Security factors on the intention to use mobile banking applications in the UK older generation (55+). A mixed-method study using modified UTAUT and MTAM - with perceived cyber security, risk, and trust

The convenience and accessibility of mobile banking applications has resulted in this becoming the preferred method of banking in the UK. Although popular amongst a younger generation, uptake is significantly lower among the older generation of those aged 55+, with some attributing this to cyber security and privacy concerns. This study proposes a model that can be used to measure the influence of cyber security factors on intention to use mobile banking applications, in the UK 55+. The unified theory of acceptance and use of technology (UTAUT) model was modified to include perceived cyber security risk , perceived cyber security trust , and perceived overall cyber security . Unlike similar studies which have been solely quantitative, this research brings further insight using a mixed-methods approach which harnesses both qualitative and quantitative data. The research model was tested using partial-least-squares structural equation modelling on coded questionnaire data, collected from 191 participants. Qualitative data was analysed through a thematic analysis. Both sets of data were analysed using a final convergent mixed-method. The results show that performance expectancy followed by perceived cyber security risk are the main determinants of intention to use mobile banking applications in the UK 55+. • Less than half of 55+ intend to use a mobile banking application in next 3 months. • Performance expectancy and perceived cyber security risk influence intention to use. • Effort expectancy, cyber security trust and overall security were insignificant. • The model explains 87% of the variance for the sample.