The effects of security and performance risks on customers’ intention to utilize electronic banking based on unified theory of acceptance and use of technology

Abstract

The study investigated factors that affect the intention to use electronic banking (E-banking) in Effutu Municipality. The study added security risk and performance into the Unified Theory of Acceptance and Use of Technology (UTAUT) model to investigate the intention to use E-banking. The study employed a cross-sectional survey research design with a quantitative approach to collect data from participants. A total number of 364 customers were conveniently selected from banks in the study area. The respondents‟ data were analyzed using linear multiple regression, means and percentages. The close-ended questionnaire was used as the research instrument in the study. The findings revealed that: (i) security risks, performance risk, effort expectancy, and social influence factors have an influence on intention to use E-banking. (ii) surprisingly, facilitating condition does not influence E-banking acceptance, (iii) the study revealed that security risk is the most important factor to determine the intention to use E-banking and (iv) the findings indicated that internet banking is the most demanded E-banking services in Effutu Municipality. The findings of this study could inform policymakers about factors that positively influence customers‟ intention to utilize E-banking, which might lead to the evaluation of the current E-banking services.