Lan-Xiang Yin & Hsien-Cheng Lin

Economic Research-Ekonomska Istraživanja
ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/rero20
Predictors of customers’ continuance intention

of mobile banking from the perspective of the
interactivity theory
Lan-Xiang Yin & Hsien-Cheng Lin
To cite this article: Lan-Xiang Yin & Hsien-Cheng Lin (2022): Predictors of customers’ continuance
intention of mobile banking from the perspective of the interactivity theory, Economic Research-
Ekonomska Istraživanja, DOI: 10.1080/1331677X.2022.2053782
To link to this article: https://doi.org/10.1080/1331677X.2022.2053782
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ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA
https://doi.org/10.1080/1331677X.2022.2053782
Predictors of customers’ continuance intention of mobile

banking from the perspective of the interactivity theory
Lan-Xiang Yin and Hsien-Cheng Lin
Business College, Taizhou University, Taizhou City, China
ABSTRACT ARTICLE HISTORY

In order to test the key factors affecting users’ continuance inten- Received 19 April 2021
tion of mobile banking Apps, this study combined the Accepted 10 March 2022
Technology acceptance model (TAM) with the perceptual sinterac-
KEYWORDS
tion model, and further added human-system interaction and per-
Mobile banking app;
ceived privacy security that was not explored in these models perceived interactivity;
before. Data were collected from 349 users who had experience technology acceptance
with mobile banking to test the model and were analyzed with a model (TAM); satisfaction;
structural equation model. The present study showed that various continuance intention
interactive characteristics of mobile banking (human-human inter-
action, human-information interaction, human-system interaction) JEL CODES
had significant positive impacts on users’ perceptions of using A13; D12; D91; G41; L86
mobile banking (perceived usefulness, perceived ease of use, per-
ceived privacy security). Users’ perceptions of using mobile bank-
ing had significantly positive impacts on users’ satisfaction with
mobile banking, and user satisfaction had a significant impact on
users’ continuance intention. Users’ income level had a signifi-
cantly negative impact on their continuance intention. In order to
further enhance users’ continuance intention for mobile banking,
designers and managers of mobile banking are suggested to pay
special attention to the interactive characteristics of mobile bank-
ing and the impact on users’ perceptions of mobile banking, so
as to improve customer satisfaction and continuous intention.
1. Introduction
With the rapid development of information technology and the continuous expansion
of the banking market, mobile banking, one of the key innovations in mobile
communications, has gradually become an essential part of people’s daily lives
(Jebarajakirthy & Shankar, 2021; Sharma, 2019). Mobile banking refers to the banking
services provided in online banking platforms with mobile terminals such as mobile
phones and PDAs (Payne et al., 2018). Mobile banking allows consumers to access
their bank accounts and process a series of financial and non-financial transactions at
any time and any place (Sharma, 2019; Zhou, 2020). It has also enriched the
CONTACT Lan-Xiang Yin zmjxylx@tzc.edu.cn

ß 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/
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properly cited.
2 L.-X. YIN AND H.-C. LIN
connotation of banking services, enabling banks to provide customers with traditional

and innovative services in a convenient, efficient, and relatively safe way. As mobile
terminals are portable, they also become successful and influential successors to
ATM, Internet banking, and POS for banks to conduct business. As a result, it has
attracted increasing attention from international bankers (Kiljan et al.,2017). (Kiljan
et al.,2017). Digital banking is attracting more and more consumers. According to
Juniper Research, the number of global digital banking customers will exceed 3.6 bil-
lion in 2024, up 54% from 2.4 billion in 2020 (Ti, 2021). In terms of related indus-
tries, Deloitte (2019) conducted a global digital banking survey on e-banking
behaviour and usage in 17 countries worldwide. it showed that 73% of the customers
use online banking at least once a month, while 59% of customers use mobile bank-
ing (Deloitte, 2019). As a result, mobile banking is new and has received increasing
attention as an innovative delivery channel of financial services throughout the world
(Mater et al., 2021).
The past decade has witnessed a vast number of researches focusing on people’s
motivation of using mobile banking and its effects. Previous literature mainly investi-
gates these topics from three aspects: (1) use intention, (2) customer satisfaction, and
(3) cultural differences.
First, in terms of intention to use, most studies have explored different predictors
of users’ intention to use mobile banking and usage behaviour based on (TAM) the-
ory, such as factors that promote usage intention (e.g. perceived usefulness, perceived
ease of use, compatibility, convenience, subjective norms, perceived behavioural con-
trol, perceived benefits, trust, social influence, attitudes) and factors that inhibit usage
intention (e.g. privacy concerns, security risks, financial risks, uncertainty, unavailabil-
ity, costs) (Jebarajakirthy & Shankar, 2021). Yu and Fang (2009) proposed six dimen-
sions to measure customers’ perception of mobile banking services, including security
services, interactivity, relative advantages, ease of use, interface creativity, and cus-
tomer service. These dimensions were supported by exploratory and confirmatory
factor analysis. Luo et al. (2010) showed that trust beliefs and risks significantly
affected customers’ willingness to adopt mobile banking. Sharma (2019) collected
data from 225 mobile banking users, used innovative two-stage methods to analyze
the data, and found that trust and autonomous motivation are the two main predic-
tors of the acceptance of mobile banking. Jebarajakirthy and Shankar (2021) found
that factors such as use aim, value, risk, tradition, and image would all affect custom-
ers’ intention to adopt mobile banking (Jebarajakirthy & Shankar, 2021). Zhou (2020)
used the elaboration likelihood model (ELM) as the theoretical basis and found that
the central clues (i.e., information quality and service quality) and peripheral clues
(i.e., system quality, reputation, and structural assurance) both had impacts on mobile
banking using behaviours.
Ho et al. (2020) collected data from adults with mobile phones and bank accounts
in Taiwan (N ¼ 164; via paper-based questionnaire) and Vietnam (N ¼ 213; via online
survey) and found that both self-efficacy and convenience had an indirect effect on
their intention to adopt mobile banking; specifically, three factors - compatibility,
perceived usefulness and perceived risk - influenced their attitudes towards mobile
banking, with compatibility having the largest effect, perceived risk having the
ECONOMIC RESEARCH-EKONOMSKA ISTRAŽIVANJA 3
smallest effect and perceived usefulness having an indirect effect on intention

through attitude.
Second, in terms of customer satisfaction, research showed that there are still prob-
lems with consumer satisfaction related to the benefits of mobile banking services,
especially in developing countries (Al-Otaibi et al., 2018; Manser et al., 2021; Sampaio
et al.,2017) pointed out that many customers complained about application-related
problems or service failures, increasing the number of complaints about the use of
mobile banking applications. Therefore, the authors collected data from 383 partici-
pants from Brazil, India, and the United States, who were bank customers having
experiences with service failures in specific mobile banking applications. Analysing
the data through confirmatory factors and structural equation modelling to explore
the benefits of using mobile banking and satisfaction with mobile banking use. This
study explores service failure and perceived fairness in further depth and examines
the moderating role of perceived fairness and uncertainty avoidance orientations. The
results showed that the benefits of mobile banking were positively related to customer
satisfaction. Customers usually complained about service errors caused by technical
problems, which directly affected customer satisfaction. Generally, there are three
types of complaints about mobile banking applications: Security, ease of use, and con-
venience (Maxham & Netemeyer, 2002). As banks directly benefit from customers’
satisfaction with mobile banking services, such as trust, loyalty, and positive word of
mouth (WOM), banks should be aware of such complaints and analyze the failure in
providing satisfactory service in all departments. In addition, Geebren et al. (2021)
pointed out that consumer satisfaction has been widely accepted as a critical factor of
continuous use and success in the literature about information systems, e-commerce,
and mobile banking.
Third, concerning cultural differences, Sampaio et al. (2017) investigated customers
in Brazil, India, and the United States and found that cultural differences in uncer-
tainty avoidance orientation would affect the trading environment between banks and
customers. Ho et al. (2020) focused on consumers in Taiwan and Vietnam to investi-
gate predictors of the adoption of mobile banking. At the same time, they discussed
the differences in the intention of Taiwanese and Vietnamese in adopting mobile
banking. They found that differences in cultural customs, values, social trust and
development levels in different countries would affect mobile banking adoption prac-
tices. The willingness to adopt mobile banking was directly affected by the perceived
behavioural control in the two countries. In addition to classic cultural dimensions
such as individualism/collectivism (Ho et al., 2020), this study also found that the
relative degree of innovation across countries had a significant impact on the adop-
tion rate of mobile banking.
To summarize, previous studies discussing customers’ intention and satisfaction
with using mobile banking are largely based on the technology acceptance model
(TAM) theory. Perceived usefulness and perceived ease of use are also widely used in
the research of mobile banking. Various research has shown that there were direct
and indirect associations between perceived usefulness (perceived ease of use) and
behavioural intentions (Hampshire, 2017; Jebarajakirthy & Shankar, 2021; King & He,
2006; Marangunic & Granic, 2015; Verıssimo, 2016). However, given that mobile
banking allows customers to complete financial and non-financial transactions elec-

tronically (Payne et al., 2018), security issues are restricting factors for mobile bank-
ing development while regarding guaranteed security as one of the advantages of
mobile banking applications (KPMG., 2020). In previous literature, few scholars have
studied perceived privacy security as a predictive factor for the continuous use of
mobile banking. Therefore, the present study explores the influence of customers’
sense of security on their acceptance of mobile banking. At the same time, most of
the previous literature focused on analysing the antecedents (such as perceived useful-
ness and perceived ease of use) of their motives of using mobile banking but ignored
the antecedents of these predictors. As far as we know, only a limited number of
studies applied the perceived interactivity theory to study the predictors of the per-
ceptual behaviour of users using mobile banking. Mobile banking was born in the
human-computer interaction environment. Therefore, the human-computer inter-
action environment is needed to determine the antecedents of consumers’ continu-
ance intention of mobile banking. As continuance intention is considered a powerful
indicator of a successful information system (including mobile banking) (Lin et al.,
2020), the present study focuses on analyzing how various interactive environmental
factors of mobile banking (human-human interaction, human-information inter-
action, human-system interaction) affect the user’s perceived behaviour of using
mobile banking. These perceived behaviours further affect their satisfaction and con-
tinuance intention of mobile banking. Including perceived interactivity as a prerequis-
ite factor of the Extended Technology Acceptance Model (TAM) can provide
implications for users’ continuance intention of mobile banking and provide sugges-
tions for mobile banking development agencies.
In addition, previous studies about the adoption of information technology usually
include demographic characteristics and socioeconomic variables as important variables,
such as age, gender, income, and education. Thusi and Maduku (2020) pointed out
that age had moderating effects on the associations between various technological
acceptance relationships. Some scholars pointed out gender role differences (i.e., male
versus female) may be a psychological manifestation of biological gender differences
(i.e., male versus female). In terms of income, Hanafizadeh et al. (2014) believe that
income level played an important role in adopting and using mobile banking services.
As for education, Jebarajakirthy and Shankar (2021) pointed out that education also
affects the adoption intention of mobile banking. Given the relationship between the
demographic factors and the acceptance of mobile banking found in previous research,
it is necessary that the present study included customers’ age, gender, income, and edu-
cation as covariates in the analysis of mobile banking using behaviour.
To summarize, we aim to study the predictor of users’ acceptance of mobile bank-
ing and whether perceived interactivity can improve the interactive design of mobile
banking, and we tend to extend the technology acceptance model (TAM) to the
mobile banking environment. The following research questions are proposed: (1)
Does the user’s perceived interactivity of mobile banking (human-human interaction,
human-information interaction, and human-system interaction) impact their percep-
tions (perceived usefulness, perceived ease of use, and perceived privacy security)? (2)
Does individual perceived behaviour influence satisfaction and the continuance
intention of mobile banking? (3) Make differences in age, gender, income, and educa-
tion affect users’ continuance intention of mobile banking?
This study is organized as follows: First, we review the existing literature on tech-
nology acceptance theory and perceived interactivity theory to propose our concep-
tual model, research, and hypotheses. Then research methodology and data analysis
are described. Finally, we discuss the implications of research findings for theory
and practice.
2. Theoretical background
2.1. Technology acceptance model (TAM)
The Technology Acceptance Model (TAM) was initially developed by Davis (Davis,
1989; Davis et al., 1989). It is an information system theory that explains computer
using behaviours and has been proven to be a reliable model for predicting users’
acceptance of information technology (Cheng, 2011; Gu et al., 2010; Lin & Chang,
2018; Riad et al., 2013). According to TAM, perceived usefulness and ease of use are
the two main determinants of whether an individual adopts new technologies
(Aggelidis & Chatzoglou, 2009; Handayani et al., 2017; Ifinedo, 2016; Lin & Chang,
2018; Mher et al., 2017). Perceived usefulness is also called performance expectation,
which refers to users’ belief that particular information technology or system can
improve their job performance (Davis, 1989; Davis et al., 1989). Perceived ease of use,
also known as effort expectation, refers to the degree of users believing little effort is
involved in using particular information technology or system (Davis, 1989).
Although both perceived usefulness and perceived ease of use have proven to be
significant predictors of information technology acceptance, some studies suggested
the influence of perceived ease of use on use intention becomes weaker when users
develop high familiarity and adaptability towards the technology (Karahanna et al.,
1999; Lin et al., 2020). Moreover. Bhattacherjee and Barfar (2011) believed that per-
ceived ease of use did not significantly affect the continuance intention of informa-
tion technology. Perceived usefulness and perceived ease of use – are identified as
influential factors in influencing consumers to adopt mobile technology for facilitat-
ing banking services (Farah et al., 2018; Shankar et al., 2020; Zhang et al., 2018).
Recognizing the reality of exchanging information in the online environment, cus-
tomers become increasingly concerned every time their private information is given
out in information exchange (Zhang et al.,2018). As a result, technology safety con-
cerns, including reliability and privacy factors, play an essential role in motivating
consumers to embrace mobile banking (Albort-Morant et al., 2021; Zhang
et al.,2018). The significant advantage of mobile banking is that financial transactions
can be conducted anytime and anywhere. Security is a serious concern when conduct-
ing financial transactions through electronic channels (Singh & Srivastava, 2018).
Therefore, this could be one of the significant barriers to the adoption of mobile
banking, as personal or monetary information could be exposed and used for fraudu-
lent activities (Liebana-Cabanillas et al., 2017; Singh & Srivastava, 2018). security is
defined as “a threat which creates circumstances, condition, or event with the poten-
tial to cause economic hardship to data or network resources in the form of
destruction, disclosure, modification of data, denial of service and/or fraud, waste,

and abuse” (Singh & Srivastava, 2018). In order to better study the factors influencing
mobile banking acceptance and use intention, we have extended the TAM model and
added variables related to perceived privacy security. Perceived privacy security refers
to the customer’s assessment and perception of the risks of privacy leaking and secur-
ity problems in electronic payment systems (Ding et al., 2019; Liebana-Cabanillas
et al., 2017; Linck et al., 2006).
2.2. Perceived interactivity

The theory of perceived interactivity was first proposed by Hoffman and Novak
(1996). The connotation of perceived interactivity may differ in different techno-
logical use situations (Hsu et al., 2015). Previous studies generally defined perceptual
interactivity from the following four different perspectives: (1) a feature of technol-
ogy, (2) a process of information exchange, (3) a user’s perception after using tech-
nology or experiencing a process, and (4) a combination of the abovementioned
concepts (Hsu et al., 2015; McMillan & Hwang, 2002; Zhao & Lu, 2012). In measur-
ing the level of interactivity, how users perceive or experience technical features is
more important than providing these features (Lee, 2000). Therefore, in this study,
we define perceptual interactivity from a perception-based perspective as “the extent
to which the users regard their experience as a simulation of interpersonal communi-
cation and how they feel in front of others in real society” (Thorson & Rodgers,
2006; Zhao & Lu, 2012).
Perceived interactivity is a multi-dimensional concept (Lin & Chang, 2018; Zhao &
Lu, 2012). Hoffman and Novak (1996) proposed a two-dimensions structure of per-
ceptual interactivity, namely technical interactivity, and social interactivity. On top of
the idea of technical and social interactivity, combined with the technological context
related to mobile banking, perceived interactivity can be further divided into three
different dimensions: human-human interaction, human-information interaction, and
human-system interaction (Hoffman & Novak, 1996; Hsu et al., 2015; Ko et al., 2005;
Lin & Chang, 2018). Human-human interaction refers to the degree to which users
send and receive information through information technology functions and commu-
nicate and respond with others (Hsu et al., 2015; Lin & Chang, 2018); Lu et al.,
2010). Human-information interaction refers to the process of participants publishing
and receiving information through information technology (e.g., browsing and shar-
ing information) (Lu et al., 2010). The motivation to use mobile banking per se is
seeking the interaction between people and machines (Lee & Lee, 2019). From a tech-
nical point of view, interactivity is the foundation of interpersonal communication
practices or information exchange between senders, receivers, and their interfaces,
indicating that a good network interactivity design can promote network-based com-
munication (Qiao, 2019; Sundar et al., 2016). Mobile banking is a widespread emerg-
ing phenomenon. With a good understanding of the perceived interactivity of mobile
banking and its impact on continuance intention, the design of information technol-
ogy interactivity on different topics can be adjusted, improve user interaction and
online interpersonal communication (Lee & Lee, 2019). The theory of perceived
interactivity was mainly applied in the research of information technology and mobile
information technology. In contrast, it was rarely applied to analyze the antecedents
and consequences of continuance intention of mobile banking. Therefore, this study
uses the perceived interactivity theory to study the predictor of the continuance
intention of mobile banking to narrow the gaps in the field of research. As one of the
important information technologies, mobile banking is defined in this study as fol-
lows from the three abovementioned dimensions: (1) Human-human interaction is
defined as users’ feelings or emotional responses when communicating with online
customer service through the mobile banking App; (2) Human-information inter-
action is defined as the process of information interaction between people and vari-
ous financial services provided by mobile banks (Lin & Chang, 2018; Zhao & Lu,
2012). High levels of interaction between people and information also improved the
efficiency of finding targets (Hsu et al., 2015). This interaction is considered an
important dimension of perceptions of their bank use (Bettman et al., 1998). (3)
Human-system (human-machine) interaction is defined as the users’ feeling or emo-
tional response to the system environment and content when using the mobile bank-
ing app in real-time. It emphasizes the user’s feelings about using the mobile banking
App system (Hoffman & Novak, 1996).
3. Research models and hypotheses

3.1. Environment and personal perception
Studies have pointed out that the information technology environment based on
Internet services has higher requirements for interactivity compared to media. The
degree of interactivity perceived by users is considered to be one of the most import-
ant factors affecting user experience and is also a function to realize the core value of
information technology (Lin & Chang, 2018; Lu et al., 2010; Sicilia et al., 2005).
Research findings showed that interactivity enhances user participation, and the per-
ception of interactivity greatly affects user satisfaction, which further affects their con-
tinuance intention of information technology. The Internet provides users with
higher interactivity than traditional forms of media (Lin & Chang, 2018). Lu et al.
(2010) also pointed out that the interactivity in the network environment included
human-human interaction, human-information interaction, and human-system inter-
action. At the same time, users have diversified demands for the use of the Internet,
which has led to different forms of Internet applications and different levels of satis-
faction, pleasant experience, and participation (Lin & Chang, 2018). All factors that
affect mobile banking applications, such as usefulness, ease of use, and security, are
affected by users’ perceptions (Ho et al., 2020). It is pointed out in related literature
that there is a positive relationship between the environmental cues brought about by
different interactions and the users’ cognitive response (e.g., perceived usefulness, per-
ceived convenience, perceived ease of use, and perceived privacy security), leading the
users to intentionally adopt and use mobile banking services (Jebarajakirthy &
Shankar, 2021).
3.1.1. Human-human interaction and personal perceptions

The essence of mobile banking is a platform for users to interact with people in a vir-
tual environment (Hsu et al., 2015). That is to say, human-human interaction refers
to bilateral communication, which is the interpersonal interaction in which users can
communicate and interact through the website for transactions, information
exchange, and dialogue (Lin & Chang, 2018). Mobile banking can be considered as
an interactive mechanism by which users could exchange information with bank cus-
tomer service staff (Hsu et al., 2015). Lee and Lee (2019) investigated 367 users using
mobile information technology and found that human-human interaction has a posi-
tive impact on perceived usefulness and ease of use, and has a negative impact on
perceived risk. Lu et al. (2010) and Hsu et al. (2015) also found the same results.
They believed that human-human interaction can promote users’ loyalty to informa-
tion technology. Users would be motivated when their needs for interpersonal com-
munication are met, which in turn would affect their use intentions. Therefore, the
following hypotheses were developed.
Hypothesis 1a: Human-human interaction has a positive impact on the users’ perceived
usefulness of mobile banking Apps.
Hypothesis 1b: Human-human interaction has a positive impact on the users’ perceived
ease of use of mobile banking Apps.
Hypothesis 1c: Human-human interaction has a positive impact on the users’ perception
of the security of mobile banking Apps.
3.1.2. Human-information interaction and personal perception

Human-information interaction refers to participants’ interactions with messages
(browsing and sharing messages) through the functions of mobile banking APP (Hsu
et al., 2015). In general, a high level of human-information interaction can improve
the effectiveness of information searching and feedback. This kind of interactivity has
been considered an important dimension of interaction (Hsu et al., 2015). In other
words, Users can realize human-information interaction by using functions such as
selection, search, editing, and modification, which also helps them to achieve fast and
effective searching and browsing the information (Lin & Chang, 2018; Lu et al.,
2010). Lee and Lee (2019) studied online social media users and found that the
human-information interaction had a positive impact on users’ perceived usefulness,
ease of use, and security of information technology. This is also supported by Lin
and Chang (2018), Sampaio et al. (2017), and Lu et al. (2010). They also pointed out
that a higher level of human-information interaction would lead to an increase in
users’ positive attitudes towards the website. Therefore, we propose the follow-
ing hypotheses:
Hypothesis 2a: Human-information interaction has a positive impact on the users’
perceived usefulness of mobile banking Apps.
Hypothesis 2b: Human-information interaction has a positive impact on the users’
perceived ease of use of mobile banking Apps.
Hypothesis 2c: Human-information interaction has a positive impact on the users’
perceived security of mobile banking Apps.
3.1.3. Human-system interaction and personal perception

Human-system interaction refers to the degree to which users think they can easily
enjoy information by interacting with mobile banking APP platform functions (Lu
et al., 2010). From the results of the literature review and expert survey, the more
users interact with the system, the more users perceive the usefulness of mobile bank-
ing app. Its reason is human-system interaction provides users with the ability to
modify the form or content of the intermediary environment (Lu et al., 2010). Hsu
et al. (2015) pointed out that the more frequently users interact with the system, the
more familiar users are with the system environment of mobile banking APP, and
the more obvious users perceive the ease of use of mobile banking APP. The increase
of human-system interaction will enhance users’ perception of mobile banking priv-
acy security because human-system interaction will enhance customers’ sense of
experience and trust in mobile banking. When users build trust in the system plat-
form, they will feel that transactions in the system are safe (Manser et al., 2021;
Zhou, 2020). Lu et al. (2010) also found that human-system interaction can meet the
different needs of users and have a positive impact on users’ perceived usefulness,
ease of use, and security. High-quality information systems with usefulness, ease of
use, and security are expected to bring higher user satisfaction and utilization rate
(DeLone & McLean, 2003; Lee & Lee, 2019). Other scholars have also pointed out
that human-system interaction has a positive impact on users’ personal perceptions
(Lee & Lee, 2019; Lin & Chang, 2018). Therefore, we proposed:
Hypothesis 3a: Human-system interaction has a positive impact on the users’ perception
of the usefulness of mobile banking Apps.
Hypothesis 3b: Human-system interaction has a positive impact on the users’ perception
of the ease of use of mobile banking Apps.
Hypothesis 3c: Human-system interaction has a positive impact on the users’ perception
of the security of mobile banking Apps.
3.2. Personal perception and satisfaction

Perceived usefulness is a fundamental component of technology adoption in the
banking industry and is acknowledged as having a strong, positive effect on the use
of innovation (Alonso-Dos-Santos et al., 2020; Zhang et al., 2018). The predominant
belief is that users will be satisfied and adopt a technology if they perceive it to be
useful (Zhang et al., 2018). In recent years, mobile banking has been regarded as one
of the most effective banking transaction methods because of its unique advantages
compared to those of traditional offline banking services (Zhang et al., 2018).
Through mobile banking, customers can enjoy faster transaction speed, avoidance of
wait time, 24/7 personalized service, higher information transparency, convenience,
and no location constraints (Sampaio et al., 2017; Verıssimo, 2016). Customers will
feel satisfied and willing to use mobile banking when they perceive that it is useful
and advantageous for their efficiency at work. They also perceive mobile banking as
useful when they see their colleagues, friends, or family members use it and give posi-
tive recommendations. On the other hand, if people perceive that a system does not
help them perform personal activities, they will be dissatisfied and it is unlikely that
it will be received favorably (Alonso-Dos-Santos et al., 2020). In the banking industry,
many studies have included the construct of perceived usefulness as an influential fac-
tor of satisfaction and technology adoption (Hanafizadeh et al., 2014; Jebarajakirthy
& Shankar, 2021). Research indicates that perceived usefulness is considered to be
one of the advantages of mobile banking Apps, as well as one of the factors fostering
users’ adoption and use of mobile banking (Sampaio et al., 2017; Shankar et al., 2020;
Verıssimo, 2016). Perceived usefulness influences customers’ mobile banking accept-
ance and satisfaction toward mobile financial services, and it also had a direct and
positive impact on their behavior and satisfaction (Hanafizadeh et al., 2014; Sampaio
et al., 2017; Verıssimo, 2016; Zhang et al., 2018). Therefore, the following hypotheses
are developed:
Hypothesis 4: The perceived usefulness of mobile banking has a positive impact on
customer satisfaction.
Perceived ease of use is another advantage of mobile banking Apps, ease of use
has become one of the main advantages associated with customers’ satisfaction
(Sampaio et al.,2017). Perceived ease of use refers to an individual’s assessment of the
amount of effort needed to perform a task using new technology (Zhang et al., 2018).
Although Davis (1989) put more emphasis on the relationship between perceived use-
fulness and attitudes than between perceived ease of use and attitudes, he posited that
users will not adopt a new technology unless it is easy to use. Mobile technology is
believed to enhance convenience for bank customers, and its ease of use is key in cus-
tomer satisfaction (Hanafizadeh et al., 2014). Mobile banking technology should be
simple and easy for the customer to understand in order to enhance satisfaction and
acceptance (Alonso-Dos-Santos et al., 2020; Sampaio et al., 2017; Singh & Srivastava,
2018). In mobile banking, many factors can increase complexity, such as navigation
problems, a small screen size, and transaction issues. If the mobile banking service is
easy to learn and use, it positively influences the customer’s satisfaction (Singh &
Srivastava, 2018). In the banking industry, the relationship between perceived ease of
use and satisfaction toward new technologies has been validated in many studies
(Jebarajakirthy & Shankar, 2021; Lin, 2014). Particularly, several studies (Hanafizadeh
et al., 2014; Zhang et al., 2018) found empirical support for the effect of perceived
ease of use on customers’ mobile banking satisfaction. According to Alonso-Dos-
Santos et al. (2020), perceived ease of use affects a person’s attitude (i. e. satisfaction)
toward the use of technology. Perceived ease of use in the identification of informa-
tion and the transactions carried out should lead to a favorable and convincing indi-
vidual experience. Previous research indicates that perceived ease of use positively
influences customers’ satisfaction to use mobile apps and their loyalty toward mobile
apps (Zhang et al., 2018). Riquelme and Rios (2010) insisted that PEU influences cus-
tomers’ satisfaction and adoption of mobile banking. In addition, Verıssimo (2016)
investigated adult customers of the Bank of Portugal and found that their perceived
ease of use of mobile banking has a positive impact on customer satisfaction. This is
also supported by Hanafizadeh et al. (2014) and Zhang et al. (2018). Therefore, the
following hypothesis is proposed:
Hypothesis 5: The perceived ease of use of mobile banking has a positive impact on
Mobile banking also involves greater uncertainty and risk to the customer (Singh
& Srivastava, 2018). Some scholars pointed out that one of the main risks of mobile
banking is the increase in information security threats. High risks of using mobile
banking would reduce customers’ willingness to use this technology (Verıssimo,
2016). Security is a major factor valued by customers who conduct financial transac-
tions through the Internet (Sampaio et al. (2017)). Customers believe that a secure
electronic platform is sufficient to avoid leaking sensitive personal and business infor-
mation related to the transaction (Jebarajakirthy et al., 2020). Jebarajakirthy and
Shankar (2021) investigated Indian users and found that perceived risk is the main
obstacle for customers to use mobile banking Apps. In the mobile/wireless environ-
ment, security can be categorized as mobile payment-enabling application security,
network security, and device security (Singh & Srivastava, 2018). Singh and Srivastava
(2018) noted that that security challenges and privacy issues are significant concerns
for customers using mobile banking. Consumers prefer safe transaction channels and
channels that protect consumers from sharing information. Compared with consum-
ers with lower perceived security risks, consumers with higher perceived security risks
had lower perceived value about using banking services on mobile banking platforms.
As such, customers’ perception of safety had a positive effect on satisfaction
(Jebarajakirthy et al., 2020; Sampaio et al., 2017; Shankar et al., 2020). The following
hypothesis is therefore developed:
Hypothesis 6: Perceived privacy security of mobile banking has a positive impact on
3.3. User satisfaction and continuance intention

Satisfaction refers to the individuals’ evaluation and psychological state produced by
their overall experience of a product or service (Sampaio et al., 2017; Zhao & Lu,
2012). Satisfaction is an antecedent to the repurchase of services on virtual platforms.
It has been empirically shown that continuing to carry out financial transactions via
mobile banking is determined by satisfaction with previous experiences (Alonso-Dos-
Santos et al., 2020). In this case, user satisfaction is extremely important for banks in
evaluating operational performance (Sampaio et al., 2017). Lin et al. (2020) explained
that continuous use is the long-term use of information technology by individual
users after accepting information technology. Users’ continuance intention of infor-
mation technology is based on their previous experience of using information tech-
nology and their expectations for the upcoming benefits of continuously using
information technology (Bhattacherjee & Barfar, 2011); in other words, to satisfy cus-
tomers, it is necessary to know their expectations well to offer a service that meets
their needs（ Alonso-Dos-Santos et al., 2020). Customer satisfaction is considered a
key factor when measuring the success of the use of mobile banking (Alonso-Dos-
Santos et al., 2020; Lin & Wang, 2006; Shankar et al., 2020). If a user revalues his or
her user experience of an information system positively, it is likely that his or her
willingness to use such information system again will increase. Lin et al. (2017) used
the Technology Acceptance Model (TAM) to investigate and analyze information

technology users, and believed that users with high satisfaction with the information
system also had a high willingness to continue using the system; when they are satis-
fied, they tend to use the information system more frequently (Kwon, 2006; Lin et al.,
2017; Zhao & Lu, 2012). Therefore, we develop the following hypothesis:
Hypothesis 7: Customer satisfaction with mobile banking has a positive impact on
continuance intention.
3.4. Age, gender, income, education, and continuance intention

Studies have pointed out that consumers’ willingness to adopt information technology
was affected by their demographic information (Chou et al., 2009; Kim & Real, 2016;
Lin, 2014; Thackeray et al., 2013). On the contrary, Dospinescu et al. (2021) pointed
out that clients with different socio-demographic variables (excluding the separation
between Millennials and Generation Z generations) are not different in terms of the
level of perception of satisfaction offered by the use of FinTech services. Shankar
et al. (2020) found that customers’ age, gender, income, and education level might
affect their intention of adopting information technology. First of all, in terms of age,
some scholars have found that young people and the elderly were more willing to use
mobile banking than people of other ages (Goh & Sun, 2014). Hanafizadeh et al.
(2014) further pointed out that compared with other users, young users (25-34 years
old) were particularly interested in mobile banking and tended to adopt and use
mobile banking services, believing that mobile banking is more suitable for their life-
style. In terms of gender differences, Goh and Sun (2014) focused on college students’
views on bank text messages and found that only 34.4% of women used mobile bank-
ing, compared with 70% of the men being investigated. As for income, consumers
with higher income levels were more likely to use digital services such as mobile
banking than consumers with lower income since they do not want to spend time in
physical banks for transactions (Clemes et al., 2014; Hsu et al., 2015; Verıssimo,
2016); It is interesting that some researchers believed that users in low-income coun-
tries rarely owned computers, whereas more people had mobile phones, so customers
in low-income countries may be more likely to choose mobile services (Hanafizadeh
et al., 2014). Finally, in terms of education level, Hanafizadeh et al. (2014)] and other
scholars pointed out that education level plays an important role in the acceptance of
mobile banking services. Citizens with higher education have more opportunities to
use mobile devices with new technologies, and they are more confident to be users of
mobile information technology. On the contrary, users with lower levels of education
may have insufficient knowledge in making full use of mobile technology. Users with
higher education levels are therefore more inclined to use mobile information tech-
nology (Hsu et al., 2015; Lee et al., 2020). Therefore, it is interesting to look at the
differences in the acceptance of mobile banking based on customers’ demographic
statistics (age, gender, income, and education level) (Jebarajakirthy & Shankar, 2021).
This will help researchers and practitioners understand the characteristics of the
users. The influences of the covariates on the continuance intention of mobile bank-
ing are hypothesized as below:
Figure 1. Research model.

Data Source: This Paper.
Hypothesis 8a: Age has a significant impact on the continuance intention of mobile banking.
Hypothesis 8b: Gender has a significant impact on the continuance intention of
mobile banking.
Hypothesis 8c: Revenue has a significant impact on the continuance intention of
mobile banking.
Hypothesis 8d: Education has a significant impact on the continuance intention of
mobile banking.
Based on the theoretical background proposed above, we proposed a research
model to investigate the factors influencing the Continuance Intention of mobile
banking. The research model is shown in Figure 1.
4. Methodology
A quantitative approach using a survey questionnaire was adopted for the data collec-
tion. The target respondents of this study were individuals who already used or had
used mobile banking.
4.1. Instruments
This study uses an approach of cross-sectional sampling for data collection. All items
are measured using a 5-point Likert scale, ranging from 1 (strongly agree), 2 (agree),
3 (neutral), 4 (disagree), to 5 (strongly disagree). In order to ensure the validity of
the measurement, the items measuring the construct are mainly developed from pre-
vious studies, and some items have been slightly adjusted to be suited to the context
of the mobile banking App. Before conducting the survey, two experts’ information
management and financial management and three mobile banking App users were
invited to review the items. Specifically, the items’ logical consistency, comprehensi-
bility, and sequence were evaluated, and the relevance of the items to mobile banking
Apps was evaluated. Based on their suggestions, some minor changes were made to
the questionnaire. A pilot test of the questionnaire was after that conducted among
42 participants. Based on their opinions and suggestions, the questionnaire was fur-
ther revised. The questionnaire includes two parts. The first part collects the partic-
ipants’ basic demographic and socioeconomic information, including their gender,
age, income, and education level. The second part collects data related to the research
variables (see Appendix A). The questionnaire contains eight primary constructs
measured by 28 items. Human-human interaction is measured by three items,
adapted from Hsu et al. (2015) and Lin et al. (2017). The four items measuring
human-information interaction were adapted from Hsu et al. (2015) and Lee and Lee
(2019). The three items assessing human-system interaction are adapted from Yang
and Lai (2011) and Lu et al. (2010). Perceived usefulness was measured by four items,
adapted from Sampaio et al. (2017) and Davis (1989). Perceived ease of use is meas-
ured using five items adapted from Sharma (2019) and Davis et al. (1989). Perceived
privacy security is measured by three items adapted from Jebarajakirthy and Shankar
(2021) and Sharma (2019) and others. Three items adapted from Hsu et al. (2015)
and Tandon et al. (2016) are used to measure satisfaction. The three items used to
measure continuance intention are adapted from Hsu et al. (2015) and
Sharma (2019).
4.2. Participants and procedure

The empirical data were collected through an online questionnaire in January 2021.
A survey was performed using the online questionnaire tool in SO JUMP, a platform
providing functions equivalent to Amazon Mechanical Turk. The authors contacted
participants in mainland Chinese through the ‘Circle of Friends’ in WeChat. Those
who received the questionnaire were asked to send it to their friends on WeChat. A
total of 377 participants finished the questionnaire, 28 of whom had not used mobile
banking apps. To prepare the data for subsequent analysis, the database was first
cleaned. We firstly used frequency analysis to check the existence of non-responses
(missing). This methodology enables the identification of questions that were not well
understood by respondents. After removing invalid questionnaires, 349 valid surveys
were used in the analysis, with the effective rate amounting to 92.57%. In the final
sample, 150 (42.93%) were male, and 199 (57.02%) were female. Most of the partici-
pants were from the age group of 31-40 years old (N ¼ 156, 44.7%), and others were
from the age group of 41-50 years old (N ¼ 110, 31.52%). In terms of their monthly
income, 37.25% (N ¼ 130) of the participants had a monthly income of more than
US$1543, and 35.82% (N ¼ 125) had a monthly income of US$771-1542. In addition,
79.08% (N ¼ 276) of the participants had a university or college degree, and 12.03%
(N ¼ 42) had a postgraduate degree. Appendix B shows the demographic and socioe-
conomic characteristics of the participants in this study.
In the present study, structural equation modelling was applied to examine rela-
tions between latent variables simultaneously.
5. Data analysis and results

The SmartPLS 3 and SPSS version 22 software were used for statistical analyses. The
SmartPLS software was used because it supported partial least square (PLS) structural
equation modelling (SEM) techniques in predicting key target constructs and explor-
ing or extending an existing structural theory (Hair et al., 2011). Hair et al. (2011)
suggested that a minimum sample size of 100–150 was needed to perform SEM tech-
niques. The total sample size in this study met the requirement for SEM with max-
imum likelihood estimation.
Data analysis was performed using the two-step approach suggested by Sampaio
et al. (2017): estimating a measurement model and then examining structural rela-
tionships among latent constructs. The primary purpose of the two-step approach
was to assess the reliability and validity of the measures before applying them to the
entire model.
5.1. Measurement model evaluation

The measurement model was evaluated through reliability and validity analysis.
Table 1 presents the Cronbach a of the measurement model, the reliability of the
combination, and the Average Variance Extracted (AVE). Results showed that all
Cronbach a values were higher than 0.7, indicating acceptable reliability of the
Table 1. Measurement model statistics.

Constructs Item # Factor Loading Cronbach a CR AVE
HHI HHI1 0.946 0.926 0.953 0.871
HHI2 0.947
HHI3 0.905
HII HII1 0.811 0.847 0.897 0.686
HII2 0.781
HII3 0.883
HII4 0.835
HSI HSI1 0.081 0.776 0.617 0.472
HSI2 0.821
HSI3 0.858
PU PU1 0.777 0.804 0.872 0.631
PU2 0.783
PU3 0.784
PU4 0.831
PEU PEU1 0.839 0.909 0.932 0.732
PEU2 0.861
PEU3 0.862
PEU4 0.849
PEU5 0.867
PPS PPS1 0.872 0.852 0.910 0.772
PPS2 0.838
PPS3 0.924
SA SA1 0.861 0.870 0.920 0.794
SA2 0.912
SA3 0.899
CI CI1 0.917 0.857 0.914 0.781
CI2 0.920
CI3 0.810
Notes: HHI: Human-Human Interaction, HII: Human-Information Interaction, HSI: Human-System Interaction, PU:
Perceived Usefulness, PEU: Perceived Ease of Use, PPS: Perceived Privacy Security, SA: Satisfaction, CI: Continuance
Intention, CR: Composite Reliability, AVE: Average Variance Extracted.
Table 2. Construct correlations and square roots of average variance extracted.

Constructs Mean S.D. HHI HII HSI PU PEU PPS SA CI
HHI 2.6562 0.9361 0.9333
HII 2.4298 0.7215 0.603 0.8283
HSI 2.7899 0.6371 0.407 0.438 0.6870
PU 2.1103 0.5464 0.461 0.616 0.416 0.7944
PEU 2.1633 0.6211 0.424 0.408 0.345 0.637 0.8556
PRS 2.1452 0.6565 0.340 0.377 0.340 0.463 0.501 0.8786
SA 2.1356 0.5970 0.440 0.436 0.398 0.665 0.747 0.540 0.8911
CI 2.0840 0.5276 0.351 0.392 0.428 0.642 0.576 0.490 0.706 0.8837
Notes: [1]. HHI: Human-Human Interaction, HII: Human-Information Interaction, HSI: Human-System Interaction, PU:
Perceived Usefulness, PEU: Perceived Ease of Use, PPS: Perceived Privacy Security, SA: Satisfaction, CI:
Continuance Intention.
[2]. For each latent construct, the square root of AVE is displayed in italics.
[3]. Correlations significant at p < 0.05, p < 0.01, p < 0.001.
Table 3. HTMT test results.

Constructs HHI HII HSI PU PEU PPS SA CI
HHI 1.000
HII 0.678 1.000
HSI 0.662 0.742 1.000
PU 0.522 0.729 0.963 1.000
PEU 0.457 0.459 0.654 0.752 1.000
PPS 0.383 0.443 0.618 0.560 0.573 1.000
SA 0.488 0.507 0.798 0.805 0.840 0.628 1.000
CI 0.374 0.443 0.864 0.778 0.656 0.570 0.815 1.000
Notes: HHI: Human-Human Interaction, HII: Human-Information Interaction, HSI: Human-System Interaction, PU:
Perceived Usefulness, PEU: Perceived Ease of Use, PPS: Perceived Privacy Security, SA: Satisfaction, CI:
Continuance Intention.
construct. The factor loading, AVE, and CR (Composite Reliability) were used to test
the convergence validity (Hanafizadeh et al., 2014). All factor loadings were higher
than 0.7 except that HSI1 was reverse. All AVE values were higher than 0.5, and all
CR values were higher than 0.7 except that HSI1 was reverse. Therefore, the scale has
high convergent validity.
The validity of the discrimination was tested by the heterotrait-monotrait (HTMT)
ratio of correlations and comparing the square root of AVE and the correlation coeffi-
cient between the variables. Table 2 shows the results of comparing the square root of
AVE and the correlation coefficient between the variables. The correlation coefficients
of all variables were smaller than the square root of AVE, indicating that the discrimin-
ant validity defined by Fornell and Larcker (1981) is good. The value of the heterotrait-
monotrait ratio of correlations is recommended to be smaller than 0.90 (Henseler et al.,
2015). Table 3 shows the results of the heterotrait-monotrait ratio of correlations. The
heterotrait-monotrait ratio of correlations is smaller than 0.9 for all but one indicator.
In general, the questionnaire in this study has high reliability and validity.
The R-square value was used to measure the goodness of fit (Bentler & Bonett,
1980). R-square value was 40.7% for perceived usefulness, 23% for perceived ease of
use, 18.4% for perceived privacy security, 63.5% for satisfaction, and 49.7% for con-
tinuance intention. An R-square value below 10% indicated a poor fit of the model to
the data (Correia et al., 2014). All R-square values of the research model in the cur-
rent study are higher than 10% (see Figure 2).
5.2. Structural equation modeling

Figure 2 shows the standardized path coefficients, and Table 4 displays the results of
testing the research hypotheses (ns: not significant, p < 0.05, p < 0.01,
Figure 2. Results of structural equation modeling analysis of the hypothesized model.

Note: p<0.05; p<0.01; p<0.001; ns, non-significant.
Table 4. Results of study hypotheses testing.

Hypotheses b t-Value p (sig. level) Result
H1a: HHI!PU 0.104 1.977 Supported
H1b: HHI ! PEU 0.242 4.027 Supported
H1c: HHI ! PPS 0.134 2.160 Supported
H2a: HII! PU 0.482 8.979 Supported
H2b: HII ! PEU 0.191 3.125 Supported
H2c: HII ! PPS 0.212 3.376 Supported
H3a: HSI !PU 0.162 3.456 Supported
H3b: HIS!PEU 0.163 3.058 Supported
H3c: HIS !PPS 0.193 3.508 Supported
H4: PU!SA 0.277 6.433 Supported
H5: PEU! SA 0.486 11.035 Supported
H6: PPS!SA 0.169 4.406 Supported
H7: SA !CI 0.706 18.556 Supported
HHI!CI 0.351 6.98 Supported
HII!CI 0.392 7.946 Supported
HIS!CI 0.428 8.819 Supported
PU!CI 0.642 15.611 Supported
PEU!CI 0.576 13.123 Supported
PPS!CI 0.490 10.474 Supported
Control variable
H8a: Age !CI 0.096 1.610 ns Reject
H8b: Gender !CI 0.029 -.513 ns Reject
H8c: Income ! CI 0.247 3.938 Supported
H8d: Education! CI 0.046 0.818 ns Reject
Notes: [1] HHI: Human-Human Interaction, HII: Human-Information Interaction, HSI: Human-System Interaction, PU: Perceived
Usefulness,

PEU:

PerceivedEase of Use, PPS: Perceived Privacy Security, SA: Satisfaction, CI: Continuance Intention.
[2] p<0.05; p<0.01; p<0.001; ns, non-significant.
p < 0.001). As expected, human-human interaction had a significantly positive

impact on perceived usefulness (b ¼ 0.104, t ¼ 1.977, p ¼ 0.049), perceived ease of use
(b ¼ 0.242, t ¼ 4.027, p < 0.001), and perceived privacy security (b ¼ 0.134, t ¼ 2.160,
p ¼ 0.031), which supported H1a, H1b and H1c. Human-information interaction had
a significantly positive impact on perceived usefulness (b ¼ 0.482, t ¼ 8.979,
p < 0.001), perceived ease of use (b ¼ 0.191, t ¼ 3.125, p ¼ 0.002), and perceived priv-
acy security (b ¼ 0.212, t ¼ 3.376, p < 0.001), supporting H2a, H2b, and H2c. Human-
system interaction had a significantly positive impact on perceived
usefulness(b ¼ 0.162, t ¼ 3.456, p < 0.001), perceived ease of use(b ¼ 0.163, t ¼ 3.058,
p ¼ 0.002), and perceived privacy security (b ¼ 0.193, t ¼ 3.508, p < 0.001), and these
results supported H3a, H3b and H3c. Perceived usefulness (b ¼ 0.277; t ¼ 6.433,
p < 0.001), perceived ease of use (b ¼ 0.486; t ¼ 11.035, p < 0.001), and perceived priv-
acy security (b ¼ 0.169; t ¼ 4.406, p < 0.001) all had a significantly positive impact on
satisfaction, which supported H4, H5 and H 6. Satisfaction had a significantly positive
effect on continuance intention (b ¼ 0.706, t ¼ 18.556, p < 0.001), which supported
H7. Regarding the relationship between demographic characteristics and continuance
intention, age did not have a significant effect on continuance intention (b ¼ 0.096,
t ¼ 1.61, p ¼ 0.108), so that H8a is rejected; gender did not have a significant effect
on continuance intention (b¼-0.029, t¼-513, p ¼ 0.608), and H8b is therefore
rejected; income level had a negative correlation with continuance intention
(b¼-0.247, t¼-3.938, p < 0.001), which supported H8a; education level did not have a
significant effect on continuance intention (b ¼ 0.046, t ¼ 0.818, p ¼ 0.414), which
rejected H8c. Human-human interaction, human-information interaction, human-sys-
tem interaction, perceived usefulness, perceived ease of use, perceived privacy secur-
ity, and satisfaction all have significant positive effects on continuous intention,
among which satisfaction has the most significant impact on continuous intention,
followed by perceived usefulness and perceived ease of use.
6. Discussion
This study integrates perceived interactivity and the expanded theoretical model of
TAM to study the key predictors of users’ continuance intention of mobile banking
Apps. Specifically, the main factors affecting users’ continuance intention of mobile
banking Apps are interactions (human-human interaction, human-information inter-
action, human-system interaction) and personal cognition (perceived usefulness, per-
ceived ease of use, perceived privacy security, and perceived satisfaction). The
relationships between these variables have also been analyzed and supported by per-
ceived interactivity theory and technology acceptance theory. The results showed that
perceived interactivity and personal cognition play an important role in users’ willing-
ness to continue using mobile banking Apps.
First of all, the present study confirmed that the human-human interaction,
human-information system, and human-system interaction had positive impacts on
users’ personal perceptions of using mobile banking Apps (including perceived useful-
ness, perceived ease of use, and perceived privacy and security). In terms of human-
human interaction, it is important to provide users with easy access to the bank’s
human customer service through the mobile banking app, so that customers can
communicate with the staff and can express their various needs and demands. That
is, the two-way interpersonal communication through the mobile banking App would
improve the users’ understanding of the mobile banking App, and their perceptions
of usefulness, ease of use, and privacy. In terms of human-information interaction,
the mobile banking App is advised to actively provide useful information to custom-
ers in a timely manner, allowing users to efficiently use the mobile banking App to
search for relevant and interesting financial information (i.e., when people are inter-
acting with information). In this case, users’ perceived usefulness, ease of use, and
privacy security of mobile banking Apps would be improved. In terms of human-sys-
tem interaction, when users frequently use mobile banking Apps and rely heavily on
mobile banking Apps, users will have a strong sense of belonging. Human-system
interaction would help improve users’ perceived usefulness, ease of use, and privacy
security of mobile banking Apps. Therefore, perceived interactivity is a powerful pre-
dictor of individual behaviors. This result is also supported by the study of Lee and
Lee (2019). That is to say, higher levels of user interaction would improve the users’
satisfaction with the bank. The present study provided additional empirical evidence
that in the mobile banking environment, the interactive design of mobile banking
Apps can affect users’ perception of mobile banking App interactivity. Users experi-
encing a high degree of perceived interactivity in using mobile banking Apps would
perceive mobile banking Apps as more useful, easier to use, and safer, as they already
had high abilities and ambitions to use them.
Secondly, in this study, cognitive factors including perceived usefulness perceived
ease of use, and perceived privacy security all had a significantly positive correlation
with user satisfaction of mobile banking App. This finding is consistent with the study
of Sampaio et al. (2017), who reported that customers are paying increasing attention
to the benefits of using mobile banking Apps, the usefulness, ease of use, and security
brought by mobile banking Apps. Such benefits are positively related to customers’ sat-
isfaction. 10 Using mobile banking helps customers to complete various financial tasks
and transactions easily and quickly at any time, anywhere, which saves users time and
costs. Compared with perceived usefulness and safety, perceived ease of use is the
strongest predictor of satisfaction. The results showed that while mobile banking users
expect useful and safe mobile banking services, they also prefer simple and convenient
operations. This means that an easier functional design of the mobile banking App sys-
tem can help people to understand, learn and use these systems, and thereafter increase
customers’ satisfaction with the system. The present study provided additional empirical
evidence users perceiving the mobile banking App as useful, easy to use, safe would
feel satisfied, leading to their continuance intention of the Apps.
Third, this study confirmed that customers satisfaction with using mobile banking
Apps had positive effects on customers’ intentions and behaviors to continue using
the Apps, which is consistent with findings from previous research (Lin et al., 2017;
Lu et al., 2010). They also pointed out that customers’ satisfaction had a positive
effect on the intention and behavior of the continuance intention of information
technology. Only customers who are highly satisfied with the information technology
showed stronger and more frequent intention to use the Apps.
Finally, regarding the role of demographic characteristics, in this study, our results
showed that age, gender, and education level did not have significant influences on
customers’ intentions and behaviors of continuance intention mobile banking Apps,
while income level had a significantly negative effect on customers’ use of mobile
banking Apps. Previous studies have also investigated the influence of demographic
characteristics on using behaviors of mobile banking App. In terms of age,
Hanafizadeh et al. (2014) found that young people were more interested in mobile
banking because they were the earliest adopters of new information technology prod-
ucts or systems (Hanafizadeh et al., 2014). According to the results of the present
study, users were mostly from the age group of 21 to 50-year-old. This age group
rarely has a "digital divided" situation. This might be one of the plausible reasons that
we found different results from previous studies. In terms of gender, a study by Goh
and Sun (2014) pointed out that men considered usefulness as an important factor in
using software, while women regarded ease of use as the main factor in making a
decision; both men and women regarded risk factors as important, and the relative
advantage appeared to be more important for men. Riquelme and Rios (2010) also
pointed out that women were more concerned about security issues than men for
mobile banking, while men were more concerned about effectiveness. Kertzman et al.
(2018) found that men usually focused on the possible risk in risk decision-making,
while women paid more attention to future consequences. In case of perceiving
future loss, women would feel higher risks than men do, leading to differences in
self-perception and acceptance behavior. The results of this study showed that gender
did not have a significant effect on the use of mobile banking, which is different
from previous studies. A plausible reason is that mobile banking Apps are already
popular among citizens in China, and digital currency is the main transaction cur-
rency. Therefore, we did not find significant gender differences in the present study.
In terms of income level, this study confirmed that income had a significantly nega-
tive association with the continuance intention of mobile banking Apps. That is to
say, users from low-income groups were more inclined to use mobile banking Apps
than high-income groups, which is consistent with results from Hanafizadeh et al.
(2014) and Hanafizadeh et al. (2014). In terms of education level, Jebarajakirthy and
Shankar (2021) included education level as an independent variable but did not find
a significant influence of education level on the adoption of mobile banking. This
study also further confirmed the results. In this research, we have obtained a deeper
understanding of Chinese citizens’ continuance intention of mobile banking. Based
on the previous discussion, some important implications are provided for future theo-
ries and practices.
7. Implications
7.1. Theoretical implications
The present study has made several theoretical contributions to the mobile banking
literature. First of all, although many previous studies have used technology accept-
ance models to assess users’ satisfaction with mobile banking usage and explore the
influencing factors of using intention of mobile banking, few studies have combined
perceptual interaction theory with technology acceptance models to examine the

determinants of continuous use of mobile banking. As far as we know, this study is
one of the first studies to examine the link between interactive characteristics and
personal cognition. In this way, this study has enriched the related literature.
Secondly, most of the previous studies mainly focused on perceived usefulness,
perceived ease of use, perceived trust, and perceived risk as to the predictors of users’
satisfaction and continuance intention of mobile banking, whereas the effect of per-
ceived privacy security on users’ satisfaction and continuance intention was rarely
discussed. Therefore, according to the characteristics of mobile banking APP, this
study further included perceived privacy security in the TAM and explored the influ-
ence of this factor on users’ satisfaction and continuance intention, which may enrich
the theoretical framework for promoting acceptance and use of the technology.
Third, while prior literature has tested the influences of human-human interaction
and human-information interaction on continuance intention, there might be other
interactive factors that may affect users’ perceptions of an application as well. In the
mobile-banking context, the application of perceived interactivity theory is still in its
infancy and a comprehensive framework is needed. In this study, we, therefore, intro-
duced a new construct, namely, human-system interaction into this theoretical frame-
work. Our study showed there were substantial associations between human-system
interaction and satisfaction and continuance intention of mobile banking, and
between the three types of interactions as well.
Finally, the present study also investigated the influence of demographic character-
istics (i.e., age, gender, income, and education level) on the use of mobile banking
Apps, and found that age, gender, and education level did not have a significant effect
on continuance intention. However, income level had a significantly negative associ-
ation with continuance intention. These are the main theoretical contributions of
this study.
7.2. Managerial implications

From a practical perspective, our results also provide implications for mobile banking
App designers and managers aiming to improve their service quality and promote
competitiveness. The results showed that users’ satisfaction with mobile banking had
the most essential and salient influence on their continued use of mobile banking.
This suggested that banks are supposed to continuously and systematically analyze
the factors that affect customer satisfaction in mobile banking usage. According to
Stafford et al. (2004), satisfaction on using the Internet includes three different types:
process satisfaction, content satisfaction, and social satisfaction. Content satisfaction
refers to satisfaction towards the information carried by the Internet; process satisfac-
tion points to satisfaction with the actual use of the internet, and social satisfaction
concerns whether customers find it satisfactory to use the Internet as a social envir-
onment. When users use information technology to interact with social systems,
human-human interaction and human-system interaction will increase process satis-
faction and social satisfaction. Human-information interaction would affect content
satisfaction (Hsu et al., 2015). Therefore, we provided some suggestions as follows.
First, banks should focus on understanding customers’ behavior and accordingly

design high-quality mobile banking apps that provide users with satisfactory per-
ceived interactions. Mobile banking APP designers are encouraged to enhance and
optimize the design of interactive environments for mobile banking apps. Banks
should equip staff in customer services with strong communication skills and profi-
cient teaching skills to guide and help customers with mobile banking problems. The
design of mobile banking software is suggested to be rich yet concise so that custom-
ers would perceive most of the information and content as applicable. At the same
time, the designed system interface (e.g., open navigation) should be clear and easy to
understand to make the operation process and mobile banking services easily access-
ible to customers. In other words, people from any education level can easily use
mobile banking services without feeling confused or inconvenient. This would also
considerably save customers’ transaction time and costs. These practices would help
strengthen the two-way relationship between human-human interactions, human-
information interactions, and human-system interactions. Meanwhile, these measures
are also beneficial for enhancing customers’ perceived usefulness, ease of use, and
perceived safety and would thus improve user loyalty and effectively attract poten-
tial users.
Secondly, we found that perceived privacy security had a significant association
with users’ satisfaction. This suggests device manufacturers and service providers
should enhance the security of mobile devices to further encourage customers’ active
use. To enhance customer satisfaction, efforts are required to build relevant policies,
regulations, and legal frameworks. Business practitioners are also advised to improve
their data transmission services and ensure privacy protection for users. Periodic
analyses of managerial and technical procedures are also necessary to protect transac-
tion data and user information.
Finally, mobile banking service providers may consider applying different strategies
for users with different income levels to improve user satisfaction and their continu-
ance of mobile banking. As we did not find significant associations between users’
age, gender, education level, and continuance intention, banks may emphasize making
different strategies for customers with different gender, ages, and education levels. In
addition, more banks must start implementing mobile banking services and encour-
age their customers to use them.
8. Limitations
This study has two significant limitations. First of all, the surveyed participants are
mainly recruited from the "Circle of Friends" of WeChat in mainland China, and our
results may not be generalized to other countries/regions. For example, the demo-
graphic characteristics, customers’ perceptions, and psychological responses may be
influenced by the unique cultural characteristics of China. Future research may con-
sider conducting cross-cultural comparisons between different countries. Second,
there might be potential sample selection bias. In other words, our results based on a
sample of WeChat users may not be generalized to a larger population.
9. Conclusion
Mobile banking App is one of the innovative applications of mobile technology.
Therefore, it is necessary to analyze and examine the important factors that influence
customers’ willingness to use the technology. Understanding the predictors of mobile
banking can provide mobile banking service providers and researchers with some
insights about improving user satisfaction and continuance intention. This study used
a research model that combines perceived interactivity and technology acceptance
theory and showed that the interactivity and personal cognition of mobile banking
Apps would have positive effects on customer satisfaction, which in turn would have
a positive influence on customers’ continuance intention of mobile banking Apps.
Customers’ income may influence users’ continuance intention, while customers’ age,
gender, and education level may not. Based on the results of this study, we suggest
that the design and management of mobile banking Apps enrich the functions avail-
able in the system, and create a good user experience based on “interaction” between
the App and the user (Lin et al., 2020), to promote their use of mobile banking.
Acknowledgments
The authors sincerely appreciate the contributions of Prof. Weilun Huang to this research.
Without his support, it would not have been possible to complete this study.
Ethical considerations
This study complies with the Declaration of Helsinki guidelines on human research. This
research proposal was approved by the Academic Ethics Committee of Taizhou University
(No. 2021001). All those who participated in the online survey gave informed consent by fill-
ing in an online form designed by the author. In this informed consent, it is stated that they
can refuse their participation in this study at any time if they want to. All the survey data are
stored on a password-protected computer.
Disclosure statement
No potential conflict of interest was reported by the authors.
Funding
This study was supported by the Social Science Foundation of Zhejiang Province [Grant No.
19NDJC137YB].
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Appendix A. Measurement items
Constructs Item # Measures Sources

Human-Human HHI1 I think the mobile banking app makes it easy for me to Hsu et al. (2015), Lin
Interaction communicate with human customer service. et al. (2017)
HHI2 I think I can easily express my needs through the mobile
banking App and human customer service.
HHI3 I think the mobile banking app makes it easy for me to
get in touch with human customer service.
Human- Information HII1 I can efficiently use the mobile banking App to search for Hsu et al. (2015), Lee
Interaction financial-related information. and Lee (2019)
HII2 The mobile banking App can actively filter information
that is useful to me.
HII3 I can efficiently search for information I am interested in
through the mobile banking App.
HII4 I can efficiently obtain meaningful information through
the mobile banking App.
Human-System HSI1 Using mobile banking App makes me feel that I am a Yang and Lai (2011),
Interaction dispensable customer of the bank. Lu et al. (2010)
HSI2 I feel that I highly rely on the mobile banking App.
HSI3 Using the mobile banking App makes me feel that I am a
valuable customer of the bank.
Perceived PU1 mobile banking App can help me provide more financial Sampaio et al., 2017,
Usefulness products and service information. Davis (1989)
PU2 Using Mobile banking App allows me to find the services
and information I want more quickly.
PU3 Using mobile banking App can improve my
work efficiency.
PU4 In general, using mobile banking App is very useful in my
life and work.
Perceived Ease PEU1 I think it’s easy to learn to use a mobile banking App. Sharma (2019), Davis
of Use PEU2 I think it’s very easy to operate mobile banking App. et al. (1989)
PEU3 I think the mobile banking App system function design is
easy to understand and clear.
PEU4 I think the mobile banking App operation page makes it
easy for me to find the relevant functions I need.
PEU5 In general, I think the mobile banking App system page
is easy to use.
Perceived Privacy PPS1 I think it’s safe to transact in the mobile banking App. Jebarajakirthy and
Security PPS2 I think my account bank Ability to provide effective Shankar (2021),
technology to prevent unauthorized intrusion of my Sharma (2019)
account by others.
PPS3 I have confidence in the security of my mobile banking
App transactions.
Satisfaction SA1 I find the mobile banking App is very useful. Hsu et al. (2015),
SA2 I am very familiar with the functions of the mobile Tandon et al. (2016)
banking App.
SA3 "In general, I am very satisfied with how I use the mobile
banking App.
Continuance CI1 I plan to use the mobile banking app in the future. Hsu et al. (2015),
Intention CI2 I plan to continue using the mobile banking App. Sharma (2019)
CI3 I will recommend the mobile banking App to friends.
Appendix B. Demographic and socioeconomic characteristics of

respondents(n ¼ 349)
Measure Category Frequency (persons) Frequency (%)

Gender Male 150 42.98
Female 199 57.02
Age, years 20 11 3.15
21-30 43 12.32
31-40 156 44.70
41-50 110 31.52
51-60 27 7.74
60 2 0.57
Monthly income, USD No income 32 9.17
310 12 3.44
311-770 50 14.33
771-1542 125 35.82
1543 130 37.25
Education level High school or below 31 8.88
College or junior college degree 276 79.08
Graduate degree or above 42 12.03

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Economic Research-Ekonomska Istraživanja

ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/rero20

Predictors of customers’ continuance intention

To link to this article: https://doi.org/10.1080/1331677X.2022.2053782

© 2022 The Author(s). Published by Informa

Published online: 20 Apr 2022.

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Predictors of customers’ continuance intention of mobile

ABSTRACT ARTICLE HISTORY

CONTACT Lan-Xiang Yin zmjxylx@tzc.edu.cn

connotation of banking services, enabling banks to provide customers with traditional

smallest effect and perceived usefulness having an indirect effect on intention

banking allows customers to complete financial and non-financial transactions elec-

destruction, disclosure, modification of data, denial of service and/or fraud, waste,

2.2. Perceived interactivity

3. Research models and hypotheses

3.1.1. Human-human interaction and personal perceptions

3.1.2. Human-information interaction and personal perception

3.1.3. Human-system interaction and personal perception

3.2. Personal perception and satisfaction

3.3. User satisfaction and continuance intention

the Technology Acceptance Model (TAM) to investigate and analyze information

3.4. Age, gender, income, education, and continuance intention

Figure 1. Research model.

4.2. Participants and procedure

5. Data analysis and results

5.1. Measurement model evaluation

Table 1. Measurement model statistics.

Table 2. Construct correlations and square roots of average variance extracted.

Table 3. HTMT test results.

5.2. Structural equation modeling

Figure 2. Results of structural equation modeling analysis of the hypothesized model.

Table 4. Results of study hypotheses testing.

p < 0.001). As expected, human-human interaction had a significantly positive

perceptual interaction theory with technology acceptance models to examine the

7.2. Managerial implications

First, banks should focus on understanding customers’ behavior and accordingly

Alonso-Dos-Santos, M., Soto-Fuentes, Y., & Valderrama-Palma, V. A. (2020). Determinants of

KPMG. (2020). Mobile banking. Publications/Documents/PDF/mobile-banking-report-2015.pdf,

Appendix A. Measurement items

Constructs Item # Measures Sources

Appendix B. Demographic and socioeconomic characteristics of

Measure Category Frequency (persons) Frequency (%)

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