The Impact of Perceived Risks on Users’ Behavioural Intention on Using Financial Services Mobile Applications: Extending UTAUT Model

The main objective of this paper is to know about the influence of perceived risk factor for adoption of a mobile application to utilise financial services. An established model unified theory of acceptance and use of technology (UTAUT) has been used for this study to achieve the purpose. This study extending the UTAUT model by including additional construct to the original model, namely perceived risk (PR). An online survey has been carried out to collect data from 473 smartphone users in India. Subsequently, Correlation and Regression analysis are employed to analyse the collected data using SPSS. This study reveals that the Performance Expectancy (PE), Social Influence (SI) and Facilitating Conditions (FC) have a strong positive significant influence on the behavioural intention to adopt mobile apps for financial transactions and Effort Expectancy (EE) and Perceived Risk (PR) having insignificant influence on behavioural intention. The proposed model explained 62.7 per cent of the variance of behavioural intention on adoption of mobile apps for financial services. Also, this study could be helpful to the researchers to extend or modify the proposed model to study behavioural intention of technology adoption in the field where perceived risks are concerned.