Consumer Acceptance and Use of Mobile Banking Technology of Private Banks in Chennai City Extending the Unified Theory of Acceptance and Use of Technology 2 Utaut2

Abstract

Banking is the most significant tool, that accelerates the progress of the economy of a nation, and it plays a very vital role in the progress of industries in the country too. With the evolution of telecommunications technology, the past decade has seen a great deal of advancement in the mobile phones, and their functionalities. One such feature which has come into the scene just a few years ago is the Mobile banking Service, which allows the customers to perform their transactions using their mobile phone/smart phones or tablets, from any remote location. Although, it is possible that, there may be certain restriction that could be imposed by the bank, in terms of the upper limit of the transaction amount, and so on. This may differ between the institutions that provide the mobile banking services. newlineMost common functions that are available through the mobile banking app are the following: a) Account Balance b) List of last five or ten transactions c) E-bill payments d) Intra and Inter-bank funds transfer. This is a huge step forward, since originally, hard copies of the customers bank statements were sent through post to the customer s premises, and this service came at a cost to the customers too. From the perspective of the bank or financial institutions, mobile banking is a boon, since it cuts down a huge deal of investment and energy required towards handling the transactions of the customers. Therefore, mobile banking is a win-win situation to both the customers and the financial institutions. Study is conducted adopting the UTAUT2 model, which has been developed by the researcher Mr.Venkatesh, in the year 2012 newline