Factors affecting digital banking services acceptance: An empirical study in Vietnam during the COVID-19 pandemic

Abstract

Objective: The objective of this article is to examine some factors that affected the acceptance of digital banking services among consumers in Vietnam during the COVID-19 pandemic. Research Design & Methods: A research model was proposed based on the unified theory of acceptance and use of technology (UTAUT). Multivariate data analysis techniques were used alongside partial least squares structural equation modelling (PLS-SEM). The survey data were collected from 779 respondents who have been using digital banking services in Vietnam. Those respondents were recruited through convenience sampling. Findings: The results show that performance expectancy, effort expectancy, social influence, facilitating conditions, trust, and the perceived risk of COVID-19 affect the acceptance of digital banking services. Furthermore, the perceived risk of COVID-19 has the most significant impact on the acceptance of digital banking services, followed by effort expectancy, performance expectancy, social influence, and trust. Implications & Recommendations: Therefore, banks have to enhance the quality of services as well as improve their advertising to help customers acknowledge the benefits of the financial services in question. Contribution & Value Added: This study is among few studies that apply the unified theory of acceptance and use of technology (UTAUT) in the Vietnamese context of the banking industry, particularly during the COVID-19 pandemic. Thus, this study fills in the gap of the topic in a developing country context like Vietnam.

Keywords

• COVID-19
• Digital banking services
• UTAUT
• Vietnam