A comparison of effects of consumer perception of csr activities and technology acceptance on intention to adopt mobile banking: Evidence in Vietnam and South Korea
Nguyen Van Anh, Nguyen Thi Phuong Thao/ MICA 2018 Proceedings
International Conference on Marketing in the Connected Age (MICA-2018), October 6th, 2018
Danang City, Vietnam
A Comparison of Effects of Consumer Perception of CSR
Activities and Technology Acceptance on Intention to Adopt
Mobile Banking: Evidence in Vietnam and South Korea
Nguyen Van Anha*, Nguyen Thi Phuong Thaoa
aDalat University, Vietnam
A B S T R A C T
The purpose of this paper is to propose and examine a conceptual model that best explains the key factors
influencing customers’ intention to adopt mobile banking (m-banking). Furthermore, this research also focus on
comparison the differences between Viet Nam and South Korea regarding to the effects of consumer perception
of CSR activities and technology acceptance on intention to adopt mobile banking. The proposed conceptual
model was based on the Technology Acceptance Model (TAM). This was extended by adding perceived risk,
perceived cost and trust as external factors. In addition, the conceptual model was extended by adding three
dimensions of CSR including Economic responsibility, Environmental responsibility and Social responsibility as
the antecedents of trust. Structural Equation Modelling (SEM) was conducted to analyze the data collected from
the field survey questionnaires administered to a convenience sample of Vietnamese and Korean banking
customers. The results showed that there is a difference between the South Korea and Viet Nam in regard to
intention to use mobile banking services. While the effects of social responsibility an environmental
responsibility on trust, trust on perceived usefulness, perceived risk on intention to use, perceived usefulness on
intention to use were significant for the Viet Nam context, those effects were not significant in the South Korea
one. Therefore, this study has attempted to fill this gap by empirically examining some of the important factors
influencing the adoption of m-banking from the Vietnamese and Korean customers’ perspective. Finally,
practical and theoretical implications for both banks and researchers in the m- banking context are also discussed
in the concluding section.
Keywords: Vietnam; Korea; Bank; TAM; CSR; Behavioral intention; Mobile banking
1. Introduction
Mobile financial services provide convenience and promptness to customers along with cost savings, banks
are interested in expanding their market through mobile services. In the last several years, retail banks in Viet
Nam have introduced and diffused mobile banking systems throughout their operations to improve people’s
quality of life and to bring efficiency to banks. In fact, according to Zhou (2012a) mobile banking (m-banking)
allows people to perform bank transactions anytime and anywhere. With m-banking, users are able to access
account balances, pay bills, and transfer funds through mobile devices, instead of visiting banks or using internet
banking based on computer (Gu et al., 2009). Mobile banking also benefits banks by promoting better efficiency
and improved service quality. Data from 2015 shows that smart phone rate penetration in Viet Nam was 30%
whereas m- banking transaction consisted of about 10% of total bank transactions in 2015 so these numbers are
relatively modest compared with many countries and it has not achieved its full potential. In other words, despite
the fact that m-banking beneficial to the customers, the adoption rate of m-banking in Vietnam is quite low and
m-banking adoption is still in the early stage in comparison to other service provided by banks. Against this
backdrop understanding the consumer intention toward m-banking will be very crucial for the marketing strategy
of banking institutions.
Furthermore, despite its rapid growth and its good economic performance, nowadays the Vietnamese business
community has been facing important issues for its sustainable development, especially societal and
* Corresponding author. E-mail address: vananhdhdl@gmail.com
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environmental ones. Recent scandals of Vedan company committed to serious pollution in Thi Vai River,
Vietnamese customers has boycott Vedan’s product. In the same case, Coca-Cola Vietnam was stayed away by
consumers due to transferring price incidentally during a decade to avoid paying governmental tax. In other
words, Vietnamese customers are willing to boycott any corporations if they violating Corporate Social
Responsibilities. In the same vein, after Formosa- Taiwan steel factory leaks toxic waste into the sea that caused
massive fish deaths along a 200-km (124-mile) stretch of coastline in April 2016 and numerous cases of health
safety problems especially toxic ingredients found out in consumer goods have been raising a greater concern on
corporate social responsibility (CSR) in Vietnam.
In addition, a report by Nielsen revealed that an astounding 73 percent of Vietnamese online consumers were
willing to pay more for products and services provided by companies committed to positive social and
environmental impact. That figure beat Europe’s 40 percent, Latin America’s 63, North America’s 42, and even
topped ASEAN’s sustainable champion Singapore, which came in at 48 percent. Therefore, this research aims to
investigate whether CSR initiatives (Economic, Social, environment dimensions) effect on behavioral intention
to use m-banking through customer trust.
Research in mobile commerce has shown that trust is crucial for any business relationship (Palvia, 2009;
Wang et al., 2015), especially in m-commerce, because it reduces uncertainty (Gu et al., 2009). In the same way,
building users' initial trust is essential for mobile banking service providers (Zhou, 2012a).
Moreover, there are growing concerns about risk in online banking services across the world. During the last
few years, internet-based attacks have increased tremendously and also highlighted the multiple cases of the theft
or fraud, breaches of personal privacy and attacks by hackers (So and Sculli, 2002; Littler and Melanthiou,
2006).
Besides, there may be situations in which an individual want to use m-banking but is prevented by lack of
money and since the recent researches have revealed that perceived cost was found to be affect consumer
acceptance of M-banking in Australia, Iran and Taiwan (Wessels & Drennan, 2010; Hanafizadeh et al., 2014;
Yu, 2012). Moreover, the Vietnamese customers seem to be sensitive to the price and price plays a vital role in
buying decision making process. Hence, in this study the author adopt the TAM as the base model and adjust the
model to reflect the characteristics of mobile banking in Vietnam context by adding trust, three dimension of
CSR (Economic responsibility, social responsibility, environmental responsibility), perceived risk and perceived
cost factors to enhance understanding of m-banking adoption intention of Vietnamese customers.
This study differs from some past studies as follows. First, as Shaikh & Karjaluoto, (2015) note, past studies
have limited and mainly focused on SMS banking in developing countries and virtually no studies have
addressed the use of m-banking applications via smart phones or tablets which is addressed in this study.
Second, most of the past studies have studied the relationship of trust and intention to use m-banking but this
study is one of the first study investigate the relationship of the CSR with m-banking intention adoption through
trust. Third, many studies proved CSR has a vital role in creating customer trust in Hospitality or Food industry
and this study examine the role of CSR in banking industry, particularly in m-banking, which has not yet
researched before. This study may find out valuable applications for bank managers to support their planning
strategies and marketing campaigns that help banks develop sustainably.
The outstanding growth of mobile sector worldwide has created a unique opportunity to provide social and
financial services over the mobile network. With over four billion mobile phone subscriptions worldwide, mobile
network has the ability to immediately offer m-banking to 61% of the world population (Kshetri & Acharya,
2012). According to the Vietnam mobile market report, there is significant growth in the use of mobile phones,
with over 90% of the population in Vietnam using them. However, with all the benefits of m-banking, the usage
and adoption of m-banking is still low among banks customers in Vietnam. Though many of such people argue
that internet and other technology based transaction is not safe, not practical and would lead to fraud, a lot of
people think it safer, flexible in time and can be done anywhere and anytime (Chowdhury & Ahmad, 2011).
Hence, it is necessary to investigate the factors that lead customers to adopting or rejecting m-banking services.
Although prior studies on m-banking adoption have provided background information on the adoption behavior
with regard to m-banking, studies that focus on the risk perception and trust factors that influence consumers to
adopt m-banking services are limited. Thus, understanding such factors will play a critical role in reducing the
challenges associated with the use of m-banking. For example, risk and privacy issues have been identified as
major contributing factors for the slow uptake of m-banking (Dupas et al., 2013). However, previous study
revealed that consumers do not consider m-banking to be prone to risk (Rammile & Nel, 2012). Risk and privacy
are related to trust in the banking industry – which is especially important when banks are trying to increase their
customer base and improve their services by introducing technological innovations (Dupas et al., 2013).
However, previous studies still have many limitations and have recommended further research in this field.
This study will help researchers, developers, and managers to understand the major determinants of customer
acceptance of m-banking that can help banks to improve the rate of m-banking adoption in developing country
context. Moreover, researcher argues that the results also have a “practical value” particularly for Vietnamese
banks. A large number of customers using m-banking could justify the investments that banks have made in this
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technology, thus increasing the rates of return (Lee & Chung, 2009). The understanding of the factors that affect
intention to use mobile banking services enables banks to target bottlenecks of this adoption and improve their
services (Zhou et al., 2010).
2. Literature review and theoretical background
2.1. Mobile banking
M-banking has received a considerable attention in academic research and thus several conceptualizations of
m-banking currently exists. M-banking (m-banking) is defined as an application of m-commerce (Kim et al.,
2009), an innovative method for accessing banking services (Xin Luo et al., 2010) that offers additional value for
customers by providing “anytime, anywhere” access to banking service (Lee and Chung, 2009). Turban et al.
(2006) conceptualized m-banking as any form of banking transaction that is carried out through a mobile device,
such as a mobile phone or a personal digital assistant.
There was a multitude of theoretical foundations used in m-banking adoption empirical studies, such as TRA,
UTAT. However TAM theory is the most popular. The TAM derived from the Fishbein and Ajzen (1975) TRA,
which is a more generalized theory (Lindsay et al., 2011). Adapted from the theory of reasoned action, TAM is a
theoretical model used to explain users’ acceptance of a new information technology (Gu et al., 2009). First
introduced in 1986 by Davis (1986), TAM has been proven to be a useful valid theoretical framework to predict
users’ behavior toward a new technology (Liu et al., 2009; Qi et al., 2009; Cheng et al., 2010). Davis (1989) used
prior researches from various disciplines to hypothesize that, perceived usefulness and perceived ease of use
constructs were fundamental in people’s decisions to adopt information technology. After conducting a lab study
involving 40 participants and two graphics systems, Davis concluded that both perceived usefulness and ease of
use influenced the attitude of the user towards the new information technology (Davis, 1989).
However, usefulness was found significantly more strongly linked to usage than was ease of use. Davis (1989)
concluded that perceived usefulness and ease of use were the predictors for technology adoption. Over the years,
TAM has proven to be a powerful, valid, and parsimonious model for predicting user acceptance (Venkatesh &
Davis, 2000). Existing literature showed that TAM was the predominant model used in predicting and explaining
the Information system adoption (Jaradat & Twaissi, 2010; Lindsay et al., 2011; Liu et al., 2009; Singh et al.,
2010; Sripalawat et al., 2011; Tobbin, 2012; Yung-Cheng et al., 2010) such as m-banking adoption. For example,
Amin et al. (2012) used TAM as the base theoretical foundation to conduct a study on m-banking adoption in
Malaysia. They retrieved and analyzed data from banks customers in Kota Kinabalu. After data analysis, Amin et
al. (2012) concluded that perceived credibility, enjoyment and self-efficacy were related to m-banking adoption
in Malaysia.
Because of the U.S. Federal Reserve Board of Governors (2012) report, the conciseness and validity of TAM
to predict and to explain the user acceptance of information technology (Lindsay et al., 2011), the TAM was
selected as the core theoretical foundation of this study. It has proven to be a robust, powerful and well-
established model for predicting user acceptance (Shen et al., 2010). Zhang et al. (2012) conducted a meta-
analysis study of previous empirical researches on m-commerce adoption. According to Zhang et al. (2012)
findings, the theory of reason action, TAM, and the innovation diffusion theory (IDT) were the most prominent
theories used on technology adoption studies.
2.2 Corporate social responsibility (CSR)
CSR covers the economic, legal, ethical and discretionary expectations that society has of organizations at a
given moment in time (Carroll, 1979). CSR is the commitment by a company to improve the welfare of its
community by implementing certain discretionary practices and increasing the availability of its resources
(Kotler & Lee, 2005).
Throughout the past several decades, numerous aspects of CSR have been the subject of investigation in
academic and business literature. Although the nature and scope of the CSR remains uncertain, scholars have
tried to summarize and categorize various CSR activities (Maignan & Ferrell, 2001; Smith, 2003). One thing
they all agree is that the purpose of business is to generate profits for shareholders, which is economic
responsibility. In addition, following laws and legislations and keeping their business ethics seem to be a must-
responsibility that society and the public automatically expect from business. It is noted that Carroll’s (1998) four
dimensions of CSR: economic, legal, ethical, and philanthropic responsibilities have been widely accepted
among others and the four aspects of CSR are described in detail in the following part.
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2.2.1 Economic Responsibility
Some scholars argue that companies do not need to promote socially responsible actions because their only
responsibility is to be profitable for stockholders (Friedman, 1970), which is an economic dimension of CSR.
Novak (1996) defines economic responsibility as to be profitable for principals by delivering a good quality
product at a fair price to customers. Novak more fully describes seven economic responsibilities: “(1) satisfying
customers with goods and services of real value; (2) earning a fair return on the funds entrusted to the
corporation by its investors; (3) creating new wealth, which can accrue to non-profit institutions which own
shares of publicly-held companies and help lift the poor out of poverty as their wages rise; (4) creating new jobs;
(5) defeating envy though generating upward mobility and giving people the sense that their economic conditions
can improve; (6) promoting innovation; and (7) diversifying the economic interests of citizens so as to prevent
the tyranny of the majority” (also summarized by Lantos, 2001)
2.2.2 Legal and Ethical Responsibilities
Business ethics and legal responsibilities have been studied in management studies and these are considered as
must-responsibility (Carroll, 2000; Spitzek, 2005). These responsibilities are expected to be implemented all of
the time, and only when companies breach one of these responsibilities, it becomes an issue. The result is often
negative publicity. Although many scholars categorize legal and ethical responsibilities together in their
discussions of CSR, legal and ethical responsibilities can be completely different (Lantos, 2001).
Maignan & Ferrell (2001) summarize some of the legal responsibilities including: accurate reporting of
business performance, ensuring that products meet all legal standards, avoiding discrimination in hiring and
compensation, and meeting all environmental regulations. Legal duties involve obeying the law and playing by
the rules.
However, laws and legislation have flaws to ensure responsible actions. They only provide a moral minimum
for business conduct; they are reactive (telling what ought not to be done) rather than proactive, (telling what
ought to be done); and they are often followed involuntarily (Carroll, 2000; Lantos, 2001).
On the other hand, ethical duties overcome the limitations of legal responsibilities. They involve being moral,
doing what is just and fair; respecting peoples' rights; and avoiding and preventing damage caused by others
(Smith & Quelch, 1993). Although ethical responsibilities are not necessarily codified into law, they include
those policies, institutions, or practices that are either expected (positive duties) or prohibited (negative duties) by
members of society (Carroll, 2000). They derive their source of authority from religious beliefs, moral traditions,
and human rights commitments (Lantos, 2001; Novak, 1996). Some of the examples of ethical responsibilities by
Maignan & Ferrell (2001) are: implementing a code of conduct, organizing ethics training programs,
incorporating integrity in the performance evaluation of employees, and providing full product information to
customers. Today, virtually all members of the business system agree, at least in theory, that corporations are
expected to keep at least their promises on legal and ethical responsibilities.
2.2.3 Philanthropic Responsibility
Carroll’s (1998) philanthropic responsibility, also known as discretionary responsibility, is the most
controversial issue raised over the legitimacy of CSR.
Philanthropy means “giving back” time and money in the forms of voluntary service, voluntary association,
and voluntary giving. This reflects society's wish to see businesses participate actively in improving society
beyond the minimum standards set by the economic, legal, and ethical responsibilities (Maignan & Ferrell,
2001). Over the past half century, business has been judged not only by its economic and moral performances,
but also by its social contributions (Carroll, 1998; Lantos, 2001; Maignan & Ferrell, 2001)). Philanthropic
responsibility includes activities, such as providing work-family programs, reaching out to communities, and
giving donations to charitable organizations (Maignan & Ferrell, 2000).
In marketing, philanthropic efforts by companies have been shown through cause-related marketing (CRM).
Whether it is to help children around the world, homeless people in the community, or providing shelters for
animals, philanthropy has been implemented in many different ways. By doing this, companies hope to create a
positive image of the company, which may lead a customer to purchase a product from the company (Cornwell
& Coote, 2005; Nan & Heo, 2007; O’Cassand Lim, 2001).
2.2.4 Environmental responsibility
Separate from the philanthropic definition of CSR, environmental responsibility has gained remarkable
attention from governments, organizations, and the general public in recent years. Laws and legislations have
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been made and corporations have voluntarily participated in developing environmentally responsible ways to
conduct their business.
Global warming and pollution have generated a great deal of public concern regarding the environment, which
leads many to support environmental protections (Choi et al., 2009).
This environmental aspect of CSR has perhaps gained the most attention from marketing managers, and firms
have put a tremendous amount of effort toward communicating with customers about their environmental efforts.
Consumer behaviors on green purchasing and attitudes toward environmentally friendly products have been
studied in many marketing studies (Chan, 2001; Choi et al., 2009; Manaktola & Jauhari, 2007; Tanner & Kast,
2003; Tsai & Tsai, 2008).
Although Carroll’s (1998, 2000) four-dimension of CSR has been widely accepted by many scholars, existing
marketing literature seems to generally agree on at least three dimensions of CSR: economic, philanthropic (also
called social or discretionary), and environmental (Leigh & Murphy, 1988; Málovics et al., 2008
2.3 Effects of CSR
2.3.1 Effects of CSR on customers’ attitudes
Recent research suggests that socially responsible organizational behavior can positively affect consumers’
attitudes toward the organization (Brown & Dacin, 1997; Martin & Ruiz, 2007; Perez, 2008; Sen &
Bhattacharya, 2003, 2004). The findings indicate that consumers’ awareness of a company’s CSR practices have
a positive influence on customers’ attitudes toward the company, including an organization’s image, reputation,
and evaluation of product attributes (Martin & Ruiz, 2007; Perez, 2008). The effect occurs both directly and
indirectly through customer–company identification (Lichtenstein et al., 2004). For example, if a consumer
purchased products from a company that had recently teamed up with an environmental organization, would
others conclude that he/she sincerely cared about the environment? This issue is important because many
consumers are interested in reflecting their self-images by using or purchasing certain products and brands (Yoon
et al., 2006).
Customers can be triggered by a company’s CSR initiatives to develop a positive attitude toward the
company. However, that is not always the case. Becker-Olsen et al., (2006) investigated the role of perceived fit
(e.g., similarity between its mission and CSR initiatives) and timing of a CSR initiative (reactive vs. proactive)
on consumers’ responses to CSR initiatives. The results show that a low-fit between cause and the company’s
CSR action negatively affects consumer’s belief, attitudes, and intentions and even with the high-fit initiatives if
a firm was perceived reactive rather than proactive, its CSR initiatives have a negative impact on consumers.
Thus, the companies should find an appropriate CSR action that can be perceived by customers as a right fit
between CSR and the company.
2.3.2 Effects of CSR on customers’ behaviors
Much research suggests that CSR increases customer-company identification (CCID), repeat purchase,
customer loyalty and trust (McDonald & Rundle-Thiele, 2008); however, others confirm that it is unlikely that
consumers will blindly accept these CSR programs as sincere actions. They may or may not reward the firm
(Barone et al., 2000; Creyer & Ross, 1997; Ellen et al., 2000; Sen & Bhattacharya, 2001), and in fact, some
research suggests that consumers will punish organizations that are perceived as insincere in their social
involvement (Becker-Olsen et al., 2006; Sen & Bhattacharya, 2001; Simmons & Becker- Olsen, 2006). Thus,
companies must carefully review their CSR practices and when and how to use them for marketing
communication purposes.
Mohr and Webb’s study (2005) performed an experiment to examine the influence of different prices and
various CSR dimensions on consumers’ response. They have manipulated two CSR domains (environment and
philanthropy) and prices (higher and lower than average). The result found that both CSR domains have a
positive impact on customers’ purchase intention, and the environmental domain has a stronger impact on
purchase intent than price does.
In summary, numerous studies have shown that CSR can have a positive impact on key stakeholder groups,
such as employees, consumers, distributors, and stock holders (Sen & Bhattacharya, 2004; Sen et al., 2006).
Academic research on consumer responses to companies’ CSR actions reveals its company-favoring effects on
cognitive and affective (e.g., beliefs, attitudes, identification as well as behavioral outcomes (e.g., patronage,
loyalty) (Anisimova, 2007; Bhattacharya & Sen, 2003; Barone et al., 2000; Brown & Dacin, 1997; McDonald &
Rundle-Thiele, 2008; Salmones et al., 2005) is still the most dominant criteria in consumers’ purchasing decision
(Boulstridge & Carrigan, 2000).
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2.4 General background of mobile banking in Vietnam
Mobile banking came to Vietnamese market in 2010, 6 years after internet banking, and developed quickly.
Currently, there are 32 banks in Vietnam offer mobile banking service for their customers. According to the
statistical data of Smartlink card services joint stock Company, there are more than 3 million customers using
mobile banking services. The number of transactions per month achieved approximately 14 to 15 million
(Nguyen, 2014). With 22 percent of Vietnamese have bank accounts and more than 30 percent of Vietnamese
owned at least one smartphone; the demand of mobile banking in Vietnam is high. The target of mobile banking
is young customers whose age from 18 to 34 (Nguyen, 2014). This group is highly adaptive and easy to accept
new technology. However, the current usage of mobile banking in Vietnam is below potential. According to a
representative of Smartlink card services joint stock Company, the growth of mobile banking in Vietnam need
more time to meet its demand because customers are still used to their familiar payment channels. The
Vietnamese are unaware of modern payment services. The security dilemma also raises a difficulty for most
banks when they started offering mobile banking services since bank’s customers concerns about risk in online
banking services because most of the internet services are operating in an open environment, their applications
and outcomes are vulnerable to security and privacy threats such as phishing activities, malwares, spywares,
spoofing, and password-sniffing. Vietnamese people also prefer a simple way to access their bank accounts via
mobile device but also want it to be secured in case of lost or stolen device. Most of mobile banking services
available in Vietnam now are either lack of convenience, simplicity or security, which hinder the potential of
mobile banking.
2.5 Picture of CSR activities in Viet Nam
International economic integration occurred during the last decade has brought to Vietnamese businesses,
especially the private sector that comprised mainly small and medium enterprises (SME), opportunities to expand
their activities and to go global. Most importantly, it enables the private sector to grow and to contribute
remarkably to the economic development of the country. While holding just 30% of total national assets, the
Vietnamese private businesses contribute 40% to GDP, 30%-40% to export turnover and absorb 50% of the total
workforce. Despite its rapid growth and its good economic performance, the Vietnamese business community
has been facing nowadays important issues for its sustainable development, especially societal and environmental
ones, including waste management, energy saving, systematic implementation of workplace safety standards, and
taking care of the well-being of workers as well. Recent scandals of factories committed to serious pollution in
Thi Vai River and numerous cases of health safety problems especially tainted milk distribution, toxic
ingredients found out in consumer goods…, have been raising a greater concern on corporate social
responsibility (CSR) in Vietnam. Along with these environmental and health issues, Vietnamese export-oriented
companies have been also encountering problems of good citizenship when their foreign investors and buyers
require them to take business practices based on respect for people, communities and the environment. For
instance, the U.S.-Vietnam textiles agreement signed in May 2003 included an obligation for the Vietnamese
authorities to encourage exporting companies to implement CSR codes in return for access to the U.S. market,
Moreover, different from other countries, Vietnam’s environment has been ravaged by a history of wars,
aggressive industrial development and poor environmental regulation. Every year, 220,000 tons of industrial
waste is dumped into the Mekong River, where fishermen reel in their living next to the beer and cement
factories that are putting cancer rates through the roof.
Poor mining practices and other industrial activity have polluted so much of the country’s soil and water that
access to safe drinking water is becoming a real problem. Ecologies sprayed with Agent Orange during the
Vietnam War are still recovering, climate change has created typhoons devastating coastal communities, and
floods are destroying countless farms along the Mekong River Delta.
Vietnam’s factories have promoted CSR in more ways than demonstrating what happens if you don’t respect
it. Thanks to historically cheap labor and low standards for labor rights, Vietnam has long been attractive to
Western countries looking for a place to outsource manufacturing operations. Many Vietnamese manufacturers
produce goods for Western corporations. This means they are subject to the high CSR standards of fully
developed economies overseas and in Europe.
This influence has bled into most of Vietnam’s big businesses – and because Western buyers support the
Vietnamese economy (and vice versa), outside funding is being provided to enhance the topic of CSR at the
political level.
In 2004 Vietnam Government adopted the Strategic Orientation for Sustainable Development, which
identifies 19 prioritized areas under the three pillars (economic, social and environmental) of corporate social
responsibility. This better defined the government’s responsibilities when it comes to CSR, and led to the
development of Vietnam’s “Green Growth” strategies for 2011 to 2020.
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In recent decades, Vietnam has experienced changing in customer’s behavior; “green consumption” is the
primary trend of consumption around the world. Not only do consumers desire using high quality products but
also they crave for safe and friendly products which are produced by a highly reputable and responsible
company. Environmental problems become social problems (Fierman, 1991). 1990s was called as “Earth decade”
(Daniel & Rylander, 1993) or “Environmental decade” (McDougall, 1993). Several studies also indicated the
concerning to individual environment (Chan, 1996; Donaton & Fitzgerald, 1992; Kerr, 1990; Ottman, 1993;
Schlossberg, 1992; Wall, 1995) and awareness towards consumer environment (Ellen, Wiener & Cobb-Walgren,
1991; Kim and Choi, 2005; Verhoef, 2005) affecting positively to purchasing intention of consumers.
Though some companies still employ unfair labor standards, and many factories still dump waste into the
water and pump greenhouse gases into the hazy sky, Vietnam is a country bent on improving CSR. This was the
same story as 10 years ago, but the difference is that now, things are actually happening. Vietnam is starting to
make good on its promises to develop sustainably, and to create businesses that will facilitate that process and
create a better life for its citizens.
Therefore, it can be concluded CSR is a relatively new matter in Vietnam. Nevertheless, recently, with the
environmental disasters and the negative consequences on the society caused by enterprises, the social
responsibility has become urgent. In Vietnam, the implementation of CSR is fully in conformity with targets of
sustainable development strategy. In other words, Vietnam government, Vietnamese business owners and
customers have been recognizing the importance of CSR now and activities of reactions of consumer in recent
years have reflected that the term Corporate Social Responsibilities is an issue getting a lot of attention from
communities. For example, the “The Corporate Social Responsibilities Award” is organized annually to
appreciate corporations which perform well Corporate Social Responsibilities.
Besides, recently customers are willing to boycott corporations because of violating Corporate Social
Responsibilities. For instance, Vedan’s products and Coca-Cola Vietnam are stayed away by consumers due to
polluting Thi Vai River and transferring price incidentally during a decade to avoid paying governmental tax,
respectively. Hence, recently companies have realized the importance of CSR with a tool of marketing strategies
to help companies build the image, trust and reputation to develop sustainably and gain advantages against the
competitors. One of an example is Vietcombank (VCB), one of the biggest state-owned commercial bank in
Vietnam. VCB is aware of corporate social responsibility so Vietcombank often pays attention to social welfare
and charity activities that have large impact on the society such as “ Nghia tinh Truong Son”, “Noi vong tay lon”,
“Ngay vi nguoi ngheo” …; equipped ship CQ-01 for the Navy Forces, supported earthquake and tsunami victims
in Japan. During the year, Vietcombank has spent over 100 billion VND for these social welfare programs
especially in 2015 VCB spent more than 2566 billion to social welfare contribution, supporting community for
the overall development of society. Hence, from 2012 to 2016 VCB was chosen the most favorable bank in
Vietnam.
Also, since its operation in September 1996, VIB has constantly implemented different community-oriented
activities (CSR) in many localities across the country, apart from banking operations. This is aimed to make
contributions to people development and social life of the local people.
Over the past years, VIB has been actively involved in significant social programs, focusing on 3 areas:
Education, Environment, and Enrichment. For instance, the bank has donated money to support victims of Can
Tho Bridge collapse, construction of hospitals for poor people of Kien Giang province, the Operation Smile
Fund, people in the flooded areas in central provinces and so on. Specially, VIB has sponsored the Academy of
Banking’s “Future Bankers” program and the program “Glorify Vietnam”, and Vietnamese talents nurturing
program for poor primary school students with high achievements across the country, etc... In 2013, VIB was
honored with the “The Excellence of Corporate Social Responsibility” award granted by the Ministry of Planning
and Investment and the Economics & Forecast magazine.
By all above picture of CSR in Vietnam, this study’s purpose is investigating the relationship between CSR
activities with three dimensions (Economic, social, environment) on consumer’s intention to use m-banking.
3. Hypotheses development and Research model
3.1. Why there is an integration between TAM and CSR?
The literature showed that IT acceptance has been the subject of much research in the past two decades.
Several theories have emerged that offer new insights into acceptance and use, at both the individual and
organizational levels, including the theory of reasoned action (TRA) (Fishbein and Ajzen, 1975), the Technology
Acceptance Model (TAM) by Davis (Davis, 1989), the extended technology of acceptance model (TAM2)
(Venkatesh and Davis, 2000), the Theory of Planned Behavior (TPB) (Ajzen, 1991), the innovation diffusion
theory (Rogers, 1995), and the Unified Technology Acceptance User Technology (UTAUT) by (Venkatesh,
Morris, Davis, and Davis, 2003).
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One of the most salient models is the Technology Acceptance Model (TAM), when it comes to investigating
the factors that influence the adoption of information systems, which is proposed by Davis (Davis, 1989) and is
mainly developed from Fishbein and Ajzen’s existing Theory of Reasoned Action (TRA). In particular, previous
literature indicated that TAM consistently accounts for 40% of variance in usage intention and behaviors
(Venkatesh & Davis, 2000).
One advantage of TAM is that TAM has been widely examined and validated and is an extensively accepted
model in different sorts of technologies related to user and organization acceptance and adoption such as the
World Wide Web (Lederer et al., 2000; Van der Heijden &Verhagen, 2004) Intranet (Horton et al., 2001), E-
commerce (Olson & Boyer, 2003; Pavlou, 2003) Internet Banking (Aldás-Manzano et al., 2009) that lead to their
widespread acceptance.
Another advantage of TAM is that these models can easily be modified and/or extended by using other
theories or constructs (Venkatesh & Davis, 2000). According to original TAM suggested by Davis (1989), two
primary constructs were included namely, perceived usefulness and perceived ease of use.
Mathieson, (1991) argued that it is inappropriate to depend only on these two variables of PU and PEOU in
examining individual’s technology acceptance tendencies, even though TAM has been extensively validated.
Consistent with this view, TAM theory can be modified or extended using other theories or incorporating
other constructs (Yen et al., 2010). Taking this point further, several previous studies suggested that there are
other potential factors that might be incorporated within the TAM and which would influence users’ adoption of
m-banking such as perceived risk (Luo et al., 2010).
Chong et al., (2012) asserted that it is better to use TAM as a base model and extend by including additional
constructs based on the research being conducted. For example, Koenig-Lewis et al., (2010) have extended the
TAM by incorporating trust in order to investigate online banking adoption in Germany. Indeed, with the surge
of e-commerce, more studies are being conducted on the conceptual structure and formation mechanisms of trust
(Ba & Pavlou, 2002; Brown et al., 2004; Paul & McDaniel, 2004; Pavlou & Gefen, 2004). Activities in the
network space are more anonymous and impersonal than those in the traditional off-line setting and therefore
entail greater risk, uncertainty, and loss of control. Obviously, securing customer trust is critical for successful e-
commerce (Lee & Turban, 2001).
Besides that, building customer trust, however, is a costly and time-consuming exercise because trust
relationships are formed in the course of long-term interactions between implicated parties (McKnight et al.,
1998). Trust of this type is based on prolonged and cumulative experience that gives clients a sense of
familiarity, calculation and values (Coleman, 1990). Cumulative experience significantly influences the level of
customer trust in a vendor’s competence, predictability and goodwill (Siau & Shen, 2003). In addition, customer
trust in a firm may affect his/her loyalty to its service and the choice of service continuation or repurchase
(Jarvenpaa et al., 2000).
With the introduction of new innovative services, such as mobile banking, potential adopters have neither any
prior experience to fall back on (Kim et al., 2008) nor any experience or knowledge-based trust. Therefore, a
person’s initial trust is expected to be based on certain perceptions and possibly irrational forces such as
cognitive cues (Kim et al., 2008). Researchers (Luo et al., 2010; Kim et al., 2008) found that initial trust is
significantly positively associated with mobile banking adoption intentions.
McKnight et al. (1998) insisted that initial trust is not based on prior experience or first-hand knowledge, it
may be affected by firm characteristics as size, capability, integrity, role in the market-place, benevolence,
reputation and brand that may affect a person’s perception of a firm’s services or products (McKnight et al.,
2004). In addition, according to Lohse & Spiller (1998) a good reputation provides assurance of a firm’s ability,
integrity and goodwill, thus helping to increase trust even when consumers do not have first-hand knowledge of
the service company. Similarly, Anderson & Weitz et al., (1989) show that a service provider’s reputation
critically affects people’s confidence in the firm. Jarvenpaa & Tractinsky (1999) also indicated that the reputation
of an internet shopping mall boosted consumers’ confidence, which in turn positively influenced their attitude
towards online service. In conclusion, people can shape their initial trust in mobile banking without registering
for the service and using it for financial transactions. They may be more trusting initially if they see service
banks as reputable enterprises because of their off-line roots.
Moreover, recent research suggests that socially responsible organizational behavior can positively affect
consumers’ attitudes toward the organization (Brown & Dacin, 1997; Martin & Ruiz, 2007; Perez, 2008; Sen &
Bhattacharya, 2003, 2004). The findings indicate that consumers’ awareness of a company’s CSR practices have
a positive influence on customers’ attitudes toward the company, including an organization’s image, reputation,
and evaluation of product attributes (Martin & Ruiz, 2007; Perez, 2008).
Furthermore, recently Vietnamese are challenging with sustainable development, especially environmental
issues such as waste management and energy saving. Along with these environmental problems, there are
numerous cases of health safety issues especially tainted milk distribution; toxic ingredients found in consumer
goods have been raising a greater concern on corporate social responsibility in Vietnam.
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Therefore, it may be supposed not only TAM but also CSR can predict the behavioral intention to adopt m-
banking in Vietnam so in this study TAM model and CSR initiatives are combined in research model. In
addition, based on literature review, perceived risk and cost were also added.
Finally, a model indicating behavioral intention to use m-banking services was developed (Figure 1). The
model consists of eight constructs that are posited to have an effect on behavioral intention to use m-banking
services. These constructs include: economic responsibility, social responsibility, environmental responsibility,
perceived cost, perceived ease of use and perceived risk as independent variables. Trust and perceived usefulness
were used as intervening variables, and intention to use m-banking as the dependent variable. In this study, the
strength of the hypothesized relationships embedded in the theoretical model and the robustness of the model in
predicting customers' behavioral intention to use m-banking services in Vietnam will be tested. The conceptual
model is graphically presented in Figure1.
3.2 Hypotheses development
3.2.1 CSR initiatives
Previous studies have used the concept of CSR in marketing and consumer behavior literature, with several
scholars examining the influence of CSR initiatives and consumer responses on financial performance (Sen &
Bhattacharya, 2001; Brown & Dacin, 1997). Several studies have attempted to investigate the effects of CSR on
factors such as customer loyalty, trust, word of mouth, intentions, attitudes, satisfaction, and brand identification
(Luo & Bhattacharya, 2006; Handelman & Arnold, 1999; Sen & Bhattacharya, 2001). From an economic
perspective, the fundamental motivation for CSR is to maximize firm profitability for shareholders (Zenisek,
1979). However, some scholars indicated that corporations bear a responsibility to contribute to the betterment of
society as a whole (Brown & Dacin, 1997; K. Davis, 1975; Drumwright, 1996; Handelman & Arnold, 1999), as
well as to integrate environmental concerns in business operations (Dahlsrud, 2008; Homburg et al., 2005).
A firm’s CSR activities engender its image of honesty, integrity, credibility and high responsiveness towards
customer concerns (Sirdeshmukh et al., 2002). Maignan & Ferrell, (2000) argue that a firm’s CSR activities can
be a good source of customer trust and reduction of skepticism. For example, Swaen & Chumpitaz (2008) study
cosmetics and sportswear customers and report that CSR perceptions positively impact on customer trust. These
scholars argue that CSR perceptions and trust are significant variables in the cultivation of long-term affiliations
between customers and firms. Moreover, Salmones et al., (2009) identify a direct relationship between a firm’s
ethical responsibility and customer trust in retail service markets. Similarly, Choi & La, (2013) state that a firm’s
ethical-legal responsibility positively affects customer trust in service contexts.
In addition, in recent decades customers have experienced changing in customer’s behavior; “green
consumption” is the primary trend of consumption around the world. Not only do consumers desire using high
quality products but also they crave for safe and friendly products which are produced by a highly reputable and
responsible concerning to individual environment (Chan, 1996; Wall, 1995) and awareness towards consumer
environment (Kim & Choi, 2005; Verhoef, 2005) affecting positively to purchasing intention of consumers. In
addition, many scandals related on environmental issues such as Formosa, Vedan cause the boycott behavior of
Vietnamese to those companies. Therefore, based on the theoretical and empirical arguments stated above, the
following hypotheses are proposed:
H1. Economic responsibility has a positive impact on trust
H2. Social responsibility has a positive impact on trust
H3. Environmental responsibility has a positive impact on trust
3.2.2 Trust
Mobile banking is an exchange situation without the physical presence of branch and personal interactions.
Therefore, trust is a crucial element for decision making (Zhou, 2011; Grabner-Krauter & Kaluscha, 2003).
While consumers initially trust their e-vendors and have an idea that adopting online service is beneficial to job
performance or life style, they will eventually believe that on-line services are useful (Gefen et al. 2003). In
particular, Gefen et al., (2003) investigated the role of trust in an on-line shopping setting explicitly indicated that
trust is an antecedent of perceived usefulness. Trust also has a direct influence on a consumer's behavioral
intention to use the service (Wu & Chen 2005). Trust is one of the determinants of perceived usefulness
especially in an on-line environment (Vlachos et al., 2009). Pavlou, (2003) also found that trust has a positive
effect on perceived usefulness in an e-commerce setting.
H4: Trust has a positive impact on the perceived usefulness of m- banking services.
H5: Trust has a positive impact on the behavioral intention to use m-banking services
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3.2.3 Perceived risk
Due to the high degree of uncertainty and perceived risk in e-commerce operations, trust becomes an
important factor for people to obtain confidence on an exchange partner. Customers need to trust in m-banking to
use it. Viruses and Trojan horses may exist in mobile terminals too; so, these problems increase users' concern
about payment security, and decrease their trust in m-banking, which, in turn, can affect their usage intention and
behavior (Zhou, 2012a). In the relationship between customers and m-banking terminals, if trust is not present,
there is no adoption and no use of this technology (Zhou, 2012b).
Indeed, risk perception is one of the main barriers to m-banking adoption in Brazil (Cruz et al., 2010), the
most important in China (Laforet & Li, 2005; Faqih & Jaradat, 2015) and has a significant relationship with
users' attitudes and intention to use m-banking in Iran (Mohammadi, 2015). This construct also has significant
relationship with internet banking adoption (Yiu et al., 2007) and with customer's lack of interest in online
commercial transactions (Liao et al., 2011). The perception of risk is a significant factor affecting trust (Al-
Gahtani, 2011) and affecting mobile banking adoption (Al-Jabri & Sohail, 2012 and Ha, et al., 2012). As risk
perception can generate a negative effect on trust, the researcher included this variable in the model.
A closer look at the relevant studies leads the author to observe that perceived risk is one of the most
important obstacles hindering the customers’ willingness to adopt m-banking (Akturan & Tezcan, 2012;
Hanafizadeh et al., 2014). Accordingly, this study assumes the following hypothesis:
H6: Perceived risk has a negative impact on trust
H7: Perceived risk has a negative impact on behavioral intention to use of m-banking services
3.2.4 Perceived ease of use
Perceived ease of use is conceptualized as an individual’s assessment of the mental effort involved in using
the new technology (Davis, 1989). Various other studies (Davis, 1986, 1989) also pointed that perceived ease of
use can influence perceived usefulness because other thing being equal the easier the technology is to use the
more useful it can be. In the context of internet banking, research shows that perceived ease of use has a positive
and significant effect on perceived usefulness (Wang et al., 2003). According to Akturan & Tezcan (2012);
Wang et al., (2006) perceived ease of use has a positive relationship with intention to adopt m-banking. The
researchers concluded that if customers perceive mobile banking to be easy to learn and use, adoption of the
service follows. Thus, the following hypotheses are developed:
H8: Perceived ease of use has a positive impact on perceived usefulness to use m-banking services.
H9: Perceived ease of use has a positive impact on behavioral intention to use m-banking services.
3.2.5 Perceived usefulness
Davis (1989) defined perceived usefulness as the extent to which individuals believe that using the new
technology will enhance their task performance. In the context of user acceptance of m-banking services,
perceived usefulness could be because of transactions like online request for cheque/demand draft, sending
monthly e-statements, online payments, etc. that improves performance, saves time and increase effectiveness of
service or some or several add-on benefits such as bill payments, mobile recharge, etc. These benefits are also
expected to be further enhancing over a period of time through technological advancement or breakthrough.
Extensive research provided ample evidence of the significant positive effect of perceived usefulness on the
development of the initial willingness to use mobile banking (Aboelmaged & Gebba, 2013; Wang et al., 2006;
Luarn & Lin, 2005). Luarn & Lin (2005) stated that the ultimate reason that people employ mobile service
systems is that they find the systems useful for their banking transactions. Therefore, the following hypothesis is
proposed:
H10: Perceived usefulness has a positive impact on individual behavioral intention to use m-banking services.
3.2.6 Perceived cost
Perceived financial cost is defined as the extent to which a person believes that he or she has the financial
resources needed to use a system (Wang et al., 2006) because purchasing, using, and maintaining a system costs
money. Perceived financial cost has been found to have a significant negative influence on the behavioral
intention to use mobile banking (Wessels & Drennan, 2010; Wang et al.,2006; Luarn & Lin, 2005).
H11: Perceived cost has a negative impact on the behavioral intention to use m-banking services
Based on hypothesis development processing mentioned above, research model is illustrated as follows:
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H1
Economic
Trust
responsibility
H2
Social
responsibility
H3
H5
H4
Environmental
responsibility
H6
H7
Intention to
use m-
banking
Perceived risk
H11
H10
Cost
H9
Perceived
usefulness
Perceived
ease of use
H8
Figure 1: Conceptual model
4. Measurement and methodology
A typical seven-point Likert scale was used to measure the constructs presented in the proposed model
(scores were ranged from 1= ‟strongly agree” to 7= ‟strongly disagree” with “neutral” score = 4). The
conceptualization and development of the questionnaire was based on the existing literature, resulted in total of
31 items. All items are shown in Table 4. The questionnaire instrument was developed based on the constructs of
economic responsibility, social responsibility, environmental responsibility, trust, perceived risk, perceived
usefulness, perceived ease of use, perceived cost, and intention to use m-banking. Perceived risk was adapted
from Featherman & Pavlou, 2003 and added one more item. Intention to use m-banking (three items) and
perceived ease of use (three items) and perceived usefulness (four items) were adopted from Cheng et al., 2006;
Nasri & Charfeddine, 2012. Three dimensions of CSR including 9 items were adapted from Zhu et al., 2013;
Park & Lee, 2009 and were modified. Perceived cost including three items was adapted from Kim et al., 2007. In
this study, the measures of trust including six items were based on studies in marketing area which examined the
relationship between trust and various constructs and trust is the overall trust about the bank, so trust
measurement was adapted from Wei et al., 2009 and Suh & Han, 2002 and then modified appropriately.
This study uses primary data collected from the questionnaire survey in selected provinces in southern of
Vietnam to test the hypotheses. The questionnaire was survey by two ways paper based and online method. In
total, 612 samples were gathered and eligible for data analysis (235 samples supported via the docs.google.com;
377 samples collected via paper-based method). In order to test the hypotheses, structural equation modelling
(SEM) was employed using the computer software program AMOS with maximum likelihood (ML) method of
estimation.
5. Results
5.1 Demographic results
The respondent demographics are summarized in table 2. Both in Vietnam and South Korea respondents are
male which is slightly more than female. In South Korea almost 97% of respondent ages are from 20 to 30 years
old whereas in Vietnam the respondent age is from 20-30 years old and 31-40 year olds account for 83%. The
majority of respondent’s education level is Undergraduate in both samples. In addition, like Vietnam, the
percentage of the sample who are living in big cities in South Korea is slightly higher than in small cities.
Finally, most respondents have used m-banking for more than two years in both countries.
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Table 2: Descriptive of respondent’s characteristic
Viet Nam
South Korea
Respondents Percentage
(N=267) (%)
160 59.9
Demographic profile
Respondents
(N=612)
363
Percentage
(%)
Male
Female
<20
59.3
Gender
249
57
296
212
29
40.7
9.3
48.4
34.6
4.7
107
8
259
40.1
3.0
97.0
-
20-30
Age
31-40
-
-
41 - 50
-
> 50
18
2.9
-
-
High school
College
Undergraduate
Graduate
Big city
Small city
<1 year
1-2 years
>2 years
15
45
2.5
7.4
-
-
72
166
29
157
110
29
51
187
27.0
62.2
10.9
58.8
41.2
10.9
19.1
70
Education
367
185
317
295
115
160
337
60.0
30.2
51.8
48.2
18.8
26.1
55.1
Living area
Usage duration
As a whole, this sample consisted of generally young, well-educated consumers with a high level of income.
These characteristics are representative of m-banking users with a young age as well as higher education and
income levels compared to the general population.
5.2 Reliability validity analysis
Reliability was done to test the degree to which the set of latent construct indicators are consistent in their
measurements. The reliability of the variables was assessed by the Cronbach’s Alpha and Item-total Correlation.
The acceptable threshold for Cronbach’s Alpha is 0.70, while constructs which are highly inter-correlated
indicate that they are all measuring the same latent constructs. The resulting alpha values range from 0.816 to
0.930 which above the acceptable threshold of 0.7. Also, the item-total correlation test results are satisfactory.
A confirmatory factor analysis was conducted to test the measurement model. This assesses what the construct
or scale is, in fact, measuring. To construct validity, two checks have to be performed: the convergent validity and
discriminant validity. All the model-fit indices exceeded their respective common acceptance levels suggested by
previous research, thus demonstrating that the measurement model exhibited a good fit with the data collected in
Viet Nam χ2
= 874.934, CMIN /df= 2.566, p = .000; GFI = 0.911; TLI = 0.953; CFI = 0.960; RMSEA =
(612)
0.051.
Table 3: Composite reliability, AVE and correlation of constructs’ values
VIETNAM
1.RISK
2.TRUST
3.SOCIAL
4.ENVIRONMENT
5.USEFULNESS
6.COST
7.ECONOMIC
8.EASY OF USE
9.INTENTION
CR
AVE
0.756
0.695
0.635
0.751
0.729
0.819
0.598
0.659
0.723
1
2
3
4
5
6
7
8
9
0.903
0.901
0.838
0.900
0.915
0.931
0.817
0.852
0.887
0.869
-0.802
-0.444
-0.418
-0.404
-0.387
-0.410
-0.492
-0.668
0.834
0.412
0.385
0.540
0.502
0.487
0.641
0.741
0.797
0.713
0.277
0.356
0.658
0.211
0.368
0.866
0.253
0.287
0.474
0.236
0.374
0.854
0.524
0.490
0.701
0.647
0.905
0.439
0.493
0.452
0.773
0.387
0.538
0.812
0.677
0.850
Note: Diagonal elements are the square root of AVE. Off-diagonal elements are the correlations among constructs.
Values for composite reliability are recommended to exceed 0.70 (Chin, Marcolin, & Newsted, 2003) and
AVE values should be greater than the generally-recognized cut-off value of 0.50 (Fornell & Larcker, 1981).
Table 3 shows that all composite reliability and AVE values of Viet Nam meet the recommended threshold
values. Therefore, it is an evidence for convergent validity. In addition, the square root of AVE for each
construct is greater than the correlations between the constructs and all other constructs, indicating that these
constructs have discriminant validity.
5.3 Structural results: Hypothesis testing
SEM was used to test the hypotheses in Viet Nam. The SEM results indicated that the model had an
acceptable fit in Viet Nam. In particularly, the indices of model with data collected in Viet Nam are χ2
=
(612)
999.183, CMIN /df = 2.855, p = .000; GFI = 0.898; TLI = 0.944; CFI = 0.952; RMSEA = 0.055.
In Viet Nam, Table 4 presents the unstandardized structural paths; and Figure 2 presents the significant
structural relationship among the research variables and the standardized path coefficients with their respective
significance levels. Only 1 of 11 hypotheses proposed is found insignificant (H11). In addition, the figure 3
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shows the model explained substantial variance in both perceived usefulness (R2=52%), Trust (R2=73.5%) and
intention to use (R2=67.4%)
Table 4: Unstandardized structural paths
Vietnam
R.E
Hypothesis
S.E
t value
P
Result
S**
H1: Economic responsibility Trust
H2: Social responsibility Trust
H3: Environmental responsibility Trust
H4: Trust Perceived Usefulness.
H5: Trust Intention To Use
H6: Perceived risk Trust
H7: Perceived risk Intention To Use
H8: Perceived ease of use Perceived usefulness
H9: Perceived ease of use Intention To Use
H10: Perceived usefulness Intention To Use
H11: Perceived cost Intention To Use
.371
.321
.164
.135
.339
-.688
-.176
.585
.249
.280
-.019
.057 6.570
.092 3.477
.062 2.639
.034 3.925
.062 5.461
.039 -17.616
.056 -3.126
.045 13.047
.059 4.238
.055 5.058
.028 -.666
.000
.000
.008
.000
.000
.000
.002
.000
.000
.000
.505
S**
S**
S**
S**
S**
S**
S**
S**
S**
NS
Note: **: significant at P <0.01; S: Support; NS: Not support; P: P-value
0.348**
R2=73.5%
Economic
responsibility
Trust
0.304**
0.179**
Social
responsibility
0.346**
R2=67.4%
0.163**
Environmental
responsibility
-0.737**
Intention to
use m-
banking
-0.192**
Perceived risk
H11
0.237**
Cost
0.225**
Perceived
usefulness
Perceived
ease of use
R2=52%
0.623**
χ2 (612) = 999.183, CMIN /df = 2.855, p = .000; GFI = 0.898; TLI = 0.944; CFI = 0.952; RMSEA = 0.055
Figure 2: Results of testing Hypotheses of Viet Nam
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5.4 Mediation analysis
Investigating the mediating role of trust in the relationship between the bank's CSR activities and its intention
to use m-banking is also one of the key objective for the study. In order to ascertain significant mediation effects,
four conditions need to be met: (1) the three CSR initiatives should have a significant impact on trust; (2) the
trust should significantly affect intention to use m-banking, (3) the predictor variables should significantly affect
the dependent variable, and (4) the impact of the predictor variables on the dependent variable should not be
statistically significant or be reduced after accounting for the effect of the mediator variable (trust) (Andrews,
Netemeyer, Burton, Moberg, & Christiansen, 2004).
The first two conditions were tested by estimating Model 3 (the fully mediated model) in Table 6 which
specifies that the two categories of CSR initiatives can influence intention to use m-banking indirectly through
trust. Model 3 showed an acceptable fit (χ2 = 310.59, df = 96; CFI = 0.967; TLI = 0.958; GFI = 0.940, RMSEA
= 0.060). Two (economic and environment responsibility) of the three predictor variables showed a significant
impact on trust (except social responsibility), and trust had a significant effect on intention to use m-banking.
Therefore, the first two conditions were met. The third condition was tested using Model 2 (the simple direct
model). Since Model 2 is saturated, it showed a perfect fit to the data. The model estimation results in Table 18
show that all three categories of CSR initiatives had a significant effect on intention to use m-banking.
Therefore, the third condition was satisfied. As shown in Table 6, the magnitudes of the predictor variables' path
coefficients in Model 1 are smaller than those in Model 2 and all of the predictor variables in Model 2 were
statistically significant.
Besides, in Model 1 all three predictor variables had a significant path coefficient but their path coefficients
are smaller than those in model 2. These results satisfy the fourth condition. Hence, all four conditions were
satisfied, and this ascertains the presence of significant mediating effects of trust.
A further point of interest was whether the mediation was of the “full” or “partial” kind. In order for full
mediation to exist, two additional conditions had to be met: (1) the fit of Model 1 should not be better than that
of Model 3, and (2) all the path coefficients of the predictor variables to the dependent variable should be
statistically insignificant in Model 1 (Andrews et al., 2004). The estimated χ2 statistics for Model 1 and Model 3
were 275.165 (df = 93) and 310.59 (df = 96), respectively. The χ2 difference value of 35.425 for three degrees of
freedom was significant (p = 0.00). This suggests that Model 1 fits the data significantly better than Model 3. In
addition, all three path coefficients of the predictor variables in Model 1 were significant.
Therefore, the trust partially mediated the effects of the CSR activities on intention to use m-banking.
Table 5: Results of Model testing
Fit estimate
Model 1
Model 2
Model 3
df
CFI
0.972
GFI
TLI
RMSEA
diff
275.165
saturated
310.59
93
0.947
0.940
0.963
0.958
0.057
96 35.425
0.967
0.060
Model 1 proposed
model
Model 2 simple
direct model
0.561***
Model 3 fully
mediated model
Economic ---> intention
Social --->intention
environment --->intention
Economic --->trust
Social --->trust
0.312***
0.256***
0.187**
0.394***
0.017
0.271**
0.330***
0.434***
0.055
environment --->trust
trust --->intention
0.222**
0.628***
0.245***
0.758***
** p<0.05; *** p<0.01
5.5 Additional study in South Korea
SEM was used to test the hypotheses in South Korea and Viet Nam. The SEM results indicated that the
model had an acceptable fit in Viet Nam better than in South Korea. In particularly, the indices of model with
data collected in Viet Nam are χ2 (612) = 999.183, CMIN /df = 2.855, p = .000; GFI = 0.898; TLI = 0.944; CFI =
0.952; RMSEA = 0.055 while for South Korea are χ2 (267) = 1055.350, CMIN /df = 2.833, p = .000; GFI = 0.790;
TLI = 0.831; CFI = 0.848; RMSEA = 0.084.
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0.274**
Economic
responsibility
Trust
Social
responsibility
0.116*
R2=51.5%
Environmental
responsibility
-0.357**
Intention to
use m-
banking
Perceived risk
Cost
0.732**
Perceived
usefulness
Perceived
ease of use
0.697**
χ2 (267) = 1055.350, CMIN /df = 2.833, p = .000; GFI = 0.790; TLI = 0.831; CFI = 0.848; RMSEA = 0.084
Figure 3. Results of testing Hypotheses of South Korea
The difference results between Vietnam and South Korea was shown in table 7
Table 7: Comparison results Vietnam versus South Korea
Results
Hypotheses
Viet Nam
Accept
Accept
Accept
Accept
Accept
Accept
Accept
South Korea
Accept
Reject
Reject
Reject
Accept
Accept
Reject
H1: Economic responsibility Trust
H2: Social responsibility Trust
H3: Environmental responsibility Trust
H4: Trust Perceived Usefulness.
H5: Trust Intention To Use
H6: Perceived risk Trust
H7: Perceived risk Intention To Use
H8: Perceived ease of use Perceived
usefulness
H9: Perceived ease of use Intention To Use
H10: Perceived usefulness Intention To
Use
Accept
Accept
Accept
Reject
Accept
Accept
Reject
Reject
H11: Perceived cost Intention To Use
As expected, differences were observed between the South Korea and Vietnam in regard to intention to use
m-banking services. As shown in table 7, five out of eleven links in the research model were different across the
two cultures. While the effects of social responsibility and environmental responsibility on trust, trust on
perceived usefulness, perceived risk on intention to use, perceived usefulness on intentions to use were
significant for the Vietnam sample, those effects were not significant in the South Korea sample. These findings
were attributed to information technological infrastructure, mobile commerce development, m-banking
penetration level and environmental matter. Sims and Gegez (2004) found that the attitudes toward business
ethics were different along some dimensions, also the difference in the impact of CSR to trust may be attributed
to Vietnam regulation about the environment protection is not be considered carefully in developing national
economy so Vietnam are facing a lot of environment crisis which is quite different from South Korea. They also
recognized that technology infrastructure differences South Korea and Vietnam were the driving forces behind
their disparate views. To further understand our findings, I subsequently examine the inconsistencies in light of
information technological infrastructure, mobile commerce development, m-banking penetration level and
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environmental protection regulation differences in the following sections. It is important to note that these
factors are not directly measured in this study and I am simply providing the subsequent analyses as potential
explanations to differences observed between the South Korea and Vietnam subjects.
In South Korea, perceived usefulness has no significant relationship with consumer intention to adopt m-
banking. This variable is derived from the TAM model. As stated by Jeyaraj et al. (2006), this variable is a good
predictor of IT usage in past studies. However, although m-banking is a relatively new technology, South Korean
consumers are no strangers to mobile phones. Therefore, South Korean consumers have a good understanding of
what m-commerce and m-banking can offer, and thus will not be attracted to use m-banking based on the
perceived usefulness or being given free trials. This result contradicts with the findings from Koenig-Lewis et
al., (2010) and (Hanafizadeh et al., 2014b) which call for m-banking providers to focus on promoting the
advantages offered by m-banking.
A further difference between the two countries is the effect of environment responsibility on the customer’s
trust. The status and environment regulation and environment crisis in the two countries can be used to explain
the notable differences. In Vietnam, there are many environmental problem due to the fast development
objectives such as waste management, energy saving. Recent scandals of factories committed to serious
pollution that polluted soil and water that cause bad impact on safe drinking water for Vietnamese. In addition,
numerous cases of health safety problems especially tainted milk distribution; toxic ingredients found in
consumer goods have been raising a greater concern on corporate social responsibility in Vietnam. That is why
in this research, environmental responsibility is one the most important factor that affect to customer behavior
through the trust in Vietnam sample but not in South Korean one.
In addition, with developed information and technology infrastructure as well as security mechanism and
solution of South Korean bank, especially with the latest iris technology will be used by bank South Korean
proves that security of bank is much more better than Vietnam bank so South Korean customers perceived less
risk regard m-banking than Vietnamese customer. That’s why perceived risk has no impact to intention to use in
South Korean but it did in Vietnam.
Interestingly, this research found that trust and perceived ease of use play a significant role in m-banking
adoption intention by both South Korean and Vietnamese consumers. The result shows both South Korean and
Vietnamese users are generally need trust on the transactions that lack physical contact. In case of South
Korean, this results is quite consistent with suggestions by Hofstede (1994) that South Korean consumers are
less likely to take risks since according to Hofstede (1994) the uncertainty avoidance score is 85 in comparison
with the uncertainty avoidance score of Vietnam is 30. In case of Vietnam, it is implied that even though
Vietnamese likely to take risks more than South Korean but in Vietnam risks still exist a lot in m-banking system
due to the security system of Vietnam bank that is quite opposite South Korean bank, besides banking related to
money so customers are very sensitive to security, without trust anybody can not adopt m-banking services.
That is why according to the theory of Hofstede, the uncertainty avoidance score of South Korean and Vietnam
is quite different but the results showed that trust plays the vital role in m-banking intention to use not only in
Vietnam but also in South Korea.
6. Conclusion
6.1 Vietnam context
This study was conducted with the intention of providing further understanding regarding the main factors
that could shape the clients’ intention to use of m-banking in Vietnam. Therefore, to achieve this aim, a model
comprising factors taken from TAM along with perceived risk, perceived cost, trust and three dimensions of
corporate social responsibility was proposed. The statistical results supported the predictive power of the
conceptual model in explaining adequate variance in behavioral intention (BI). Specifically, all values of R2 (BI
(67.4 per cent), PU (52 per cent), Trust (73.5 per cent) were observed within an acceptable level of 30 per cent as
suggested by Kline (2011). In addition, such values of R2 in the current study are fairly close to those accounted
for by other IS and m-banking studies that have been formulated using TAM (Akturan & Tezcan, 2012;
Venkatesh & Davis, 2000). This, in turn, provided further evidence supporting the conceptual model proposed in
the current study to explain the Vietnamese customers’ intention to use m-banking services.
The structural results indicated that behavioral intention to use m-banking is significantly determined,
supported and validated by the concepts of CSR through trust. Among the subjective factors of CSR, economic
responsibility is found as a more significant determinant of customer trust than environmental and social
responsibility. These findings could be explained by the nature of Bank service market. The bank industry is one
of the most competitive and economic activities of banks including new job creation, value contributions and
investments to the society are the main responsibility of Vietnam Banks. Besides, the results indicated that
environmental responsibility affect to behavioral intention stronger than social responsibility. This can be
attributed that during the past few years, Vietnamese consumers have been facing serious food safety, and health
problems due to environment crisis. Therefore, banks should incorporate CSR initiatives in their integrated
marketing communication strategy in particular branding strategy so as to attract more customers.
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The statistical results highly proved Trust as a key factor predicting BI with a regression weight of 0.346. In
other words, Vietnamese customers seem to be more motivated to adopt m-banking if they trust they trust banks.
This could be attributed to in m-banking there are growing many concerns about risk in online banking services
because it is operated in an open environment, their applications and outcomes are vulnerable to security and
threats such as theft, fraud breaches of personal privacy and attacks by hackers. Theoretically, these results are
parallel with prior studies of m-banking that have tested and approved trust as a crucial factor in determining the
customers’ intention. For example, Hanafizadeh et al., (2014a) conduct a study on m-banking adoption in Iran.
Lee and Chung (2009) used the DeLone and McLean 2003 model in their investigation on m-banking adoption
and indicated that trust, system quality and information quality were important factors to m-banking adoption in
South Korea.
The empirical results have also showed that there is a relationship between perceived usefulness and adoption
intention of m-banking with a regression weight of 0.237. Hence, it can be implied that Vietnamese customers
will use m-banking if they perceive it as more effective, productive and a useful technology. This may be
explained that m-banking is considered as a convenient way that helps customers access a wide range of high
quality financial services anytime and anywhere. These findings consistent with previous study of m-banking
that tested the relationship between perceived usefulness and customer’s intention to use m-banking (Akturan &
Tezcan, 2012; Hanafizadeh et al., 2014; Luarn & Lin, 2005).
In addition, the empirical results have also supported the significant relationship between perceived ease of
use and behavioral intention with a weight of 0.225. This, in turn, means that respondents were more likely to
have a higher intention to adopt m-banking if they perceived that the use of such technology was not difficult
and required less effort. Given the particular nature of m-banking, a certain level of knowledge and skill is
required to properly use such system. In fact, using m-banking requires customers to perform all tasks alone
without any assistance from banking staff which, in turn, perceived ease of use could play a vital role in
determining the customers’ intention to use m-banking. Such results of perceived ease of use extracted in the
current study are in line with existing literature in the IS area (Venkatesh et al., 2003) and in m-banking (Thakur
& Ramesh , 2015; Gu et al., 2009; Hanafizadeh et al., 2014; Luarn & Lin, 2005). Perceived ease of use was also
found to be a key predictor of perceived usefulness with a weight of 0.623. In other words, if the customers
perceive that using m-banking needs less effort and is not difficult, they will perceive to use such a system more
advantageously and be more useful in their daily life (Davis et al., 1989). By the same token, several studies in
the area of m-banking have supported the instrumental influence of perceived ease of use as a contributing factor
of behavioral intention via perceived usefulness (Gu et al., 2009; Luarn & Lin, 2005). Furthermore, perceived
usefulness showed higher effect on intention to use m-banking in comparison with ease of use and this
underlines seriousness of perceived usefulness in Vietnamese’ m-banking usage. It sounds better to say that for
the managers of the bank to improve users’ attitudes, they need to pay more attention to improving system’s
usefulness while investing on its ease of use.
Surprisingly, this study discovered that perceived costs is not associated with the adoption level of mobile
banking, whereas the findings of previous studies about m-banking adoption intention in Australia, Iran and
Taiwan (Wessels & Drennan, 2010; Hanafizadeh et al.,2014; Luarn & Lin, 2005) have revealed that perceived
cost was found to be affect consumer acceptance of m-banking. This contradiction could be explained by the fact
that Vietnamese customers just have to pay 3.300 VND fee when they transfer money instead of 22.000 VND if
they make that transaction at the bank.
Finally, this study empirically proved that perceived risk was a significant negative factor determining the
behavioral intention to adopt m-banking with a regression weight of -0.192. Accordingly, it could be concluded
that Vietnamese customers are less likely to be encouraged to adopt m-banking with a higher degree of
expectation of suffering a loss as a result of using such a system. This relationship could return to the particular
and sensitive nature of the banking industry in general as well as online banking technology which is universally
characterized by a high uncertainty, intangibility, heterogeneity, and vagueness along with the absence of human
interaction (Akturan & Tezcan, 2012). This could be attributed to the increase in the number of electronic
financial crimes in Vietnam recently. The result is consistent with previous findings such as Koenig-Lewis et al.,
(2010) found that there is strong relationship between the perceived risk on the German customers’ acceptance
of m-banking. In addition, the results also confirm the findings of Hanafizadeh et al., (2014b) that perceived risk
negatively affect mobile banking adopt in Iran.
6.2 South Korea context
In South Korea, the research model was able to explain 51.5% of the variance in behavioral intention to use
m-banking services. The amount of variance explained in intention to use is comparable to prior findings
(Venkatesh et al., 2003). Although technology acceptance model (TAM) was not found full significant
supported, the effect perceived usefulness should not be overlooked in the adoption intention to use m-banking
services. In addition, the relationship between perceived cost and intention to use m-banking was found
insignificant, which is consistent with the finding in Vietnam. Additionally, this study established trust and
perceived ease of use as two important antecedents of behavioral intention to use m-banking which were able to
account for a substantial amount of variance (51.5%) in behavioral intention. Empirical results indicated that
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perceived risk was not an antecedent of adoption intention of m-banking. Nevertheless, a relationship between
perceived risk and trust was evidence in this study which showed a significant path through the model from
perceived risk to behavioral intention to use with trust as the mediating variable. Hence, perceived of risk should
be also important to the intention to use m-banking services in South Korea.
Furthermore, it is interesting that this study did not find social responsibility and environment responsibility
directly influence trust but the significant relationship between economic responsibility and consumer trust were
supported.
6.3 Theoretical contribution
The current study contributes to theory within the areas of m-banking and consumer adoption behavior. From
a theoretical perspective, the results of the study provide new information related to consumer intention to adopt
m-banking that has not been previously examined, to a large extent, in the existing related literature. Thus, the
study adds to and expands our knowledge of the most important factors influencing consumer attitude and
behavioral intention towards adopting m-banking services. In doing so, the current research has applied proven
theory and constructs in traditional banking, online banking and m-banking research, and has extended and
validated the theoretical relationships between the focal constructs in the research model. In addition, the study
makes a strong contribution to the current m-banking literature by extending TAM to include perceived risk,
perceived cost, trust and three dimensions CSR that previous TAM studies in the context of m-banking did not
include; as a consequence, they may have omitted crucial factors that influence consumer adoption of m-banking
service.
The results of the present study suggest that perceptions of CSR have a positive impact on customer trust in
mobile banking service. Therefore, the findings of the present research are particularly noteworthy because this
is the first research that proves the link between perceived CSR activities and customer trust in the context of
mobile banking services.
6.4 Practical contribution
The value of research in the area of marketing lies in its ability to be applied in practice. In this sense, the
value of this research is that it expands our understanding of m-banking by identifying and synthesizing the most
important factors influencing customer adoption of m-banking services in Vietnam and South Korea. The
practical implications of these findings are that adding to the understanding of m-banking from a consumer’s
behavior perspective and, therefore, act as a valuable base for banks.
Specifically, the findings highlight that particular factors (perceived ease of use, perceived usefulness,
perceived risk, trust as well as CSR initiatives) will determine customer behavioral intention to adopt m-banking
services.
6.5 Implications
The results give some important implication for developers, manager to formulating strategies. Firstly, in
Vietnam setting, perceived ease of browsing, identifying information and performing transactions should
facilitate favorable and persuasive informative about new products and must demonstrate usefulness for
consumers. Also, banks should attempt to enhance consumers’ perceptions of the beneficial features and nature
of m-banking. Marketing activities should focus on the tangible and immediate benefits of using m-banking
services including quicker financial transaction speed, broader varieties of financial services, and enhanced
financial transparency. Besides, expanding the range of financial services provided by the m-banking and
maintaining the permanency of their performance efficiently and effectively, 24/7 will support the role of
perceived usefulness (Zhou et al., 2010).
Moreover, a simple and friendly design of m-banking services will not only enhance the perceived ease of
use in using such a channel but also will contribute to the role of perceived usefulness (Jaruwachirathanakul &
Fink, 2005). Further, an effective, personal, and practical training program that will educate customers on how
they can efficiently use m-banking could be more helpful to override any complexity and confusion related to the
use of this system. Such a program could also enhance the individuals’ self efficacy which, in turn, contributes to
their perception towards such systems as more useful and easier than less banking channels (Compeau &
Higgins, 1995).
Concurrently, security risks related to the new innovation should be strongly minimized. Thus, banks should
search for risk-reducing strategies that might contribute in arousing high confidence in prospecting customers.
Taking this point further, it is suggested to focus on the prevention of intrusion, fraud and identity theft through
the development of trust-building mechanisms to attract customers. Such mechanisms include designing a secure
mechanism such as a system equipped with unique attributes and highly secure passwords, fingerprints, voice
patterns and facial characteristics for users to enhance their confidence, instructing consumers about how
safeguard their private information to prevent any misuse in virtual transactions. Other strategies that could be
more useful in mitigating PR include a money-back guarantee policy in the case of mistakes and false
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transactional data entry, providing them with circulatory passwords and ability to change passwords to enhance
security in personal financial transactions and providing the system with tracing codes in consumers’
transactions for them to be able to track problems if they occurred seem to help this perception.
Trust was also identified as a factor that positively affected intention to use m-banking. However, in mobile
banking context, building customer trust is very challenging. So how can m-banking service provider gain
customer trust? The current findings suggest that besides using mechanism including long term service,
statement of guarantee for every transaction and digital receipts and enhancing security controls when designing
and updating banking apps, CSR initiatives can help to build customer trust and the findings also suggest that
customer trust serves as a mediator in the relationship between CSR and intention to use m-banking service. This
partial mediation effect of customer trust indicates that consumers’ positive perceptions of CSR lead to customer
trust and that customer trust, in turn, influences intention to use m-banking. Hence, in order to gain customer
trust, doing CSR activities is a critical intermediate step for any banks. Therefore, managers should recognize the
influence of CSR on gaining trust of customer to make them adopt m-banking services. Specially in Vietnam, a
country with many environment crises such as Formosa crisis and Thi Vai River crisis, any banks focus on
environment matter and economic matter it would get a lot of attention of customer and they can build the
reputation and image so that they can build the customer trust which in turn improve the percentage of people to
use bank service such as m-banking which has many risks.
Secondly, in South Korea, bank managers may also need to be aware of importance of CSR not only as a key
variable in building customer trust in mobile banking but also as a factor that leads to various outcomes,
including enhanced cumulative satisfaction, loyalty, and positive word-of-mouth. Previous research reported that
CSR influence consumer product responses (Brown & Dacin, 1997), customer-company identification (Sen &
Bhattacharya, 2001), customers’ product attitude and even a firm’s market value (Luo & Bhattacharya, 2006).
Specially, South Korean bank should focus on economic dimension by creating more wealth for society,
increasing wage for employee, providing good product and good service at a reasonable price instead of paying
attention to environmental or social issues. Besides, risk-reducing strategy also should not be overlooked since
South Korean customers also not likely to adopt m-banking if they perceived risk which in turn decrease their
trust to m-banking services.
In sum, bank managers often face tough choices in allocating company resources and in prioritizing strategic
initiatives. This study’s findings that CSR contributes to increase intention to use m-banking suggest that
managers can obtain substantial benefits by integrating CSR initiatives with other strategies.
6.6 Limitation and future research
The current study is restricted by some limitations and can be reported as follow. First there are other factors
that have been ignored and therefore should be measured by future researches such as self-efficacy, resistance
change and technology readiness. Secondly, this study concentrated on the customers’ intention adoption; yet,
customer satisfaction, word-of-mouth, and customer loyalty as a consequence of using m-banking will be
valuable directions to be examined in future researches. Thirdly, as the current research is applying the survey-
based method, it could be argued that this method is prone to the inherent limitation of measurement errors.
However, the measurement errors were reduced, as indicated by the study’s good reliability and validity results.
Finally, the current study used cross-sectional survey to examine customers’ adoption of m-banking. Thus, future
research is needed to replicate and validate the findings using a longitudinal research which would allow for
further examination of m-banking adoption at multiple points of time.
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