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Acceptance of
An examination of the critical online banking
factors affecting consumer
acceptance of online banking
97
A focus on the dimensions of risk
Dimitrios Maditinos
Department of Business Administration,
Technological Educational Institute of Kavala, Kavala, Greece
Dimitrios Chatzoudes
Department of Production and Management Engineering,
Democritus University of Thrace, Xanthi, Greece, and
Lazaros Sarigiannidis
Department of Business Administration,
Technological Educational Institute of Kavala,
Kavala, Greece

Abstract
Purpose – The recent advances in the technology of electronic banking have helped develop new
ways of handling banking affairs, especially through online banking. Moreover, the rapid
development of the internet has stimulated the banking sector towards encouraging customers to
make their transactions online. The purpose of this paper is to introduce an extended technology
acceptance model (TAM) model as a tool for examining the factors that have a significant impact on
customers’ online banking acceptance.
Design/methodology/approach – The typical TAM constructs were enhanced with the variables
of perceived risk and quality of the internet connection. The proposed conceptual framework of the
study (extended TAM), was tested on a sample of Greek internet users. Data were analysed using the
“structural equation modelling” technique.
Findings – Results provide overall support for the extended TAM model and confirm its robustness
in predicting customers’ intention of adoption of internet banking. More specifically, results
underlined the important impact of perceived usefulness, security risk and performance risk on the
intention to use internet banking. On the contrary, the impact of perceived ease of use and quality of
the internet connection seemed to have only an indirect effect on internet banking adoption.
Practical implications – The paper makes an analytical effort in order to point out areas that
banking organisations should emphasize in order to successfully implement online banking and,
therefore, harvest its potential benefits.
Originality/value – The paper proposes an enhanced conceptual framework (extended TAM) that
examines vital issues concerning online banking acceptance, thus providing valuable outcomes for
decision makers and academics. To the best of the researchers’ knowledge, such an extension of the
TAM model has never been examined in the relevant literature. Moreover, the results of the study may
be generalised in other developed countries whose financial sector faces significant challenges Journal of Systems and Information
(e.g. Spain, Italy, Portugal, Ireland, etc.). Technology
Vol. 15 No. 1, 2013
Keywords Consumer behaviour, Internet, Banking, Online banking, Perceived risk, pp. 97-116
Technology acceptance model, Structural equation modelling, Greece q Emerald Group Publishing Limited
1328-7265
Paper type Research paper DOI 10.1108/13287261311322602
JSIT 1. Introduction
15,1 Nowadays, the internet technology is rapidly changing the design and delivery of financial
services. Online services offer consumers a number of information-related benefits
that favour adoption. These benefits include the opportunity to control bank accounts
at any time and place, the access to personalised information for taking investment
decisions and the comparison between alternate services (Howcroft et al., 2002).
98 Internet banking, defined as the delivery of banking services through the internet, offers
numerous potential benefits to implementing financial organisations (Howcroft and
Durkin, 2000; O’Reilly and Finnegan, 2003), especially through the utilisation of user
friendly technologies and the lack of restriction to physical locations or geographical areas.
It is considered to enhance customer satisfaction by providing faster, easier and more
reliable services through an online platform (Al-Somali et al., 2009; Pikkarainen et al., 2004).
Nevertheless, despite the advantages of online banking, there is still a large
customer group refusing to adopt such services, mainly, due to security reasons
(Kuisma et al., 2007; Littler and Melanthiou, 2006). Therefore, the understanding of
these reasons is expected to be proven useful for bank managers when formulating
strategies that aim at increasing the use of online banking ( Jarvenpaa et al., 1999; Lee,
2009; Yiu et al., 2007). Despite the risk related inefficiencies, online banking is clearly a
potentially rich research context (AbuShanab and Pearson, 2007; Ndubisi and Sinti,
2006; Shanmugam and Guru, 2000).
Several empirical studies have focused on the factors that have an impact on the
adoption of information or internet technology (Chan and Lu, 2004; Ndubisi and Sinti,
2006; Sachan and Ali, 2006; Wan et al., 2005), but there is limited empirical research
considering the nature of internet adoption in the banking sector of Greece, nor analyse
the success factors that may help in forming a strategic internet banking agenda in the
whole country.
Until the end of the 1980s, the Greek banking system was characterised by selective
credit controls and regulations that gradually led to unprecedented distortions and
inefficiencies. Since then, the landscape of the Greek banking system has altered
significantly. It underwent substantial developments that increased its potential
(integration to the Economic and Monetary Union and introduction of the Euro currency).
Online banking has the potential to play an important role in the financial success of
Greek Banks. Especially during the current global financial crisis, Greek banks have
extra reasons to encourage their customers to increase the use of online banking, since
through its implementation banks will be able to cut extra costs, reduce the number of
branch employees and trim transportation expenditures. Furthermore, given the low
percentages of online banking penetration in Greece, there is a significant gap for
online banking development.
Given the above considerations, the present empirical study develops and tests a
theoretical extension of the technology acceptance model (TAM) (Davis, 1989), and
examines the factors that influence the adoption and acceptance of online banking in Greece.
To empirically test the validity of the proposed conceptual framework (extended
TAM), a newly developed structured questionnaire was distributed to a sample of Greek
internet users. The questionnaire of the study was extensively tested for its construct
validity. In order to test the proposed conceptual framework, the “structural equation
modelling” technique was used. Such an analysis provides the highest level of statistical
verification.
 Results indicated that perceived usefulness had a statistically significant positive Acceptance of
influence on intention to use internet banking. On the contrary, perceived ease of use online banking
did not seem to have an effect on intention directly. Moreover, the statistical analysis
highlighted the dominant role of perceived enjoyment on the adoption of online
banking, since the hypotheses associating perceived enjoyment with intention, ease of
use and usefulness were all confirmed by the statistical analysis.
Finally, regarding the risk factors examined, only security and performance risk seem 99
to affect intention. Usage decisions did seem to be affected by possible negative criticism
from important others, as no statistically significant relationship between sociotechnical
risk and intention to use online banking has been indicated by the statistical analysis.
Section 2 includes the presentation of the proposed hypotheses of the study, while in
Section 3 the research methodology is being presented. Results follow in Section 5,
Section 6 includes a thorough discussion of the main empirical findings, while
summary and conclusions are presented in Section 7. Finally, the limitations and the
suggestions for future research are being presented in Section 8.

2. The conceptual framework of the study

2.1 Introduction
The present study focuses on exploring the determinants of online banking acceptance,
adopting the TAM as the most widespread, appropriate and useful path of examination
(Cheng et al., 2006). According to various academics (Abbasi et al., 2011; Chong et al.,
2010; Pikkarainen et al., 2004), TAM performs incredibly in exploring user perceptions, a
concept that appears to be extremely significant in the context of the present study.
The proposed conceptual framework (extended TAM) examines the causal
relationship between six research constructs:
(1) Perceived usefulness.
(2) Perceived ease of use.
(3) Perceived enjoyment.
(4) Quality of internet connection.
(5) Perceived risk:
.
performance risk;
.
social risk;
.
time risk;
.
financial risk; and
.
security risk.
(6) Intention to use (online banking).

The proposed conceptual framework is based on the synthesis of various previous

studies (Aldas-Manzano et al., 2009; Cheng et al., 2006; Eriksson and Nilsson, 2007;
Guriting and Ndubisi, 2006; Pikkarainen et al., 2004). To the best of the researchers’
knowledge, such a framework has never been previously examined.

2.2 Research hypotheses

2.2.1 Perceived usefulness. According to Guriting and Ndubisi (2006), perceived usefulness
is one of the most popular factors utilised in the existing internet banking literature.
JSIT Pikkarainen et al. (2004) found that perceived usefulness has the most powerful impact on
15,1 intention to use, among various other variables. Gounaris and Koritos (2008) compared
drivers of internet banking adoption and concluded that, similar to the findings of
Pikkarainen et al. (2004), perceived usefulness was one of the most important factors of
online banking adoption. Jaruwachirathanakul and Fink (2005) conducted a study on
Thailand (a rapidly developing economy) and, moreover, supported the argument that
100 perceived usefulness is able to encourage the adoption of online banking. Therefore, we
hypothesise that:
H1. Perceived usefulness has a positive impact on intention to use.
2.2.2 Perceived ease of use. Successful internet banking sites should be both easy to learn
and use, since the perception about these characteristics is likely to lead in higher adoption
behaviour (Jahangir and Begum, 2008). Hence, the prevention of the “under-used” useful
system effect passed through the development of systems that are both easy to use and
easy to learn. According to Moon and Kim (2001), easy to use information systems will be
less threatening to most users. Thus, we hypothesise:
H2. Perceived ease of use has a positive impact on perceived usefulness.
The relationship between ease of use and intention to use online banking has provided
mixed results in the relative literature. Gounaris and Koritos (2008) concluded that
perceived ease of use satisfactory predicts the intention to use online banking, while
Pikkarainen et al. (2004) and Eriksson et al. (2005) failed to establish such a relationship.
As different studies present various results considering the impact of perceived ease
of use, it is hypothesised:
H3. Perceived ease of use has a positive impact on intention to use.
2.2.3 Perceived enjoyment. Information technology manufacturers are attempting
to provide fun interfaces, aiming to create enjoyment and enhance the perceived ease
of use and usefulness of the developing systems (Venkatesh, 2000). Manufacturers
believe that as the use of a system becomes routinised and, thus, less challenging,
the lack of enjoyment may cause the system to be perceived more effortful to use
and less useful. Moreover, according to Venkatesh (1999), with the manipulation of
system-specific enjoyment through training, perceived ease of use could be enhanced
and, at the same time, the impact of perceived ease of use on intention to use online
banking be increased.
Thus, it is suggested that perceived usefulness and ease of use could certainly be
influenced by system-specific perceived enjoyment (Agarwal and Karahanna, 2000;
Moon and Kim, 2001; Venkatesh, 1999, 2000; Yi and Hwang, 2003):
H4. Perceived enjoyment has a positive impact on perceived usefulness.
H5. Perceived enjoyment has a positive impact on ease of use.
Igbaria et al. (1995a, b) empirically proved that perceived enjoyment has a positive
correlation with time of use, but not with frequency of use. On the contrary, Teo et al. (1999)
argued that perceived enjoyment has a positive impact on frequency of internet use and
daily internet use. According to Igbaria et al. (1994), perceived fun can be defined as the
realisation of a certain activity for no apparent reason other than performing the
activity itself. Igbaria et al. (1994) found that perceived fun and system usage were Acceptance of
positively intercorrelated. Furthermore, Moon and Kim (2001) discovered that perceived online banking
playfulness had a significant effect on actual internet usage. On this basis, it is expected
that perceived enjoyment is positively correlated with online banking acceptance:
H6. Perceived enjoyment has a positive impact on intention to use.
2.2.4 Quality of internet connection. Al-Somali et al. (2009) confirmed that a significant 101
relationship between internet speed and use of online banking services exists. Hence it
is hypothesised:
H7. Quality of internet connection has a positive impact on intention to use.
2.2.5 Perceived risk. Despite the relatively extensive empirical focus that has been given
to risk perceptions of online banking adoption (Tan and Teo, 2000; Yousafzai et al.,
2003), the perceived risk construct has been poorly operationalised (measured, most of
the times, as a single item construct), thus, failing to capture its real characteristics and
extensively explain the resistance towards adopting online banking services. In order
to provide an enhanced understanding of this complex meaning, the present study
adopts a deeper definition and operationalisation. At that direction, five types of risk
are being investigated:
(1) performance risk;
(2) social risk;
(3) time risk;
(4) financial risk; and
(5) security risk.

According to Yiu et al. (2007), a sudden breakdown in the function of the bank
servers may lead to unexpected data losses and have an impact on executing money
transfers. Littler and Melanthiou (2006) argued that web site malfunctions would
certainly reduce users’ willingness to utilise online services, while Featherman and
Pavlou (2003) empirically discovered that frequent web site breakdowns and connection
disruptions inhibits the overall evaluation of e-banking services. Therefore, it is
supported that:
H8a. Performance risk has a negative impact on intention to use.
According to Forsythe and Shi (2003), the unfavourable perceptions of the immediate
social structure may affect the views of possible online banking users. Over the last
decades, several empirical evidence regarding retail transactions have highlighted that
social risk has a negative influence on customer attitude (Yang et al., 2007). Based on
these studies, it is reasonable to expect that social risk would yield a negative influence
on the intention to use online banking:
H8b. Social risk has a negative impact on intention to use.
The present study supports that online banking customers are time oriented and,
therefore, this characteristic strongly motivates them to participate in online banking
activities. These customers are highly concerned with the time spent for implementing,
learning to use and troubleshooting a banking service. They are strongly against
JSIT possible loss of time and are less likely to adopt online banking if they consider that is
15,1 has significant switching, setup and maintenance costs (Featherman and Pavlou,
2003). Thus, it is hypothesised:
H8c. Time risk has a negative impact on intention to use.
Kuisma et al. (2007) supported that most bank customers have a negative disposition
102 towards the use of online banking, because they fear economic losses and other similar
misfortunes. The typical safeguards of conventional banking (clerical support and paper
assurance about specific procedures) are not present in the online banking environment
and, thus, feelings of insecurity and uncertainty may be generated. Therefore, the
following hypothesis is examined:
H8d. Financial risk has a negative impact on intention to use.
Security risks against online banking can be attempted via:
.
network and data transaction attacks; and
.
unauthorised account access (through false identification).

According to Milind (1999) and Bestavros (2000) security risk plays a prominent role to
online banking adoption. It is, therefore, hypothesised that:
H8e. Security risk has a negative impact on intention to use.
Figure 1 summarises all the above hypotheses, thus, presenting the proposed conceptual
framework of the study.

H4 (+) Quality of
Perceived Perceived
Internet
Usefulness Enjoyment
Connection

H1 (+) H5 (+) H6 (+) H7 (+)

Perceived Intention to
Ease of Use H3 (+) Use

H8a, 8b, 8c, 8d, 8e (–)

Performance Social Time Financial Security

Risk Risk Risk Risk Risk
Figure 1.
The proposed conceptual
framework of the study Perceived Risk
3. Research methodology Acceptance of
3.1 Sample of the study online banking
The conceptual framework of the present study (extended TAM) was tested with the
use of a newly developed questionnaire on a sample of Greek internet users. As it is
evident, internet users residing in Greece constitute the population of the study.
According to Internetworldstats.com (2010), internet users in Greece have reached
4,971,182 in 2010 (46.2 percent of the population). Almost the same data have been 103
announced by the Observatory for Digital Greece (2010), an official state organisation.
Since the main dependent variable (construct) of the study is “intention to use”, the
respondents of the questionnaire could be inexperienced online banking users
(non-users), one-time online banking users (not continual users), or continual users.
These users were contacted with the use of various research techniques, so as to
achieve a quite satisfactory representation and gather reliable information (data).

3.2 Measures
The measurement of each of the six variables (constructs) of the present study was
conducted with the use of multiple items (questions) that were adopted from the
international literature. The five point Likert scale was used for the measurement of all
variables. The complete form of the questionnaire used in the survey consisted of seven
units. The first six were used for the measurement of the six study variables, while the
seventh unit included demographic questions about the person filling the questionnaire.
The measurement of the five study variables included 27 items (questions):
(1) Perceived usefulness (four items): Cheng et al. (2006), Davis (1989) and Suh and
Han (2002).
(2) Perceived ease of use (four items): Cheng et al. (2006), Davis (1989) and Gefen
and Straub (2000).
(3) Perceived enjoyment (three items): Davis et al. (1992), Igbaria et al. (1995a, b)
and Teo et al. (1999).
(4) Quality of internet connection (two items): Al-Somali et al. (2009) and
Pikkarainen et al. (2004).
(5) Perceived risk (11 items): Lee (2009) and Featherman and Pavlou (2003).
(6) Intention to use (three items): Cheng et al. (2006).

3.3 Data collection

Primary data were collected from a random sample of internet users. The only criterion
for participating in the survey was the use of the internet. Given that fact, the members
of the research team found that the use of the internet itself for collecting the primary
data would be as a suitable and appropriate method (Celik, 2008).
Therefore, an online questionnaire was created and the participants of the survey
completed the questionnaire online. The link containing the questionnaire of the survey
was published in various Greek sites and forums, so as to achieve a random and
representative sample. Since the questionnaire was accessible to a significant number
of internet users (it was published in quite few highly popular sites and forums), it can
be assumed that the target of a representative sample was attained. The research
period lasted two months (May-July 2011). Totally, 220 questionnaires were returned
and after conducting all necessary controls 213 were used for data analysis.
JSIT Regarding the profile of the participants, 54 percent of the respondents were male
15,1 and 46 percent female, while the average age was 36 years. Furthermore, the majority
of the respondents held a post-graduate degree (54.9 percent), whilst 62 (29.1 percent)
were high school graduates, 57 held a Master’s degree and five participants held a PhD.
Of the 213 respondents, the vast majority (75.6 percent) had actually performed a
transaction using internet banking services. Regarding internet banking experience,
104 users were almost equally divided among four groups: experience of less than six
months, one to two years, two to four years and over five years. This indicates that the
sample of the study includes individuals from all online banking experience level
categories. It would also be safe to say that the majority of the respondents are fairly
experienced users. Moreover, respondents reported using internet banking almost nine
times a month and performed an almost an equal number of transactions. This result
indicates that most of the times a user logs on his internet banking account performs a
transaction.

4. Data analysis and results

4.1 The measurement model
4.1.1 Content validity. For the current research, content validity was established through
questionnaire pre-testing. In more detail, four academics were asked to comment on the
wording and appropriateness or the items (questions), as well as on other aspects of the
questionnaire, including format and length. Based on the comments of the pre-testing
participants, slight changes to the final draft of the questionnaire were made. It should
also be noted that the wording of questions was finalised after performing a back
translation, i.e. questions were translated from Greek back to their original language,
i.e. English. This method ensures that translated questions of validated scales are
accurately reflected in the targeted language.
4.1.2 Construct validity. For this study, construct validity was assessed by
performing both an exploratory factor, through principal component analysis (PCA)
with Varimax rotation, and a confirmatory factor analysis (CFA).
The results of the exploratory factor analysis (EFA), performed using the SPSS
statistical package, are presented in Table I. All items intended to measure perceived
enjoyment, perceived ease of use, perceived usefulness, quality of internet connection
and intention to use loaded into their corresponding constructs, as indicated by the
source of the scales. In all cases loadings were well above the cut-off values suggested
by the literature, specifically 0.5 by Straub (1989) and 0.6 by Hair et al. (1995).
On the other hand, the items used to measure perceived risk loaded into three distinct
factors, instead of the five factors proposed by Lee (2009). Factor loadings for these items
ranged from 0.652 to 0.888, all exceeding the recommended threshold, while two items
(F3 and F8) were removed from the analysis because of low factor loadings (Table I).
The new factors that were produced by the EFA were named security risk and
sociotechnical risk. The “security” construct comprises of the three items proposed by
Lee (2009), i.e. F9-F11 and an additional item (F4: When transaction errors occur,
I worry that I cannot get compensation from banks), from the financial risk scale. This
may be because respondents focused more on the possibility of an error occurring
during the transaction rather than on possibility of not being compensated by the bank
in case that happened.
 KMO Bartlett’s test sig.
Acceptance of
Items Mean SD Loadings TVE Cronbach’s a online banking
Perceived enjoyment A1 3.94 0.942 0.885 0.657 0.826
A2 3.85 0.909 0.928 0.000
A3 3.28 1.190 0.799 76.150
Perceived ease of use B1 4.15 0.981 0.815 0.803 0.892 105
B2 4.19 0.884 0.920 0.000
B3 4.19 0.857 0.880 76.034
B4 4.11 0.867 0.870
Perceived usefulness C1 4.67 0.661 0.873 0.774 0.898
C2 4.53 0.702 0.881 0.000
C3 4.44 0.792 0.911 77.145
C4 4.38 0.821 0.847
Quality of internet D1 4.15 0.781 0.848 0.500 0.603
connection 0.000
D2 3.75 0.937 0.848 71.951
Intention to use E1 4.02 1.035 0.936 0.729 0.913
E2 3.79 1.082 0.947 0.000
E3 3.84 1.087 0.888 85.364
Performance risk F1 3.24 1.031 0.885 0.805 0.861
F2 2.88 1.068 0.855 0.000
Security risk F4 3.15 1.251 0.657 76.390
F9 3.00 1.236 0.861
F10 2.69 1.230 0.884
F11 2.88 1.295 0.888
Sociotechnical risk F5 2.51 1.267 0.759 Table I.
F6 2.37 1.287 0.868 Exploratory factor
F7 2.65 1.191 0.807 analysis

Finally, the last factor labelled “sociotechnical risk” also comprises of an additional
item from Lee’s (2009) time risk scale. Hence, this new construct denotes a general
distress caused to the individual by the possibility of an erroneous transaction or fraud.
This distress, however, is enhanced because fear of loosing face with ones social group,
such as family, friends and/or colleagues, or because of the time required by the
individual to spend on fixing the error.
To further assess the appropriateness of the factor models produced by the factor
analysis, the Kaiser-Meyer-Olkin (KMO) and total variance explained (TVE) values, as
well as the significance of Bartlett’s test were examined. Finally, construct reliability
was tested using Cronbach’s a measure, which according to Nunnally (1978) should be
over 0.7, whist Bagozzi et al. (1991) argue that it should exceed 0.6. All indexes are
ranged into the acceptable criteria.
As previously mentioned, the validity of the research instrument was further
examined by performing a CFA using AMOS statistical package. In this case, each of
the eight factors, produced by the EFA, was treated as an independent model with
latent variable and as such was subjected to CFA. Four commonly used fit measures
were mostly used to assess the fit of each model: chi-square/degrees of freedom
( x 2/df ), root mean square residual (RMR), general fit index (GFI) and comparative fit
index (CFI). Results of the CFAs, per construct, are presented in Table II.
JSIT Variance extracted
15,1 x 2/df Construct reliability (%) RMR CFI GFI

Perceived enjoyment 3.143 0.89 63 0.021 0.996 0.997

Perceived ease of use 2.772 0.91 77 0.027 0.965 0.951
Perceived usefulness 2.920 0.73 56 0.028 0.905 0.876
106 Quality of internet 2.152 0.88 71 0.019 0.919 0.922
connection
Intention to use 1.895 0.92 78 0.022 0.993 0.995
Table II. Performance risk 2.333 0.87 64 0.029 0.995 0.994
Estimation of the Security risk 1.089 0.63 59 0.017 1.000 0.995
goodness of fit Sociotechnical risk 1.978 0.66 63 0.033 0.984 0.852

4.2 The structural model

Once the validity of the measurement model was confirmed, the structural model was
tested using structural equation modelling, performed with AMOS 16.0. The results of
the analysis are presented in Figure 2 and Tables III.
As it can be seen on Table II, three of the originally hypothesised paths are
insignificant, while three new paths (shown on Figure 2 with dashed lines) were added
to the model, based on modification indexes function of AMOS. This resulted in a
modified structural model with improved fit. In more detail, the modified structural
model fitted the data well, while the factors that were included can explain 53 percent
of the variance in the dependent variable, i.e. intention to use online banking.

0.24 0.37 Quality of

Perceived Perceived
Internet
Usefulness Enjoyment
Connection
0.35 0.28
0.39
0.22

0.50

Perceived Intention to
Ease of Use Use

–0.11 –0.10 –0.37

Performance Sociotechnical Security

Risk Risk Risk
Figure 2.
The modified conceptual
framework of the study Perceived Risk
 Estimate p Result
Acceptance of
online banking
Causal path
H1 Perceived usefulness ! Intention to use 0.39 * Accepted
H2 Perceived ease of use ! Perceived usefulness 0.50 * Accepted
H3 Perceived ease of use ! Intention to use 0.04 0.542 Rejected
H4 Perceived enjoyment ! Perceived usefulness 0.24 Accepted
H5 Perceived enjoyment ! Perceived ease of use 0.35
*
Accepted
107
*
H6 Perceived enjoyment ! Intention to use 0.28 * Accepted
H7 Quality of internet connection ! Intention to use 2 0.02 0.652 Rejected
H8a Performance risk ! Intention to use 2 0.11 * Accepted
H8b,c Sociotechnical risk ! Intention to use 2 0.05 0.300 Rejected
H8e Security risk ! Intention to use 2 0.37 * Accepted
New causal paths
Quality of internet connection ! Perceived enjoyment 0.37 * New path
Quality of internet connection ! Perceived ease of use 0.22 * New path
Security risk ! Perceived usefulness 2 0.10 New path Table III.
* Results of the modified
Note: Significant at: *p , 0.001 structural model

Specifically, x 2/df is 3.723, slightly exceeding the cut-off value of 3, proposed by

Straub (1989), while it indicates a satisfactory fit, based on the minimum acceptable
value proposed by Wheaton et al. (1977), i.e. 5 or less than 5. Both CFI and GFI scores,
on the other hand, exceed the 0.9 threshold (CFI ¼ 0.903, GFI ¼ 0.942). Finally, RMR
(0.109) is slightly over the proposed cut-off value; the model, however, can still be
considered acceptable as other fit criteria are met.
With respect to the hypotheses testing, eight of the originally proposed associations
are accepted, while four (H3, H7, H8b and H8c) are rejected. In more detail, of the TAM
constructs, perceived usefulness has a statistically significant positive influence on
intention to use internet banking. Perceived ease of use, on the other hand, does not
affect intention directly, as initially hypothesised. It does however influence intention
indirectly through its effect on perceived usefulness, confirming H2. All hypotheses
associating perceived enjoyment with intention (H6), ease of use (H5) and usefulness
(H4) were confirmed by the analysis.
Hypotheses concerning perceived risk factors produced mixed results. In more
detail, the two hypotheses linking performance risk and security risk to intention to
use online banking were confirmed by the analysis. However, the composition of the
security risk factor has changed as the result of the EFA, as also previously noted.
Security risk contains an additional item (F4) from the financial risk scale, adopted
from Lee (2009). Hence, it could be argued that the hypothesis concerning financial risk
is only partially rejected.
Moreover, the negative relationship between time risk and intention has not been
confirmed. Note that one of the scale’s items, namely F7, loaded in the social risk scale,
producing a new factor, labelled sociotechnical risk. The latter, however, had no statistically
significant effect on intention to use online banking, although the resultant coefficient
was negative. Hence, the hypothesis linking social risk and Intention is also rejected.
Finally, three new causal paths were added to the model as a result of the modification
indexes provided by AMOS, as previously mentioned. These new associations indicate
a fairly strong positive effect of quality of internet connection on perceived enjoyment
JSIT and perceived ease of use and a small negative effect of security risk on perceived
15,1 ease of use.
Overall, the analysis resulted in a model that can explain over half the variance in
intention to use internet banking, as well as 42 percent of the variance in usefulness,
23 percent in ease of use and 14 percent in perceived enjoyment stemming from
internet banking usage.
108
5. Discussion
Regarding the core TAM constructs, perceived usefulness has been found to have a
rather strong effect on intention while ease of use only affects it indirectly, through
usefulness. Usefulness has been found to be a stronger influencing factor, compared to
ease of use, in a noteworthy amount of studies examining online banking applying TAM
and/or extended-TAM models in various contexts (Abbasi et al., 2011; Amin, 2007;
Celik, 2008; Chatzoglou et al., 2010; Cheng et al., 2006; Chong et al., 2010; Eriksson et al.,
2005; Guriting and Ndubisi, 2006; Jahangir and Begum, 2008; Pikkarainen et al., 2004;
Ramayah et al., 2003; Suh and Han, 2002; Yousafzai et al., 2010).
With respect to the current research, this result can be attributed to respondent
characteristics, as the sample consists of fairly experience internet banking users.
Venkatesh et al. (2003) analysis indicated that effort expectancy, i.e. the effort required
by an individual to learn how to operate a system and how easy he/she considers it to
be, is a more important factor among less experienced users, while its effect decreased
with experience.
Hence, it can be argued that individuals’ decisions on whether to use the service
mainly depend on the perceived benefit accruing from its usage, as for example saving
time and making transactions easier, compared to visiting a bank branch. Usability,
however, is not a factor to be overlooked, as it has a rather strong effect on user
perceptions of online banking usefulness, as initially hypothesised. In other words, if a
platform is not easy to operate it cannot be considered as a useful means to perform
transactions.
Perceived enjoyment, on the other hand, was found to be one of the most significant
factors affecting internet banking adoption. This factor has been associated with
technology usage from early on (Dabholkar, 1996). As indicated from the analysis,
enjoyment has noteworthy positive effects on all TAM constructs, namely perceived
usefulness (r ¼ 0.39 *), ease of use (r ¼ 0.24 *) and intention (r ¼ 0.28 *). Pousttchi and
Goeke’s (2011) research also designated the central role of enjoyment, which they found to
be the key determinant factor of usefulness perceptions. Hence, these results suggest that
if users believe that using the system is enjoyable, playful or fun to use (Igbaria et al., 1994;
Moon and Kim, 2001; Pikkarainen et al., 2004) the more useful they consider it to be.
Similarly, enjoyment and usability are positively related, consistent with theory
propositions (Venkatesh, 2000). Enjoyment has also been found to affect intention directly,
as initially hypothesised. Similar findings are reported in other studies examining
the effect of the construct on usage intentions and acceptance of various systems
(Davis et al., 1992; Igbaria et al., 1995a, b; Pikkarainen et al., 2004; Teo et al., 1999).
It is worth noting at this point, that while enjoyment poses significant effects on
intention, that is not the case with ease of use, as previously mentioned. In the context on
online banking, ease of use has also been found to be insignificant by Abbasi et al. (2011),
Chong et al. (2010), Eriksson et al. (2005) and Yousafzai et al. (2010).
 Overall, the findings concerning enjoyment point to the importance of providing Acceptance of
costumers with systems they can consider fun and enjoyable to use; even more so for online banking
experienced users. Hence, the provision of a non-enjoyable system may negatively
affect ease of use perceptions.
Quality of internet connection, on the other hand, was not found to have a direct
affect on usage intention. Similarly, Polasik and Wisniewski’s (2009) indicated that
internet banking adoption is not affected by the type of connection. Conversely, 109
internet connection quality has been found to pose noteworthy effects on perceived
ease of use and enjoyment. In that sense, quality of internet connection facilitates the
access to online banking, enhancing user perceptions of its usability. As regarding the
relationship between internet connection quality and enjoyment, it is logical to assume
that no online activity can be considered as enjoyable unless access to the internet
connection meets the demands of the particular application (Aptivate, 2007).
Finally, of the risk factors examined, only security and performance risk seem to
affect usage intention (r ¼ 2 0.10 * and r ¼ 2 0.37 *, respectively). Similar strong
influences have been found in the studies of Alda’s-Manzano et al. (2009) and Lee
(2009). In general, privacy, security and risk issues have been widely identified as
factors inhibiting the acceptance and use of internet banking (Eriksson et al., 2008;
Howcroft et al., 2002; Jahangir and Begum, 2008; Liao and Cheung, 2002; Polasik and
Wisniewski, 2009; Wang et al., 2003; Yiu et al., 2007; Yousafzai et al., 2003).
This finding suggests that even more experienced users (as the ones included in the
current sample), are not fully convinced of the safety of their online transactions.
Moreover, they may not find online banking to be fully dependable, as errors during
the performance of a transaction may occur, due to system malfunction. The centrality
of security concerns is further corroborated by the fact that is has also been found to
pose statistically significant negative effects on perceived usefulness. In fact, risk
factors have been indicated by past research to influence usage intentions not only
directly but also indirectly. For example, in the Lee’s (2009) study, performance risk
has been found to affect intention through usefulness.
Conversely, usage decisions seem not to be affected by possible negative criticism
from important others, as no statistically significant relationship between sociotechnical
risk and intention to use online banking has been indicated by the analysis. This finding
can be partially explained considering the usage experience of the current study’s
participants. As previously mentioned, social risk, partially comprising the
sociotechnical risk factor, is associated with “threats [that] can be generated due to
the unfavourable perceptions of online banking of consumers’ family, acquaintances, or
peers that in turn affect their views of its adopters” (Lee, 2009, p. 314). In this respect,
sociotechnical risk captures in part the effect of social influence on usage decisions.
Social influence, however, has not been indicated to exert statistically significant effects
on internet usage intention in several studies ( Jaruwachirathanakul and Fink, 2005; Shih
and Fang, 2004, 2006). Past research findings have also shown that social influence is a
factor of greater importance among inexperienced users (Venkatesh et al., 2003).
In summary, the results of the hypotheses testing indicated that the current sample’s
intentions to use online banking are primarily affected by perceived usefulness and
enjoyment. Security risk concerns also pose a noteworthy negative effect on the
intention to use, while performance risk has a small but statistically significant effect on
the construct. Perceptions of online banking usefulness, on the other hand, are primarily
JSIT ease of use and enjoyment perceptions; the latter factor also affects usefulness
15,1 perceptions, through its influence on usability.
Finally, contrary to initial expectations, the quality of internet connection does not
influence usage intentions directly. The construct, however, has been found to affect
enjoyment and ease of use. Overall, the results of the current study point to the
importance of system characteristics, i.e. usefulness, ease of use and enjoyment, as well
110 as to security and performance risk exposure associated with internet banking usage.
All of the aforementioned factors should be of concern when wanting to increase internet
banking penetration.

6. Summary and conclusions

The present study developed and tested an extension of the TAM, examining the factors
that influence the adoption of online banking in Greece. The aim of the research was to
analyse the impact of the typical TAM constructs on the intention to use internet
banking in Greece and, at the same time, incorporate “perceived risk” and “quality of the
internet connection” to the TAM.
A newly developed questionnaire was electronically answered by the sample
population (internet users). The final sample was 213 questionnaires. The questionnaire
of the study was extensively tested for its content and construct validity. Data were
analysed using the “structural equation modelling” technique.
Considering the TAM constructs, perceived usefulness was found to have a
statistically significant positive influence on intention to use internet banking, while
perceived ease of use, contrariwise, did not seem to have an effect on intention directly.
This result is explained based on the special respondents’ characteristics, as the sample
of the study consisted of fairly experienced internet banking users.
Moreover, the hypotheses associating perceived enjoyment with intention, ease of
use and usefulness were confirmed by the empirical analysis, setting perceived
enjoyment as one of the most significant factors affecting internet banking adoption.
Additionally, quality of internet connection has not been found to affect usage
intention directly, but it seems to simplify the access to internet banking, enhance user
perceived usability and strengthen the enjoyment parameter of internet banking.
Regarding the risk factors examined in the present study, only security and
performance risk seem to affect usage intention, bringing out the fact that the
experienced users of this research, are not fully convinced of the safety of their online
transactions. However, mainly because of the high level of experience of the current
study’s participants, usage decisions seem not to be affected by possible negative
criticism from important others, as no statistically significant relationship between
sociotechnical risk and intention to use online banking has been indicated by the
statistical analysis.

7. Practical implications
Based on the current study’s findings the following can be proposed to financial
institutions wishing to retain and expand their customer base, with respect to internet
banking. Respondents seem to be primarily concerned with online banking usefulness,
as this factor has been found to have the strongest direct effect on usage intentions.
This finding indicates that when banks market their system they should emphasise on
the potential benefits that result from internet banking usage. Hence, customers should
be informed of online banking advantages, including convenience, time saving, low Acceptance of
cost services and information availability (Jaruwachirathanakul and Fink, 2005). online banking
This would include emphasising the ability to manage one’s accounts and portfolios
around the clock and from every location, simply requiring an internet access. Similarly,
stress on the fact that one could pay all kinds of bills without having to visit a bank
branch or any other services organization, either private or public. Additionally,
underlining the benefits of online banking for the environment, as for example saving 111
trees from paperless transactions and reducing carbon dioxide emissions, would be
appealing to environmentally concerned customers. In other words, consumer benefits,
either personal or social/environmental should be on the focal attention of banks
marketing strategy.
Perceived usefulness may be also associated with system characteristics, in terms
of the variety of services that are provided, as well as system usability. Therefore, an
advertising strategy should highlight the range of services that are offered to online
banking users. Care should also be taken in constantly expanding the range of services
offered. Attention must also be paid in developing a system that is easy to use.
Although, internet banking usability has been found to affect usage intentions directly,
it poses strong effects on perceived system usefulness. This finding clearly suggests
that a significant portion of e-banking usefulness evaluations is based on how easy to
use the system is considered to be.
Perceived enjoyment emerged as a crucial factor affecting online banking adoption,
as it has been found to influence intentions, both directly and indirectly. Based on this
result, it can be suggested that special care should be taken during the online banking
system development, especially with respect to user interface. For this reason, the
system should be designed in such a way that users find it fun and enjoyable to use.
Moreover, as quality of the internet connection has been found to also influence
enjoyment and ease of use perceptions web sites should be designed for low bandwidth
connections: “it is possible to produce attractive, easily maintainable websites which are
responsive and easy to navigate [. . .] and work over low bandwidth connections” (Aptivate,
2007).
Risk factors have also been found to largely affect usage decisions. Past studies
examining the influence of risk and security factors have drawn dissimilar and even
conflicting conclusions, especially regarding the relative effect of these factors on
online banking usage (Alda’s-Manzano et al., 2009; Lee, 2009; Pikkarainen et al., 2004).
The results of the current study indicated that participants are mainly concerned with
security and performance risk. As Lee (2009) also suggests, banks should focus their
efforts on coming up with “[. . .] risk-reducing strategies that might assist in inspiring
high confidence in potential customers” (p. 139). This would include building high
security systems, focusing on firewalls, encryption systems and so forth (Lee, 2009). All
these steps are necessary to protect personal information and secure transactions, that is
sheltered costumers against such threats as intrusion, fraud and identity theft (Lee, 2009).
Additional measures would be to provide consumers with receipts of their transactions
that can be used as a means to get compensation in case of an error (Lee, 2009).

8. Limitations and suggestions for further research

As is the case with the majority of researches, this study has some limitations. First,
the sample of future studies should expand to include all user categories, from
JSIT inexperienced to very experienced users, as well as non-users. This would help identify
15,1 the potentially different factors that affect usage or non-usage decisions among the
various groups, as also indicated by past studies on internet banking adoption (Lai and
Li, 2005).
A limitation stemming from the methodology employed is the use of self report
scales to measure the constructs of the theoretical model. This may have resulted in
112 errors due to common method and social desirability bias (Zikmund, 2003). Moreover,
usage intentions were examined rather than actual system usage. Hence, future
research should attempt to assess actual internet banking usage, employing both
subjective (self-report) and objective measures to increase the reliability of the findings.
Finally, future research models should incorporate additional factors that have been
found to play a significant role in internet banking adoption and/or IT usage, in general.
These could include, for example, the variety of services offered, perceptions of support
and service quality, trust in the financial institutions, corporate image or bank
reputation (Chong et al., 2010; Suh and Han, 2002; Wong et al., 2008; Tan and Teo, 2000).

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JSIT About the authors
Dimitrios Maditinos is Assistant Professor of Information Technology, Finance and Financial
15,1 Modelling in Kavala Institute of Technology, School of Business and Economics, Greece.
He holds degrees in Business Administration with specialisation in Information Technology,
from Lund University, Sweden, and a PhD from the Business School, Greenwich University, UK.
Before becoming a full academic he was working in a senior position for Greek Productivity
Center, responsible for professional training in Information Technology and Management. His
116 research interests are in financial modeling, performance measurement systems, investors’
behavior in stock exchanges, financial information systems and electronic commerce.
Dimitrios Chatzoudes is a PhD candidate at the Department of Production and Management
Engineering of Democritus University of Thrace, Xanthi, Greece. He holds a Bachelor degree in
Business Administration and a postgraduate degree in International Economics. His academic
interests include research methods, international relations and production management.
Dimitrios Chatzoudes is the corresponding author and can be contacted at: dchatzoudes@yahoo.gr
Lazaros Sarigiannidis is a Tutor in Project Management in the Kavala Institute of
Technology, School of Business and Economics, Greece. He holds a BA in Economics from the
University of Macedonia, Thessaloniki, Greece, an MSc in Finance and Financial Information
Systems from the University of Greenwich, London, UK and a Doctor of Philosophy (PhD) in
Project Risk Management from Democritus University of Thrace, Xanthi, Greece. His research
interests include project management, risk management, business outsourcing, applied
economics and e-business.

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