACTORS AFFECTING THE USE OF MOBILE BANKING SERVICES IN HANOI, VIETNAM A RESEARCH PROPOSAL PRESENTED TO THE FACULTY OF GRADUATE SCHOOL SOUTHERN LUZON STATE UNIVERSITY, PHILIPPINES THAI NGUYEN UNIVERSITY, S.R VIETNAM IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR IN BUSINESS ADMINISTRATION Name: VU MANH CUONG English Name: CAMERON Adviser Dr Nelly Mendoza (Southern Luzon State University) HANOI, 2013 ABSTRACT Mobile banking services have become the objective and inevitable trend during the international economic integration more and more deeper in Vietnam The development of mobile banking services has brought significant benefits to customers as a convenient, fast and accurate of the transaction At the same time it also opens up new development opportunities for the telecommunications providers, application and software developers, e-commerce merchants and bankers in Vietnam The main purposes of research to investigate the key factors and assess the level of the influence of these factors that impact to the consumer's behavior in the use of the mobile banking services in Hanoi by extending the renowned framework of Technology Acceptance Model (TAM) The survey have conducted in districts of Hanoi Capital including Hoan Kiem, Ba Dinh, Dong Da, Hai Ba Trung, Cau Giay, Tay Ho, Thanh Xuan, Hoang Mai and Long Bien with 800 respondents, in which 717 useable responses There are 52% of respondents are female, 71% are living in center area, and 72.5% are working in business and state areas The research tools used Likert scale introduced by Rennis Likert Five components of parameters were used to focus on the aspects of usefulness, ease of use, cost, risks and trust of the mobile banking services in Hanoi The dissertation used Cronbach's Alpha to analyze the reliability of scale, exploratory factor analysis to extract the factors, and regression analysis to analyze and test the hypothesis and factors affecting the use of mobile banking services in Hanoi ANOVA analysis was used to determine the difference between the demographic characteristics and the use of mobile banking services in Hanoi The results of analysis indicated that in six factors studied, there are five factors actually affect the use of mobile banking services in Hanoi area including perceived usefulness, perceived easy of use, perceived risk of social and safety, perceived risk of performance and finance, and trust of customers with statistically significant at 1% level The remaining factor "perceived cost" had no significant relationship with the use of mobile banking services The coefficient R2 adjusted = 0.331 showed that the explanation level of the impact of independent variables on the dependent variable reached 33.1%, the ii statistical value F = 71.832 was significant level at 1% (Sig = 000), the multiple regression assumptions were satisfied, the model was suitable to the study The main findings of the research included: (1) There is not enough evident to conclude the difference of the use of mobile banking services between central and suburban living areas, between male and female, between level of education, between income and between occupation for the customers in Hanoi (2) Most consumers in Hanoi use the mobile banking services to check bank account and transfer money In particular, the purpose of checking account is largest up to 77.5% The other purposes such as pay for monthly bills, pay for shopping, money savings are modest The rate of money savings purpose is only 34.6% (3) The major customer use the mobile banking services are people living in urban areas, where people have a high awareness levels, accounted 71% Female use mobile banking services is higher than male, the rate of female accounted 52% Young people below the age of 35 represent a high proportion (76%) on the use of mobile banking services (4) The most consumers use mobile banking services is high education The customer with education level of university accounted a high percentage (73.4%) The customers working in business or state organizations are main group of these services in Hanoi area (72.5%) (5) The dissertation indicated that in six factors studied, there are five factors affecting the use of mobile banking services with statistically significant at 1% level, including (i) "trust of consumers" on the services has a greatest positive influence, (ii) "perceived ease of use" has a second greatest positive influence, (iii) "perceived usefulness" has a third greatest positive influence, (iv) "perceived risks of social and safety" has a strongest negative influence, and (v) "perceived risks of operation and finance" has a weakest negative influence The factor "perceived cost" was only found insignificant to the use of mobile banking service for customers in Hanoi The findings of research provide several important and useful implications for the mobile banking service providers with the deeply strategic insights to improve mobile banking services to gain more and more customer acceptance in Hanoi particularly and Vietnam generally iii TABLE OF CONTENTS Chapter I INTRODUCTION 1.1 Background of the study 1.2 Statement of the objectives 1.3 Hypothesis 1.4 Significance of the study 1.5 Scope and Limitations 1.6 Definition of terms Chapter II REVIEW OF RELATED LITERATURE AND STUDIES 2.1 Banking in Vietnam 2.2 Mobile Banking Services 10 2.3 Mobile Financial Services 13 2.4 Mobile Commerce Services 15 2.5 Mobile banking technology 16 2.6 Mobile Banking in Vietnam 20 2.7 Consumer Behavior 22 2.8 Expectancy-Value Theory 25 2.9 The Theory of Reasoned Action 26 2.10 The Theory of Planned Behavior 27 2.11 Technology Acceptance Model 29 2.12 The conceptual framework 36 Chapter III RESEARCH METHODOLOGY 42 3.1 Research design 42 3.1.1 Pilot study 43 3.1.2 Variable measurement 43 iv 3.2 Determination of Sample size 46 3.3 Sampling design and techniques 47 3.4 Research Instrument 47 3.5 Data gathering procedure 48 3.5 Data processing method 49 3.6 Statistical treatment 49 3.6.1 Reliability Analysis of Scale 49 3.6.2 Exploratory Factors Analysis 49 3.6.3 Regression analysis 50 3.6.4 Testing the hypothesis 50 3.7 Evaluation of the reliability of scales 51 Chapter IV RESULTS AND DISCUSSION 55 4.1 Profile of the respondents 55 4.1.1 Demographic characteristics 55 4.1.2 The status of the use of banking services 57 4.2 Purpose of use mobile banking services 58 4.3 Analysing the differences in the use of mobile banking services 62 4.3.1 The difference by living area 62 4.3.2 The difference by gender 63 4.3.3 The difference by age 63 4.3.4 The difference by education 65 4.3.5 The difference by occupation 65 4.3.6 The difference by income 66 4.4 Exploratory Factor Analysis 67 4.5 Correlation analysis 73 4.6 Regression analysis 74 v 4.6.1 Regression model 74 4.6.2 Tesing the assumptions of the regression model 78 Chapter V SUMMARY, CONCLUSION AND RECOMMENDATIONS 81 5.1 Summary of results and findings 81 5.2 Conclusion 83 5.3 Recommendations 85 REFERENCES 90 Appendix QUESTIONNAIRE 97 Appendix DESCRIPTIVE STATISTICS 104 Appendix RELIABILITY ANALYSIS - SCALE (ALPHA) 106 Appendix EXPLORATORY FACTOR ANALYSYS (EFA) 112 Appendix REGRESSION 117 vi LIST OF TABLES Table II.1 List of mobile banking services in Vietnam 21 Table III.1 The measure indicators for customer behavior 44 Table III.2 Sampling allocation 47 Table III.3 Reliability analysis of scale 52 Table IV.1 Profile of respondents 56 Table IV.2 Time to the nearest bank branch 57 Table IV.3 The use of mobile banking services 57 Table IV.4 Purpose of use mobile banking services 58 Table IV.5 Purpose of use mobile banking services by gender 59 Table IV.6 Purpose of use mobile banking services by region 59 Table IV.7 Purpose of use mobile banking services by age 59 Table IV.8 Purpose of use mobile banking services by education level 60 Table IV.9 Purpose of use mobile banking services by occupation 61 Table IV.10 Purpose of use mobile banking services by income 61 Table IV.11 Analysis of difference by living area 62 Table IV.12 Analysis of difference by gender 63 Table IV.13 Analysis of difference by age 64 Table IV.14 Analysis of difference by education 65 Table IV.15 Analysis of difference by occupation 66 Table IV.16 Analysis of difference by income 66 Table IV.17 Exploratory factor analysis results 68 Table IV.18 Extraction component result: TRUOVER 70 Table IV.19 Components derived from results of EFA 70 Table IV.20 Correlations matrix 73 Table IV.21 Results of regression analysis 74 Table IV.22 Nonparametric correlations 79 vii LIST OF FIGURES Figure Mobile banking architecture 17 Figure Mobile banking technology model 19 Figure Factors affecting consumer behavior 23 Figure Theory of Reasoned Action 27 Figure Theory of Planned Behaviour 28 Figure Technology Acceptance Model 29 Figure The conceptual framework 41 Figure Research process 42 Figure Adjusted research model 72 Figure 10 Chart of standardized residuals and residual predicted value 79 Figure 11 Chart of residual distribution 80 viii Chapter I INTRODUCTION The rapid development of science and technology, particularly information technology, has affected all aspect of life-socio-economics of Vietnam This development process has changed the perception of the use of high-tech services in many areas, many different economic sectors, especially in the field of telecommunications, finance and banking Online transactions, payment on Internet as well as mobile network, etc have become the development and competition trends of integrated service providers in Vietnam Development of banking services based on mobile phone technology has become the objective and inevitable trend during the international economic integration more and more deeper in Vietnam The development of mobile banking services has brought significant benefits to customers as a convenient, fast and accurate of the transaction At the same time it also opens up new development opportunities for the telecommunications providers, application and software developers, e-commerce merchants, bankers, etc in Vietnam Mobile banking services are tools that permits user to carry out transactions with its bank via cell phone The concept of this service had been raised since late 20th Century Traditional payment methods such as bank transfer, credit card, debit card, bank notes, etc have been helping the payment-via-bank being convenience and popular in several developed countries that buyers will not need being face-to-face with seller, and cash becomes useless Everything has its pros and cons The traditional payment methods have certain limitations For examples, bank transfer and notes transactions must be performed within work time and places; credit/debit cards depend on sellers and the card itself From early 21st century, Internet banking has been emerging and serving consumers with certain conveniences by mean of payment Buyers can make payment from anywhere and at anytime However, some online security limitations lead to the imposture of banking cards to thieve money in several countries Consequently, consumers have been hesitated to use Internet payment In comparison with stated payment methods, Mobile banking has been less risky by transaction process while still providing users with its convenience and high security However, this service is not yet popular in Vietnam so far although lots of Banks are ready to make use of it According to The State Bank of Vietnam, in front the fast and strong development of information technology and telecom, Vietnam Prime Minister signed Decision No 2453/QD-TTg approved the project to promote non-cash payment period 2012-2015, in which, electronic payments are a key task of the project The purpose of the decision to reduce the consumption of cash and create consumer habits non-cash in large populations (Bui Quang Tien, 2012) General Director of State Bank of Vietnam in HCMC said: many people use mobile for payment as a modern payment methods and targeting high-tech is a perfect fit The investment of banks to develop mobile payment is a trend worth encouraging With the same vision, Leaders of VietA Bank said, developing money transaction services to a large extent through mobile phone is a new trend of the banking sector, although some banks start to provide the trial basic package but they have successfully implemented The ubiquity of mobile phones is changing the way for consumer access financial services The mobile banking was developing in some countries Some new services allow consumers to get account information and conduct a money transaction with the banks (named “mobile banking”) and others allow consumers to make a payment for goods and services (“mobile payments”) Since 2009, many banks in Vietnam have invested very much in technological infrastructure, diversified banking products and services, improved service quality, and built multi-channel service systems (Le Thanh Tam, 2012) Mobile phones and mobile Internet access are in widespread use in Vietnam But, Mobile banking is still not popular Sometimes it is ambiguous or expensive in the mind of many customers In brief, Vietnam has more than 86 million population (GSO, 2012), 120.7 million mobile subscribers, 15.5 million fixed subscribers, over 31% rate of people use the Internet regularly, 30.2 million mobile users and (MIC, 2012), 44 bankers with high-tech infrastructure (SBV, 2013), and more then 400 Value added services providers (MIC, 2013) It should be a great potential market for the development the high-tech financial services products, but mobile banking just stop at checking bank account, paying for telephone fee (top-up) in a small set of customers, pay for monthly bills (such as electric invoice) in restrict area, pay for purchase in simple business (e.g air-tickets) It is really not popular The question is what issues or ... 2.1 Banking in Vietnam 2.2 Mobile Banking Services 10 2.3 Mobile Financial Services 13 2.4 Mobile Commerce Services 15 2.5 Mobile banking. .. where with mobile handsets or personal digital devices In some context, mobile banking service is also called "Mobile banking" • SMS banking refer to the service or type of access the core banking. .. Vietnam with updated data from Vietnam government (State Bank of Vietnam); Mobile banking in Asia and some other countries, that also present the potential market of mobile baking services; Mobile