Continuous use Intention of Mobile Banking Apps by

Millennial in Uva Province: Moderating Role of

Personalization

This dissertation is submitted as a partial fulfillment of the degree of Master of

Business Administration 2023

[Link]

UWU/MBA/01/0049

Faculty of Management
 DECLARATION

Declaration by the Student

“I declare that this is my own work and this thesis/dissertation does not incorporate without
acknowledgement any material previously submitted for a degree or Diploma in Uva Wellassa
University or any other University or institute of higher learning and to the best of my
knowledge and belief it does not contain any material previously published or written by
another person except where the acknowledgement is made in the text. In addition, I hereby
grant to Uva Wellassa University of Sri Lanka the non-exclusive right to reproduce and
distribute my thesis/dissertation, in whole or in part in print, electronic or other medium. I
retain the right to use this content in whole or in part in future works (such as articles or
books)”.

Name of the Student: [Link]

Signature: Date:

Declaration by the Supervisor

“The above candidate has carried out research for the master thesis/Dissertation for the degree
of Master of Business Administration under my supervision and consulted me adequately
during the completion of the thesis”.

Name of the Supervisor: [Link]

Signature of the supervisor: Date:

Name of the Supervisor: [Link](Senior Lecturer)

Signature of the supervisor: Date:

i
 ACKNOWLEDGEMENT

Firstly, I am heartily thankful to my supervisor, [Link],

[Link] (Senior Lecturer) and other Lecturers, Department of Management
University of Uva for the excellence guidance, support and encouragement enabled me to
develop the deepest understanding about the research. This research for a great experience in
my life by doing research my own and by doing a research for the guidance and for all the
knowledge and assistance they gave me throughout my academic life, in respect of a subject
which enhances our abilities. Without her expect and great insightful advice, I could not have
finished this thesis in time. Moreover, I am grateful to respondents who invested their time to
provide answers to my questionnaire. Finally, I am grateful to my family and friends for their
unconditional support, interest, help and encouragement throughout the thesis trajectory.

ii
 ABSTRACT

Adopting technology, specifically Internet banking, has become crucial in the modern
business world. This technology's potential is immense. Using the unified theory of
acceptance and use of technology (UTAUT) and electronic service (e-service) quality, which
accounts for changes in users' intention to employ Internet banking, this study seeks to
identify the determinants of Internet banking adoption. Data was collected through a
structured questionnaire from the 250 customers who use m-banking apps in state and private
banks in Uva province. The sampling frame for the investigation was constructed using a
convenience sampling method. The methodology of quantitative research was utilized for this
investigation. Descriptive statistics, correlation analysis, regression analysis, and moderating
analysis were utilized in the study of the data. The findings revealed that customers exhibited
high levels of performance expectancy, effort expectancy, social influence, hedonic
motivation, habit, personalization, and intention to use mobile banking apps. Additionally, a
strong positive relationship was found between performance expectancy, effort expectancy,
social influence, hedonic motivation, habit, personalization, and intention to use mobile
banking apps. Moreover, the study found a significant impact of performance expectancy,
effort expectancy, social influence, hedonic motivation, habit, and personalization on
intention to use. Furthermore, there were significant differences in performance expectancy,
effort expectancy, social influence, hedonic motivation, and habit across personalization of
the intention to use mobile banking [Link] results reveal that the integrated UTAUT model
had a significant influence on user intention to adopt Internet banking. Furthermore, the
integration of the UTAUT model contributes to the advancement of Internet banking
acceptance and offers useful insights to researchers and policy-makers on how to enhance
Internet banking acceptance among customers of banks.

Key words: Performance Expectancy, Effort Expectancy, Social Influence, Hedonic

Motivation, Habit, Personalization and Intention to Use

iii
 TABLE OF CONTENTS
DECLARATION ...................................................................................................................... i

Declaration by the Student ...................................................................................................... i

Declaration by the Supervisor ................................................................................................. i

ACKNOWLEDGEMENT ...................................................................................................... ii

ABSTRACT ............................................................................................................................ iii

TABLE OF CONTENTS ....................................................................................................... iv

LIST OF TABLES................................................................................................................ viii

LIST OF FIGURES................................................................................................................. x

CHAPTER 01: INTRODUCTION ........................................................................................ 1

1.1 Background of the Study .................................................................................................. 1

1.2 Banking Sector Introduction ............................................................................................. 3
1.3 Problem Statement ............................................................................................................ 8
1.4 Questions / Objectives ...................................................................................................... 9
1.4.1 Research Questions .................................................................................................... 9
1.4.2 Objectives of the Study ............................................................................................ 10
1.5 Significance of the study ................................................................................................ 10
1.5.1 Theoretical Significance .......................................................................................... 10
1.5.2 Practical Significance ............................................................................................... 11
1.6 Briefly Research Method ................................................................................................ 12
1.7 Organization of the Chapters .......................................................................................... 13
1.8 Chapter Summary ........................................................................................................... 14
CHAPTER 02: LITERATURE REVIEW .......................................................................... 16

2.1 Chapter Introduction ....................................................................................................... 16

2.2 Theoretical Review ......................................................................................................... 16
2.2.1 Mobile Banking Apps .............................................................................................. 16
2.2.2 Millennials ............................................................................................................... 17
2.2.3 Continuous use intention .......................................................................................... 18
2.2.4 Service Personalization ............................................................................................ 18
2.2.5 Performance Expectancy.......................................................................................... 20
2.3 Models and Theories relevant to main Concepts ............................................................ 20
2.3.1 Unified Theory of Acceptance and Use of Technology (UTAUT) ...................... 20

iv
 2.3.2 Unified Theory of Acceptance and Use of Technology 2 (UTAUT2)................. 22
2.3.3 Expectation Confirmation Model ......................................................................... 23
2.3.4 Technology Acceptance Model (TAM) ............................................................... 24
2.4 Hypothesis of the Study .................................................................................................. 25
2.4.1 Personalization and Continuous Use Intention ........................................................ 25
2.4.2 Performance Expectancy, Personalization and Continuous Use Intention .............. 26
2.4.3 Effort Expectancy, Personalization and Continuous use intention .......................... 28
2.4.4 Social influence, Personalization and Continuous use intention ............................. 30
2.4.5 Facilitating Conditions, Personalization and Continuous use intention .................. 32
2.4.6 Hedonic Motivation, Personalization and Continuous use intention ....................... 33
2.4.7 Habit, Personalization and Continuous use intention .............................................. 34
2.5 Conceptual Framework ................................................................................................... 36
2.6 Chapter Summary ........................................................................................................... 36
CHAPTER 03: METHODOLOGY ..................................................................................... 38

3.1 Chapter Introduction ....................................................................................................... 38

3.2 Research Design ............................................................................................................. 38
3.1.1 Research Philosophy ................................................................................................ 39
3.1.2 Research Approach .................................................................................................. 39
3.1.3 Nature of the Study .................................................................................................. 40
3.1.4 Research Strategy ..................................................................................................... 40
3.2 Unit of Analysis, Population and Sample Design .......................................................... 40
3.2.1 Unit of Analysis ....................................................................................................... 40
3.2.2 Population ................................................................................................................ 40
3.2.3 Sample ...................................................................................................................... 41
3.2.4 Sample Size .............................................................................................................. 41
3.3 Data Collection ............................................................................................................... 42
3.4 Questionnaire Development ........................................................................................... 42
3.4.1 Source of Measurement ........................................................................................... 42
3.5 Measurement of Variables .............................................................................................. 42
3.5.1 Independent Variables.............................................................................................. 42
3.5.2 Moderate Variable .................................................................................................... 44
3.5.3 Dependent Variable.................................................................................................. 44
3.6 Reliability and Validity of measures .............................................................................. 45
3.6.1 Reliability ................................................................................................................. 45
3.7 Statistical Procedure ....................................................................................................... 45

v
 3.7.1 Univariate Analysis (Descriptive Statistics) ............................................................ 45
3.7.2 Bivariate Analysis (Inferential Statistics) ................................................................ 46
[Link] Correlation Analysis .......................................................................................... 47
[Link] Regression Analysis .......................................................................................... 47
3.8 Chapter Summary ........................................................................................................... 48
CHAPTER 04: DATA PRESENTATION AND ANALYSIS ............................................ 50

4.1 Introduction..................................................................................................................... 50
4.2 Demographic Profile of the Respondents ....................................................................... 50
4.2.1 Use of Mobile Banking Apps Last 3 Years ............................................................. 50
4.2.2 Use of Mobile Banking Apps................................................................................... 51
4.2.3 Gender ...................................................................................................................... 51
4.2.4 Age Level of the Respondents ................................................................................. 51
4.2.5 Income Level............................................................................................................ 52
4.2.6 Employment ............................................................................................................. 52
4.2.7 Educational Level .................................................................................................... 53
4.3 Research Information...................................................................................................... 53
4.3.1 Analysis of Reliability ............................................................................................. 53
4.3.2 Analysis of Validity ................................................................................................. 54
4.3.3 Univariate Analysis .................................................................................................. 55
[Link] Level of Performance Expectancy .................................................................... 56
[Link] Level of Effort Expectancy ............................................................................... 56
[Link] Level of Social Influence .................................................................................. 56
[Link] Level of Facilitating Conditions ........................................................................ 56
[Link] Hedonic Motivation ........................................................................................... 57
[Link] Habit .................................................................................................................. 57
[Link] Personalization .................................................................................................. 57
[Link] Continuous use intention ................................................................................... 57
4.3.4 Pearson’s Correlation Analysis ................................................................................ 57
[Link] Pearson’s Correlation among Performance Expectancy, Effort Expectancy,
Social Influence, facilitating Conditions, Hedonic Motivation, Habit and
Personalization .............................................................................................................. 58
[Link] Pearson’s Correlation among Performance Expectancy, Effort Expectancy,
Social Influence, facilitating Conditions, Hedonic Motivation, Habit and Continuous
use intention .................................................................................................................. 59
4.3.5 Simple Regression Analysis and Moderator Analysis ............................................. 60
[Link] Personalization and Continuous use intention................................................... 60

vi
 [Link] Performance Expectancy, Personalization and Continuous use intention ........ 61
[Link] Effort Expectancy, Personalization and Continuous use Intention ................... 64
[Link] Social influence, Personalization and Continuous Use Intention ...................... 67
[Link] Facilitating Conditions, Personalization and Continuous use intention ............ 70
[Link] Hedonic Motivation, Personalization and Continuous use intention ................ 73
[Link] Habit, Personalization and Continuous use intention ........................................ 76
4.4 Summary of Hypotheses Testing .................................................................................... 79
4.5 Chapter Summary ........................................................................................................... 81
CHAPTER 05: CONCLUSION AND RECOMMENDATIONS ..................................... 81

5.1 Chapter Introduction ....................................................................................................... 81

5.2 Key Findings ................................................................................................................... 81
5.3 Discussion on Findings ................................................................................................... 82
5.4 Conclusion ...................................................................................................................... 84
5.5 Implications .................................................................................................................... 84
5.5.1 Theoretical Implications .......................................................................................... 84
5.5.2 Practical Implications ............................................................................................... 85
5.6 Limitations and Directions for Future Research ............................................................. 86
5.7 Significance of the study ................................................................................................ 87
5.7.1 Theoretical Significance .......................................................................................... 87
5.7.2 Practical Significance ............................................................................................... 87
REFERENCES ....................................................................................................................... 90

APENDIX 01: RESEARCH QUESTIONNAIRE ............................................................. 101

vii
 LIST OF TABLES

Table 1.1: Location of bank branches by district and percentage using mobile banking 6

Table 3.1 Sampling Framework .................................................................................. 41

Table 3.2 Summary of Measurement for Independent Variable ................................. 43

Table 3.3 Summary of Measurement for Moderate Variable ..................................... 44

Table 3.4 Summary of Measurement for Dependent Variable ................................... 44

Table 3.5: Decision Criteria for Reliability Analysis .................................................. 45

Table 3.6: Decision Criteria for Univariate Analysis .................................................. 46

Table 3.7: Correlation Scale ........................................................................................ 47

Table 3.8: Summary: Objective-wise analysis methods ............................................. 48

Table 4.1: Use of Mobile Banking Apps of the Respondents ..................................... 51

Table 4.2: Gender of the Respondents ........................................................................ 51

Table 4.3: Age Level of the Respondents ................................................................... 52

Table 4.4: Income Level of the Respondents .............................................................. 52

Table 4.5: Employment of the Respondents ............................................................... 53

Table 4.6: Educational Level of the Respondents ....................................................... 53

Table 4.7: Results of Reliability Analysis ................................................................... 54

Table 4.8: Results of Validity Analysis....................................................................... 55

Table 4.9: Mean/ Standard Deviation of Variables ..................................................... 55

Table 4.10: Performance Expectancy, Effort Expectancy, Social Influence, facilitating

Conditions, Hedonic Motivation, Habit and Personalization ...................................... 58

Table 4.11: Performance Expectancy, Effort Expectancy, Social Influence, Facilitating

Conditions, Hedonic Motivation, Habit and Continuous use intention ...................... 59

Table 4.12 Impact of Personalization on Continuous use intention ............................ 60

Table 4.13 Impact on Performance Expectancy on Continuous use intention ............ 61

Table 4.14: Model Summary of the Model 1 (Moderation Regression Analysis) ...... 62

Table 4.15: Coefficient Values of Model 1 (Moderation Regression Analysis) ......... 63

viii
Table 4.16: Test (s) of Highest Order Unconditional Interaction (s) of Model 1 ....... 64

Table 4.17 Impact on Effort Expectancy on Continuous Use Intention ..................... 64

Table 4.18: Model Summary of Moderation Regression Analysis Model 2 ............... 66

Table 4.19: Model Summary of Model 2 .................................................................... 66

Table 4.20: Test (s) of Highest Order Unconditional Interaction (s) of Model 2 ....... 67

Table 4.21 Impact on Social Influence on Continuous Use Intention ......................... 68

Table 4.22: Model Summary of Moderating Regression Analysis for Model 3 ......... 69

Table 4.23: Coefficient Values of Model 3 ................................................................. 69

Table 4.25: Test (s) of Highest Order Unconditional Interaction (s) of Model 3 ...... 70

Table 4.26 Impact on Facilitating Conditions on Continuous use intention ............... 71

Table 4.27: Model Summary of Moderating Analysis for Model 4 ............................ 72

Table 4.28: Coefficient Values of Model 4 ................................................................. 72

Table 4.29: Test (s) of Highest Order Unconditional Interaction (s) for Model 4 ...... 73

Table 4.30 Impact on Hedonic Motivation on Continuous use intention ................... 74

Table 4.31: Model Summary of Moderating Regression Analysis for Model 5 ......... 75

Table 4.32: Coefficient Values of Model 5 ................................................................. 75

Table 4.33: Test (s) of Highest Order Unconditional Interaction (s) for Model 5 ...... 76

Table 4.34 Impact on Habit on Continuous use intention ........................................... 77

Table 4.35: Model Summary of Moderating Regression Analysis for Model 6 ......... 78

Table 4.36: Coefficient Results of Model 6 ................................................................ 78

Table 4.37: Test (s) of Highest Order Unconditional Interaction (s) for Model 6 ...... 79

ix
 LIST OF FIGURES

Figure 3.1 Conceptual Framework .........................................................................................36

x
 CHAPTER 01

INTRODUCTION

1.1 Background of the Study

Information and communication technologies (ICT) are continuously improving, especially in

the mobile business, as more and more people buy and use mobile devices. The impact of this
has been significant across nearly all industries. One of the most notable examples of this is
the mobile industry. The modern way of life is characterized by the extensive utilization of
mobile devices, most notably smartphones, as well as the plethora of applications that are
available for usage on these devices in nearly every kind of business company (Alavi &
Ahuja, 2016). Because of this, even the financial services industry has not been an exception.
The banking industry, which depends a lot on information, has always been on the cutting
edge of new technology (Alavi & Ahuja, 2016) and has virtualized on a large scale (Bons,
Alt, Lee, & Weber, 2012).

They might also be one of the few industries that offer offline and mobile services, making
them pioneers in their field (Souiden et al., 2020). They have made an effort to provide ever-
increasing value-added self-service functions and a better customer experience because they
recognized the mobile movement of their customers to smartphones and apps reasonably early
on. This has caused them to realize the importance of providing a better customer experience.
(Martins & Aleš Popovič, 2014). Because of this shift, their financial and non-financial
operations handled via mobile devices are now managed considerably differently (Bons et al.,
2012). Additionally, the intense competition that exists between retail banks results in the
continued upgrading of the m-banking services provided by these institutions. This is because
customers are becoming increasingly aware of and requesting mobile banking services
(Komulainen & Saraniemi, 2019).

In recent years, mobile banking has become an increasingly important channel (Poromatikul
et al., 2015). Singh and Srivastava (2018) say that m-banking apps are the most critical and
valuable m-commerce apps. As a result, banks have invested a significant amount of money in
mobile banking, making it one of their top strategic goals (Baabdullah et al., 2018). Singh and
Srivastava (2018) say that m-banking apps are the most critical and helpful m-commerce

1
apps. As a result, banks have invested a significant amount of money in mobile banking,
making it one of their top strategic goals (Shankar et al., 2020).

M-banking applications, which are the subject of this research and the most recent of the three
approaches that's mentioned earlier, are an innovative example of a technology innovation
that has the potential to improve the banking experiences of retail clients and to modernize the
procedures of banks (Thusi & Maduku, 2020). The m-banking app is a software application
that enables banking customers to download and install a variety of banking operations on
their mobile devices to carry them out. These operations include checking the status of an
account, making payments, inquiring about a balance, transferring funds, making stock
investments, receiving critical service alerts, requesting statements, locating ATMs,
messaging personal banking advisors, and saving beneficiary information. However, this list
is incomplete. Other operations include locating ATMs and messaging personal banking
advisors. In addition, they serve as the principal channel for modern mobile banking, and
estimated that by the year 2030, they'll have more than two billion customers around the globe
(Nusapatuah, 2022).

Applications for mobile banking have many benefits for individual customers and financial
institutions. To be more explicit, the first group has access to financial services whenever and
wherever they need them, resulting in substantial time savings for the group (Hogan et al.,
2004). Because of this, customers can use a broader range of services on a more consistent
basis (Freier, 2016). Additionally, customers can obtain most financial services even if they
cannot physically visit a bank branch (Oliveira et al., 2014). In addition, mobile banking
applications have the potential to significantly increase the productivity of routine client
chores while also providing convenience, ease of use, safety, control, customization, privacy,
and a high level of engagement (Laukkanen, 2016). In addition, consumers can get the
supplied services at prices that are more affordable in comparison to other traditional banking
channels, and in some cases, at no cost at all (Siyal et al., 2019).

When it comes to retail banks, these institutions can improve the effectiveness of the services
they provide, drastically cut down on the costs of personnel and operational expenditures, cut
down on the number of physical bank branches, and boost both their productivity and their
income (Baabdullah et al., 2018). Moreover, banks can strengthen their client relationships by
establishing a new communication channel. In addition, they can acquire more information

2
regarding the banking habits of users, which is a valuable asset for targeting and
communicating with them more efficiently. Last but not least, financial institutions now have
the opportunity to grow their customer bases in more inconvenient and costly places
(Chansaenroj & Techakittiroj, 2015).

Over the past few years, people have become more interested in the unified theory of adoption
and use of technology (UTAUT2). This notion is essential to consider within the mobile and
digital technology framework. UTAUT2 has been used as a study tool in many studies about
mobile and digital technologies, including mobile payment, mobile banking, online shopping,
food delivery, and mobile television, among others (Cheng et al., 2020). However, in the
growing body of academic research on how people use new technologies, only a tiny amount
of research has been done on the importance of mobile app technology and how people use it.
In the domain of mobile applications, researchers have utilized the expectation-confirmation
model (ECM) to explain continuous usage intention (Schmitz, 2013), and the Technology
Acceptance Model (TAM) for assessing factors impacting the adoption of apps are some of
the theories that have developed (Lin, 2018), the diffusion of innovations theory (DIT) for the
adoption of apps supplying specific location-based capabilities, and the technology acceptance
model (TAM) for evaluating factors impacting the adoption of apps are just a few examples.

Even though mobile devices are simple to operate and people may tote their mobile phones
virtually anywhere they go, they still have limitations. Through the application, the bank will
able to offer customers simple access to their data and their financial accounts. On the other
hand, some people find it more convenient to go to the bank in person whenever they need to
complete a transaction. This is because doing so allows them to avoid the danger of making a
mistake during the transaction and the risk of losing some data and the chance of being
hacked (Chansaenroj & Techakittiroj, 2015). This research aims to identify millennials'
continuous use intention of mobile e-banking apps in the Uva province: the moderating role of
personalization.

1.2 Banking Sector Introduction

Every Mesopotamian city established around a site of worship around 3100 B.C. These cities
were the epicenters of economic activity in the suburbs. The sanctuary offered safe havens for
the preservation of grain and other objects. The banking system originated in ancient times

3
and later spread to Mesopotamia. Egyptians also kept their possessions in vaults owned by the
government. Later, debts owing to tax collectors and merchants settled using this approach.
By the Middle Ages, trade had spanned the globe, and institutions had risen in nations such as
Italy and Germany. It is thought that the Italians gave the principles of banking to the world at
the beginning of the thirteenth century. During this period, banking in Italian cities such as
Genoa, Venice, and Florence reached its pinnacle. Italian bankers expanded their services to
France, Germany, and England, among other nations. Commercial banks introduced e-
banking by 2000, as the traditional banking system began to develop technologically
alongside modern technology.
The banking industry continues to expand and evolve, adapting to the needs of a continuously
evolving society (Alavi & Ahuja, 2016). Initially, a bank was merely a place where
individuals deposited their money to prevent theft, a place to save funds for future use.
Currently, banks can be a location for investments and offer a great deal of convenience to
their customers, who respond favorably (Bons, Alt, Lee, & Weber, 2012). Digital banking has
advanced across the region in different markets at varying rates, particularly in developed
markets such as Australia, which leads the world in online banking and where banks have
consistently developed user-friendly mobile banking applications to meet their customers'
digital needs (Zhang, Lu, & Kizildag, 2018). Mobile banking is a service that banks offer to
their customers that gives them full access to their financial information and transactions, as
well as a variety of solutions that can be customized to meet their needs. Banks can lower
their operational costs through mobile banking while keeping their customers satisfied.

This research will also assist in analyzing the existing state of mobile banking services and
identifying user preferences for the future. Future scholars researching the same topic during
the Covid-19 pandemic in Sri Lanka will also benefit from this study. The study enables
policymakers, such as the Ministry of Finance, Central Bank of Sri Lanka, registered
commercial banks and registered financial institutions, as well as other government entities, to
develop e-service and mobile banking policies that are effective and feasible. This was a
significant change in the power balance between the creditor and the debtor because landed
noblemen had been untouchable for most of history, passing on their responsibilities to the
next generation of their families until either the creditor's or the debtor's dynasty died out.
Some of the Roman Empire's banking institutions survived through the papal bankers who
developed in the Holy Roman Empire and the Knights Templar throughout the Crusades.

4
Small-scale moneylenders who competed with the church were frequently criticized for
practicing usury.

On 1st August 1939, in Colombo, Sir Andrew Caldecott, who was serving as the governor of
Ceylon at the time, formally opened Sri Lanka's first bank, the Bank of Ceylon. The
implementation of automation by private banking organizations at the tail end of the 1980s
brought about a sea change in Sri Lanka's banking industry. In the past, only a few foreign
banks operating in Sri Lanka with restricted branches, such as Hong Kong and Shanghai
Banking Corporation (HSBC), used interactive electronic user interfaces such as automated
teller machines (ATMs). Only clients who possessed sufficient financial means were
authorized to use these amenities. Sampath Bank was founded in 1986, and it allows
customers to access their accounts from any location, facilitates quick money transfers within
cities, and gives access to ATMs. Customers in Sri Lanka's banking sector now have access to
automated banking systems and teller machines (ATMs) for more expedient, round-the-clock
service options. The banking sector in Sri Lanka has shifted from an 8-hour, 5-day-a-week
system to a 24-hour, seven-day-a-week service. With the rising popularity of contemporary
telecommunication technologies among Sri Lankans, mobile banking and online banking
services have become more popular additions to the banking business.

The commercial banking industry is the most essential part of Sri Lanka's financial system
because it controls most of its assets (51% of all assets in 2016). In 2020, the banking sector's
overall net interest income (NII) went down from the previous year. The main reason for this
was the decrease in interest rates and the extension of Phase 3 of the debt moratorium until
September 2021. This resulted in a 2.2% annual decline. The net interest margin (NIM)
resumed its downward trend in 2020, falling to 3.1% from 3.5% in 2019. This marks a
significant year-over-year decline. Since the third wave of the epidemic has begun, the CBSL
has offered the debtors an additional moratorium that will begin on May 15th, 2021, and last
for three and a half months. This most recent phase relief does not apply to the passenger
transportation and tourism industries, which remained covered by the phase 3 moratorium
extension.

The success of Sri Lanka's commercial banking sector is a critical factor in how well and
safely the country's financial system can work. The operations of the licensed commercial
banking business have a significant impact on the growth of Sri Lanka's economy. Twenty-

5
five commercial banks that are permitted to do business in Sri Lanka are subject to the
regulation of the Central Bank of Sri Lanka. Ten banks were established within the United
States, with the remaining 90 being branches of international banks. The government owns a
pair of commercial banks in the immediate area. Sri Lanka's government and central bank
have changed the country's money and banking systems to make them more efficient and
reliable. Because commercial banks act as financial middlemen and are the private sector's
leading source of financing, the growth of the commercial banking industry has a big effect on
the growth of the private sector of the Sri Lankan economy. This is because commercial banks
are the primary way that the private sector gets money. The financial services business in Sri
Lanka has changed a lot in the last 20 years, thanks to efforts by both the government and the
business community to change it. As a result of a wide range of changes implemented during
the early 1990s, Sri Lanka's banking sector contains the majority of the institutional
components of a modern financial system. Banks are involved in every element of financial
services. Since 1977, changes in the financial services sector, improvements in information
and communication technology (ICT), and the company's globalization have significantly
affected the Sri Lankan banking industry's growth and ability to compete.
According to statistics and publications from the central bank, there is a behavioral gap. Due
to the negative opinions of the Sri Lankan population about mobile banking, many individuals
are hesitant to utilize this service. Although commercial banks in Sri Lanka have provided
their consumers with modern services such as e-banking and mobile banking, most customers
still need to be more hesitant to use these services. Following are the data on e-banking and
mobile banking usage in several districts of Sri Lanka based on data from the Central Bank of
Sri Lanka.

Table 1.1: Location of bank branches by district and percentage using mobile banking
District Bank ATM / CDM Mobile Both
Branches only Usage Banking methods
(31/03/2021) Apps Usage not use
Ampara District 233% 35% 05% 60%
Anuradhapura District 352% 35% 15% 50%
Badulla District 260% 45% 15% 40%
Batticoloa District 166% 36% 04% 60%
Colombo District 964% 50% 35% 15%

6
Galle District 341% 40% 35% 25%
Gampaha District 534% 40% 30% 30%
Hambantota District 201% 42% 17% 41%
Jaffna District 474% 69% 23% 08%
Kalutara District 218% 33% 27% 40%
Kandy District 432% 45% 40% 15%
Kegalle District 223% 50% 24% 26%
Kilinochchi District 28% 70% 20% 10%
Kurunagala District 515% 67% 13% 20%
Manner District 38% 20% 05% 75%
Matale District 153% 35% 30% 35%
Matara District 215% 60% 15% 25%
Monaragala District 177% 35% 10% 55%
Mulativu District 43% 20% 10% 70%
Nuwaraeliya District 167% 48% 24% 28%
Polonnaruwa District 188% 25% 10% 65%
Puttalam District 210% 33% 29% 38%
Rathnapura District 311% 55% 30% 15%
Trincomalee District 165% 53% 26% 21%
Vauniya District 96% 55% 15% 30%

(Source: Department of Census and Statistic Annual report 2021)

The figures in the table above indicate that the percentage of consumers who use ATMs and
CDMs and customers who use mobile banking are negligible. Numerous things influence this
scenario. Most clients have no faith in transactions conducted in any manner other than in-
person. Other clients are unwilling to trade due to ATM and CDM machine malfunctions. In
addition, some people do not use the "Lanka Pay" application offered by commercial banks
for cash withdrawals because it incurs an additional price. The bulk of other customers are
accustomed to taking funds exclusively from the ATM of their bank. They are accustomed to
finding an ATM at their bank regardless of how far they travel to do transactions. Both the
bank and its customers benefit when utilizing mobile banking services. Commercial banking
has the advantage of cutting operational expenses, employee headcount, and computer
printing expenses. Customers will benefit from reduced travel expenses to the bank, enhanced
7
transaction security, compliance with health recommendations, the ability to do business
under curfew rules, and the chance to save time.

1.3 Problem Statement

Most people think that the banking industry was one of the first types of business to use
different kinds of information and communication technologies. Especially in the past several
years, they have invested significant money into digitalizing their business operations. There
have been many different studies that have looked into the behavioral intentions of customers
who intend to use mobile banking services. Each of these studies utilized the Technology
Acceptance Model (TAM). Most people believe the banking industry was one of the first to
use different information and communication technologies. They have invested much money
into digitalizing their business processes, particularly in the past few years. This trend has
continued for the past many years. Various research has investigated consumers' behavioral
intentions to use mobile banking services (Li & Lin, 2010; Sheng Liu, 2010). These studies
have examined various customer behavior aspects (Nusapatuah, 2022).
Regarding their retail customers, banks recognized the tremendous potential to deliver value-
added self-service capabilities via mobile devices, notably smartphones. As a result, they have
invested heavily in the functionality of m-banking applications. Smartphones are the most
popular mobile devices. Additionally, due to the COVID-19 outbreak, new methods of
conducting financial transactions have emerged, such as an increase in the number of mobile
consumers using m-banking app services. As a consequence of this, the objective of this
empirical study is to analyze the factors that influence individuals' decisions to use or not use
mobile banking applications.
Numerous research investigations have emphasized the importance of customization. To be
more specific, Islam and Ahmed (2003) recognized personalization as a factor influencing the
behavioral intention of youth to use mobile internet, and Kang and Namkung (2019)
underlined the significance of personalization on continuation intention in mobile
applications. Both studies were conducted in the field of mobile application research. On the
other hand, very few studies have explicitly focused on the significance of personalization in
mobile applications (Lin, 2018). Even in the growing body of research on applications, the
connection between personalization and its role in accepting technology has yet to get much
attention.

8
In the interim, Wang and Chen (2016) understood the user experience of mobile applications
among college students by utilizing the taxonomy of experiences (ToE) methodology.
However, past research on mobile banking applications has yet to use the UTAUT2 paradigm,
despite its extensive application across various mobile and digital technologies. Suraweera et
al. (2011) highlighted that using online banking services in Sri Lanka needs to be improved.
This has resulted in a vast theoretical void being left behind. Although most of the research
studies relating to impact of continuous use intention of mobile banking apps are in Asia
region. But in the context of Sri Lanka, impact of continuous use intention of mobile banking
apps has not increased enough fame. Most previous researches only focus on impact of
continuous use intention of mobile banking apps but do not focus on usage of mobile banking
apps by millennials, moderating function of personalization. And, most empirical evidence
comes from other countries. But there seems to be a lack of evidence from in Uva province.
As a result, there is a research gap regarding this problem. So, above context, the problem of
this study is identified as “How does the impact of continuous use intention of mobile banking
apps by millennials in Uva Province: moderating role of personalization?”

1.4 Questions / Objectives

This study aims to extend the UTAUT2 theory to the context of mobile banking apps,
identify the factors influencing the continuous use intention of these applications, and fill the
resulting theoretical gap. This study contributes to the existing literature on apps' continuous
use intention by moderating personalization as a factor for mobile banking applications.

1.4.1 Research Questions

1. What is the impact of performance expectancy on intention to use mobile banking

apps?
2. What is the impact of effort expectancy on intention to use mobile banking apps?
3. What is the impact of social influence on the intention to use mobile banking apps?
4. What is the impact of facilitating conditions on intention to use mobile banking apps?
5. What is the impact of hedonic motivation on intention to use mobile banking apps?
6. What is the impact of habit on intention to use mobile banking apps?
7. How does personalization moderate the relationship between performance expectancy,
effort expectancy, social influence, hedonic motivation, habit, and intention to use
mobile banking apps?

9
1.4.2 Objectives of the Study

1. To identify the impact of performance expectancy on intention to use mobile banking

apps.
2. To identify the impact of effort expectancy on intention to use mobile banking apps.
3. To identify the impact of social influence on intention to use mobile banking apps.
4. To identify the impact of facilitating conditions on intention to use mobile banking
apps.
5. To identify the impact of hedonic motivation on intention to use mobile banking apps.
6. To identify the impact of habit on intention to use mobile banking apps.
7. To identify personalization, moderate the relationship between performance
expectancy, effort expectancy, social influence, hedonic motivation, habit, and
intention to use mobile banking apps.

1.5 Significance of the study

1.5.1 Theoretical Significance

As a researcher, I would get a lot out of the research, since business research requires research
skills. With abilities such as creating questionnaires, engaging with new individuals, obtaining
essential information, evaluating and presenting results, this research can immediately assist
Sri Lanka's registered commercial banks and financial institutions, as well as the overall
banking industry. In light of the nationwide COVID-19 epidemic, it is possible to investigate
how clients utilize the mobile banking services offered by the respective registered
commercial banks and registered financial institutions. This research will also assist you in
analyzing the existing state of mobile banking services and identifying user preferences for
the future. Future scholars who conduct research on the same topic during the COVID-19
pandemic in Sri Lanka will also benefit from this study. The study enables policymakers, such
as the Ministry of Finance, the Central Bank of Sri Lanka, registered commercial banks, and
registered financial institutions, as well as other government entities, to develop e-service and
mobile banking policies that are effective and feasible.

Most of researchers investigate on continuous use Intention of mobile banking apps by

millennial in Uva Province: moderating role of personalization. Comparatively, less research
on this topic has been done in Sri Lanka than in other countries. As in the case of the banking
industry, less research has been conducted on the impact of millennials' intent to use mobile
10
banking applications continuously. The study will also examine the continuous use intentions
of mobile banking apps by millennials in Uva Province: the moderating function of
personalization that the bank has been able to offer its customers. As a result, it is crucial that
this study generates new knowledge about the reasons for the continuous use of mobile
banking apps by millennials in Uva Province: the moderating impact of personalization, as it
will aid in the search for solutions to this problem.

1.5.2 Practical Significance

Recent technology advancements have greatly revolutionized the use of financial services.
Online banking, particularly m-banking, has also experienced tremendous growth and
emerged as an alternative to traditional offline and phone banking. Mobile applications are
"small programs that operate on mobile devices and handle services such as banking, gaming,
and web browsing" (Cheng, Sharma, Sharma, & Kulathunga, 2020). Apps can serve both
informational and entertaining purposes by providing personalized and targeted information
services. So, applications can meet both hedonistic and utilitarian criteria, depending on what
they are and what they are used for. Another important thing about mobile apps is that they
help people sort through the huge amount of information and go straight to the things they
care about. In addition, apps are "fast and simple" to open and provide information in bite-
sized chunks, as opposed to websites. As shown by the term, customers increasingly use apps
for banking.

M-banking services gave customers a new and effective way to get banking services
whenever and wherever they wanted. The phrase "mobile banking" refers to "a way for a
customer to talk to a bank through a mobile device, such as a cell phone or a personal digital
assistant." Mobile gadgets include mobile phones and personal digital assistants. When we
talk about "mobile banking," we're referring to the process of providing customers with
banking and financial services by means of mobile telecommunications devices. The range of
services that may be provided may include the capacity to conduct transactions at a bank or
stock market, to manage accounts, and to have access to one's own personal information."
Mobile banking, which can be accessed through a mobile phone, makes it possible to use e-
banking services, which are also called internet banking or electronic banking. But the main
difference between a mobile transaction and an electronic transaction, which are represented
by the prefixes "e" and "m," is that mobile banking gives "anytime and everywhere access" to
commercial transactions, while electronic banking only gives "anytime access" to commercial

11
transactions. Because of this, customers who bank via mobile banking have more flexibility
than customers who bank via electronic banking. Customers are able to conduct financial
transactions whenever and wherever they choose with the help of a mobile device and a
mobile service such as text messaging, which is referred to as mobile banking. Mobile
banking is a subset of mobile computing (SMS).

When mobile banking is used, one's location and the time of day are no longer considerations
when it comes to being able to check the balance of an account or transfer money from one
account to another. This is due to the fact that mobile banking does away with the requirement
of a traditional banking terminal. Recent research and studies have indicated that, despite the
fact that mobile banking and SMS-based mobile banking applications have been popular in a
number of nations and locations, they are not yet widely utilized to the same degree as they
formerly were. This is despite the fact that mobile banking and SMS-based mobile banking
applications have grown popular in a number of countries and areas. However, the key
contrast between an electronic transaction and a mobile transaction, represented by the
prefixes "e" and "m," is that mobile banking allows "anytime and everywhere access" for
commercial transactions, whereas electronic banking only gives "anytime access." Because of
this, people who bank through mobile banking have more options than people who bank
through electronic banking. A mobile banking application is a mobile computer programme
that enables consumers to conduct financial transactions by utilizing a mobile portable device
and a mobile service, such as text messaging, from virtually any location and at any time.
Consumers can access mobile banking applications by downloading them to their mobile
devices. When you check the balance of your accounts or transfer money from one account to
another using mobile banking, you are no longer restricted by location or time. Instead, you
are free to do these actions whenever and wherever you are. Recent research and studies have
indicated that, despite the fact that mobile banking and SMS-based mobile banking
applications have been popular in a number of nations and locations, they are not yet widely
utilized to the same degree as they formerly were. This is despite the fact that mobile banking
and SMS-based mobile banking applications have grown popular in a number of countries
and areas.

1.6 Briefly Research Method

The researcher was chosen based on the study's descriptive and explanatory goals. A
descriptive study aims to precisely and systematically characterize a phenomenon.

12
Accordingly, adopting the simple random sampling technique, the researcher will distribute
the questionnaire to 23–43-year-old customers using mobile banking apps in state and private
banks in Uva Province. The researcher selected the SPSS 25 version to analyze the related
data to achieve research objectives.

Exploring the data collected from respondents, summarizing and describing the collected data
with descriptive statistics (Jnr, Money, Samouel, & Page, 2007). Using descriptive statistics,
the demographic features of respondents were analyzed. The frequency distribution method
was used to present the respondent's demographic information. Measurements of central
tendencies, including mean and standard deviation, were performed. The mean and standard
deviation were calculated in the univariate analysis of the sample studied.

As measurement mistakes mount, test reliability diminishes. (Zohrabi, 2013). The

dependability and validity of the instrument were evaluated using the assistance of an internal
consistency measure (Cornbrash's Alpha was utilized for the evaluation of the reliability and
validity of the instrument). The value of 0.7, the suggested cutoff for reliability, was chosen to
be used. The term "correlation" refers to a type of statistical analysis called bivariate analysis,
which assesses the strength and the direction of a relationship between two variables. In order
to study and test hypotheses, the researcher chose to use both simple regression and multiple
regression analysis.

1.7 Organization of the Chapters

The report will contain the following.

The first chapter contains the introduction. This chapter provides an overview of the research.
This chapter provides some context for this study. In this chapter, research questions and
objectives are also explained. This chapter briefly discusses research problems.

Chapter two describes the relevant literature available to support the formation of the
conceptual framework for the research issue. It examines the study's independent variables
and its dependent variables. This method centered on various theoretical and empirical studies
investigating any relationship between the variables.

The third chapter describes the conceptual and research models created to test it. It also
includes operational definitions for all constructs within the model. The researcher will
concisely summarize the four hypotheses they have developed. And in addition to that, it

13
consists of the research design, demographics, sample, sampling methodologies, measurement
scales, data collection tools, and methods of data analysis.

Chapter four of the study allocates space for the presentation of primary data in a descriptive
manner, which was gathered using the primary data approach. At the very end, the findings
are discussed in further depth.

Chapter five shows the most important results, what the chapter adds to the body of
knowledge, what policy changes should be made, and where research should go next. This
chapter provides a concise summary of the most important takeaways. Based on the results of
the investigation that has already been carried out, ideas or suggestions for future research are
also offered here.

1.8 Chapter Summary

This chapter provides introductory information on the research investigation. Personalization

has a moderating effect on the intention of millennials in Uva Province to continue using
mobile banking applications. Mobile banking is one of the strategic shifts the banking
industry has undergone over the past decade. Using self-service technology to provide
remedies for any problem in banking services, this technological advancement has improved
the financial industry's ability to serve users and customers. The financial institution provides
a vast array of services to its customers, including branch office services and autonomous
services such as automated teller machines (ATMs), contact centers, internet banking, and
mobile banking. Mobile banking on mobile devices (cell phones, smartphones, or tablets) is
comparable to online banking in one way only. Typically, mobile banking and online banking
are viewed as the same two self-service platforms for banks to provide clients with products
and services. Numerous institutions encourage their consumers to use self-service technology,
which provides additional advantages, such as cost savings.

In the problem statement section, the need to consider the continuous use intention of mobile
banking applications among millennials in Uva Province: the moderating effect of
personalization is stated. Numerous investigations into mobile banking have been conducted
in the past. However, the majority of study was undertaken in developed nations such as
Korea, Singapore, Brazil, and China, but research in emerging nations such as Sri Lanka is
still scarce. Therefore, it is interesting to conduct a study on mobile banking with subjects in

14
the Uva province. Following this, research questions were created. Based on these research
questions, research objectives were formulated; these objectives will serve as the foundation
for the research process. This study examines the behavioral intentions of consumers to use
mobile banking, including performance expectations, effort expectations, social influence,
hedonic motivation, and habit, in addition to the moderating effect of personalization on the
intention to use mobile banking applications. The significance and scope of the research were
eventually presented.

15
 CHAPTER 02

LITERATURE REVIEW

2.1 Chapter Introduction

Researchers try to find a theoretical framework through a literature survey using the large
volume of books, past research, magazines, and many websites available to the researcher.

This chapter reviews the literature related to the research on the “Continuous Use Intention of
Mobile Banking Apps by Millennials in Uva Province: Moderating Role of Personalization.”
Therefore, this section will summarize and consolidate the findings from other researchers’
studies that could help to explain the related variables involved in this research and assist in
resolving the research questions.

The researcher reviews six independent variables towards continuous intention: performance
expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation,
and habit. To make more effective decisions and collect a wide range of knowledge, the
researcher engages with personalization as a moderation effect on the above particular
relationship.

2.2 Theoretical Review

Previous researchers have investigated several research studies and journal articles related to
the particular variables of this study. Therefore, this section reveals the theoretical background
for the continuous use intention of mobile banking apps with the moderating influence of
personalization among customers.

2.2.1 Mobile Banking Apps

Due to communication and technology evolution, both private and government banks
commonly use mobile banking apps to provide quick and better service for their customers.
According to the definition provided by the Mobile Application Developers Association,
mobile applications are tiny programs that run on mobile devices and perform tasks such as
banking, gaming, and web browsing (Hogan et al., 2004). Apps can serve a dual goal of
informing and entertaining users by offering personalized and targeted information services in

16
addition to gaming, music, movie, and social networking applications. As a result, depending
on the nature and function of the app, it can provide hedonistic and utilitarian satisfaction
(Wang et al., 2019).

When considering the current business world, mobile applications are notable for many
reasons, one of the most notable being that they assist users in navigating through the
overwhelming amount of information and take them straight to the material they value (Cerf,
2011). Unlike websites, mobile applications may be used "quickly and simply," delivering
content in manageable pieces (Van Damme et al., 2015). The definition suggests that more
and more customers are using banking applications on their mobile devices (Chopdar et al.,
2018).

The use of mobile applications has facilitated the growth of markets, social enterprises, and
public services in developing and developed nations. It is asserted that swift technological
advancements in mobile devices have increased the significance of M-banking in financial
services. Utilizing M-banking reduces the cost of transferring funds from one location to
another. Simultaneously, it introduces more users to formal financial services.

2.2.2 Millennials

The Millennial generation saw higher economic prosperity during early childhood and
adolescence than the generation that came before them (Smith & Nichols, 2015). However,
the Millennials are also a generation whose values are distinct from those of their parents, as
they have encountered a frustrating reality in society since gaining independence. Also,
Millennials are less interested in offline group gatherings or events, but they are very active
online and say what they think in a very public way online. Millennials have the characteristic
of being online. The book "Generations: The History of America's Future, 1584–2069" is
credited with being the first publication to use the term "Millennials" (Tikhonyuk, 2015).

By examining data from the United States Census Bureau, many earlier studies have mostly
corresponded to the definitions of millennials and the generations that came before them, as
outlined in many papers published by the Pew Research Centre. According to Doster (2013),
the term "millennial" refers to those who were born between 1980/1981 and 1994/1995 or
1999/2000, and their ages as of 2018 range from 18 to 38. Generation X and baby boomers
are the names given to the two generations before the Millennial generation. Members of
Generation X were born between 1965 and 1980, putting their average age in 2018 anywhere

17
between 38 and 53 years old. The birth years of the baby boomers range from 1946 to 1964
(ages 54–72 years in 2018). Those members of the Greatest Generation were born between
1915 and 1928 and are now in their 90s to 103s. Those members of the Silent Generation
were born between 1928 and 1945 and are now in their 73s to 90s. (Kurz et al., 2016). In
2015, the baby boomer generation was surpassed as the largest generation in the United States
by the Millennial generation, the largest group for almost 60 years. There was never a time
when Generation X was the largest generation (Kurz et al., 2016).

2.2.3 Continuous use intention

The behavior of consumers who are loyal to a firm, such that they are eager to promote the
company to others as a result of obtaining good service, is the behavior which referred to as
behavioral intention. (Ahn, Ryu, & Han, 2007). The state known as behavioral intention
occurs when a customer voluntarily advertises his or her superiority to others while also
having the purpose or attitude of loyalty to the brand, product, and company in question. In
addition, Luo, Li, Zhang, and Shim (2010) state that customers' behavioral intentions
determine the possibility that they will engage in particular behaviors in the future. The
actions or thoughts of a consumer that signal a desire to make repeated use of a product or
service are examples of what is known as behavioral intention. Sharma, Joshi, & Sharma
(2016) describe behavioral intention as the likelihood that a customer would engage in a
specific activity, such as having the intention to repurchase a service provider's product,
spreading positive word-of-mouth about a service provider to others, or being loyal to a
service provider. Behavioral intention can also refer to the likelihood that a customer will be
loyal to a service provider.

2.2.4 Service Personalization

"Personalization" refers to the social interaction between retail personnel and consumers in
traditional brick-and-mortar retailing (Mittal & Lassar, 1999). As a result of the one-on-one
and face-to-face nature of consumer-retailer service exchanges, they can eventually influence
consumers' purchasing decisions (Wind & Rangaswamy, 2001). It has been shown that one of
the factors which contributes to customer happiness is the quality of the interactions that take
place between service providers and customers (Solomon, Surprenant, Czepiel, and Gutman,
1999).

18
When considering the modern business world, there is higher competition among businesses
to attain higher market share and ensure their survival. As a result, most businesses use new
technologies to achieve interaction with their target market. Interactivity or interaction in
online stores has the potential to significantly impact customer satisfaction insofar as
customers can interact with a multidimensional construct. Customers can influence the form
or content of the mediated environments through the use of a variety of technologies that are
currently available for personalization. Interactivity or interaction in online stores also has the
potential to increase customer loyalty. In computer-mediated settings, Hoffman and Novak
(1999) have extended and improved the flow idea by defining interactivity as one of the most
significant navigational qualities. This was done to develop the notion further. Interactivity is
a process-related feature that defines communication and computer-mediated communication.
It has been recognized as the most helpful aspect of the online medium and has been the focus
of much attention in recent years (Rafaeli & Sudweeks 1997).

Internet personalization entails sending customized content to individuals through various

channels such as web pages, e-mail, or push technology, rather than through human
interaction; the vast majority of personalized services are machine-interactive (Chaffey,
Meyer, Johnston, & Ellis-Chadwick, 2000). As an example, mobile banking apps are more
significant instruments for ensuring the personalization of the banking sector.

Interactivity in computer-mediated environments has been defined as the capacity to access

information and converse with other people (Hoffman & Novak, 1996). Nonetheless,
personalization in e-commerce has been approached from a narrow definition of interaction,
such as collecting and storing information about consumers, analyzing the information, and
delivering the correct information to each consumer at the right time based on the analysis.
For e-retailers who engage in personalization, personalization entails tailoring some service
elements so that the customer experiences greater convenience, a lower price, or another
benefit (Peppers & Rogers Group, 2002).

The broader definition of interaction in personalization would encompass any aspect of e-

marketing or service customized for a specific customer. According to Dholakai, Zhao,
Dholakai, and Fortin (2000), the personalization process incorporates customization. It
enables the system to use the information provided by the consumer or collected by the
system to provide a custom-tailored online experience. Frequently, the terms
"personalization," "target marketing," "one-to-one marketing" and "individualized
customization" are used interchangeably.
19
2.2.5 Performance Expectancy

Performance expectation (PE) refers to the capacity of new technologies and applications to
aid users in carrying out particular tasks in a manner that is more effective and convenient
than before (Venkatesh et al., 2012). It translates to "users view mobile applications as
valuable because they facilitate the completion of their goal-oriented tasks," which is a phrase
commonly used in the context of communication technologies (Chopdar et al., 2018). Users
are more likely to adopt a new system or piece of technology if they believe it would save
them more time and effort than the status quo.

The functions of saving time and effort, efficiency, accessibility, customization, and ease
acquired through use are contained within the functions of both the benefits and the utility
expected from the performance. When describing how much benefit consumers obtain from
using a system or technology, referring to performance expectations is a valuable way to do
so. Customers will typically make a logical comparison between the amount of benefit and
utility achieved by utilizing the technology concerning the costs paid for using the technology
from another point of view (Venkatesh, Morris, Davis, & Davis, 2003).

2.3 Models and Theories relevant to main Concepts

Based on the previous studies, journals, and publications, several theories and models can be
identified as related to particular variables of this study.

2.3.1 Unified Theory of Acceptance and Use of Technology (UTAUT)

The TAM model based on the theory of reasoned action (TRA) in social psychology, has been
utilized in several studies to explain how individuals embrace technological advancements
(Pavlou, 2003). Primarily, it has been used for research on information systems related to
mobile commerce, social networks, and online shopping (Pookulangara & Koesler, 2011).
The model needs to be improved in its ability to investigate correlations between variables in
IT contexts because of its inability to effectively account for the effects of exogenous
variables on TAM variables. Also, it has come under fire for not offering a thorough
definition of the work-technology context (Morosan & DeFranco, 2016).

Davis, Bagozzi, and Warshaw (1989) proposed a comprehensive technology acceptance

model named UTAUT. This model incorporated numerous earlier theories and models on
technology acceptance, such as TAM, to overcome these shortcomings. UTAUT has

20
improved its capacity to explain users' intentions to use information systems and their actual
actions when using those systems (Thomas, Singh, & Gaffar, 2013).

Davis, Bagozzi, and Warshaw (1989) developed a complete model of how people accept
technology, which called as UTAUT. This model used a lot of earlier theories and models
about how people accept technology, like TAM, to fix these problems. UTAUT has improved
its ability to explain what users plan to do with information systems. Based on eight
technology acceptance theories, the UTAUT model accounted for up to 70% of user variation
(Taiwo et al., 2014). During its development, the UTAUT model considered many other
factors that helped it come together (Venkatesh, Morris, Davis, & Davis, 2003). The older
version of the UTAUT model comprises four essential dimensions that impact behavioral
intentions to use technology. These dimensions include performance expectations, effort
expectations, social influence, and enabling variables.

A significant predictor of user action intentions is performance expectations. Numerous

studies on the factors determining the acceptance and implementation of new products and
technologies have confirmed their validity. Consistent with the TAM paradigm, effort
expectations are related to a system's perceived usability. A more favorable perception of the
efficacy of the technology will increase its likelihood of adoption (Venkatesh, Morris, Davis,
& Davis, 2003). Social influence indicates that peers' views influence the use of a system or
technology. Therefore, an individual is more likely to adopt a new technology, system, or
service if their peers consider its use significant. It has been shown that social influence
significantly influences users' behavioral intentions regarding new technologies, products, and
services (Venkatesh, Thong, & Xu, 2012).

Facilitating conditions are how an individual perceives that a system has organized technical
support. (San Martin & Herrero, 2012). This includes the user's expectation of guidance,
training, and support when acquiring a technology. Users with stronger usage intentions are
more likely to acquire a new service (Venkatesh, Thong, & Xu, 2012) when these four
exogenous variables gender, age, experience, and voluntariness influence users' behavior or
usage intentions, the results of UTAUT suggest that gender, age, experience, and
voluntariness may function as mediators (San Martin & Herrero, 2012).

Many researchers have applied UTAUT to the hospitality industry in recent years. However,
although the UTAUT model presupposes that usefulness corresponds to performance
expectation and that usability corresponds to effort expectation, these variables are only

21
related to services and viewpoints on the functional elements of technology in the context of
organizational settings. Consequently, the model does not consider cognitive or psychological
states that play a role in determining intent to accept technology (San Martin & Herrero,
2012).

2.3.2 Unified Theory of Acceptance and Use of Technology 2 (UTAUT2)

Research on people's attitudes toward technology sparked when companies realized they
needed to understand the implications of their employees' increasing reliance on technology in
the workplace. (Venkatesh et al., 2012). The theory of reasoned action (TRA) was one of the
early models that shed light on a person's behavioral intention (BI) to use technology. This
model argued that attitude and subjective norms were essential variables that influenced an
individual's intention, and it was one of the earliest models that explained a person's BI to use
technology. (Fishbein & Ajzen, 1975). Later, Venkatesh et al., (2012) introduced the concept
of planner behavior, wherein perceived behavior control added as a determinant to the TRA
model. Using TRA as a base, Munoz-Leiva et al. (2016) made the technology acceptance
model (TAM). In TAM, perceived usefulness and ease of use were suggested as important
factors affecting a person's desire to adopt technology. This model was adapted from TRA.

TAM is the preeminent framework in the research community and has been put to
considerable use to investigate adoption behavior in a variety of domains, including mobile
applications (Fishbein & Ajzen, 1975), tourism (Wu & Wang, 2005), and mobile financial
services (Fishbein & Ajzen, 1975). (Fishbein & Ajzen1975; Wu & Wang, 2005). The
approach has, however, been criticized for its inability to capture negative emotions and
internal drives (Chung et al., 2015). In addition, TAM could not provide a detailed description
of the workplace technology environment (Compeau et al., 1999).

According to the findings of the UTAUT study, behavioral intention and usage are highly
impacted by the following four predictors: performance expectations, effort expectations,
social influence, and facilitating factors. As moderators to explain individual differences, the
model used age, voluntariness, gender, and experience. UTAUT experimentally explains
roughly 70% of the variance in behavioral intention, and it has been widely used to analyze
information systems in m-health (Saprikis et al., 2020), smartphone applications (Saprikis &
Avlogiaris, 2021), and the hotel industry (Saprikis et al., 2021).

22
The UTAUT model is mainly used in organizational research; nevertheless, it does not
consider cognitive or psychological processes that influence technology adoption (Cao & Niu,
2019). Later, Ciemperman et al. (2016) improved UTAUT to UTAUT2 by including hedonic
motivation, price value, and habit, which are consumer behavior-specific features, and
proposed the model fit to evaluate technology adoption from the user's perspective. This was
done so that it could be determined whether or not the model was appropriate for gauging the
degree to which technology was adopted. In addition, the modified model was subjected to an
empirical analysis, and the results suggested that it had a more significant variance percentage
than UTAUT. Their research used UTAUT2 since it emphasizes the customer perspective,
which is essential to the commercial success of any product offered for sale. In addition, it
causes a more significant variation to be produced. If the proportion of model variance that
can be explained is high, then the model is superior (Khalilzadeh et al., 2017).

This study added to the UTAUT2 model by adding the personalization construct, which
directly affects CUI and acts as a moderator for UTAUT2 variables. It is hypothesized that the
six determinants of UTAUT2 performance expectancy, effort expectancy, facilitating
conditions, social influence, hedonic motivation, and habit have a favorable effect on the
continuous usage of mobile apps, both directly and when personalization serves as a
moderator. This is because performance expectancy, effort expectancy, enabling
environments, social influence, and hedonic incentives all contribute to the creation of habits.
The model does not include price value, which refers to "consumers' cognitive trade-offs
between the perceived benefits of the applications and the monetary cost for using them"
(Cimperman et al., 2016). These are the kinds of considerations that consumers no longer take
into account. The overwhelming majority of the mobile applications found in app stores can
be downloaded for free. Since mobile app users are not required to pay for their services, it
was anticipated that pricing value would not impact consumers' desire to utilize the app
regularly (Cimperman et al., 2016).

2.3.3 Expectation Confirmation Model

Alalwan et al. (2017), have proposed ECM by expanding the expectation confirmation theory
to examine IS continuation. ECM comprises four variables: confirmation, perceived utility,
satisfaction, and IS continuation intention. Confirmation and satisfaction encompass the pre-
acceptance phase, whereas positive confirmation of expectations leads to perceived utility.
ECM believes that after the initial use of an information system, the user acquires an opinion

23
and impression regarding the system's use. Gradually, the user's perceptions of utility and
confirmation of expectations increase their level of contentment. Subsequently, perceived
usefulness and satisfaction influence the continuation intention (Alalwan et al., 2017). ECM
facilitates the comprehension of user behavior in conditions that cannot be explained by
theories of initial adoption (De Oliveira et al., 2021).

Prior research has employed ECM to examine users' intention to continue using IS, and the
results suggest that ECM has a significant predictive capacity to explain such intention in e-
commerce situations (Giovanis et al., 2019). De Oliveira et al. (2021) used ECM with other
theories (such as TAM and TTF) to investigate users' continuous use of m-banking.
According to their findings, ECM components are essential in explaining the intention to
continue using m-banking. Using ECM, (Giovanis et al., 2019) investigated the drivers of
mobile banking persistence in Malaysia. Their research demonstrates that ECM has
significant exploratory power when used in mobile banking.

Similarly, Giovanis et al. (2019) explored the drivers of the intention to continue using
smartphone banking services. They confirmed the significance of ECM by employing it in
their research. The evidence indicates that the ECM model is appropriate for analyzing the
consumers' intention to repurchase.

2.3.4 Technology Acceptance Model (TAM)

The TAM model can be found in the Theory of Reasoned Action framework (Fishbein &
Azjen, 1975). Because of this ability, researchers can monitor how external circumstances
influence individuals' views, attitudes, and intentions to embrace new technologies (Wu et al.,
2011). TAM suggests that many factors, including perceived ease of use, perceived benefits,
and user innovations, influence a user's decision to utilize something (Davis, 1989). The
application of this theory served the objective of determining the extent to which students
were willing to embrace and use social media platforms to disseminate scholarly information.

TAM is a popular internet system framework for analyzing consumers' use of new
technologies, predominantly among college students. According to TAM theory, a person's
intention to use and usage behavior is determined by their perceptions of the technological
utility and ease of use (Davis, 1989).

Customers generally prefer to adopt innovations that are of high quality, well-designed, and
durable. The TAM identified two factors, including perceived usability and perceived value.

24
Davis (1989) stated that perceived usefulness is a prospective customer's utilization of a given
activity to improve performance. Perceived ease of use is the degree to which potential
customers can readily achieve their desired systems. Therefore, in TAM, usefulness and
simplicity are the most crucial factors for actual system use. These two factors affect the
outside world. Social, cultural, and political situations are the most prevalent external
circumstances. Abilities, skills, and languages are examples of social factors. The political
crisis is an important political factor that affects technology. The utility of utilizing
information applications determines the attitude of use of customers. Consequently,
behavioral intention determines a person's likelihood of employing a given application (Davis,
1989).

2.4 Hypothesis of the Study

2.4.1 Personalization and Continuous Use Intention

It has been shown that personalization significantly affects the intention to keep using mobile
banking apps. This makes personalization a vital driver of the intention to keep using
information systems (IS) (Albashrawi & Motiwalla, 2017). In their theory of innovation
dissemination, Rogers et al. (1969) claimed that personalization has a beneficial effect on both
the initial acceptance of innovation and its continued adoption. This was based on the idea
that individuals are more likely to adopt something tailored to their needs. This thesis was
published in 1969. According to empirical research findings, personalization does have an
effect on the continuation of the use of websites in the digital space. According to Kim and
Gambino (2016), the presence of personalization features on a website that makes restaurant
recommendations had a significant bearing on the likelihood that the website would be used
again. On the other hand, personalization was recognized as a factor in the continued usage of
social networking sites (Park, 2014).

These findings were in line with those obtained from other research (Park, 2014), which found
that content on a website tailored to visitors' specific interests results in a positive perception
and a greater desire to revisit the website (Kim & Sundar, 2012) studied the effect of
personalization on continuing intent via many different mediators in their research on food
delivery mobile apps (Kim & Sundar, 2012). "Self-app connection" is how users incorporate
apps into their sense of who they are. Personalizing a user's app usage experiences, also

25
known as "self-app connection," influences a user's current and future intentions to make
purchases (Newman et al., 2018).

Empirical research has shown that users are more likely to act in a certain way if they can say
what they want and how they want it to work (Franke et al., 2009). Therefore, giving
consumers the flexibility to determine how, when, and what kind of content they want
ultimately results in a superior experience for those users and stimulates them to return to
particular mobile apps. Mobile applications can keep users personally engaged by improving
their relationships with other users and providing them with customized content depending on
their interactions with the program. This, in turn, increases the likelihood that the user will use
the application again. In addition to keeping users interested in what they're doing, the
continuous personalization of content during the usage process significantly influences the
users' intentions toward their behaviors (Thies et al., 2016).

Apps can offer and propose content to users thanks to a personalization process based on
algorithms and machine learning. This allows apps to provide users with the most relevant
information. In addition to the information gathered during the registration process, data will
also be collected. This inherent advantage of tailored mobile applications over other
information providers, such as those that do not personalize their content, can affect users'
long-term goals. Other information providers include those that do not personalize the
information they supply. Researchers concluded that adding personalization choices to m
banking applications will result in ongoing usage intent on the part of users based on the facts
and observations shown in this study. In the light of reported evidence, the following
hypothesis is proposed:

H1: Personalization significantly influences on continuous use intention of mobile banking

apps.

2.4.2 Performance Expectancy, Personalization and Continuous Use Intention

Performance expectation (PE) refers to the capacity of new technologies and applications to
aid users in carrying out particular tasks in a manner that is more effective and convenient
than before (Venkatesh et al., 2012). This translates to "users view mobile applications as
valuable because they facilitate the completion of their goal-oriented tasks," which is a phrase
commonly used in the context of communication technologies (Chopdar et al., 2018). Users

26
are more likely to adopt a new system or piece of technology if they believe it would save
them more time and effort than the status quo.

The functions of saving time and effort, efficiency, accessibility, customization, and ease
acquired through use are contained within the functions of both the benefits and the utility
expected from the performance. The expectations of performance are used to describe how
much of a benefit users gain from using a system or technology (Venkatesh, Morris, Davis, &
Davis, 2003). Users can say how much they benefit from a system or piece of technology by
talking about what they expect. Customers will typically engage in rational comparison
between the amount of benefit and utility produced by employing the technology concerning
the costs paid for using the technology from another point of view. This comparison will be
made from the customer's perspective (Venkatesh, Morris, Davis, & Davis, 2003).

The extent to which a person believes that the implementation of technology will assist him in
reaching advancements in job performance is the measure used to conceptualize performance
expectations (Nelson, Todd, & Wixom, 2005). In addition to utility, other factors, such as 1)
competitive advantage and 2) extrinsic incentive, should be considered when attempting to
forecast expected performance levels. (San Martin & Herrero, 2012). Customers may be more
motivated to adopt and accept new technology if they believe it will add more value and
benefit them daily. According to previous studies, mobile banking has been widely considered
a more convenient channel that enables customers to access various services whenever and
wherever convenient (Nair, Ali, & Leong, 2015). According to the findings of a previous
study, performance expectations are a crucial predictor of the acceptability of mobile
payments. The performance expectations significantly predicted that the client would choose
to adopt mobile banking.

Users will react positively if mobile applications provide information in a manner that is more
convenient for them to access. The idea of perceived efficiency (PE) is identical to that of
perceived usefulness in TAM, and it is one of the significant indications of user behavior
intention. Researchers have conducted experiments to investigate the link between PE and
ongoing use intention and discovered that it is significant in various sectors, including
applications for food ordering (Alalwan, 2020), online courses, and mobile apps. Given that
performance expectations related to technology aid the fulfillment of activities with greater
speed, personalization in mobile applications directly correlates to the adequacy and
convenience with which users can navigate, choose, read, or watch their preferred mobile or
material. If users receive the proper content, their need for new knowledge and the time
27
needed to make decisions will reduce (Tam & Ho, 2006), resulting in increased performance.
It was discovered that introducing a personalized component increased the user's

impression of the usability of the e-banking services and, as a direct consequence of this, the
user's intention to use these services on an ongoing basis. (Wang et al., 2017). Based on the
findings of a previous study (Randall et al., 2007), (Thies et al., 2016) concluded, in their
study on the impact of personalization on purchase intention for mobile apps, that the utility
of website users who pick customized services is increased when personalization is
implemented. This conclusion was reached in their study on the impact of personalization on
purchase intention for mobile apps. Analogously, Krishnaraju et al. (2015) hypothesized that
increased online personalization will lead to a more robust association between performance
expectancy and the intention to use e-government services. As a consequence, it is expected
that individuals will adopt m-banking apps if they expect to have positive outcomes.
Therefore, it is hypothesized that:

H2: Performance expectancy significantly influences on continuous use intention of mobile

banking apps.

H2a: Personalization plays a role in moderating the causal relationship between performance
expectancy and continuous use intention of mobile banking apps.

2.4.3 Effort Expectancy, Personalization and Continuous use intention

According to Venkatesh et al. (2012), "effort expectancy" (EE) refers to how easily
consumers can use technology. There is a correlation between the EE concept and the
perceived ease of use in TAM, and EE is a leading factor in BI. This is because EE is a factor
that measures efficiency. According to Baabdullah et al. (2019), the amount of time users
spends interacting with a specific technology might be affected by their impressions of how
easy it is to use that technology. The other side of the coin is that consumers' views of the
complexity of technology might harm their intention to embrace or reuse that technology
(Brown & Venkatesh, 2005).

The simplicity with which a system is operated is the essence of what is meant by "effort
expectations." According to Alalwan et al.'s (2017) research, an individual's desire to embrace
a new system can be predicted by how highly the system is valued and how frequently that
individual uses it. Consumers react differently in different parts of the world since cultural
28
influences on adoption behavior vary. Due to the unique characteristics of mobile banking,
which calls for a specific set of knowledge and skills, the customer's level of expectation
regarding their amount of effort might significantly impact the final outcome (Nusapatuah,
2022).

As a result of the one-of-a-kind characteristics of mobile banking, which calls for a particular
level of expertise and skills, the expectations of a firm can have a significant bearing on
whether or not a customer will be interested in adopting the technology (Nair, Ali, & Leong,
2015). In addition to the impact, they have on people's intentions about their behavior,
researchers believe that the expectations they hold regarding their level of effort also
positively impact their performance expectations. Customers will have high-performance
expectations to attain the desired performance when they believe mobile banking is simple
and requires little effort.

Several authors in relevant domains have validated the impact that client expectations of effort
have on their intentions to utilize online banking channels (Nair, Ali, & Leong, 2015).
Multiple studies on mobile banking have shown that the collected performance expectation
component significantly influences the accuracy of predicting customers' intentions to utilize
mobile banking (Jeon, Han, & Lee, 2006).

EE is still one of the most crucial aspects to consider when it comes to mobile app
consumption, and it significantly impacts a user's behavioral intention (Hew et al., 2015).
Similarly, mobile applications' ease of use or difficulty can affect users' intention to utilize
those programmes. Users are more likely to have positive attitudes towards mobile apps if
they believe using them is uncomplicated and uncomplicated for them to utilize.

It is projected that personalized mobile app services will increase their ease of use and
intuitiveness. According to their research findings (Krishnaraju et al., 2015), personalization
makes it easier for users to refer to themselves, find relevant content, and navigate between
different types of content. This reduces the mental work users require, encouraging them to
adopt the technology. Choi et al. (2014) highlighted that recommended systems minimize the
search effort of users, whereas (Wang et al., 2017) posited that customization increases the
effort expectancy for e-banking services. In addition, users can tailor the look and feel of the
app's homepage through personalization features. Users can add sections (for instance,
business and sports rather than politics and entertainment) and customize the flow of
information that they want to read first, as well as check for the most recent changes on those

29
subjects, with a significant reduction in the amount of work and time spent doing so. Another
benefit is that users can do all of this with significantly less effort and time. Their tastes and
interests determine all of this. Furthermore, there have been also studies that proved the effect
of effort expectancy on continuous use intention not only in the e-commerce field but also in
the context of m-banking apps. Thus, it is hypothesized that:

H3: Effort expectancy significantly influences on continuous use intention of mobile banking
apps.

H3a: Personalization plays a role in moderating the causal relationship between effort
expectancy and continuous use intention of mobile banking apps.

2.4.4 Social influence, Personalization and Continuous use intention

Brown and Venkatesh (2005) say that "social influence" is "the extent to which users feel that
influential people (peers, friends, and family) think they should use a certain technology."
According to the UTAUT model, social influence is the degree to which an individual
believes influential people believe he or she should implement a new system. This degree is
based on the individual's perception of other people's beliefs. In other words, social influence
refers to how an individual perceives that they influence others around them (Nelson, Todd, &
Wixom, 2005).

Social influence can be described as the extent to which an individual believes that influential
people in his or her environment believe that person should implement a new system
(Venkatesh, Morris, Davis, & Davis, 2003). One of the hypotheses being tested in this
research is that social influence is a significant factor in determining whether or not customers
will consider using mobile banking. The vast majority of consumers are on board with
technological advancements and are typically swayed by the opinions of their friends and
coworkers in matters relating to the utilization of mobile phones and the numerous
programmes and variations of apps available on their mobile phones (Nusapatuah, 2022).

Users develop an attitude towards technology when they are encouraged and urged to do so by
people in their immediate environment whose opinions they value (Alalwan et al., 2017).
Studies have shown that social influence is essential in determining a user's propensity to
utilize mobile commerce, mobile payment, and diet applications (Okumus et al., 2018). Li et
al., (2022) discovered that social influence significantly impacts the individual's intention to
utilize it continually. When discussing mobile banking, the term "social influence" refers to

30
the effect that a person's immediate social environment (including family, friends, and
coworkers, for example) has on that person's plans to use mobile banking. For example, a
person's family may encourage them to use mobile banking. Families, friends, influential
people in one's community, and other reference groups are social contexts (Jeon, Han, & Lee,
2006). To put it another way, the information and encouragement provided by people close to
the customer can significantly impact how the consumer perceives technology and how they
plan to use it in their lives (Nair, Ali, & Leong, 2015).

The selection of social influence as the primary driver of behavioral intention is based on
earlier research that supports the significance of social impact in influencing consumers'
propensity to use online banking channels. This study was used to support the selection of
social influence as the primary driver of behavioral intention. The hypothesis that social
influence is the most essential factor in determining behavioral intention has been accepted as
a direct consequence of these findings (Nair, Ali, & Leong, 2015). According to the findings
of many studies that were carried out in the past, the behavioral intent of customers to use
mobile banking is significantly impacted by social influence (Nair, Ali, & Leong, 2015).

When users compare their opinions to those of others in the same social group, this marks the
beginning of the process known as the "onset of social influence." Individuals from the same
social network with similar interest’s likes, and preferences can be recognized as part of the
personalization process because of their innate propensity to do so. According to Choi et al.
(2014), creating a sense of social presence in users through identifying friends or neighbors
with the same tastes has the potential to impact users significantly. According to the
hypothesis presented by Gefen and Straub (2004), the sense of social presence among users
positively impacts the intention to reuse the resource. Zhu et al. (2021) emphasized that
personalization based on a social network is a good strategy for building continuous usage
intention since it offers the target users recommendations from other members of the same
social network. According to the research that has been conducted, a personalization option
integrated into a mobile app can persuade users to utilize the service more regularly. About m-
banking apps’ adoption, however, even though previous studies examined social influence,
they have not revealed a statistically significant association between this factor and behavioral
intention. Hence, this study investigated social influence once again to prove or not the effect
of social influence on behavioral intention. Therefore, it is assumed that:

H4: Social influence significantly influences on continuous use intention of mobile banking
apps.
31
H4a: Personalization plays a role in moderating the causal relationship between social
influence and continuous use intention of mobile banking apps.

2.4.5 Facilitating Conditions, Personalization and Continuous use intention

The UTAUT's final factor was the presence of situations conducive to learning. According to
the people who came up with the concept, it can be described as "the degree to which an
individual believes that an organizational and technical infrastructure exists to support the use
of the technology" (Venkatesh, Morris, Davis, & Davis, 2003). The facilitating conditions
determinant does not positively affect behavioral intention, as predicted by the original
UTAUT model. In the context of e-commerce, however, a substantial number of empirical
investigations have confirmed the reverse.

The original UTAUT model states that the facilitating conditions determinant does not
positively influence behavioral intention. On the other hand, many empirical studies verifying
the opposite conclusion have been conducted in online businesses. Only Hew et al. (2015)
have proven that using mobile banking apps positively affects a person's inclination to engage
in certain behaviors.

Since mobile apps are software that runs on smartphones, using them with an internet
connection is more manageable. In the meantime, users care about both the content of these
apps and whether or not they have technical problems or go offline (Alalwan et al., 2017).
Other facilities, such as customer support and service delivery, must provide consumers with
quality services. It has been reported that facilitating factors significantly influence users'
intentions and usage behavior (Verkijika, 2018).

It is essential that users of personalized mobile applications have a sense of service exclusivity
and that their intentions are appropriately recognized. Facilitating conditions is closely
associated with delivering quality services, such as sending timely updates, push notifications,
or breaking information on the user's preferred topics instantly and without technical error. In
addition to other features, supporting the user's native language and enabling content
translation between languages can enhance the user experience and encourage repeated usage
of a customized mobile application. Moreover, one-on-one communication with users, prompt
response to their queries, and the design of apps that align with users' perceptions are crucial
system quality factors that influence the continued use of mobile apps. (Fan et al., 2016). In
their investigation of e-government services hypothesized that personalization moderates the

32
relationship between facilitation conditions and behavioral intention (Krishnaraju et al.,
2015). Therefore, hypothesize that personalization will influence the relationship between
facilitating conditions and continuous use intention.

H5: Facilitating conditions significantly influences on continuous use intention of mobile

banking apps.

H5a: Personalization plays a role in moderating the causal relationship between facilitating
conditions and continuous use intention of mobile banking apps.

2.4.6 Hedonic Motivation, Personalization and Continuous use intention

The importance of people's desire to adopt technology as a predictor of their level of hedonic
motivation cannot be overstated (Yang, 2010). It has determined that the emotional,
multisensory, and imaginative aspects of customers' hedonic and utilitarian values are
necessary for consumers' shopping enjoyment (Jones et al., 2006).
The user's enjoyment of entertainment or hedonics can be explained by motivation, which is
the interaction with the material in the research. It could be an indication of it to have a good
time or to be entertained. Hedonic motivation is said to directly influence behavioral
intentions, as stated by (Venkatesh, Morris, Davis, and Davis, 2003). Furthermore, the
hedonistic urge to use technology for pleasure determines the user's adoption and usage. This
is because hedonistic desires are driven by pleasure (Brown & Venkatesh, 2005). Numerous
studies conducted in the past have conclusively shown that hedonic motivation has a direct
bearing on the adoption of technical advances and is an essential component (Venkatesh,
Morris, Davis, & Davis, 2003). There is scant research that takes hedonics into account as a
factor in users' approval (Pillai & Mukherjee, 2011).
The importance of people's desire to adopt technology as a predictor of their level of hedonic
motivation cannot be overstated (Yang, 2010). It has been determined that the emotional,
multisensory, and imaginative aspects of customers' hedonic and utilitarian values are
necessary for consumers' shopping enjoyment (Jones et al., 2006). This lends credence to the
idea that hedonistic goals have a considerable bearing on behavioral intentions.
A direct relationship between hedonic motivation and users' behavioral intent to accept
technology was proposed by Venkatesh, Morris, Davis, and Davis (2003). Hedonic
motivation can be identified by an individual's fun, enjoyment, and delight. According to one
definition, it is "fun or enjoyment obtained from the use of technological devices" (Gefen,
Straub, & Boudreau, 2000). Hedonic motivation can play an essential part in formalizing

33
people's adoption of technology, according to the theory of motivation (Pavlou, 2003). The
information systems literature has made substantial use of this measure to predict technology
utilization. The evidence presented in the research significantly supports the role of hedonic
incentives in formalizing users' acceptance of mobile technology. This is reinforced by
research on the adoption of mobile learning (Pavlou, 2003).
Hew et al. (2016) found that hedonic motivation was a critical factor in how likely people
were to use a mobile app. Because, through mobile apps, individuals feel free and comfortable
with their daily activities. Therefore, it is proposed that consumers will be motivated to utilize
mobile applications if they are creative, distinctive, and fun.
When provided in an ideal manner, personalization was discovered to be a significant factor in
the generation of emotions, and it was discovered to induce pleasant sentiments such as
delight and pleasure, which resulted in the intention to make a purchase. According to the
findings of Fiore and Jin (2018), individuals' enjoyment and arousal levels rose when
customized services were utilized to promote communication between clients and online
shopping websites. Similarly, Ho (2015) emphasized that when consumers view
personalization as a new feature, they will have a larger perspective of the satisfaction it
provides for them. Because of the positive sensations that are linked to hedonic motivation,
such as joy and a sense of playfulness, it is reasonable to hypothesize that the personalization
feature of personalized mobile apps will amplify positive sentiments and emotions in the users
of these apps, which will lead to a desire for the apps to be used more frequently.
H6: Hedonic motivation significantly influences on continuous use intention of mobile
banking apps.
H6a: Personalization plays a role in moderating the causal relationship between hedonic
motivation and continuous use intention of mobile banking apps.

2.4.7 Habit, Personalization and Continuous use intention

Habit is a "perceptual construct that reflects the effects of previous experiences" (Brown &
Venkatesh, 2005) and a "behavioral pattern that people do involuntarily as a result of previous
learning" (Verkijika, 2018). If users develop a habit of using an application, they are likelier
to continue doing so if they are pleased with its efficacy (Amoroso & Lim, 2017).
A habit is the automatic performance of learned tendencies (Hsu, Chang, & Chung, 2015).
Occasionally, environmental conditions or past experiences can influence a habit asserted that
antecedent experience is required for the habit to influence technology use and that habit was

34
a crucial factor in the future acceptance of technology (Venkatesh, Morris, Davis, & Davis,
2003).
The practice significantly influences behavioral intentions and technology use (Venkatesh,
Thong, & Xu, 2012). Limayem et al. (2007) define habits as the extent to which individuals
are inclined to perform an automatic behavior for learning, while Kim et al. (2005) associate
habits with automaticity. Additionally, a habit is a behavior that becomes automatic before the
individual's beliefs and actions. (Kim & Malhotra, 2005). It becomes payment practices in the
context of e-money, as it is the most significant driver of payment innovation. Consumers'
payment transaction preferences are more secure, convenient, and effective. Therefore, when
consumers are satisfied with the instruments, they naturally gravitate towards them. Payment
can modify the background of accessible payment, as it is a substantial barrier to innovation
dissemination and advance payments.
It was discovered that consumers' habits affect their desire to use mobile payments (Morosan
& DeFranco, 2016), mobile applications (Hew et al., 2015), and internet banking services
(Morosan & DeFranco, 2016; Hew et al., 2015); (Alalwan et al., 2017). In addition, Barnes
(2011) and Tam & Ho (2006) demonstrated that habit significantly predicts the intention to
use mobile applications continuously.
Users' formation of usage patterns is crucial to the sustained use of mobile apps. Users are
receptive to self-referential personalization (Tam & Ho, 2006), and consequently, researchers
believe it will influence habits to encourage continued use intention for customized mobile
apps. Moreover, Vogel et al., (2007) stated that personalization may be the key to forming an
information system usage habit. It has been empirically demonstrated that a personalization
option encourages recurrent purchases among online shoppers (Zhang & Wedel, 2009). In
their investigation, Krishna Raju et al., (2015) hypothesized that web personalization
influences usage patterns and intentions. Based on the research mentioned earlier, users will
receive their preferred content due to personalization features, which will encourage them to
develop a habit of using the app and, consequently, continue to do so over time.
H7: Habit significantly influences on continuous use intention of mobile banking apps.
H7a: Personalization plays a role in moderating the causal relationship between habit and
continuous use intention of mobile banking apps.

35
2.5 Conceptual Framework

The conceptual framework is a collection of theoretical frameworks describing the study route
(Adom, et al., 2016). The conceptual framework consists of a set of general ideas and theories
that aid researchers in gaining an accurate understanding of the issue they are researching,
formulating their enquiries, and finding important indicator.

Below Figure 3.1 shows the conceptual framework of this study. It consists six independent
variables including performance expectancy, effort expectancy, social influence, facilitating
conditions, hedonic motivation, and habit. Personalization considers as a moderating variable
of this study. Also, continuous intention considers as a dependent variable of this study.
H2a H1
Personalization
H3a H4a H5a H6a H7a

Performance Expectancy H2

Effort Expectancy H3

Social Influence H4

Continuous Intention
H5
Facilitating Conditions

H6
Hedonic Motivation Independent Variable
H7
Moderate Variable
Habit

Figure 3.1 Conceptual Framework

Source: developed by the researcher

2.6 Chapter Summary

A survey of scholarly articles, books, and other sources that are pertinent to a specific subject,
field of research, or theory is called a literature review. This survey gives a description,
summary, and critical evaluation of the works surveyed about the research problem that is
being studied. The purpose of writing a literature review is to present an overview of the
sources that you have investigated when studying a particular issue, as well as to illustrate to
the reader how the research fits within the context of a broader area of study.

36
This chapter reviewed the literature Continuous Use Intention of Mobile Banking Apps by
Millennials in Uva Province: Moderating Role of Personalization. Also, this chapter reviewed
and summarized the literature review relevant to the moderating effect of personalization on
the relationship between the continuous intention of mobile banking apps by millennials in
Uva Province, Sri Lanka.

37
 CHAPTER 03

METHODOLOGY

3.1 Chapter Introduction

The methodology provides guidelines for systematically conducting research. Before

conducting an investigation, a methodology is considered well-designed if it has been
meticulously planned and evaluated, including an evaluation of the decision-making process.
Leedy & Ormrod (2001) define research methodology as "the researcher's general approach to
conducting the research project." This chapter attributes how the research has been conducted
to understand the continuous use intention of mobile banking apps by millennials in Uva
province: moderating role of personalization.

This methodology chapter of the research study mainly discusses the research methods and
techniques used by the researcher while justifying the reasons for using those methods. The
research procedure that the researcher followed has been described under the following
headlines introduction, research philosophy, research approach, research strategy, the
population of the study, sample technique, sampling framework and sample size, method of
data collection and source, research instrument, sources of measurement, conceptualization,
operationalization, validity and reliability of instruments, a unit of analysis, method of data
analysis, method of data evaluation, data presentation, ethical consideration and summary of
the chapter.

3.2 Research Design

Research design is "the specification of the most appropriate procedures to be carried out to
test the given hypothesis" (Beri, 2005). Therefore, the researcher's design enables the
researcher to anticipate the appropriate research decisions necessary to exploit the validity of
the results (Beri, 2005). The research design chosen should align with the topic under
investigation, as stated by Beri (2005). Various methods exist to classify research designs, but
sometimes the distinctions are arbitrary, and designs are frequently combined. The essence of
a research design is choosing a study location, designing a sampling plan, time frame,
research approach, and data collection method (Beri, 2005).

38
3.1.1 Research Philosophy

The philosophy of research is a collection of beliefs and hypotheses concerning the expansion
of knowledge (Hammersley, 2013). Moreover, the positivism paradigm enables researchers to
comprehend the objects through empirical tests and techniques such as sampling,
measurement, and focus group discussion. Instead of attempting to generalize a base of
understanding for the entire population, interpretivism enables researchers to gain a deeper
understanding of the phenomenon and its complexity in its specific context (Saunders et al.,
2016).

This investigation examines positivism (Saunders et al., 2016). Because theories offer the
basis for the explanation, allow for the anticipation of events, forecast their existence, and so
allow them to be controlled under positivism. The explanation is concerned with variables,
which encompass various assumptions about the social environment and how it should be
explored, and it consists of establishing causal linkages between the variables by developing
causal laws and integrating them into a deductive or integrated theory (Collis & Hussey,
2014).

3.1.2 Research Approach

As distinct categories, inductive and deductive approaches to research can be distinguished.

The deductive approach uses the literature to identify theories and concepts that the researcher
will test using data. In contrast, the inductive approach is defined as accumulating data and
forming a hypothesis based on the results of data analysis (Saunders, 2009). In addition,
deductive research requires deriving conclusions from premises. When using a deductive
method for a research project, the author formulates a set of hypotheses and then employs a
suitable methodology to test each hypothesis. In contrast, the inductive method establishes a
general proposition from particular facts, while the deductive method concludes from known
premises (Saunders, 2009).

Through inductive and deductive research approaches, the researcher will use the deductive
method because the deductive method allows the development of an assumption based on the
existing theories and forming a research plan to test the assumption (Wilson, 2010).

39
3.1.3 Nature of the Study

This research study made use of a comprehensive research planning procedure. The study was
based on the descriptive and explanatory goals of the study. A descriptive study aims to
precisely and systematically characterize a phenomenon. This study examined the continuous
use intention of mobile banking apps by millennials in Uva province: moderating role of
personalization.

3.1.4 Research Strategy

A research strategy is a roadmap towards achieving research objectives and the means to
attain them. Accordingly, this is a way to answer research questions. Experiments, surveys,
case studies, action research, grounded theory, ethnography, and archival research are
examples of distinct research methodologies (Saunders et al., 2016).

This study's research strategy consists of a questionnaire. It allows for collecting large
quantities of data and is used to identify contributing variables among multiple data sets
(Bryman, 2012). Survey methodology is often associated with the deductive method.
Furthermore, its primary purpose is to analyze the variables in the collected data sets. This
research study will capture data through the use of semi-structured statements.

3.2 Unit of Analysis, Population and Sample Design

3.2.1 Unit of Analysis

In a study, the unit of analysis refers to the entity being analyzed or studied as a whole. It
encompasses most of the causality and change factors within it (Saunders et al., 2016). The
customers who use m-banking apps in state and private banks in Uva province are considered
the analysis unit for this research study.

3.2.2 Population

A population is a comprehensive group of individuals with unique characteristics who process

the information the researcher seeks (Banerjee & Chaudhury, 2010). It is also possible to
define a research population as a group of individuals or objects with known similarities. In
this investigation, the population consisted of customers who use m-banking apps at the state
and private banks in the province of Uva.

40
3.2.3 Sample

According to Philip and Adrian (2007), sampling is a technical tool used to rationalize the
accumulation of data by selecting, using an appropriate technique, a subset of an object,
person, or event. Nonetheless, through sampling, the researcher endeavored to estimate what
was likely to be the case for the entire study population. (Kumar, 2011).

Methods of probability and non-probability sampling are classified. In probability samples,

each member of the population has a probability greater than zero of being selected.
Probability estimation methods include random sampling, systematic sampling, and stratified
sampling. Non-probability sampling involves the non-random selection of members of the
population. These include convenience, estimation, quota, and projectile sampling.

The researcher utilized the convenience sampling method for data collection, one of many
available techniques.

3.2.4 Sample Size

Sampling strategy is an essential component of research. The sample is a subset of the

population chosen to participate in the investigation. Kuma (2011) states that "sampling is the
process of selecting a subset (a sample) from a larger group." In this study sample is selected
as 250 customers who use m-banking apps in state and private banks in Uva province.
Regarding sample size, the researcher distributed among 300 respondents and received 250
effective responses. In here we kept the same weightage on all the commercial bank in Uva
province. It is kind of purposive sampling take more accurate answer from the analysis.

Table 3.1 Sampling Framework

Bank Name Number of Customers
Peoples’ Bank 50
Bank of Ceylon 50
Sampath Bank 50
Commercial Bank 50
Hatton National Bank 50
Total 250
(Source: Survey Data)

41
3.3 Data Collection

This study utilized a survey-based methodology due to the nature of the constructs presented
in the theoretical model. The research study utilized two categories of data primary data.

According to Kothari (2007), primary data comprises unique, newly gathered information.
The responses to the structure’s questionnaire were the primary sources of information.

3.4 Questionnaire Development

Data was collected from respondents using a well-structured questionnaire consisting of 38

questions. This contains three main section’s part A, B, and C. In this part A & B covers basic
demographic data in respondents. Then the section C contains eight subsections which covers
the independent variables of the research.

3.4.1 Source of Measurement

The variables in the research model were assessed using questionnaires with a five-point
Likert scale, whereas the demographic factors were measured using a nominal scale.

The questionnaires were completed by the respondents in a manner consistent with their
perceptions of how to answer each question. The independent and dependent variables are
measured using a Likert scale with five points. The following is how the five-point Likert
scales were constructed:

3.5 Measurement of Variables

3.5.1 Independent Variables

Regarding the UTAUT2 factors, the researchers adhered to Saprikis et al.'s original items and
modified them to fit within the framework of mobile news applications. On a five-point Likert
scale ranging from 1 (strongly disagree) to 5 (strongly agree), all UTAUT2 variable questions
were measured. (strongly agree). Among the six selected variables, performance expectations
comprised five questions, such as "I believe using an m-banking app on my smartphone
would enable me to complete my transactions more quickly." Similarly, effort expectations
comprised five items, such as "I believe it would be simple for me to learn how to use an m-
banking application on my smartphone." Social influence also contained five items, such as

42
"People I care about believe I should use mobile banking apps." The enabling conditions
consisted of five items, such as "I believe I could use an m-banking app on my current
smartphone." Hedonic motivation was measured with four questions, such as "Using m-
banking app is enjoyable," whereas habit was measured with four questions, such as "Using
m-banking app has become a habit for me."

Table 3.2 Summary of Measurement for Independent Variable

Variable Indicators
Performance Expectancy Help me accomplish my transactions more quickly
Increase my chances of completing transactions
Save time
Use everywhere
Find beneficial
Effort Expectancy Easy for me to learn
Easy for me to use
Clear and understandable
No trouble
No trouble learning how to utilize
Social Influence Believe I should use mobile banking apps
Power to affect my behavior
Opinion count think that I should use an m-banking app
through my smartphone
People in my close surroundings use mobile banking apps

Important for financial transactions

Facilitating Conditions Have the proper smartphone to use

Use an m-banking app with my current smartphone

Compatible comparing with other technologies

Have necessary technical resources

Have necessary knowledge to use
Hedonic Motivation Fun

43
 Enjoyable
Entertaining
Gives me pleasure
Habit Become a habit for me
Addicted to using
Must use m-banking app
Natural to me
(Source: Saprikis et al., 2022)

3.5.2 Moderate Variable

Table 3.3 Summary of Measurement for Moderate Variable

Variable Indicators
Personalization Understand my needs
Know what I want
Take my needs as their own preference
Can provide me with personalized to my activity context
Can provide me with more relevant information tailored
(Source: Saprikis et al., 2022)

3.5.3 Dependent Variable

Table 3.4 Summary of Measurement for Dependent Variable

Variable Indicators
Continuous use intention Intend to use
Predict to use
Willing to introduce
Always try to use m-banking app to meet my daily financial
needs
Recommend others
(Source: Saprikis et al., 2022)

44
3.6 Reliability and Validity of measures
3.6.1 Reliability

The degree to which one consistently obtains the same findings over time is their reliability.
Cronbach's Alpha Analysis was utilized to evaluate the instrument's level of dependability.
The average inter-item correlation is used as the basis for this method's measurement of the
instrument's internal consistency. According to Sekaran and Bougie (2016), if the Cronbach
value is more significant than 0.7, it suggests that the scale possesses an appropriate level of
internal consistency.

Table 3.5: Decision Criteria for Reliability Analysis

Range Decision Attributes Range Decision Attributes
r ≥ 0.9 Excellent Reliability
0.8≤0.9 Good Reliability
0.7≤0.8 Acceptable Reliability
0.6≤0.7 Questionable Reliability
0.5≤0.6 Poor Reliability
r<0.5 Unacceptable Reliability
(Source: Koonce & Kelly, 2014)

3.7 Statistical Procedure

"Validity" refers to how accurately a measuring device measures what it is intended to

measure (Koonce & Kelly, 2014). To ensure the validity of the assessment, researchers
conducted the Kaiser-Mayer-Olkin (KMO) and Bartlett's Test of Sphericity to evaluate if the
sample size was sufficient (Koonce & Kelly, 2014). For an instrument to be considered
legitimate, its results must have a value of 0.5 or greater than 0.5, indicating that the sample
size is sufficient to carry out a factor analysis (Koonce & Kelly, 2014).

3.7.1 Univariate Analysis (Descriptive Statistics)

The method of univariate analysis is the most fundamental type of data analysis. Since "one"
means the prefix "uni," only a singular variable is present in the data. Its primary objective is
to describe rather than investigate causes or relationships (unlike regression), and it does so by
accumulating data, summarizing data, and searching for patterns in the data.

45
The information provided by the survey takers was analyzed and condensed using descriptive
statistics (Jnr, Money, Samouel, & Page, 2007). Descriptive statistics were used to analyze the
respondents' demographic characteristics.

The researcher used the frequency distribution to show the demographic information about the
respondents. The prominent trends of things were measured, such as the mean and the
standard deviation. Under the heading of univariate analysis, the sample that was analyzed by
the central theorem also underwent analysis of mean and standard deviation. Therefore,
analyzing the data acquired is necessary to determine the results concerning goal number one.

Absolute and relative dispersion are both quantified by the standard deviation. It demonstrates
the degree of dissimilarity between the two variables. In this study, the researcher evaluated
the responses of participants by comparing the mean value (which falls between 1 and 5) to
their assigned value for a particular dimension. The researcher also considered the median
value of 3 to determine our evaluation criteria.

Mean

The term "mean" refers to a straightforward mathematical average of a collection of two or

more numbers. The mean can be a useful analytical tool when comparing several diverse data
sets.
Table 3.6: Decision Criteria for Univariate Analysis
Decision Criteria Decision Attributes Decision Criteria Decision Attributes
1.00<Xi≤1.80 Very Low

1.80<Xi≤2.60 Low

2.60<Xi≤3.40 Moderate

3.40<Xi≤4.20 High

4.20<Xi≤5.00 Very High

(Source: Masri & Jaaron, 2017)

3.7.2 Bivariate Analysis (Inferential Statistics)

The bivariate analysis process involved the simultaneous analysis of data recorded on two
variables. This analysis was conducted to determine whether there is any association between
the two variables, and if there is, to determine the strength of the relationship, whether or not
one variable of primary interest can be predicted from the observations on the other variable,

46
and to determine a functional relationship between such a criterion (Dependent) variable and
the Predictor (Independent) variable.

[Link] Correlation Analysis

The correlation analysis is a type of bivariate analysis that determines the strength of an
association between two variables and the direction the association is going (Bolboaca &
Jantschi, 2006). The value of the correlation coefficient ranges from minus one to plus one,
indicating the strength of the association. When the value of a degree of association between
two variables is equal to or less than 1, it is considered perfect. The association between the
two variables will become less potent as the value of the correlation coefficient becomes
closer and closer to 0. The coefficient's sign indicates the nature of the relationship; a plus
sign denotes a positive relationship, while a minus sign denotes a negative one (Bolboaca &
Jantschi, 2006).

This study has evaluated whether or not there is a significant association between the various
study variables if the respective p-value is lower than 0.05. Despite this, the connection is
thought to be significant to some degree, as shown in Table 3.7, even if the significance of the
correlation coefficient is not taken into account.

Table 3.7: Correlation Scale

Range Decision Attributes
r = 0.5 - 1.0 Strong Positive Relationship
r = 0.3 - 0.49 Medium Positive Relationship
r = 0.1 - 0.29 Weak Positive Relationship
r = 0.1 - (-0.29) Strong Negative Relationship
r = -0.3 - (-0.49) Medium Negative Relationship
r = -0.5 - (-1.0) Weak Negative Relationship
(Source: Rukshani & Senthilnathan, 2015)

[Link] Regression Analysis

A collection of statistical procedures known as regression analysis is used to estimate the

relationships between a dependent variable and one or more independent variables Hassan
(2023). Simple and multiple regression analyses are the two distinct varieties of this statistical
technique. Estimating the nature of the relationship that exists between a dependent variable
and an independent variable is possible using simple regression analysis. The multiple
47
regression analysis provides a method for estimating the connection between a dependent
variable and two or more independent variables.

Table 3.8: Summary: Objective-wise analysis methods

No Objective Method of Analysis
To identify the impact of performance expectancy on Simple Regression
1
intention to use mobile banking apps. Analysis

To identify the impact of effort expectancy on intention Simple Regression

2 to use mobile banking apps. Analysis

To identify the impact of social influence on intention to Simple Regression

3
use mobile banking apps. Analysis
To identify the impact of facilitating conditions on Simple Regression
4
intention to use mobile banking apps. Analysis
To identify the impact of hedonic motivation on intention Simple Regression
5
to use mobile banking apps. Analysis
To identify the impact of habit on intention to use mobile Simple Regression
6
banking apps. Analysis
To identify the personalization, moderate the relationship Process Macro
between performance expectancy, effort expectancy,
7
social influence, hedonic motivation, habit and intention
to use mobile banking apps.
(Source: Developed for the research purpose)

3.8 Chapter Summary

This chapter primarily deals with the introduction, research philosophy, research approach,
research strategy, methodological choice, time horizon, research area selection, population of
the study, sample technique, sampling framework and sample size, method of data collection
and source, research instrument, sources of measurement, the pilot study, validity and
reliability of instruments, unit of analysis, method of data analysis, method of data evaluation,
data presentation, ethical consideration. Lastly, this chapter briefly summarized.

This study is a quantitative field study that collected primary data through the use of a
standardized questionnaire that was administered to a sample of 250 consumers who use

48
mobile banking applications at state and commercial banks in the Uva area. To evaluate the
research aims, the researchers chose to conduct descriptive analysis, correlation analysis,
simple random analysis, and multiple regression analysis.

49
 CHAPTER 04

DATA PRESENTATION AND ANALYSIS

4.1 Introduction

A methodology is a set of guidelines for systematically conducting research. It is crucial to

thoroughly plan and evaluate everything before investigating. In addition, it is critical to
assess the decision-making process. Leedy and Ormrod (2001) define research methodology
as "the general approach the researcher takes to carrying out the research project."
The methodology of the research was discussed in the chapter preceding this one. The results
of the research are presented in the segment that is focused on analyzing the data. The
presentation of the data in this chapter illustrates the results considered most important by the
objectives of the study. This chapter uses sample data to investigate the impact that the
implementation of artificial intelligence has had on the level of employee involvement. For
data collection, a questionnaire was used. There are two parts to the questionnaire, the first is
personal information, and the second is research information. Both can be found under the
data presentation. In this particular research, the data were analyzed and evaluated with the
help of the SPSS 25.0 version.

4.2 Demographic Profile of the Respondents

In order to examine the demographic statistics, a descriptive analysis was carried out. The
questions about personal information are connected to significant aspects of the respondent's
identity, such as their gender, age, income status, employment, and education qualifications.
The tables, bar charts, and pie charts that follow display the respondent's personal
information.

4.2.1 Use of Mobile Banking Apps Last 3 Years

Out of the 250 respondents to the questionnaire, everyone has used mobile banking apps
during the course of the past three years.

50
4.2.2 Use of Mobile Banking Apps

The question of how long have you been use mobile banking apps? categorized as since 5
months, since 1 year, since 2 years and since 3 years. Out of 250 respondents 65 (26%), 79
(31.6%), 57 (22.8%) and 49 (19.6%) were used mobile banking apps since 5 months, since 1
year, since 2 years and since 3 years respectively. Most of the respondents have been using
mobile banking for 1 year, and it is 31.6% as a percentage. The least percentage is 19.6% and
they used mobile banking apps for 3 years.

Table 4.1: Use of Mobile Banking Apps of the Respondents

Use of Mobil Banking Apps Frequency Percentage %
Since 5 months 65 26%
Since 1 year 79 31.6%
Since 2 years 57 22.8%
Since 3 years 49 19.6%
Total 250 100%
(Source: Survey Data, 2022)

4.2.3 Gender

Among the 250 respondents to the study, 146 of which 58.4% were male and 104 were female
(41.6%). Most of the respondents are male and it is 58.4% as a percentage.

Table 4.2: Gender of the Respondents

Gender Frequency Percentage %
Male 146 58.4%
Female 104 41.6%
Total 250 100%
(Source: Survey Data, 2022)

4.2.4 Age Level of the Respondents

The age of the respondents were categorized as 23 – 28 years, 28 – 33 years, 33 – 38 years

and 38 – 43 years. The age level was taken into this category because the research study
collects data from millennials. According to Table 4.3, of the total 250 respondents, 32
(9.1%), 106 (30.3%), 126 (36%), 67 (19.1%), and 19 (5.4%) are below 23 – 28 years, 28 – 33

51
years, 33 – 38 years and 38 – 43 years of age, respectively. Among them most of the
respondents were between 23-28 years.

Table 4.3: Age Level of the Respondents

Age Level Frequency Percentage %
23 – 28 years 106 42.4%
28 – 33 years 60 24%
33 – 38 years 45 18%
38 – 43 years 39 15.6%
Total 250 100%
(Source: Survey Data, 2022)

4.2.5 Income Level

The income level of the respondents was categorized as less than 50 000, 50 001 – 100 000,
100 001 – 150 000 and above 150 001. According to Table 4.4, the income level of 90 (36%)
respondents was less than 50,000, 117 (46.8%) respondents was between the range of 50 001
– 100 000, 34 (13.6%) respondents was between the range of 100 001 – 150 000, and that of 9
(3.6%) respondents was above 150 001. Among them, most of the respondent’s income levels
were between 50 001-100 000 and it is 46.8%. Lowest percentage of the respondent’s income
level was above 150 0001.

Table 4.4: Income Level of the Respondents

Income Level Frequency Percentage %
Less than 50 000 90 36%
50 001 – 100 000 117 46.8%
100 001 – 150 000 34 13.6%
Above 150 001 9 3.6%
Total 250 100%
(Source: Survey Data, 2022)

4.2.6 Employment

The employment of the respondents was classified as government, semi-government, private,

or independent contractor. According to Table 4.5, of the total 250 respondents, 76 (30.4%),
21 (8.4%), 106 (42.4%), and 47 (18.8%) were employed by the government, semi-

52
government, the private sector, and self-employed, respectively. Among them most of the
respondents were employment as a

Table 4.5: Employment of the Respondents

Employment Frequency Percentage %
Government 76 30.4%
Semi Government 21 8.4%
Private 106 42.4%
Self employed 47 18.8%
Total 250 100%
(Source: Survey Data, 2022)

4.2.7 Educational Level

Educational level of the respondents categorized as up to G.C.E. A/L, diploma, degree and
master. According to the Table 4.6, out of 250 respondents 142 (56.8%), 91 (36.4%), 14
(5.6%) and 3 (1.2%) are up to G.C.E. A/L, diploma, degree and master respectively. Among
them most of the respondent’s educational level were Up to G.C.E. A/L and it is 56.8% as a
percentage. Lowest percentage was Masters qualification and is 1.2% as a percentage.
Table 4.6: Educational Level of the Respondents
Educational Level Frequency Percentage %
Up to G.C.E. A/L 142 56.8%
Diploma 91 36.4%
Degree 14 5.6%
Master 3 1.2%
Total 250 100%
(Source: Survey Data, 2022)

4.3 Research Information

4.3.1 Analysis of Reliability

A Cronbach's alpha analysis was done to figure out how reliable the instrument was. In Table
4.7, the results of the Cronbach's alpha test are shown. The average inter-item consistency of
the instruments that were tested shows that each instrument's internal reliability was good. If
every Cronbach value for the scale is greater than 0.70, then the scale has adequate internal
consistency (Koonce & Kelly, 2014).
53
Table 4.7, identifies the reliability of the independent variables. According to this study, the
Cronbach’s Alpha Coefficient. When the Cronbach's Alpha coefficient exceeds 0.70, the
instrument is regarded as reliable. Cronbach's Alpha Coefficient values for the overall
variable in this study are also greater than 0.70. This suggests that all elements were deemed
reliable, which is consistent with the notion that the internal reliability of each instrument was
adequate (Koonce & Kelly, 2014).

Table 4.7: Results of Reliability Analysis

Variable Cronbach’s Alpha Number of Question of
Value Items

Performance Expectancy 0.724 5

Effort Expectancy 0.741 5

Social Influence 0.753 5

Facilitating Conditions 0.736 5

Hedonic Motivation 0.778 4

Habit 0.767 4

Personalization 0.799 5

Continuous Use Intention 0.826 5

(Source: Survey Data, 2022)

4.3.2 Analysis of Validity

Validity is a term used to describe how well a measuring tool measures what it is supposed to
measure in a certain situation (Thatcher 2010). The Kaiser-Mayer-Olkin (KMO) Test and
Bartlett's Test of Sphericity were conducted to determine whether the group was suitable for
determining validity. For an instrument to be considered valid, its results must be at least 0.70,
indicating that there are sufficient samples to conduct a factor analysis.

As can be seen in the table below, all of the Kaiser-Meyer-Olkin (KMO) performance
expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation,
habit, personalization, and continuous use intention are greater than 0.70 and all of Bartlett's
Tests of Sphericity are significant at the 5% level of significance because all of the P-values

54
are 0.000, which is less than 0.05. From this, it can be inferred that each variable's items
constitute an adequate sample and that there is a strong correlation between all of the
variables' items.

Table 4.8: Results of Validity Analysis

Variable KMO Number of Question Items

Performance Expectancy 0.779 5

Effort Expectancy 0.766 5

Social Influence 0.777 5

Facilitating Conditions 0.780 5

Hedonic Motivation 0.776 4

Habit 0.773 4

Personalization 0.808 5

Continuous use intention 0.728 5

(Source Survey Data, 2022)

4.3.3 Univariate Analysis

In this study, the mean was used to figure out how centered the data was, and the standard
deviation was used to figure out how spread out the data was. (Saunders et al., 2009). The
results of this study were determined by applying an interval estimator and a univariate
analysis to the collected data.

Table 4.9: Mean/ Standard Deviation of Variables

Variable Mean Standard Deviation

Performance Expectancy 3.9560 0.67674

Effort Expectancy 3.9448 0.66778

Social Influence 3.7872 0.71124

Facilitating Conditions 4.0136 0.66052

55
Hedonic Motivation 4.1210 0.66775

Habit 4.0800 0.72436

Personalization 4.0864 0.65065

Continuous use intention 4.0744 0.69240

(Source: Survey Data, 2022)

[Link] Level of Performance Expectancy

The performance expectancy is the first independent variable, and there are two indicators to
measure it. The performance expectancy mean value is 3.9560 and the standard deviation is
0.73606 (Table 4.9). This demonstrates that the level of performance expectancy is a high-
level contribution to the continuous use intention of mobile banking apps by millennials in
Uva province: moderating role of personalization.

[Link] Level of Effort Expectancy

The effort expectancy is the second independent variable, and there are five indicators to
measure it. The effort expectancy mean value is 3.9448 and the standard deviation is 0.66778
(Table 4.9). This demonstrates that the level of effort expectancy is a high-level contribution
to the continuous use intention of mobile banking apps by millennials in Uva province:
moderating role of personalization.

[Link] Level of Social Influence

Social influence is the third independent variable, and there are five indicators to measure it.
The social influence mean value is 3.7872 and the standard deviation is 0.71124 (Table 4.9).
This demonstrates that the level of social influence is a high-level contribution to the
continuous use of mobile banking apps by millennials in Uva province: moderating role of
personalization.

[Link] Level of Facilitating Conditions

The facilitating condition is the fourth independent variable, and there are five indicators to
measure it. The facilitating conditions mean value is 4.0136 and the standard deviation is
0.66052 (Table 4.9). This demonstrates that the level of facilitating conditions is a high-level

56
contribution to the continuous use intention of mobile banking apps by millennials in Uva
province: moderating role of personalization.

[Link] Hedonic Motivation

The hedonic motivation is the fifth independent variable, and there are five indicators to
measure it. The hedonic motivation mean value is 3.1210 and the standard deviation is
0.66775 (Table 4.9). This demonstrates that the level of hedonic motivation is a high-level
contribution to the continuous use intention of mobile banking apps by millennials in Uva
province: moderating role of personalization.

[Link] Habit

The habit is the sixth independent variable, and there are four indicators to measure it. The
habit mean value is 4.0800 and the standard deviation is 0.72436 (Table 4.9). This
demonstrates that the level of habit is a high-level contribution to the continuous use of
mobile banking apps by millennials in Uva province: moderating role of personalization.

[Link] Personalization

The personalization is the moderate variable, and there are five indicators to measure it. The
personalization mean value is 4.0864 and the standard deviation is 0.72436 (Table 4.9). This
demonstrates that the level of personalization is a high-level contribution to the continuous
use intention of mobile banking apps by millennials in Uva province: moderating role of
personalization.

[Link] Continuous use intention

The continuous use intention is the dependent variable, and there are five indicators to
measure it. The continuous use intention mean value is 4.0744 and the standard deviation is
0.69240 (Table 4.9). This demonstrates that the level of continuous use intention is a high-
level contribution to the continuous use intention of mobile banking apps by millennials in
Uva province: moderating role of personalization.

4.3.4 Pearson’s Correlation Analysis

Jnr (2007), noted that the Pearson correlation coefficient indicates the direction, strength, and
significance of bivariate relationships among the entire variable that were measured on an
interval scale. For bivariate analysis, the researcher looks at data on performance expectancy,

57
effort expectancy, social influence, facilitating conditions, hedonic motivation, habit,
personalization, and continuous use intention all at the same time (As one variable increases,
the other also increases, or as one variable increases, the other variable decreases).

[Link] Pearson’s Correlation among Performance Expectancy, Effort Expectancy,

Social Influence, facilitating Conditions, Hedonic Motivation, Habit and Personalization

Pearson's correlation analysis was done to see if there is a linear relationship between
performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic
motivation, habit and personalization.

Table 4.10: Performance Expectancy, Effort Expectancy, Social Influence, facilitating

Conditions, Hedonic Motivation, Habit and Personalization
Variable Personalization
Pearson Correlation Sig (2-tailed)
Performance Expectancy 0.712 0.000

Effort Expectancy 0.765 0.000

Social Influence 0.683 0.000

Facilitating Conditions 0.723 0.000

Hedonic Motivation 0.822 0.000

Habit 0.772 0.000

(Source: Survey Data, 2022)

In the first step of the research process, a correlation analysis, also called a bivariate analysis,
is done to see if there is a linear relationship between performance expectancy, effort
expectancy, social influence, facilitating conditions, hedonic motivation, habit and
personalization among banking customers of Uva Province. The results indicate a statistically
significant and strongly positive relationship between performance expectancy and
personalization (r = 0.712, p < 0.01), effort expectancy and personalization (r = 0.765, p <
0.01), social influence and personalization (r = 0.683, p < 0.01), facilitating conditions and
personalization (r = 0.723, p < 0.01), hedonic motivation and personalization (r = 0.822, p <
0.01), habit and personalization (r = 0.772, p < 0.01) as given in the Table 4.10.

58
[Link] Pearson’s Correlation among Performance Expectancy, Effort Expectancy,
Social Influence, facilitating Conditions, Hedonic Motivation, Habit and Continuous use
intention

Pearson's correlation analysis was done to see if there is a linear relationship between
performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic
motivation, habit and continuous use intention.

Table 4.11: Performance Expectancy, Effort Expectancy, Social Influence, Facilitating

Conditions, Hedonic Motivation, Habit and Continuous use intention
Variable Continuous use intention

Pearson Correlation Sig (2-tailed)

Performance Expectancy 0.869 0.000

Effort Expectancy 0.817 0.000

Social Influence 0.800 0.000

Facilitating Conditions 0.878 0.000

Hedonic Motivation 0.827 0.000

Habit 0.717 0.000

(Source: Survey Data, 2022)

The correlation analysis, also called a bivariate analysis, is done to see if there is a linear
relationship between performance expectancy, effort expectancy, social influence, facilitating
conditions, hedonic motivation, habit and continuous use intention among banking customers
of Uva Province. The results indicate a statistically significant and strongly positive
relationship between performance expectancy and continuous use intention (r = 0.869, p <
0.01), effort expectancy and continuous use intention (r = 0.817, p < 0.01), social influence
and continuous use intention (r = 0.800, p < 0.01), facilitating conditions and continuous use
intention (r = 0.878, p < 0.01), hedonic motivation and continuous use intention (r = 0.827, p
< 0.01), habit and continuous use intention (r = 0.717, p < 0.01) as given in the Table 4.11.

59
4.3.5 Simple Regression Analysis and Moderator Analysis

The researcher used both simple regression and process analysis to identify moderating
impact of the study.

[Link] Personalization and Continuous use intention

Table 4.12 indicates the impact of personalization on continuous use intention.

H1: Personalization significantly influences on continuous use intention of mobile banking

apps.

According to Table 4.12 the score of R2 indicates that personalization explains approximately
46% of the variance in continuous use intention. The proposed model was adequate as the F
statistic (F=211.158) was significant as 1% level. Results indicate that personalization
(p<0.01; β=0.722) significantly impacts continuous use intention. According to the model the
β value indicates when personalization increases by one-unit continuous use intention increase
by 0.722.

Table 4.12 Impact of Personalization on Continuous use intention

Independent Regression Coefficient R ANOVA
Variable Square
Constant Unstand. Sig F- Statistics Sig
Beta Value Value

Personalization 1.125 0.722 0.000 0.460 211.158 .000b

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be express as follows;

Y=α+βP+e

Y = 1.125 + 0.722 P

Where,

Continuous Use intention = 1.125 + 0.722 Personalization

60
According to Table 4.12, p value of personalization expressed as 0.000, and it is less than 0.05
(p < 0.05). There is enough evidence to reject the null hypothesis. Thus, it can be concluded
that there is enough evidence to say that personalization has a significant impact on
continuous use of mobile banking apps among banking customers of Uva Province.

[Link] Performance Expectancy, Personalization and Continuous use intention

This section aims to identify the impact of performance expectancy on continuous use
intention of mobile banking apps and moderating role of personalization.

● Impact on Performance Expectancy on Continuous use intention

Table 4.13 indicates the impact on performance expectancy on continuous use intention.

H2: Performance expectancy significantly influences on continuous use intention of mobile

banking apps.

According to Table 4.13 the score of R2 indicates that, performance expectancy explains
approximately 75.5% of the variance in continuous use intention. The proposed model was
adequate as the F statistic (F=764.132) was significant as 1% level. Results indicate that,
performance expectancy (p<0.01; β=0.889), significantly impacts on continuous use intention.
According to the model the β value indicates when performance expectancy increases by one-
unit continuous use intention increase by 0.889.

Table 4.13 Impact on Performance Expectancy on Continuous use intention

Independent Regression Coefficient R ANOVA
Variable Square
Constant Unstand. Sig Value F- Statistics Sig Value
Beta

Performance
0.558 0.889 0.000 0.755 764.132 0.000b
Expectancy

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be express as follows;

Y = α + β PE + e
61
Y = 0.558 + 0.889 PE

Where,

Continuous use intention = 0.558 + 0.889 Performance Expectancy

According to Table 4.13, the p value of performance expectancy is expressed as 0.000, and it
is less than 0.05 (p < 0.05). There is enough evidence to reject the null hypothesis. Thus, it
can conclude that there is enough evidence to say that performance expectancy is significantly
impact on continuous use intention of mobile banking apps

● Moderator Analysis of Personalization on Relationship between Performance

Expectancy and Continuous use intention

H2a: Personalization plays a role in moderating the causal relationship between performance
expectancy and continuous use intention of mobile banking apps.

This study followed moderating analysis through Process Macro to attain H2a hypothesis of
this study. Because, this study aims to identify the significant impact of performance
expectancy on continuous use intention moderating by personalization of among customers
who are using mobile banking apps in State and Private Banks within Uva Province. As a
result, this study followed combine moderating effect regarding above three variables through
Process Macro analysis based on the SPSS software. Those results can be shown follow as;

Model 1

Y = Continuous use intention

X = Performance Expectancy

W = Personalization

Sample Size = 250 customers

Table 4.14: Model Summary of the Model 1 (Moderation Regression Analysis)

R R-square MSE F Df1 Df2 P

.8964 .8036 .0953 335.5135 3.0000 246.0000 .0000

(Source: Survey Data, 2022)

62
According to process analysis results of Model 1 which is shown in Table 4.14, the
moderation regression analysis shows the F = 335.5135 at the p-value .0000. I indicate the
moderation regression results were significant. Because, the p- value is less than 0.05. The R-
square value was .8036. It indicates that 80.36% of the variation in continuous use intention is
explained by the performance expectancy and personalization.

Table 4.15: Coefficient Values of Model 1 (Moderation Regression Analysis)

coeff se t p LLCT ULCI
Constant 4.1800 .0244 171.2493 .0000 4.1319 4.2280
PE .6736 .0448 15.0309 .0000 .5854 .7619
P -.0527 .0496 -1.0613 .2896 -.1505 .0451
Int_1 -.3380 .0469 -7.2062 .0000 -.4304 -.2456
(Source: Survey Data, 2022)

According to coefficient analysis result of moderation regression analysis Model 1, the

following decisions can be made:

Main Effects

Decision 1:

❖ Performance expectancy positively influences continuous use intention. Because the

significant value was less than 0.05. The B value was .6736, t value was 15.0309 at
.000 significant level. It indicates, one unit increase of performance expectancy will
lead to 0.6736 units of continuous use intention among banking customers in Uva
province.

Decision 2:

❖ Personalization has no influence on continuous use intention. The B value was -.0527,
and t value was -1.0613. Also, the p value of this regression analysis was not
significant. Because the p value is higher than 0.05.

Interaction Effects

Interaction Effect 1: Performance Expectancy * Personalization

63
Table 4.16: Test (s) of Highest Order Unconditional Interaction (s) of Model 1
R2-Change F Df1 Df2 P
X*W .0415 51.9292 1.0000 246.0000 .0000
(Source: Survey Data, 2022)

As Table 4.16 shows, the analysis results of Test of Highest Order Unconditional Interaction
of Model 1. The addition of the interaction 1 in the model changes the R 2 by 0.0415. Because,
it has a significant change as p = 0.000 < 0.05. Also, its F value was 51.9292. According to
these results of Model 1 shows, there is a moderating effect of personalization on relationship
between performance expectancy and continuous use intention among banking customers in
Uva Province.

[Link] Effort Expectancy, Personalization and Continuous use Intention

This aims to identify the effort expectancy on continuous use intention moderating by
personalization of mobile banking apps.

● Impact of Effort Expectancy on Continuous Use Intention

Table 4.17 indicates the impact of effort expectancy on continuous use intention.

H3: Effort expectancy significantly influences on continuous use intention of mobile banking
apps.

According to Table 4.17 the score of R2 indicates that effort expectancy explains
approximately 66.8% of the variance in continuous use intention. The proposed model was
adequate as the F statistic (F=497.970) was significant as 1% level. Results indicate that effort
expectancy (p<0.01; β=0.847), significantly impacts on continuous use intention. According
to the model the β value indicates when effort expectancy increases by one-unit continuous
use intention increases by 0.847.

Table 4.17 Impact on Effort Expectancy on Continuous Use Intention

Independent Regression Coefficient R Square ANOVA
Variable
Constant Unstand. Sig Value F- Sig Value
Beta Statistics

Effort
0.733 0.847 0.000 0.668 497.970 0.000b
Expectancy

64
Dependent Variable: Continuous use Intention
(Source: Survey Data, 2022)

The regression model can be express as follows;

Y = α + β EE + e

Y = 0.733 + 0.847 EE

Where,

Continuous use intention = 0.733 + 0.847 Effort Expectancy

According to Table 4.17, p value of effort expectancy expressed as 0.000, and it is less than
0.05 (p < 0.05). There is enough evidence to reject the null hypothesis. Thus, it can conclude
that there is enough evidence (p < 0.05). to say that effort expectancy has a significant impact
on continuous use of mobile banking apps among banking customers of Uva Province.

● Moderator Analysis of Personalization on the Relationship between Effort

Expectancy and Continuous use intention

H3a: Personalization plays a role in moderating the causal relationship between effort
expectancy and continuous use intention of mobile banking apps.

The researcher conducts moderation analysis Model 2 to identify the moderating impact of
personalization on the relationship between effort expectancy and continued intention among
banking customers of Uva Province. For achieve above objective, the researcher conducted
Process Macro analysis to test Hypothesis H3a of this study. Because, Process Macro analysis
result helps to identify combined moderating effect on two variables.

Model 2

Y = Continuous use Intention

X = Effort Expectancy

W = Personalization

65
Sample Size = 250 customers

Table 4.18: Model Summary of Moderation Regression Analysis Model 2

R R-square MSE F Df1 Df2 P

.8415 .7082 .1416 198.9694 3.0000 246.0000 .0000

(Source: Survey Data, 2022)

According to above Table 4.18, the moderation regression analysis model 2 regression model
was significant. Because, the model summary of moderation regression analysis results show
R2 value is .7082 at .0000 significance level. Also, p value was less than 0.05. According to
these results, the conclusion can be made that 70.82% of the variation in continuous use
intention is explained by the variables of effort expectancy and personalization.

Table 4.19: Model Summary of Model 2

coefficient se t p LLCT ULCI
Constant 4.1796 .0309 135.2178 .0000 4.1188 4.2405
EE .6063 .0613 9.8958 .0000 .4856 .7270
P -.0143 .0635 -.2254 .8218 -.1395 .1108
Int_2 -.3179 .0596 -5.3363 .0000 -.4353 -.2006
(Source: Survey Data, 2022)

Based on the model summary analysis results of the model 2, the following decisions can be
made follow as:

Main Effects

Decision 1

❖ Effort expectancy positively influences continuous use intention. It shows B value is

.6063, and t value is 9.8958 at the .000 significance level. Therefore, p value less than
0.05. These results indicated; one unit increase in effort expectancy will lead to .6063
units increase in continuous use intention among banking customers in Uva Province.

Decision 2

66
 ❖ Personalization has no influence on continuous use intention. Because, the B value
was -.0143, and t value was -.2254. Also, the p value of this regression analysis was
not significant. Because p value is higher than 0.05 (.8218).

Interaction Effects

Interaction 2: Effort Expectancy * Personalization

Table 4.20: Test (s) of Highest Order Unconditional Interaction (s) of Model 2
R2-sqaure F Df1 Df2 P
X*W .0336 28.4764 1.0000 246.0000 .0000
(Source: Survey Data, 2022)

According to above Table 4.20 shows the analysis results of Test of Highest Order
Unconditional Interaction of Model 2. According to the above Table, the addition of the
interaction 2 in the model changes the R2 by 0.0336. Because, it has a significant change as p
= 0.000 < 0.05. Also, its F value was 28.4764. According to these results of Model 2
indicates, there is a moderating effect of personalization on the relationship between effort
expectancy and continuous use intention among banking customers in Uva Province.

[Link] Social influence, Personalization and Continuous Use Intention

This section aims to identify the impact of social influence on continuous use intention
moderating by personalization of mobile banking apps.

● Impact of Social Influence on Continuous Use Intention

Table 4.21 indicates the impact of social influence on continuous use intention.
H4: Social influence significantly influences on continuous use intention of mobile banking
apps.
According to Table 4.21 the score of R2 indicates that social influence explains approximately
64% of the variance in continuous use intention. The proposed model was adequate as the F
statistic (F=441.372) was significant as 1% level. Results indicate that social influence
(p<0.01; β=0.779) significantly impacts continuous use intention. According to the model the
β value indicates when social influence increases by one-unit continuous use intention
increase by 0.779.

67
Table 4.21 Impact on Social Influence on Continuous Use Intention
Independent Regression Coefficient R ANOVA
Variable Square
Constant Unstand. Sig Value F- Statistics Sig Value
Beta

Social
1.124 0.779 0.000 0.640 441.372 0.000b
Influence

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be express as follows;

Y = α + β SI + e

Y = 1.124 + 0.779 SI

Where,

Continuous use intention = 1.124 + 0.779 Social Influence

According to Table 4.21, the p value of social influence is expressed as 0.000, and it is less
than 0.05 (p < 0.05). There is enough evidence (p < 0.05). to reject the null hypothesis. Thus,
it can conclude that there is enough evidence (p < 0.05). to say that social influence has a
significant impact on continuous use of mobile banking apps among banking customers of
Uva Province.

● Moderator Regression Analysis of Personalization on Relationship between

Social Influence and Continuous use intention

H4a: Personalization plays a role in moderating the causal relationship between social
influence and continuous use intention of mobile banking apps.

This study mainly focuses on identifying the moderating effect of personalization. Therefore,
this study followed moderating analysis through Process Macro to attain the H4a hypothesis
of this research study. Furthermore, this study aims to identify the significant impact of social
influence on continuous use intention moderating by personalization of among customers who
are using mobile banking apps in State and Private Banks within Uva Province. To identify
68
the combined moderating effect regarding the above three variables, this study conducted
Process Macro analysis through SPSS software to accomplish this objective. Those results can
be shown through Model 3:

Model 3

Y = Continuous use intention

X = Social Influence

W = Personalization

Sample Size: 250 customers

Table 4.22: Model Summary of Moderating Regression Analysis for Model 3

R R-square MSE F Df1 Df2 P
.8477 .7186 .1365 209.4279 3.0000 246.0000 .0000
(Source: Survey Data, 2022)

The moderation regression analysis model 3 regression model results of above Table 4.22
indicate the moderate regression was significant. Because, the model summary of moderation
regression analysis results show R-square value is .7186 at .0000 significance level. And also,
p value was less than 0.05 and it ensures the regression was significant. According to this
result, the conclusion can be made that 71.86% of the variation in continuous use intention is
explained by the variables of social influence and personalization of selected respondents.

Table 4.23: Coefficient Values of Model 3

Coeff se t p LLCT ULCI
Constant 4.1620 .0272 153.2376 .0000 4.1085 4.2155
SI .5102 .0480 10.6303 .0000 .4157 .6048
P .1132 .0546 2.0722 .0393 .0056 .2208
Int_3 -.2783 .0440 -6.3297 .0000 -.3650 -.1917
(Source: Survey Data, 2022)

Table of 4.24 shows Coefficient Values of Model 3. Based on this result, following decisions
can be made follow as:

Main Effects

❖ Social Influence positively influences continuous use intention among selected

customers. Because, the p value is less than 0.05 (.0000). Also, B value was .5102 and

69
 t value was 10.6303. These results ensure, one unit increase in social influence on
continuous use intention among mobile banking app users in Uva Province in Sri
Lanka.
❖ Personality positively influences continuous use intention. Here, p value (.0393) less
than 0.05. B value of moderate regression analysis is .1132. It indicates, there is a
positive impact between personality and continuous use intention among mobile
banking app users in Uva province.

Interaction Effects

Interaction 3: Social Influence * Personality

Table 4.25: Test (s) of Highest Order Unconditional Interaction (s) of Model 3
R2-change F Df1 Df2 P

X*W .0458 40.0651 1.0000 246.0000 .0000

(Source: Survey Data, 2022)

Test of Highest Order Unconditional Interaction results shown by Table 4.9. According to the
above table 4.25, the addition of the interaction 3 in the model changes the R-square was
.0458 at .0000 significant level. Also, it is significant. Because, the P value was less than 0.05.
F value of Model 3 was 40.0651. These results ensure the moderating impact of personality
on the relationship between social influence and continuous use intention among mobile
banking app users in Uva Province.

[Link] Facilitating Conditions, Personalization and Continuous use intention

This section aims to identify the impact of facilitating conditions on continuous use intention
moderating by personalization of mobile banking apps.

● Impact of Facilitating Conditions on Continuous use intention

Table 4.26 indicates the Impact of facilitating conditions on continuous use intention.

H5: Facilitating conditions significantly influences on continuous use intention of mobile

banking apps.

According to Table 4.26 the score of R2 indicates that, facilitating conditions explains
approximately 76.9% of the variance in continuous use intention. The proposed model was
adequate as the F statistic (F=831.649) was significant as 1% level. Results indicates that,

70
facilitating conditions (p<0.01; β=0.920), significantly impact on continuous use intention.
According to the model the β value indicated when facilitating conditions increases by one-
unit continuous use intention increase by 0.920.

Table 4.26 Impact on Facilitating Conditions on Continuous use intention

Independent Regression Coefficient R ANOVA
Variable Square
Constant Unstand. Sig Value F- Statistics Sig Value
Beta

Facilitating
0.382 0.920 0.000 0.769 831.649 0.000b
Conditions

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be expressed as follows;

Y = α + β FC + e

Y = 0.382 + 0.920 FC

Where,

Continuous use intention = 0.382 + 0.920 Facilitating Conditions

According to Table 4.26, p value of facilitating conditions expressed as 0.000, and it is less
than 0.05 (p < 0.05). There is enough evidence (p < 0.05) to reject the null hypothesis. Thus, it
can conclude that there is enough evidence (p < 0.05) to say that facilitating conditions has a
significant impact on continuous use intention among banking customers of Uva Province.

● The Moderating Regression Analysis of Personality on Relationship between

Facilitating Conditions and Continuous use intention

H5a: Personalization plays a role in moderating the causal relationship between facilitating
conditions and continuous use intention of mobile banking apps.

To identify the moderating impact of personality on the relationship between facilitating

conditions and continuous use intention among mobile banking app users in Uva province the

71
researcher used Process Macro Analysis through SPSS software. Here, the researcher will test
the H5a hypothesis of the study. Because, Process Macro Analysis helps to identify combined
effects of personality, facilitating conditions and continuous use intention.

Model 4

Y = Continuous use intention

X = Facilitating Conditions

W = Personality

Sample Size: 250

Table 4.27: Model Summary of Moderating Analysis for Model 4
R R-square MSE F Df1 Df2 P
.9049 .8188 .0879 370.4559 3.0000 246.0000 .0000
(Source: Survey Data, 2022)

According to the above model summary table of moderating analysis of Model 4 shows that
the regression model was significant. Because, the p value is less than 0.05. (F = 370.4559, p
value = 0.0000). R-square was .8188. It indicates that 81.88% of the variation in continuous
use intention is explained by the facilitating conditions and personality among mobile banking
users in Uva province.
Table 4.28: Coefficient Values of Model 4
coeff se t p LLCT ULCI
Constant 4.1852 .0236 177.6423 .0000 4.1388 4.2316
FC .7131 .0448 15.9008 .0000 .6248 .8015
P -.0773 .0474 -1.6287 .1047 -.1707 .0162
Int_4 -.3580 .0461 -7.7730 .0000 -.4487 -.2673
(Source: Survey Data, 2022)

Based on the coefficient results of model 4 shown by Table 4.28. Based on the analysis
results, the following decisions can be made;

Main Effects

❖ Facilitating conditions positively influence the continuous use intention. B value was
.7131, and t value was 15.9008 at the significance level of 0.000. The p value of this
effect is less than 0.05. Therefore, one unit increase of facilitating conditions will lead

72
 to an increase of continuous use intention. These results can be concluded that there is
a positive impact of facilitating conditions on continuous use intention among banking
app users in Uva province.
❖ Personality has no influence on determining the continuous use intention. (B value
was -.0773, and t value was -1.6287) Here, the p value of this analysis was .1047 and
it is not less than 0.05. Therefore, there is no significant influence of personality on
continuous use intention.

Interaction Effects

Interaction 4: Facilitating Conditions * Personality

Table 4.29: Test (s) of Highest Order Unconditional Interaction (s) for Model 4
R2-change F Df1 Df2 P
X*W .0445 60.4200 1.0000 246.000 .0000
(Source: Survey Data, 2022)

According to above Table 4.29 shows the analysis results of Test of Highest Order
Unconditional Interaction of Model 4. According to the above Table, the addition of the
interaction 4 in the model changes the R2 by 0.0445. Because, it has a significantly change as
p = 0.000 < 0.05. Also, its F value was 60.4200. According to theses results of Model 4
indicates, there is a moderating effect of personalization on relationship between facilitating
conditions and continuous use intention among banking customers in Uva Province.

[Link] Hedonic Motivation, Personalization and Continuous use intention

This section aims to identify the impact of hedonic motivation on continuous use intention
moderating by personalization of mobile banking apps.

● Impact of Hedonic Motivation on Continuous use intention

Table 4.30 indicates the impact of hedonic motivation on continuous use intention.

H6: Hedonic motivation significantly influences on continuous use intention of mobile

banking apps.

According to Table 4.30 the score of R2 indicates that hedonic motivation explains
approximately 68.5% of the variance in continuous use intention. The proposed model was
adequate as the F statistic (F = 538.069) was significant as 1% level. Results indicate that
hedonic motivation (p<0.01; β = 0.858) significantly impacts continuous use intention.
73
According to the model the β value indicates when hedonic motivation increases by one-unit
continuous use intention increase by 0.858.

Table 4.30 Impact on Hedonic Motivation on Continuous use intention

Independent Regression Coefficient R Square ANOVA
Variable
Constant Unstand. Sig Value F- Sig Value
Beta Statistics

Hedonic
0.539 0.858 0.000 0.685 538.069 0.000b
Motivation

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be express as follows;

Y = α + β HM + e

Y = 0.539 + 0.858 HM

Where,

Continuous use intention = 0.539 + 0.858 Hedonic Motivation

According to Table 4.30, the p value of hedonic motivation is expressed as 0.000, and it is
less than 0.05 (p < 0.05). There is enough evidence (p < 0.05) to reject the null hypothesis.
Thus, it can be concluded that there is enough evidence (p < 0.05) to say that hedonic
motivation significantly impacts continuous use intention among banking customers of Uva
Province.

● The Moderating Regression Analysis of Personality on Relationship between

Hedonic Motivation and Continuous use intention

H6a: Personalization plays a role in moderating the causal relationship between hedonic
motivation and continuous use intention of mobile banking apps.

This study mainly focuses on identifying the moderating effect of personalization. Here, the
Process Macro analysis is the most popular method to analyze moldering among selected

74
variables. Furthermore, this study aims to identify the significant impact of hedonic
motivation on continuous use intention moderating by personalization of among customers
who are using mobile banking apps in State and Private Banks within Uva Province. To
identify the combined moderating effect regarding above three variables, the study conducted
Process Macro analysis through SPSS software to accomplish this objective. Those results can
be shown through Model 5:

Model 5

Y = Continuous use intention

X = Hedonic Motivation

W = Personality

Sample Size: 250 customers

Table 4.31: Model Summary of Moderating Regression Analysis for Model 5

R R-square MSE F Df1 Df2 P
.8327 .6935 .1488 185.4947 3.0000 246.000 .0000

(Source: Survey Data, 2022)

Based on the model summary moderating analysis of Model 5 results of Table 4.31 shows that
the regression model was significant. Because, the p value less than 0.05. (F = 185.4947, p
value = 0.0000). Also, R-square was .6935. It indicates that 69.35% of the variation in
continuous use intention is explained by the hedonic motivation and personality among
mobile banking users of both state and private banks in Uva province.

Table 4.32: Coefficient Values of Model 5

Coefficient se t p LLCT ULCI
Constant 4.1308 .0322 128.1679 .0000 4.0673 4.1943
HM .7552 .0756 9.9864 .0000 .6062 .9041
P -.0596 .0690 -.8647 .3881 -.1954 .0762
Int_5 -.1587 .0592 -2.6781 .0079 -.2754 -.0420
(Source: Survey Data, 2022)

Above Table 4.32 shows the coefficient results of model 5. Based on the moderating
regression analysis results, the following decisions can be made;

Main Effects – Model 5

75
  Hedonic motivation positively influences the continuous use intention. Therefore, B
value was .7552, and t value was 9.9864 at the significance level of 0.000. The p value
of this effect is less than 0.05. One unit of hedonic motivation will lead to increase of
continuous use intention of selected respondents. As a result, this model was significant.
And also, these results can be concluded that, there is positive impact of hedonic
motivation bile banking app users in both state and private banks within Uva province,
Sri Lanka.
 Personality has no influence on determining the continuous use intention. Here, the B
value was -.0596, and t value was -.8647. According to Table 4.14, the p value of this
analysis was .3881 and it is not less than 0.05. Therefore, there is no significant
influence of personality on continuous use intention.

Interaction Effects – Model 5

Interaction 5: Hedonic Motivation * Personality

Table 4.33: Test (s) of Highest Order Unconditional Interaction (s) for Model 5
R2-chang F Df1 Df2 P
X*W .0089 7.1724 1.0000 246.0000 .0079
(Source: Survey Data)

Test of Highest Order Unconditional Interaction results shows by Table 4.33. According to
the above table 4.33, the addition of the interaction 5 in the model changes the R-square was
.0089 at .0079 significant level. Also, it is significant. Because, the P value was less than 0.05.
F value of Model 5 was 7.1724.

These results ensure there is a moderating impact of personality on the relationship between
hedonic motivation and continuous use intention among mobile banking app users of both
private and state banks in Uva Province, Sri Lanka.

[Link] Habit, Personalization and Continuous use intention

This section aims to identify the impact of habit on continuous use intention moderating by
personalization of mobile banking apps.

● Impact of Habit on Continuous use intention

Table 4.34 indicates the impact of habit on continuous use intention.

76
H7: Habit significantly influences on continuous use intention of mobile banking apps.

According to Table 4.34 the score of R2 indicates that habit explains approximately 51.4% of
the variance in continuous use intention. The proposed model was adequate as the F statistic
(F=262.005) was significant as 1% level. Results indicate that habit (p<0.01; β=0.685),
significantly impacts on continuous use intention. According to the model the β value
indicates when habit increases by one-unit continuous use intention increase by 0.685.

Table 4.34 Impact on Habit on Continuous use intention

Independent Regression Coefficient R ANOVA
Variable Square
Constant Unstand. Sig Value F- Statistics Sig Value
Beta

Habit 1.279 0.685 0.000 0.514 262.005 0.000

Dependent Variable: Continuous use intention

(Source: Survey Data, 2022)

The regression model can be express as follows;

Y=α+βH+e

Y = 1.279 + 0.685 H

Where,

Continuous use intention = 1.279 + 0.685 Habit

According to Table 4.34, p value of habit expressed as 0.000, and it is less than 0.05 (p <
0.05). There is enough evidence (p < 0.05) to reject the null hypothesis. Thus, it can be
concluded that there is enough evidence (p < 0.05) to say that habit has a significant impact on
continuous use intention among banking customers of Uva Province.

77
 ● The Moderating Regression Analysis of Personalization on Relationship between
Habit and Continuous use intention

H7a: Personalization plays a role in moderating the causal relationship between habit and
continuous use intention of mobile banking apps.

This research study mainly focuses on identifying the moderating effect of personalization on
relationship between habit and continuous use intention among customers who are using
mobile banking apps in State and Private Banks within Uva Province. Therefore, this study
followed moderating analysis of Process Macro through SPSS Software to attain the H7a
hypothesis of this research study. The results of the Process Macro analysis are given in the
following tables.

Model 6

Y = Continuous use intention

X = Habit

W = Personality

Sample Size = 250 Customers

Table 4.35: Model Summary of Moderating Regression Analysis for Model 6

R R-square MSE F Df1 Df2 P

.7493 .5614 .2128 104.9580 3.0000 246.0000 .0000

(Source: Survey Data, 2022)

According to the above model summary table of moderating analysis of Model 6 shows that
the particular regression model was significant. Because, the p value is less than 0.05. (F =
104.9580, p value = 0.0000). And also, the R-square was .7493 It indicates that 74.93% of the
variation in continuous use intention is explained by the habit and personality among mobile
banking users of both state and private banking customers within Uva province, Sri Lanka.

Table 4.36: Coefficient Results of Model 6

coeff se t p LLCT ULCI
Constant 4.1268 .0372 110.9121 .0000 4.0535 4.2000
H .3633 .0758 4.7913 .0000 .2140 .5126

78
P .2706 .0752 3.5971 .0004 .1224 .4187
Int_6 -.1444 .0637 -2.2676 .0242 -.2699 -.0190
(Source: Survey Data, 2022)

Base on the coefficient results of Table 4.36, there are three decisions can be made follows as;

Main Effects

Decision 1

 Habit positively impacts continuous use intention among selected respondents. Here, B
value was, .3633, and t value was 4.7913 at the 0.0004 significant level. Therefore, this
regression was significant. Because, p value was less than 0.05. This result suggested, one
unit increase of habit will lead to .3633 units increase in continuous use intention among
mobile banking app users on both private and state banks in Uva Province Sri Lanka.
 Personality positively impacts continuous use intention. (B = .2706, t = 3.5971, p value =
.0004). The p value was less than 0.05. Therefore, this model was significant. It showed
there is a positive impact of habit on continuous use intention among selected respondents.

Interaction Effects

Interaction 6: Habit * Personality

Table 4.37: Test (s) of Highest Order Unconditional Interaction (s) for Model 6
R2-chang F Df1 Df2 P
X*W .0092 5.1421 1.0000 246.0000 .0242
(Source: Survey Data, 2022)

Test of Highest Order Unconditional Interaction results shown by Table 4.37. Based on the
analysis results of Table 4.37, the addition of the interaction 6 in the model changes the R-
square was .0092 at .0242 significant level. It can be concluded that the model 6 is significant.
Because, the P value was less than 0.05. Also, the F value of Model 6 was 5.1421.

These results ensure there is a moderating impact of personality on relationship between habit
and continuous use intention among mobile banking app users of both private and state banks
in taUva Province, Sri Lanka.

4.4 Summary of Hypotheses Testing

Table 4.38: Summary of Hypotheses Testing

79
 Hypothesis Decision
H1: Personalization significantly influences on continuous use
Accepted
intention of mobile banking apps.

H2: Performance expectancy significantly influences on

Accepted
continuous use intention of mobile banking apps.

H2a: Personalization plays a role in moderating the causal

relationship between performance expectancy and continuous Accepted
use intention of mobile banking apps.
H3: Effort expectancy significantly influence on continuous use
Accepted
intention of mobile banking apps.
H3a: Personalization plays a role in moderating the causal
relationship between effort expectancy and continuous use Accepted
intention of mobile banking apps.
H4: Social influence significantly influences on continuous use
Accepted
intention of mobile banking apps.
H4a: Personalization plays a role in moderating the causal
relationship between social influence and continuous use Accepted
intention of mobile banking apps.
H5: Facilitating conditions significantly influences on
Accepted
continuous use intention of mobile banking apps.
H5a: Personalization plays a role in moderating the causal
relationship between facilitating conditions and continuous use Accepted
intention of mobile banking apps.
H6: Hedonic motivation significantly influences on continuous
Accepted
use intention of mobile banking apps.
H6a: Personalization plays a role in moderating the causal
relationship between hedonic motivation and continuous use Accepted
intention of mobile banking apps.
H7: Habit significantly influences on continuous use intention
Accepted
of mobile banking apps.
H7a: Personalization plays a role in moderating the causal
relationship between habit and continuous use intention of Accepted
mobile banking apps.

80
(Source: Survey Data, 2022)

4.5 Chapter Summary

Chapter four of data presentation and analysis shows the analysis results of collected data
from respondents. The Cronbach's alpha test was carried out to verify the dependability of the
variable in question. According to the coefficients of Cronbach's alpha, the internal reliability
of each variable is high enough to be considered satisfactory. The researcher began by
presenting and analyzing the fundamental information concerning the study's sample.
Descriptive statistics and correlation analysis were used to determine the relationship between
the dependent variable and the independent variables. Finally, simple and multiple regression
analyses were used to determine the impact that the dependent variable had on the
independent variables.

CHAPTER 05: CONCLUSION AND

RECOMMENDATIONS
5.1 Chapter Introduction

This chapter gives an overview of the investigation that is currently going on, as well as an
explanation of what the main findings mean. Additionally, the chapter discusses the potential
avenues for conducting additional research. The study found that certain variables in the
model significantly impact the mobile banking applications used in Sri Lanka.

To determine whether or not the UTAUT is suitable for researching technological adoptions,
the researchers subjected it to many reliability and construct validity tests. Based on the
collection and analysis of data, it has been concluded that the UTAUT model is the most
effective approach for comprehending how individuals adopt new technologies.

5.2 Key Findings

A study was conducted on 250 customers who utilize mobile banking applications in state and
private banks in the Uva province. When considering where the literature could be improved,
it became clear that much study has been done on people's intentions to use mobile banking

81
apps. On the other hand, most of the studies come from other nations, and it is incredibly
unusual to come across such specific research in the published literature conducted earlier in a
Sri Lankan setting. As a result, the aim, as mentioned earlier, would be accomplished through
this study by creating a model.

The methods of demographic analysis, descriptive analysis, correlation analysis, moderating

analysis and regression analysis were utilized in order to investigate the relationship between
performance expectancy, effort expectancy, social influence, facilitating conditions, and
perceived risk on intention to use; moderating role of personalization mobile banking apps
based on primary data collected through a structured questionnaire. This investigation was
carried out based on the data collected through the structured questionnaire.

The results indicated high-performance expectancy, effort expectancy, social influence,

hedonic motivation, habit, personalization, and intention to use mobile banking apps.
Furthermore, a strong positive relationship existed between performance expectancy, effort
expectancy, social influence, hedonic motivation, habit, personalization and intention to use
mobile banking apps. The results indicated that significant impact of performance expectancy,
effort expectancy, social influence, hedonic motivation, habit, and personalization on
intention to use. Furthermore, there were significant differences in performance expectancy,
effort expectancy, social influence, hedonic motivation, and habit across personalization of
the intention to use mobile banking apps.

5.3 Discussion on Findings

This study's main goal was to determine what fundamental factors make people want to keep
using m-banking apps and what role personalization plays by using an integrated model of
UTAUT2 and UTAUT3. Explanatory factors, including performance expectancy, were
included in the final model. Along with factors such as effort anticipation, social influence,
conducive surroundings, hedonistic incentive, and habit, personalization was found to be an
additional factor in the use of mobile banking apps. Personalization was also utilized as a
moderating variable in this study to understand further the relationship between continuous
usage intention and the other main variables.

The results of the data analysis showed that the major drivers that positively affected the
continuous use intention of mobile banking app users were performance expectancy, habit,

82
hedonic motivation, facilitating conditions, personalization, effort expectancy, and social
influence. These were the phrases that appeared in the output of the analysis.

Based on what was found, the performance expectation may impact the intention to keep
using the most. This fits with what Chopdar and Korfiatis (2018) found. They found that
performance expectations were the most crucial factor in how people planned to use shopping
apps in the US and India. Mobile Banking apps make it easier for people to get information at
any time and from any place. According to the findings of our investigation, there is a
significant connection between routine and the intention to engage in continuous use. Hew
and Lee (2015) found that habit plays a significant role in app usage intention, an essential
factor in the continued use of mobile banking apps.

In contrast to the findings of Park (2019), who discovered that personalization directly
affected the continuous use intention of social networking sites (SNS). Although the results
support the conclusions of Mark and Vogal (2009), they were direct. They needed help
finding a solid link between customizing something and wanting to use it repeatedly. For
instance, topics such as business, entertainment, weather, or fashion can have their
applications rather than a general banking app; hence, personalization has yet to appear as a
significant determining factor in this regard.

Since academics agree that it is difficult to determine whether or not personalization adds
value Salon and Kajaluoto (2016), it is reasonable to infer that the factor of personalization by
itself is not a deciding factor when it comes to the purpose of continuously using mobile
banking apps.

Personalization did not have a discernible impact on moderating the link between the
independent variables of effort expectancy, facilitating conditions, social influence, and
hedonic motivation and the dependent variable of continuous use intention. On the other hand,
it was found that personalization significantly influenced both performance expectancy and
customer use of intention, in addition to habit and customer use of intention, which runs
counter to the findings of Krishnaraju and Matthew (2016). According to the findings,
personalization was essential in reducing the time needed to do a task and increasing overall
productivity. Through the use of personalization, it is possible to provide the needed
information to the intended consumers in the appropriate format. Personalization, however,
leads to a reduction in the performance expectations of users after a certain point.

83
This result backs up what Wessel and Thies (2015) found: adding more personalization
elements instead of continuously personalizing the content would make it seem less valuable.
This outcome demonstrates that adding extra personalization features will reduce their
perceived utility. Chen and Hitt (2002) hypothesized that personalization is only sometimes
the most effective method for retaining consumers compared to other approaches.
Personalization may lessen the overall effect. Providing uninterrupted material to users is the
primary objective of mobile applications.

5.4 Conclusion

To summarize, mobile devices and the countless apps they offer have dominated the digital
environment and now serve as the primary point of access to the internet for the vast majority
of people who use it throughout the world. As a result, virtually every market segment has
already investigated the possibility of profiting from these technological advancements. As
information-intensive businesses, banks have been significant adopters of various information
and communication technology forms. They quickly recognized the mobile transition their
consumers were making to smartphones and apps. As a result, they have been trying to
provide ever-increasing levels of value-added self-service functions and an improved
customer experience. As a result, mobile banking has emerged as a significant channel in
recent years, and its services are now considered the most valuable additions to and
indispensable components of m-commerce apps.

As a result, the purpose of this study is to look into a subject that has yet to be looked into
thoroughly, and it will be the first empirical article that studies mobile banking app adoption
users using an adapted version of the UTAUT model. In addition to this, it investigates and
verifies the significance of several elements that have never been researched before the
adoption of mobile banking applications. This information is regarded as being extremely
important for the banking industry.

5.5 Implications

5.5.1 Theoretical Implications

It is expected that the results of this empirical study will help the academic community adopt
mobile banking apps in several ways. The research adds to what already know because it
makes a new theoretical and conceptual model and proves that it works. When it comes to this

84
model in particular, as far as it is concerned, several determinants have been investigated and
demonstrated for the very first time. Some of the things that these studies have confirmed are
the link between risk and anxiety, how behavior intention affects recommendations, and how
social pressure, incentives, and anxiety affect behavior intention. Because of this, the research
gives new ideas about how mobile banking apps can be used in a scientific field with little
previous research. (There have been only ten empirical studies that focus only on this topic.)

The fact that it took place during the second wave of the COVID-19 pandemic bolsters the
significance of its findings. This is because people are more open to mobile services. After all,
they want to avoid face-to-face interactions because they are worried about safety. Also, there
is a lot of digital transformation going on in many industries, including banking. The
conceptual model presented in this work could be used by the academic community to help
them study how people use mobile banking apps and mobile banking in general. For example,
if the parts of this model are confirmed or not confirmed in other countries with similar
cultural and sociodemographic features to the United States, this study could have a bigger
impact. Other components could be added to it to examine alternative determinants that might
affect individuals' behavioral intentions towards the adoption and continued use of m-banking
apps or other behavioral difficulties related to m-banking. This could be done to fulfill the
goal of expanding the scope of the research. To summarize, it is anticipated that this study
will offer the academic community a comprehensive strategy for the adoption of mobile
banking applications using the model that was recommended and the findings that it
produced.

5.5.2 Practical Implications

In addition, the different impacts of the examined factors on the users of respondents could
encourage managers to implement distinct marketing and promotion strategies for these
groups. For instance, managers can be assisted with their alternative practices to increase
current users' m-banking app usage. On the other hand, they can be assisted in their attempts
to attract customers who do not currently use m-banking app services and migrate them to the
online environment. According to this study's findings, as previously stated, non-users appear
eager to employ these applications. For instance, banks can leverage the significant effect of
rewards on non-users to encourage them to employ apps. Financial motivations, the
acquisition of credits for m-banking app transactions, and related actions should be heavily
weighed. In addition, advertising campaigns aimed at reducing their security concerns should

85
be implemented. These activities could reduce the risk perception of non-users. As the
introduction mentions, this transfer will significantly benefit both banking institutions and
their customers (a win-win situation).

On the other hand, making mobile banking app users feel less worried is of the utmost
importance. Therefore, banks must investigate why consumers feel uneasy using mobile
banking apps and implement similar deterrent measures. For instance, a more user-friendly
app interface may reduce anxiety issues among individuals. In a time when the entire financial
sector in the overwhelming majority of countries has already begun its complete transition to
the digital sphere, the findings of this study are regarded as an indispensable resource for
banks.

5.6 Limitations and Directions for Future Research

This study aimed to find out what makes customers who use m-banking apps in state and
private banks in Uva province in Sri Lanka more or less likely to use mobile banking services.
First, it is suggested that this study looks at the effects of performance expectations, effort
expectations, social influence, facilitating conditions, perceived risk and personalization that
make it easy to use mobile banking apps. Consequently, future researchers can conduct their
studies by introducing new variables like trust and anxiety.

This study also suggests that more research should be done on how the combined effects of
source-based characteristics and multiplicity affect how likely people are to use mobile
banking services. At the end of the paper, there is a suggestion for a research question that
would look into how the factors that affect customers who use m-banking apps in state and
private banks in Uva province affect another industry, like the telecommunications industry.

In addition, this research was limited to the customers who use m-banking apps in state and
private banks in Uva province. In the future, the study's scope can be expanded beyond the
research area; as a result, it will be effective and valuable, and the data collection period will
be brief. Therefore, if a researcher can devote considerable time to data collection, he or she
may become an influential researcher.

In the end, the sample for this research was gathered from customers who use m-banking apps
in state and private banks in the Uva province. In the future, if anyone can add a border, a
survey of countries can be done to see if the effect studied in this study does happen.

86
5.7 Significance of the study

5.7.1 Theoretical Significance

Numerous academicians have investigated the various factors influencing the acceptance of
new technologies. The author endeavored to comprehend the theoretical background for the
UTAUT model by reading various previous works in similar fields; the results have helped
the author acquire a more concrete understanding of the topic. Four characteristics determine
technological acceptance behavior intentions. Various studies have used moderators such as
"age", "gender", and "experience" to develop models. However, the primary determinants of
behavioral intention are "performance expectancy", "effort expectancy", "social influence",
and "facilitating conditions". Various models are used to learn more about the acceptance or
adoption of any new technology, among which UTAUT is a prominent or widely accepted
model. This research will also assist you in analyzing the existing state of mobile banking
services and identifying user preferences for the future. Future scholars researching the same
topic during the COVID-19 pandemic in Sri Lanka will also benefit from this study. The
study enables policymakers, such as the Ministry of Finance, the Central Bank of Sri Lanka,
registered commercial banks, and registered financial institutions, as well as other government
entities, to develop e-service and mobile banking policies that are effective and feasible.

Most researchers investigate the continuous use of mobile banking apps by millennials in Uva
Province: the moderating role of personalization. Comparatively, less research on this topic
has been done in Sri Lanka than in other countries. As in the case of the banking industry,
more research needs to be conducted on the impact of millennials' intent to use mobile
banking applications continuously. The study will also examine millennials' continuous use of
mobile banking apps in Uva Province: the moderating function of personalization that the
bank has been able to offer its customers. As a result, this study must generate new knowledge
about the reasons for millennials' continuous use of mobile banking apps in Uva Province: the
moderating impact of personalization, as it will aid in the search for solutions to this problem.

5.7.2 Practical Significance

Recent technology advancements have greatly revolutionized the use of financial services.
Online banking, particularly m-banking, has also experienced tremendous growth and
emerged as an alternative to traditional offline and phone banking. Mobile applications are
"small programs that operate on mobile devices and handle services such as banking, gaming,
87
and web browsing" (Cheng et al., 2020). Apps can serve informational and entertaining
purposes by providing personalized and targeted information services. So, applications can
meet both hedonistic and utilitarian criteria, depending on what they are and what they are
used for. Another important thing about mobile apps is that they help people sort through the
vast information and go straight to what they care about. In addition, apps are "fast and
simple" to open and provide information in bite-sized chunks, unlike websites. As shown by
the term, customers increasingly use apps for banking.

M-banking services gave customers a new and effective way to get banking services
whenever and wherever they wanted. "Mobile banking" refers to "a way for a customer to talk
to a bank through a mobile device, such as a cell phone or a personal digital assistant." Mobile
gadgets include mobile phones and personal digital assistants. When talking about "mobile
banking," refers to providing customers with banking and financial services through mobile
telecommunications devices. The range of services that may be provided may include the
capacity to conduct transactions at a bank or stock market, manage accounts, and access one's
personal information." Mobile banking, accessed through a mobile phone, makes it possible to
use e-banking services, also called Internet banking or electronic banking. However, the main
difference between a mobile transaction and an electronic transaction, which are represented
by the prefixes "e" and "m," is that mobile banking gives "anytime and everywhere access" to
commercial transactions.

In contrast, electronic banking only gives "anytime access" to commercial transactions.

Because of this, customers who bank via mobile banking have more flexibility than customers
who bank via electronic banking. Customers can conduct financial transactions whenever and
wherever they choose with the help of a mobile device and a mobile service such as text
messaging called mobile banking. Mobile banking is a subset of mobile computing (SMS).

When mobile banking is used, one's location and the time of day are no more extended
considerations when it comes to being able to check the balance of an account or transfer
money from one account to another. This is because mobile banking does away with the
requirement of a traditional banking terminal. Recent research and studies have indicated that
although mobile banking and SMS-based mobile banking applications have been popular in
many nations and locations, they have yet to be widely utilized to the same degree as they
formerly were. This is because mobile banking and SMS-based mobile banking applications
have grown popular in many countries and areas. However, the critical contrast between an

88
electronic transaction and a mobile transaction, represented by the prefixes "e" and "m," is
that mobile banking allows "anytime and everywhere access" for commercial transactions.

In contrast, electronic banking only gives "anytime access." Because of this, people who bank
through mobile banking have more options than people who bank through electronic banking.
A mobile banking application is a mobile computer program that enables consumers to
conduct financial transactions by utilizing a mobile portable device and a mobile service, such
as text messaging, from virtually any location and at any time. Consumers can access mobile
banking applications by downloading them to their mobile devices. When you check the
balance of your accounts or transfer money from one account to another using mobile
banking, you are no longer restricted by location or time. Instead, you can do these actions
whenever and wherever you are. Recent research and studies have indicated that although
mobile banking and SMS-based mobile banking applications have been popular in many
nations and locations, they have yet to be widely utilized to the same degree as they formerly
were. This is because mobile banking and SMS-based mobile banking applications have
grown popular in many countries and areas.

89
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 APENDIX 01: RESEARCH QUESTIONNAIRE
Dear Sir/Madam,
I am, [Link] studying at Uva Wellassa University, Sri Lanka, conduct a
research project on “Continuous use Intention of Mobile Banking Apps by Millennial in Uva
Province: Moderating Role of Personalization” for my degree purpose. I have prepared this
questionnaire to get the essential information needed for my project. I kindly expect your
valuable support for the success of my research.

I need your cooperation in completing this questionnaire. I assure that the information
obtained would be only for this research with confidentiality.

Thank you for your commitment and kind cooperation.

Yours faithfully,
[Link]

Please give your answer to the following questions by making “√” mark in the given spaces.

Part A

1. Last 3 years have you use mobile banking apps continuously?

01 Yes 02 No

2. How long have you been use mobile banking apps?

01 Since 5 months 02 Since 1 year

03 Since 2 years 04 Since 3 years

Part B

3. Gender:

01 Male 02 Female

4. Age Level

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 01 23 – 28 year 02 28-33 year
03 33-38 year 04 38-43 year

5. Income Level:

01 Less than 50000 02 50,001 – 100,000

03 100,001 – 150,000 04 Above 150,001

6. Employment

01 Government 02 Semi-Government
03 Private 04 Self-employed

7. Education Qualifications

01 Up to G.C.E.A/L 02 Diploma
03 Degree 04 Master

Part C - Research information

Please mark “√” in the appropriate cage for the following statements.
SD

N
A

SA

Performance Expectancy
1. I think that using an m-banking app through my 1 2 3 4 5
smartphone would help me accomplish my
transactions more quickly.
2. I think that using an m-banking app through my 1 2 3 4 5
smartphone would increase my chances of
completing transactions that are important to me.
3. I would save time using mobile banking apps. 1 2 3 4 5

4. I would use mobile banking apps everywhere. 1 2 3 4 5

5. I would find mobile banking apps beneficial. 1 2 3 4 5

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Effort Expectancy
6. I think it would be easy for me to learn how to use an 1 2 3 4 5
m-banking app through my smartphone.
7. I think that it would be easy for me to use an m- 1 2 3 4 5
banking app through my smartphone
8. I think that my interactions via an m-banking app 1 2 3 4 5
through my smartphone would be clear and
understandable.
9. I have no trouble using mobile banking apps. 1 2 3 4 5

10. I have no trouble learning how to utilize mobile 1 2 3 4 5

banking apps.
Social Influence
11. People who matter to me believe I should use mobile 1 2 3 4 5
banking apps.
12. People have the power to affect my behavior. 1 2 3 4 5

13. People whose opinion count think that I should use 1 2 3 4 5

an m-banking app through my smartphone.
14. Most of the people in my close surroundings use 1 2 3 4 5
mobile banking apps.
15. In my social circle mobile banking apps is considered 1 2 3 4 5
important for financial transactions.
Facilitating Conditions
16. I think that I have the proper smartphone to use an m- 1 2 3 4 5
banking app.
17. I think that I could use an m-banking app with my 1 2 3 4 5
current smartphone.
18. For me, m-banking app is compatible comparing with 1 2 3 4 5
other technologies.
19. For m-banking app I have necessary technical 1 2 3 4 5
resources.
20. For m-banking app I have necessary knowledge to 1 2 3 4 5
use the internet banking services

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Hedonic Motivation

21. Using m-banking app is fun. 1 2 3 4 5

22. Using m-banking app is enjoyable. 1 2 3 4 5

23. Using m-banking app is entertaining. 1 2 3 4 5

24. Using m-banking app gives me pleasure. 1 2 3 4 5

Habit
25. The use of m-banking app has become a habit for me. 1 2 3 4 5

26. I am addicted to using m-banking app. 1 2 3 4 5

27. I must use m-banking app. 1 2 3 4 5

28. Using m-banking app has become natural to me. 1 2 3 4 5

Personalization

29. M-banking apps understand my needs. 1 2 3 4 5

30. M-banking apps know what I want. 1 2 3 4 5

31. M-banking apps take my needs as their own 1 2 3 4 5

preference.
32. M-banking apps can provide me with personalized to 1 2 3 4 5
my activity context.
33. M-banking apps can provide me with more relevant 1 2 3 4 5
information tailored to my preferences or personal
interests.
Continuous use intention

34. I intend to use an m-banking app through my 1 2 3 4 5

smartphone in the near future.
35. I predict I would use an m-banking app through my 1 2 3 4 5
smartphone in the near future.
36. If I have the chance I would use an m-banking app 1 2 3 4 5
through my smartphone.

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 37. I will always try to use m-banking app to meet my 1 2 3 4 5
daily financial needs.
38. I will recommend others to use m-banking app. 1 2 3 4 5

Thank you for your kind cooperation

SD Strongly Disagreed
D Disagreed
N Neutral
A Agreed
SA Strongly Agreed

105