Accepted Manuscript

Understanding the determinants of mobile banking adoption: a longitudinal

study in brazil

Fernanda Malaquias, Rodrigo Malaquias, Yujong Hwang

PII: S1567-4223(18)30042-5
DOI: https://doi.org/10.1016/j.elerap.2018.05.002
Reference: ELERAP 790

To appear in: Electronic Commerce Research and Applications

Received Date: 13 July 2017

Revised Date: 6 May 2018
Accepted Date: 6 May 2018

Please cite this article as: F. Malaquias, R. Malaquias, Y. Hwang, Understanding the determinants of mobile banking
adoption: a longitudinal study in brazil, Electronic Commerce Research and Applications (2018), doi: https://
doi.org/10.1016/j.elerap.2018.05.002

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UNDERSTANDING THE DETERMINANTS OF MOBILE BANKING ADOPTION:
A LONGITUDINAL STUDY IN BRAZIL

Fernanda Malaquias, Rodrigo Malaquias, Yujong Hwang (contact author)

Depaul University
Chicago, IL
yhwang1@depaul.edu

Last revised: May 7, 2018

Note: This research will be published as an ECRA Executive article.

__________________________________________________________________________________
ABSTRACT
Studies about new technologies are needed in order to better understand their adoption and the poten-
tial challenges related with their diffusion. This research was developed to analyze mobile banking
use and its determinants considering a longitudinal approach. We collected data in a country where
mobile banking is still in its early adoption stages: Brazil. Our sample is comprised of observations
from three different periods: the first sample with data from December 2014 to January 2015; the
second sample with data from May to June 2016; and the third sample with data from November to
December 2017. Using a quantitative approach, we observed that mobile banking use has increased
during the period. This effect was also significant in the bivariate analysis even with a control for the
level of personal innovativeness in information technology (IT) among the respondents who partici-
pated in the survey. Moreover, the perception of trust, ease of use, social influence, and task charac-
teristics related to mobile banking also have registered an increase. The main contribution of this
study is related with the quantitative analysis of the effect of time in the use of mobile banking (and in
some determinants of its use) in an emerging economy.
Keywords: Emerging technologies; innovation; longitudinal analysis; mobile banking; social influ-
ence; trust
__________________________________________________________________________________
1. INTRODUCTION
The progress of wireless technologies and mobile devices has enabled the emergence of mo-
bile banking, which has led to flexibility and mobility in the banking sector (Lin, 2011; Luo et al.,
2010; Kourouthanassis and Giaglis, 2014). Mobile banking is an innovative technology that allows
people to conduct banking transactions without going to the bank, providing benefits for both banks
and their customers.
Predicting growth in adoption of mobile banking and expecting to reach their customers wide-
ly, banks are including mobile banking as part of their strategic investments (Oliveira et al., 2014).
However, the level of adoption of mobile banking has been increasing over the years, its adoption rate
is still low, and many adopters use it only to check account balances (Federation of Brazilian Banks,
2015; Federal Reserve System, 2015; Mohammadi, 2015; Shaikh and Karjaluoto, 2015).
Many factors have been pointed to in the literature as determinants of mobile banking adop-
tion and use (Use). The list of determinants includes Trust, Social Influence (SI), Ease of Use (EU),
Personal Innovativeness with Technology (PIIT), and Task Characteristics (Task), among others
(Zhou et al., 2010; Lin, 2011; Yu, 2012; Chitungo and Munongo, 2013; Shaikh and Karjaluoto, 2015;
Malaquias and Hwang, 2016). Considering these determinants pointed by the literature, the main ob-
jective of this research is to analyze mobile banking use in Brazil using a longitudinal approach.
In Brazil, a research by the Brazilian Federation of Banks with 20 financial institutions has
indicated that the use of Internet and mobile channels is growing year after year, having already over-
come the use of traditional channels, including ATMs, branches, and contact centers. Most responsi-
ble for this increase in the use of digital channels in recent years is the mobile platform formed by
applications installed on smartphones and tablets. However, despite this growth, in 2014, participation
in the mobile channel corresponded to only 12% of total transactions (Brazilian Federation of Banks,
2015). Brazil, therefore, can be considered to be a country in which the process of diffusion of mobile
banking is still in its early stages. Growth opportunities remain, and there is an expectation of poten-
tial increases in the mobile banking adoption rate as well.
Diffusion of innovation theory states that time is an important variable in the diffusion pro-
cess of an innovation (Rogers, 1995). Time is involved in the innovation-decision process in which
individuals engage from knowledge of an innovation’s existence until its adoption or rejection. Time
is also involved in the innovativeness of an individual compared with other members of a social sys-
tem. Finally, time is involved in the innovation’s adoption rate.
Most studies on mobile banking have analyzed the determinants of mobile banking adoption
based on static cross-sectional data (Lin et al., 2014). According to Shaikh and Karjaluoto (2015),
many researchers have indicated the need for longitudinal studies of mobile banking adoption. Thus,
this study contributes to the literature on mobile banking by extending our understanding about the
process of adoption over time.
 Through this study, we will also evaluate the effects over time of the various determining fac-
tors of mobile banking adoption that we noted above. When considering additional variables in the
analysis, we also include a control based on the personal characteristic of respondents, to achieve a
more effective comparison.

2. LITERATURE REVIEW
Prior research has analyzed mobile banking and the factors that influence its adoption.
Among the factors identified in these previous studies are trust, social influence, ease of use, personal
innovativeness, and task characteristics (Zhou et al., 2010; Lin, 2011; Yu, 2012; Chitungo and
Munongo, 2013; Shaikh and Karjaluoto, 2015; Malaquias and Hwang, 2016). Through a longitudinal
approach, the current study aims to examine how the effects of these factors evolved over time. Figure
1 presents illustrates the research framework that uses these constructs and the related variables. Our
main purpose is to analyze the effects of time on the use of mobile banking, but we also have the in-
terest to evaluate other variables related to the use of mobile banking.
INSERT FIGURE 1 ABOUT HERE
Trust plays an important role in individual behavior toward adopting an innovation, mainly in
the early adoption stage (Luo et al., 2010). According to Lin et al. (2014), developing customer trust
in mobile banking is a dynamic process in which although initial trust is an important indicator of
mobile banking success, but it does not necessarily lead to the desired objectives if trust does not per-
sist. As mobile banking adoption involves unknown risks, customers need to rely on trust to mitigate
their risk perceptions (Luo et al., 2010). Lin (2013) also pointed out that when customers obtain relia-
ble and trustworthy services, they are more likely to continue using mobile banking.
Trust develops over time as a result of experience and familiarity with another party (Gefen et
al., 2003; Lewicki and Bunker, 1995). Thus, to the extent that customers have a good experience with
this technology, without problems related to privacy and security, the effect of passing time tend to be
positive for trust in mobile banking. In this context, it is important for banks to take care of the securi-
ty of mobile banking over time because information about hacker intrusions and potential vulnerabili-
ties in the mobile channel typically decrease consumer intentions to use this technology.
Social influence reflects “the influence of people important to the user on the adoption behav-
ior” (Zhou et al., 2010, p. 762). Several studies have analyzed the impact of social influence on mo-
bile banking adoption. Yu (2012), for example, identified that it has significant effects on individuals’
intention to adopt mobile banking. Zhou et al. (2010) also have reported that user adoption is signifi-
cantly affected by social influence. Mohammadi (2015) concluded that the social context for consum-
ers plays an important role in encouraging them to adopt mobile banking, and social stimulus can
facilitate the use of mobile banking. As pointed to by Rogers (1995), the meaning of an innovation is
gradually worked out through a social process in which subjective evaluations about an innovation are
communicated. In the present context, it is natural to expect that, with more individuals using mobile
banking, the social influence related to this technology will grow over time.
Personal innovativeness is related to the risk-taking propensity of the individuals (Ararwal
and Prasad, 1998). It represents the relative earliness or lateness with which an individual adopts an
innovation compared with others (Rogers, 1995). Individuals with higher personal innovativeness
tend to develop more positive beliefs about innovations and are expected to be their early adopters
(Lu et al., 2005). In the domain of IT, the literature has shown that personal innovativeness has posi-
tive influence perceptions of trust, usefulness and ease of use of technologies (Lu et al., 2005;
Chitungo and Munongo, 2013). Lu et al. (2005), for example, found that personal innovativeness di-
rectly affects perceptions of usefulness and ease of use toward wireless internet services via mobile
devices. In the context of mobile banking, Chitungo and Munongo (2013) identified that personal
innovativeness has significant effect on user’s attitude, which in turn influences the intention toward
mobile banking. Time is related to the innovativeness of the individuals because some users (non-
innovators) can take more time to adopt new technologies than others (innovators).
Perceived ease of use can be defined as “the degree to which mobile banking is perceived as
easy to understand and operate” (Lin, 2011, p. 254). Users will perceive mobile banking as easy to use
when they recognize that they have the capabilities to use it for their banking transactions (Gu et al.,
2009). The found that that perceived ease of use affects behavioral intention to adopt mobile banking.
Customers also will perceive it to be trustworthy and useful, and will be more willing to adopt it (Lin,
2011). Perceived ease of use can be viewed as a driver of usage intention (Lu et al., 2005) and may
differ for potential and experienced customers (Lin, 2011). Though perceived ease of use had a signif-
icant effect on attitude toward mobile banking, it was greater for experienced customers. In e-
commerce, Gefen et al. (2003) has written that the more familiar users are with a website, the more
they will perceive it as easy to use. Thus, the perception of ease of use of a technology tends to grow
over time to the extent that people have more experience with it (Gefen et al., 2003).
The task characteristics construct in this research is related to user task requirements (Zhou et
al., 2014). For mobile banking, if an individual has low demand for mobile transactions, she will not
adopt it (Zhou et al., 2010). Previous studies have analyzed task characteristics and their impact on
mobile banking adoption (Oliveira et al., 2014). The authors found that task characteristics affect task
technology fit, which in turn affects behavioral intention toward mobile banking use. Malaquias and
Hwang (2016) also identified a significant and positive relationship between trust in mobile banking
and tasks characteristics. As mobile devices are increasingly present in daily life of people, individu-
als tend to use more these devices to develop their personal activities. Therefore, we expect that the
need to perform banking services tasks over mobile devices will increase over time.
3. METHODS AND DATA
This study involves a longitudinal analysis of mobile banking use and other factors related to
this technology. We invited undergrad students in business management and accounting to participate
in the research. They were informed that participation was not mandatory, that they could leave the
questionnaire for when they intend to do it, and that no personally-identifying information (PII) re-
garding their identification was needed. Data were collected using anonymous forms. For the empiri-
cal analysis, we collected data in three different periods, as we explain in the following paragraphs. In
all these three case, we used paper and pencil questionnaires.
 Sample 1: The first sample had 595 complete questionnaires collected from December 2014
to January 2015. Questionnaires were complete when the respondent give answers to all ques-
tions.

 Sample 2: The second sample had 197 complete questionnaires May to June 2016.

 Sample 3: The third sample had 241 complete questionnaires, from November 2017 to the
beginning of December, 2017.
In total, the dataset for this study is comprised of responses from 1,033 questionnaires. The
interval of time between each sample is at least 15 months, which permits a comparison of values
with more than a year of difference. Moreover, there are 33 months between the 1st and 3rd sample,
which is more than 2½ years. All the questionnaires were answered through anonymous forms. This
methodology does not permit a matching procedure (which would be a good option in this case), but it
contributes to a higher rate of response, since respondents do not need to identify themselves. Never-
theless, all three rounds of data collection were done at the same university, and the respondents had
similar characteristics since all of them were business student. Moreover, some respondents may have
participated in all three surveys, but this information is not available in our database following the
criteria of anonymity.
The participants of this study were undergrad students, and the age of the majority of re-
spondents was in the range of 18 – 30 years, Yet the results do not necessarily represent a generaliza-
ble panorama regarding mobile banking adoption. Luo et al. (2010, p. 227) suggest that undergrad
students usually “have the basic computer skills and the necessary technology infrastructure to con-
duct mobile banking, which relies on the integration of wireless and Internet technologies.” Therefore,
even with a potential limitation of using responses from such students, the results of this study can
contribute with the research in the field of mobile banking since we considered a part of population
that presents the skills and basic infrastructure to adopt this technology.
The questionnaire used in this research was adopted from previous studies. Their items are
available in Appendix A. We calculated the mean of each variable to represent the individual observa-
tion of each respondent. In order to compare the means of the constructs according to each sample, we
employed a t-test for mean differences. The null hypothesis of this test is that the difference is 0; the
alternative hypothesis is that the difference is not equal to 0.

4. RESULTS
The first step in this research was to analyze the difference between the variables in the three
different periods of mobile banking adoption. Table 1 presents the descriptive statistics of all variables
of the study; this information is presented by period.
INSERT TABLE 1 ABOUT HERE
Table 1 presents initial evidence about the averages of the constructs over time. In order to
compare these values and evaluate the significance of their differences, we employed t-tests. The re-
sults are summarized in Tables 2, 3 and 4. They present results for combinations between the three
samples: the difference in Samples 1 and 2, 1 and 3, and 2 and 3.
INSERT TABLES 2, 3 AND 4 ABOUT HERE
As we can see in Tables 2, 3 and 4, the variables Use (difference = 1.152; 1.668, both signifi-
cant at 1%) and Task (difference = 0.981; 1.339, both significant at 1%) presented the highest differ-
ences between the samples. This result confirms our expectations regarding task activities since mo-
bile devices are increasingly present in the daily lives of people. Thus, individuals have tended to use
this technology more frequently over time. It is also important to note that the difference in the level
of PIIT between Samples 2 and 3 was not statistically significant, but there was an increase in the use
of mobile banking over time (difference = 0.516; significant at 1%). Moreover, the differences in
variables between Samples 2 and 3 (Use, Task, Trust, EU and SI) were significant at the 5% level.
Since banks have been considering investments in mobile banking as a strategic feature
(Oliveira et al., 2014), there is an expectation that financial institutions must reach at least an accepta-
ble rate of return on these investments over time. This is consistent with the benefits provided by mo-
bile banking to its customers, such as flexibility and mobility (Lin, 2011; Luo et al., 2010;
Kourouthanassis and Giaglis, 2014).
The results in this research are in accord with diffusion of innovations theory. Time is an im-
portant factor through which to understand diffusion. In Brazil, from the responses obtained in the
survey, the use of mobile devices to develop banking activities seems to be in the process of growth.
In Samples 2 and 3, the variable PIIT showed a significant difference when compared with
Sample ` (Tables 2 and 3). We also performed an additional test for robustness. This new analysis was
helpful to indicate whether a respondent in Sample 1 and another in Samples 2 or 3 with an equivalent
level of PIIT would differ in terms of their decisions to adopt mobile banking. Thus, through the indi-
ces of PIIT variable, we developed another round of mean comparison between the years. For this, we
created a group with individuals who scored more than 3 and less than 4 for the variable PIIT (237
respondents). Then, we followed the same reasoning as in Tables 2, 3 and 4. For the results, see Ap-
pendix B, under the column with “4 > PIIT > 3”.
T results of this test indicate the same conclusion as for the previous analysis: the effects of
the variables Use, Task, Trust, EU and SI increased over time. Comparing Samples 1 and 3, this in-
crease is statistically significant at 1%. This is not true, whoever, for PIIT, which is a control that
indicates these sub-samples have individuals with equivalent levels of innovation in IT.
For a second test of the hypothesis for the effects of time, we developed a regression (Model
1) with Use as the dependent variable, and the others as independent variables. We also included two
dummy variables for time in Model 2. Time is represented by Sample2 and Sample3, with Sample1 as
the base case for comparison. The results are presented in Table 5. The is to evaluate whether the pos-
itive effect of time remains significant even in the presence of the controls for the other variables.
INSERT TABLE 5 ABOUT HERE
The results in Table 5 confirm that the effect of time is statistically significant at 1%, and is
stronger for Sample 1 than Sample 3 (coefficient = 0.567). We repeated the analysis in Model 2 ex-
cluding the observations of Sample 2, and the dummy variable remained statistically significant at 1%
(coefficient = 0.606, N = 836). Nevertheless, when we repeated the test excluding Sample 1, the coef-
ficient of the dummy remained positive (coefficient = 0.141, N = 438), but was not significant at 5%.
It is also important to note that the results in Table 5 suggest there is no significant effect of
PIIT on the Use, which is not in line with previous research. This result may be related to the fact that,
among the respondents, convenience to develop banking activities (represented by Task) and the opin-
ions of others (represented by Social Influence) have been dominant in explaining the use of mobile
banking. Therefore, considering the samples with undergraduate students, their individual relationship
with IT may not necessarily be the main variable through which to understand mobile banking use.

CONCLUSION AND IMPLICATIONS

We developed this research to analyze the potential effects of passing time in mobile banking
use. We also considered in our analysis other variables that affect the use of this contemporary tech-
nology. Our database comprised different questionnaire responses in three samples of different peri-
ods of adoption during 2015-2015, 2016, and 2017.
The results of this study indicate that there is an important effect of time in the adoption of
new technologies. Even with a relatively short lag between the surveys (two years and six months),
we observed a significant difference for all the variables studied: the use of mobile banking, trust in
mobile banking, task characteristics related to mobile banking, ease of use, social influence, and per-
sonal innovativeness in IT. These differences were especially salient when we compared the re-
sponses of Sample 1 versus Sample 3. Moreover, using some additional criteria for robustness check-
ing, as a control for PIIT in the regression, the results about the positive effect of time in the decision
to adopt mobile banking remain equivalent between Samples 1 and 3. In this context, the main contri-
bution of this study is the quantitative analysis of the potential effect of time in the use of mobile
banking, as well as for some determinants of its use. Based on the results from three different surveys,
the results indicate that as time goes by, some determinant factors can change and the use of mobile
banking tends to increase (in the case of the emerging economy considered in this study: Brazil).
The variables with the highest difference between the samples are the use of mobile banking
and task characteristics. Thus, it is possible to realize an increase in the adoption of this technology
and in the need of using mobile devices to perform banking activities over time. This result has theo-
retical and practical implications.
Regarding theoretical implications, we can argue that studies on mobile banking developed in
different periods should be compared with care. Some differences presented by previous studies may
exist due to the stages in which the technology is in each environment, and not necessarily due to the
respondent’s characteristics. Furthermore, the perception of factors related to mobile banking seems
to change over time; thus, further research can explore the behaviour of the relationship between mo-
bile banking use and its determinants over time.
In terms of practical implications, the literature suggests that banks have expectations about
the rate of return for investments made in new technologies. This is the case for mobile banking. On
the other hand, the evaluation of rate of return should be considered by observing that, over time,
there is a tendency for the mobile banking adoption rate to increase. Further, the other variables that
contribute with mobile banking adoption also increase over time (e.g., the case of ease of use and
social influence that are important variables in the context of mobile banking).
According to the results, Time also affects the variable Trust in mobile banking, which is an
antecedent of mobile banking Use. This is an important result for practitioners, since we observe evi-
dence that Trust also changes over time. In this study, we observe an increase in Trust with Time, so
banks need to keep their ads and security levels to maintain or increase perceptions that mobile bank-
ing is trustworthy. Both large banks and small financial institutions that offer services through mobile
devices should try to increase the rate of customer use of mobile banking, and also keep their current
customers using these services.
Moreover, ease of use also increased between the samples. This indicates that individuals may
realize mobile banking as being easy to use as they interact with it. Even so, banks should continue
improving their systems in terms of usability, since ease of use can contribute to greater adoption of
mobile banking.
Some additional factors may also be useful in order to better understand our main results. For
example, the effect of time may have been positive related to the use of mobile banking due to in-
vestments in advertisement by banks, or due to individual and personal preferences to develop activi-
ties using mobile devices, including banking transactions. As time passes, the set of factors may
change and different variables may affect the use of mobile banking. Therefore, some additional is-
sues can still should be investigated in future research.
The limitations related to this research are related to the impossibility to use a matching pro-
cedure, since the responses were collected through anonymous questionnaires. On the other hand,
future research can follow the perceptions of a group of respondents over time, and the results can be
compared with those obtained in this research. Another limitation is the use of responses from under-
graduate students. They represent a natural portion of potential and current users of mobile banking.
So, further research is suggested using a longitudinal approach with more diversified samples.

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APPENDIX A: QUESTIONNAIRE ITEMS
ITEM SOURCE
Mobile banking use (Use)
I often use mobile banking to conduct banking transactions. Zhou et al. (2010)
Task Characteristics (Task)
I need to ...
... transfer money anytime anywhere. Zhou et al. (2010)
... manage my account anytime anywhere. Oliveira et al. (2014)
... acquire account information in real time.
Trust in mobile banking (Trust)
Mobile banking ...
... seems trustworthy. Zhou (2013)
... seems secure. Oliveira et al. (2014)
... keeps its promise.
Ease of use (EU)
Davis (1989)
I find that mobile banking is easy to use.
Zhou et al. (2010)
Learning how to operate mobile banking is easy for me.
Zhou (2012)
Social Influence (SI)
Those people that ...
Zhou et al. (2010)
... influence my behavior think that I should use mobile banking.
Oliveira et al. (2014)
... are important to me think that I should use mobile banking.
Personal Innovativeness in IT (PIIT)
If I heard about a new IT, I would look for ways to gain experience with it. Agarwal and Karahanna (2000)
Among my peers, I am usually the first to try out new information technologies. Zhou (2012)
I like to experiment with new information technologies. Hwang (2014)

For all these items in Appendix A, respondents were asked to answer using a Likert scale, ranging from (1)
strongly disagree to (5) strongly agree.
APPENDIX B: SENSITIVITY in SUB-SAMPLES WITH DIFFERENT LEVELS OF PIIT

Sample 1 (Dec 2014-Jan 2015)

x Sample 2 (May-Jun 2016)
4 > PIIT > 3
Vars Sample
N Diff Signif
1 141
Use 0.747 0.001
2 51
1 141
Task 0.772 0.000
2 51
1 141
Trust 0.405 0.008
2 51
1 141
EU 0.074 0.582
2 51
1 141
SI 0.486 0.012
2 51
1 141
PIIT -0.002 0.939
2 51

Sample 1 (Dec 2014- Jan 2015) x

Sample 3 (Nov 2017-Dec 2017)
4 > PIIT > 3
Vars Sample
N Diff Signif
1 141
Use 1.677 0.000
3 45
1 141
Task 1.288 0.000
3 45
1 141
Trust 0.648 0.000
3 45
1 141
EU 0.358 0.007
3 45
1 141
SI 0.974 0.000
3 45
1 141
PIIT 0.020 0.493
3 45

Sample 2 (May 2016-Jun 2016)

x Sample 3 (Nov 2017-Dec 2017)
4 > PIIT > 3
Vars Sample
N Diff Signif
2 51
Use 0.929 0.002
3 45
2 51
Task 0.516 0.030
3 45
2 51
Trust 0.243 0.132
3 45
2 51
EU 0.284 0.082
3 45
2 51
SI 0.488 0.022
3 45
2 51
PIIT 0.022 0.527
3 45
Table 1: Descriptive statistics for the variables in the study
Sample Variables N Mean SD
1 Use 595 2.158 1.461
1 Task 595 2.794 1.322
1 Trust 595 3.264 1.074
1 EU 595 3.902 0.933
1 SI 595 2.330 1.223
1 PIIT 595 3.286 1.010
2 Use 197 3.310 1.495
2 Task 197 3.775 1.122
2 Trust 197 3.758 0.852
2 EU 197 4.284 0.881
2 SI 197 3.053 1.147
2 PIIT 197 3.778 0.940
3 Use 241 3.826 1.397
3 Task 241 4.133 0.975
3 Trust 241 3.943 0.734
3 EU 241 4.450 0.789
3 SI 241 3.425 1.093
3 PIIT 241 3.805 0.952
Notes: Use = Mobile banking use; Task = Task
characteristics; Trust = Trust in mobile bank-
ing; EU = Ease of use; SI = Social influence;
PIIT = Personal innovativeness with IT. Sam-
ple 1 = Dec. 2014-Jan 2015; Sample 2 = May-
Jun 2016; Sample 3 = Nov-Dec 2017.

Table 2: Comparison of the coefficients across Samples 1 and 2

Vars Sample N Mean Diff Signif
1 595 2.158
Use 1.152 0.000
2 197 3.310
1 595 2.794
Task 0.981 0.000
2 197 3.775
1 595 3.264
Trust 0.494 0.000
2 197 3.758
1 595 3.902
EU 0.383 0.000
2 197 4.284
1 595 2.330
SI 0.723 0.000
2 197 3.053
1 595 3.286
PIIT 0.492 0.000
2 197 3.778
Notes: Sample 1 = period Dec 2014-Jan 2015; Sample 2 = May-Jun 2016.
Table 3: Comparison of the coefficients across Samples 1 and 3
Vars Sample N Mean Diff Signif
1 595 2.158
Use 1.668 0.000
3 241 3.826
1 595 2.794
Task 1.339 0.000
3 241 4.133
1 595 3.264
Trust 0.679 0.000
3 241 3.943
1 595 3.902
EU 0.549 0.000
3 241 4.450
1 595 2.330
SI 1.095 0.000
3 241 3.425
1 595 3.286
PIIT 0.519 0.000
3 241 3.805
Notes: Sample 1 = Dec 2014-Jan 2015; Sample
3 = Nov- Dec 2017.

Table 4: Comparison of the coefficients across Samples 2 and 3

Variable Sample N Mean Diff Signif
2 197 3.310
Use 0.516 0.000
3 241 3.826
2 197 3.775
Task 0.358 0.000
3 241 4.133
2 197 3.758
Trust 0.185 0.015
3 241 3.943
2 197 4.284
EU 0.166 0.038
3 241 4.450
2 197 3.053
SI 0.372 0.000
3 241 3.425
2 197 3.778
PIIT 0.027 0.770
3 241 3.805
Notes: Sample 2 = May-Jun 2016; Sample 3 = Nov-
Dec 2017.
Table 5: Hypothesis testing results for a regression model to assess time effect
Model 1 Model 2
Vars
Coef t Signif Coef t Signif
Task 0.564 17.140 0.000 0.509 15.090 0.000
Trust 0.256 5.490 0.000 0.238 5.190 0.000
EU 0.176 3.390 0.001 0.185 3.620 0.000
SI 0.183 5.670 0.000 0.144 4.440 0.000
PIIT 0.016 0.410 0.685 -0.003 -0.070 0.941
Sample2 0.361 3.660 0.000
Sample3 0.567 5.820 0.000
Constant -1.269 -7.090 0.000 -1.090 -6.110 0.000
N 1,033 N 1,033
R2 50.1% R2 51.8%
Adj-R2 49.9% Adj-R2 51.5%
Notes: Sample2 = 1 for May-Jun 2016 sample, 0 otherwise; Sample3
= 1 for Nov-Dec 2017 sample, 0 otherwise.

Figure 1. Research framework

Note: The main purpose of the study is to analyze the effect of time in the use of mobile banking, and the indirect effect that
time can present on the other variables related with mobile banking adoption.