Management Science Letters 3 (2013) 2795–2804

Contents lists available at GrowingScience

Management Science Letters

homepage: www.GrowingScience.com/msl

An extended technology acceptance model for detecting influencing factors: An empirical

investigation

Mohamd Hakkaka*, Hojjat Alh Vahdatia and Vahid Pirdadeh Biranvandb

a
Assistant Proffessor, Management Department, Lorestan University, Khoram Abad, Iran
b
Master of Art in Executive, Management Department, Lorestan University, Khoram Abad, Iran
CHRONICLE ABSTRACT

Article history: The rapid diffusion of the Internet has radically changed the delivery channels applied by the
Received June 22, 2013 financial services industry. The aim of this study is to identify the influencing factors that
Received in revised format encourage customers to adopt online banking in Khorramabad. The research constructs are
28 August 2013 developed based on the technology acceptance model (TAM) and incorporates some extra
Accepted 27 September 2013
Available online
important control variables. The model is empirically verified to study the factors influencing
September 29 2013 the online banking adoption behavior of 210 customers of Tejarat Banks in Khorramabad. The
Keywords: findings of the study suggest that the quality of the internet connection, the awareness of online
Online banking banking and its benefits, the social influence and computer self-efficacy have significant
Technology acceptance model impacts on the perceived usefulness (PU) and perceived ease of use (PEOU) of online banking
Khorramabad acceptance. Trust and resistance to change also have significant impact on the attitude towards
the likelihood of adopting online banking.
© 2013 Growing Science Ltd. All rights reserved.

1. Introduction

With the rapid growth of Internet technology, online banking has played an important and central role
in the e-payment area and it provides an online transaction platform to support many e-commerce
applications such as online shopping, online auction, internet stock trading, etc. However, despite the
fact that online banking provides many advantages, such as faster transaction speed and lower
handling fees (Kalakota & Robinson, 2003), there are still a large group of customers who refuse to
adopt such services due to uncertainty and security concerns (Kuisma et al., 2007; Littler &
Melanthiou, 2006). Therefore, understanding the reasons for this resistance would be useful for bank
managers in formulating strategies aimed at increasing online banking use (Lee, 2009). In recent
years, a variety of theoretical perspectives have been applied to give some insight of the determinants
of Internet banking adoption and applications, including the intention models from social psychology.
From this stream of social psychology research, the technology acceptance model (TAM) (Davis,
*Corresponding author. Tel: +98-9122599727
E-mail address: [email protected] (M. Hakkak)

© 2013 Growing Science Ltd. All rights reserved.

doi: 10.5267/j.msl.2013.09.030
2796

1989), an adaptation of theory of reasoned action (TRA) (Fishbein & Ajzen, 1975) and the theory of
planned behavior (Ajzen, 1991) (TPB), are especially well researched intention models that have
proven successful to predict technology acceptance behavior (Nasri & Charfeddine, 2012.;Chau &
Hu, 2001.; Gefen, 2000.; Gefen & Straub, 2000; Igbaria et al., 1995.; Szajna, 1994). The purposes of
this study are to identify and to describe the factors influencing the adoption of Internet banking in
Khorramabad, to clarify which factors are more influential in affecting the intention to use Internet
banking in Khorramabad and to detect the nature and strength of the relationship among these factors.

The remainder of the paper is set out in six sections. The first section contains a literature review on
online banking and information systems acceptance. The second section presents the research model.
The third section, the research methodology used in this work. The Fourth section comprises the data
analysis and hypotheses testing results. In this section, the data is analyzed using a structural equation
modeling. Finally, the results and concluding remarks are given in the last to summarize the
contribution of the paper.

2. Theoretical background

2.1. Technology acceptance model

Al-Somali et al. (2009) provided a comprehensive review of the technology acceptance model (TAM)
and reported that users’ attitude towards the acceptance of a new information system (IS) could
influence on its success (Succi & Walter, 1999; Davis et al., 1989; Venkatesh & Davis, 1996).
Researchers have been trying to find factors influencing individual’s acceptance of information
technology (IT) to enhance its usage. Several theoretical models have been proposed that have their
roots in ISs, psychology and sociology (Venkatesh et al., 2003). The current study proposes the
application of the technology acceptance model (TAM) to capture factors, which have significant
impact on the acceptance of online banking. TAM as illustrated in Fig. 1 is one of the most popular
models for studying IS acceptance (Al-Gahtani, 2001; Venkatesh & Davis, 1996; Davis, 1989). TAM
posits that two particular beliefs, perceived usefulness (PU) and perceived ease of use (PEOU) are the
main determinants of the attitudes (AT) towards implementing a new technology. PU concerns the
degree in which a person believes that using a particular system would enhance his or her job
performance; while PEOU is defined as the degree in which a person believes that using a particular
system would be free of effort (Davis, 1989; Davis et al., 1989). These two beliefs create a favorable
behavioral intention (BI) toward using IT that consequently affects its self-reported implementation
(Davis et al., 1989). Moreover, TAM postulates that BI is viewed as being jointly determined by the
person’s attitude towards using system (AT) and PU (Davis et al., 1989).

Perceived
usefulness
(PU)
Attitude Behavioral Actual
towards intention to System use
using (AT) use (BI)

Perceived
ease of use
(PEOU)

Fig. 1. TAM model (Davis et al., 1989)

 M. Hakkak et al. / Management Science Letters 3 (2013) 2797

2.2. Factors influencing online banking acceptance

Many factors are observed to influence the acceptance of online banking and it is essential to
carefully consider these issues.

2.2.1. Quality of the Internet connection

The key characteristics of a web site are normally categorized into either content or design (Huizingh,
2000). Content refers to the information offered in the web site. The contents play important roles in
influencing the behaviors of consumers. Thus, a lot of studies have selected content (or information
content) as a measurement of web site quality (Ranganathan & Ganapathy, 2002). Although
originally online banking focused on the function that performs bank transactions in Internet, most
online banking web sites now provide a variety of information areas such as investment, real estate,
and personal financial planning information. The information content of online banking may
therefore have a positive influence on customers’ satisfaction (Yoon, 2010).

2.2.2. Awareness of services and its benefits

According to Sathye (1999) the use of online banking services is quite a new experience for many
customers and low awareness of online banking is a critical factor in causing customers not to adopt
online banking. In his study of Australian customers, Sathye (1999) reported that customers were not
aware about the benefits, advantages and disadvantages associated with online banking. This is also
consistent with Howcroft et al. (2002), confirming that lack of awareness of online banking services
and its benefits are believed to be the main reasons for consumers’ reluctance to apply the online
banking services offered by banks (Al-Somali et al., 2009).

2.2.3. Trust

Alsajjan and Dennis (2010) provided a comprehensive review of the many definition of customer
trust. Some of the definition include: Trust is at the heart of all kinds of relationships (Morgan &
Hunt, 1994). Definitions and conceptualization vary with disciplines, such that psychologists view
trust as a personal trait, sociologists consider it a social construct, and economists see it as an
economic choice mechanism (McKnight & Chervany, 2002).

In the social psychology realm, Rousseau et al. (1998) define trust as “perceptions about others’
attributes and a related willingness to become vulnerable to others.” In this sense, consumers might
not use e-commerce because they do not trust in Internet businesses (Grewal et al., 2004). With great
trust, people can resolve their uncertainty regarding the motives, intentions and prospective actions of
others on whom they depend (Kramer, 1999), as well as save money and effort, because trust reduces
monitoring and legal contract costs (Fortin et al., 2002).

The lack of trust in online transactions and Web vendors thus represents an important obstacle to the
market penetration of e-channels (Liu et al., 2004). Moreover, recent studies indicate that trust had a
critical influence on users’ willingness to engage in online exchanges of money and sensitive
personal information (Friedman et al., 2000).

2.2.4. Social influence

Venkatesh and Morris (2000) confirm that social influence plays an important role in determining the
acceptance and usage behaviour of adopters of new ITs. In Taylor and Todd’s(1995) study, social
influences were equivalent to subjective norm and defined as other people’s opinion, superior
influence, and peer influence. Furthermore, customers may have unfavorable or favorable perceptions
2798

towards online banking use because of the perceptions of a family member, acquaintances or peers
influence. In a similar vein, Davis et al.(1989) believed that in some circumstances people might use
a technology to comply with others’ mandates rather than their own feelings and beliefs (Al-Somali et
al., 2009)

2.2.5. Resistance to change

The issue of customers’ resistance to change from traditional ways of conducting banking activities to
online banking has received considerable attention in the literature (e.g. Sathye, 1999; Wallis, 1997).
Generally, unless such a need is accomplished, customers may not be prepared to change from the
present ways of operating. Daniel (1999) reported in his study that there was a high level of
customers’ inertia in changing their established banking activities to online banking (Al-Somali et al.,
2009).

2.2.6. Computer self-efficacy

In general, prior research has recommended a positive relationship between experience with
computing technology and computer usage (Agarwal & Prasad, 1999; Harrison & Rainer, 1992;
Levin & Gordon, 1989). Computer self-efficacy is defined as the judgment of one's ability to use a
computer (Nasri & Charfeddine, 2012; Compeau & Higgins, 1995), self-efficiency (Davis et al.,
1989) and Wang et al. (2003) reported that “computer self-efficacy” and “perceived ease of use” are
correlated. Polatoglu and Ekin (2001) implied that customers, who are familiar with the Internet and
e-mail, should not find Internet banking to be complex. Based on the theoretical and empirical
support from the IS literature, it can be concluded that the stronger a person’s self-efficacy beliefs,
the more likely he or she tries to achieve the required outcome (Al-Somali et al., 2009).

2.2.7. Demographics characteristic

The review of the literature concerning online banking user reveals that a typical user can be
classified as a highly educated, relatively young and wealthy person with a good knowledge of
computers and especially the Internet (Karjaluoto et al., 2002). Many studies have suggested that
demographic factors influence heavily on consumer attitudes and behavior regarding online banking
(Alagheband, 2006; Sathye, 1999; Lai & Li, 2005; Lassar et al., 2005; Eastin, 2002; Lee & Lee,
2001; Burke, 2002). Sathye (1999) indicated that young, educated and wealthy consumers were
among those most likely to adapt online banking in Australia (Al-Somali et al., 2009).

3. Research model

Drawing upon the earlier discussion based on the theoretical background, this study investigated the
determinants of customer attitudes towards online banking acceptance in Khorramabad using an
extended TAM taking into account the effect of a few additional important control variables (e.g. the
quality of Internet connection, awareness of online banking and its benefits, social influence,
computer-related self-efficacy, trust, resistance to change and demographic characteristic).

PEOU and PU influence an individual’s attitude towards using online banking; in turn, attitude will
influence the intention to use online banking services and therefore influence the actual use of online
banking. Actual use will be predicted by individual’s adoption intention (AI).The extended TAM
used in this study is illustrated in Fig. 2.
 M. Hakkak et al. / Management Science Letters 3 (2013) 2799

Control Variables

Control Variables
H5 H7
Resistance to change (RC) Gender

H6 H8
Trust (TR) Education

Social
Influence
(SI) H1
H12

Control Variables
Awareness Perceived
of services H2 Usefulness H10
(AW) (PU) Attitude Adoption Online
Towards H13 Intention Banking
Self H11 Use (AI) Usage
Efficacy (ATT) (U)
H3
(SE) Perceived H9
Ease of Use
Quality of (PEOU)
Internet H4
connection
(QI)

Fig. 2. Proposed research model—the extended TAM

3.1. Research hypotheses

H1 : Social influence has a positive impact on customer’s perceived usefulness.

H2 : Awareness of services and its benefits has a positive impact on customer’s perceived usefulness.
H3 : Higher computer self-efficacy has a positive impact on customer’s perceived ease of use.
H4 : Quality of the Internet connection has a positive impact on customer’s perceived ease of use.
H5 : Resistance to change has significant impact on customer’s attitude towards using online banking.
H6 :Customer’s trust in online banking site has a positive impact on his/her attitude towards using
online banking.
H7 : Gender has a significant impact on customer’s attitude towards using online banking. Males are
more likely to adopt online banking.
H8 : Education has a positive impact on customer’s attitude towards using online banking.
H9 : Customer’s perceived ease of use has a positive impact on his/her attitude towards using online banking.
H10: Customer’s perceived usefulness has a positive impact on his/her attitude towards using online banking.
H11: Customer’s perceived ease of use has a positive impact on his/her perceived usefulness of online banking
H12: Customer’s perceived usefulness has a positive impact on his/her intention to use online banking.
H13: Customer’s attitude towards using online banking has a positive impact on his/her intention to use it.

4. Research methodology

The survey method was used for collecting the data to test the hypotheses. A sample of 210 people
was randomly chosen from the Customers of Tejarat Banks in Khorramabad. These people worked in
different organizations and in different industries. All participants were bank customers selected
randomly from universities, companies, Internet cafe´s. Direct delivery of the survey questionnaire to
participants was preferred as opposed to using online or postal surveys. Measurement items used in
this study were adapted from previously validated measures or were developed on the base of a
literature review or were derived from thorough consultation with IS experts to ensure their reliability
and validity. Moreover, a five-point Likert scale ranging from (1) ‘strongly disagree’ to (5) ’strongly
agree’ were used to assess responses. A pilot test of the measures was conducted on a representative
sample of 20 people randomly chosen and questionnaire statements were modified based on the
results of the pilot test. The final questionnaire items used to measure each construct are presented in
Table 1. To test this hypotheses, LISREL software was used based on structural equation modeling
(SEM), and it was applied to test the measurement model to determine the internal consistency
reliability and construct validity of the multiple items scales used. Fig. 3 demonstrates details of the
surveyed people.
2800

33 30
104 27
106
171 131

Male Female 18--25 26--35 36--45 12 16 18

Gender Age Years of educational background

8 4 27
15
74 82
40
116
44
10

None Begineer Some capability ATMs Visiting bank

Intermediate Advanced Expert Telephone Online banking

Computer background Usage of Electronic banking methods

Fig. 3. Personal characteristics of online bank users

Table 1
Psychometric properties of the constructs
Constructs Measures Loading t- (α)
Value (AVE)
Quality of QI1=My access to the Internet is easy. 0.54 7.14 0.68 0.37
Internet QI2=The Internet enables to handle my online financial transactions, accurately. 0.73 9.91
Connection QI3=Using the Internet for handling online financial transactions is efficient. 0.59 7.78
(QI) QI4=The Internet enables customers to access the bank’s website 0.54 7.13
Awareness AW1=I receive enough information about online banking services. 0.73 11.14 0.82 0.62
of services AW2=I receive enough information about the benefits of online banking. 0.90 14.33
(AW) AW3=I receive enough information of using online banking. 0.72 10.96
Perceived PU1=Online banking enables me to accomplish banking activities more quickly. 0.69 9.91 0.74 0.44
usefulness PU2=Online banking enables me to improve Performance of utilizing banking services. 0.75 10.98
(PU) PU3=Online banking enables me to accomplish more banking activities. 0.63 8.88
PU4=Online banking gives me greater control over financial banking activities. 0.56 7.81
Perceived PEOU1= Learning to use online banking will be or has been easy. 0.70 9.73 0.74 0.51
ease of use PEOU2=I expect to become or I am already skilled at using online banking. 0.56 7.76
(PEOU) PEOU3 =Overall, I expect online banking will be easy for me to use. 0.86 11.69
Attitude ATT1=Online banking development will support customers. 0.58 7.88 0.58 0.35
towards use ATT2=I will encourage the use of online banking among my colleagues. 0.56 7.49
(ATT) ATT3=Overall, the attitude towards online banking usage is positive. 0.62 8.43
Behavioral AI1=I will use online banking on regular basis in the future. 0.64 8.14 0.66 0.50
intention to AI2=I expect my use of online banking for handling my financial transactions to 0.77 9.34
use (AI) continue in the future.
Trust (TR) TR1=The online banking site is trust worthy. 0.75 11.83 0.84 0.52
TR2=I trust in the benefits of the decisions of the online banking site. 0.74 11.78
TR3=The online banking site keeps its promises and commitments. 0.75 11.95
TR4=The online banking site keeps customers’ best interest in mind. 0.57 8.38
TR5=I trust my bank’s online banking site. 0.79 12.68
Self- SE1=I conduct online banking Transactions and I call someone for help if I am in trouble. 1.00 20.38 1.00 1.00
efficacy SE2=I am confident of using online banking system even if I have never used such a system 1.00 20.38
(SE) before.
Social SI1=When trying new technology, I trust my own. 0.75 5.94 0.59 0.44
influence SI2=When trying new technology, I use advice others. 0.56 5.35
(SI)
Resistance RC1=I am interested to hear about new technological developments. 0.67 9.30 0.71 0.49
to change RC2=Technological developments have enhanced our lives. 0.82 11.17
(RC) RC3=I feel comfortable in changing and using online banking services for my 0.60 8.20
financial activities.
 M. Hakkak et al. / Management Science Letters 3 (2013) 2801

5. Data analysis

5.1.Analysis of the measurement model

Cronbach’s alpha scores shown in Table 1 indicate that each construct exhibit strong internal
reliability. Convergent validity was assessed based on the criteria that the indicator’s estimated
coefficient was significant on its posited underlying construct factor All indicator factor loading (λ)
should be significant and exceed 0.5 and the results of Table 2 indicate that, Inter-Item Correlation
Matrix of the each dimension of the scale was positively significant.

Table 2
Correlation Matrix
Construct QI SE PEOU AW SI PU RC TR ATT AI
QI 1.000
SE 0.383 1.000
PEOU 0.445 0.341 1.000
AW 0.510 0.372 0.584 1.000
SI 0.391 0.410 0.263 0.224 1.000
PU 0.472 0.196 0.296 0.331 0.352 1.000
RC -0.385 -0.451 -0.199 -0.279 -0.497 -0.427 1.000
TR 0.315 0.384 0.270 0.430 0.495 0.375 -0.395 1.000
ATT 0.417 0.302 0.433 0.372 0.431 0.482 -0.401 0.341 1.000
AI 0.437 0.324 0.410 0.321 0.370 0.480 -0.450 0.239 0.719 1.000
Note 1: QI = quality of Internet connection; AW = awareness of services and its benefits; TR = trust; SE = self-efficacy; SI = social influence; RC =
resistance to change; PU = perceived usefulness; PEOU = perceived ease of use; ATT = attitude towards use; AI = behavioral intention to use.

5.2. Examination of research hypotheses

This section discusses the results relative to the structural model and the hypothesis formed for each
construct (Table 3).

Table 3
Assessment of the structural model
No. Hypothesis path R2 Path coefficient(β) t-Value Sig Supported?
H1 SI → PU 0.1849 0.43 4.17 0.000 yes
H2 AW → PU 0.1369 0.37 4.13 0.000 yes
H3 SE → PEOU 0.0324 0.18 2.29 0.000 yes
H4 QI → PEOU 0.3364 0.58 5.89 0.000 yes
H5 RC → ATT 0.2601 -0.51 -4.50 0.000 yes
H6 TR → ATT 0.1225 0.35 3.60 0.000 yes
H7 Gender →ATT 0.0025 0.05 1.14 0.371 No
H8 Education →ATT 0.0025 0.05 0.80 0.385 No
H9 PU → ATT 0.3481 0.59 5.53 0.000 yes
H10 PEOU → ATT 0.3136 0.56 5.49 0.000 yes
H11 PEOU → PU 0.1225 0.35 3.85 0.000 yes
H12 PU → AI 0.4624 0.68 6.23 0.000 yes
H13 ATT → AI 0.9409 0.97 8.69 0.000 yes

The structural model can be assessed by examining the path coefficients beta weight (β), which
illustrates how strong the relationships between the dependent is and independent variables and R2
show the predictive power of the model, and the values should be interpreted in the same way as R2 in
a regression analysis. There are 11 variables with significant statistical support. It was found that
social influence and awareness of online banking services have significant effects on PU. Both paths
had positive effects, with path coefficients of 0.43 and 0.37, respectively, meaning that Hypotheses 1
and 2 were supported. Self-efficacy (SE) and quality of Internet connection did have significant
effects on PEOU. These two factors had positive path coefficients of 0.18 and 0.58 meaning that
Hypotheses 3 and 4 were also supported. Pu and Peou influenced customer attitudes towards using
online banking, supporting Hypotheses 9 and 10. These factors had positive path coefficients 0.59
and 0.56, respectively. As suggested by Hypotheses 5 and 6, resistances to change, and trust
2802

significantly impact customer attitudes towards using online banking ,with path coefficients -0.51 and
0.35, respectively. Surprisingly, gender and education had no effect on attitudes towards use, as
indicated by the two non-significant, that Hypotheses 7, and 8 were not supported. Moreover, both
Hypotheses 12 and 13, which suggest that PU and attitude towards using have a significant positive
influence on AI were supported with positive path coefficients 0.68 and 0.97, respectively. Moreover,
Hypothesis 11, which posits that PEOU has a positive impact on PU was supported and the empirical
results provided a strong support for this hypothesis with positive path coefficients 0.35.

6. Conclusion

The use of online banking is expected to grow; however, as there are already several millions of
active users worldwide, we need to shift the focus of research towards customer satisfaction and
customer loyalty (Yoon, 2010; Mäenpää et al., 2008). The current study has identified several
significant factors impacting customer attitudes towards online banking acceptance in the
Khorramabad commercial banks including, quality of Internet connection, trust, social influence,
resistance to change, awareness of online banking services and its benefits and computer self-
efficacy. The results of the R2 have shown some relationships between the Attitude towards using
(ATT) and Adoption Intention (AI) has been calculated as 0.94. The implication is that Attitude
towards using online banking has been a critical factor in causing customers Adoption online
banking. Therefore Khorramabad commercial banks need to encourage customers by using various
types of advertising media such as leaflets and brochures, SMS messages through mobile phones and
e-mail. This will result in the widespread promotion of the services to a wider audience and educate
potential customers about the benefits of online banking as the service is quite new to many
customers. Generally, the increased availability of broadband connection throughout the country
would lead to greater adoption of online banking, since the infrastructure plays an important part in
limiting adoption rates by Khorramabad customers. Overall, widespread usage of online banking in
Khorramabad promising practice, especially if banks can promote the benefits and security features
of online banking in the context of increased broadband provision.

6.1. Research limitations and further research

The results show that the proposed model has a good explanatory power and confirms its robustness
in predicting customers' intentions to use Internet banking. There are several limitations in this
research study. The factors selected in this study may not cover all important issues that could
influence the adoption of the Internet banking. Therefore, future studies can consider other factors,
which might have an influence in the adoption of Internet banking services.
Acknowledgement

The authors would like to thank the anonymous referees for constructive comments on earlier version
of this paper.

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