Bank adoption of mobile banking globally remains sporadic. Factors influencing this remain under researched. The purpose of this paper is to explore drivers and barriers of bank adoption of mobile banking from a stakeholder perspective.
Using diffusion of innovation (DOI), a mixed method study was conducted. Data were collected using blogging to inform a two-round modified Delphi study. The opinion of 72 members from six stakeholder industries was sought.
The results indicate that DOI theory is still applicable within mobile environments in helping to understand the diffusion of mobile banking. Key drivers of bank adoption were global mobile phone penetration, competitive advantage, customer convenience, strategic importance, customer demand, low perceived risk/security concerns and stakeholder partnerships. Findings suggest low levels of customer demand and lack of return on investment (ROI) are key barriers for banks. The findings have strategic implications for industry players highlighting the importance of mobile banking to maintain market share and customer relations. These influences will inform successful mobile banking strategies by raising awareness of major barriers.
This study concentrates on a bank/stakeholder perspective. It confirms that DOI theory is still applicable within mobile environments. It extends understanding of bank adoption providing useful information for all stakeholders. It has implications for banks regarding multi-channel banking and the motivators and challenges influencing its adoption.
