European, Mediterranean & Middle Eastern Conference on Informaon Systems 2014 (EMCIS

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1 UNDERSTANDING USERS TRUST AND THE MODERATING INFLUENCE OF PRIVACY AND SECURITY CONCERNS FOR MOBILE BANKING: AN ELABORATION LIKELIHOOD MODEL PERSPECTIVE Kinana Jammoul and Habin Lee* Brunel Business School, Brunel University London, Kingston Lane, Uxbridge, UB8 3PH, UK {Kinana.Jammoul, * Corresponding author Abstract The principal objective of this study is to test how to build trust in mobile banking from the perspective of elaboration likelihood model (ELM) as well as the moderating role of privacy and security concerns on how the quality of the argument contributes to increase trust. To this end, we attempt to understand the effect of three antecedent factors (argument quality, source expertise and trustworthiness) on shaping a customers trust in mobile banking. Based on the published literature review, a conceptual model and hypotheses concerning trust in mobile banking are developed. Privacy and security concerns are used as moderators. In order to examine the hypothesis of the study, we employ a quantitative data collection method using the survey approach (i.e. paper-based and an on-line survey) aiming at collecting data regarding trust in mobile banking by intended users. Then, the survey questionnaire is created on the basis of previously validated scales and survey instruments. Data analysis for the final conceptual model is performed by Structured Equation Modelling (SEM). Keywords: Mobile Banking, Privacy and Security Concerns, Trust, Argument quality. 1

2 1 INTRODUCTION The Internet revolution fundamentally changed the banking sector in terms of the variety of financial services and how they are provided (Lee and Chung, 2009). In particular, the Internet has significantly affected internal banking processes which has changed from branch offices in the past to incorporate CDs/ATMs (cash dispensers/automated teller machines), phone banking, Internet banking and mobile banking. Nowadays, with mobile banking services, customers are able to conduct banking services at any place any time and to connect to banking service easily and quickly (Gu et al, 2009). This will lead to great convenience to customers. By using mobile banking users can access different payment services, such as account balance enquiry, transfer money, bill payment and financial management. On the other hand, mobile banking includes great risk; for instance, the networks of mobile are vulnerable to hacker attack and information interception. Viruses may also exist in mobile terminals. These problems increase concern about security and decrease trust in mobile banking (Zhou, 2012). As a result, customers will not use this service without confidence in it. Customer trust is obviously expected to be a critical factor in the success of this service (Kim et al, 2008). Although, Existing studies focus on the antecedents of trust in mobile banking and reveal the effect of trust on mobile banking customer behaviour (Lee and Chung, 2009; Gu et al, 2009; Kim et al, 2009; Zhou, 2011; Liu et al, 2009; Kim, Shin, & Lee, 2009; Lin, 2011), there is limited discussion on how trust in mobile banking can be developed. Hence, understanding of the factors that drive trust formation in this context is essential to develop effective tools to improve the adoption of mobile banking. It will provide both commercial banks and policy makers with a strategy that could assist in building trust in this service. Furthermore, there is growing evidence that concerns about privacy and security of mobile banking is an important issue to customers, because the transaction through mobile banking application requires sensitive information, and money is involved. Apparently, users will not trust mobile banking if they did not consider it safe and secure. Some studies have examined the moderating role of privacy concern (Angst and Agarwal, 2009; Bansal et al, 2008) but no one yet examined the moderating role of security concern. Security concerns are keeping customers away from mobile banking. It was the top ranking obstacle for adoption of online banking in Latin America (Booz et al 1997). Apparently, customer will not trust mobile banking if they did not consider it safe and secure. If security concerns have a strong direct impact on willingness to trust and use mobile banking service, managers have to direct efforts at understanding how to allay of these concerns. It will help the bank s management in formulating appropriate strategies for building trust in mobile banking for customers who have privacy and security concerns. To fill this gap, this study formulates a conceptual model based on the ELM to explain the development of trust in mobile banking as well as to integrate the privacy and security concerns as moderators. Then, the proposed conceptual framework will be assessed empirically. This study extends ELM theory by empirically establishing the link between argument quality and source credibility and trust in mobile banking context as well as establishing the role of privacy and security concerns as moderators in this context. To achieve the research goal, a research model is introduced to define relationships among the studied variables, and relevant hypotheses are proposed. In order to examine the hypothesis of the study, we employ a quantitative data collection method using the survey approach. The survey questionnaire is created on the basis of previously validated scales and survey instruments. Data analysis for the final conceptual model is performed by Structured Equation Modelling (SEM). 2

3 2 THEORETICAL BACKGROUND 2.1 Elaboration Likelihood Model (ELM) ELM is one of the popular persuasive message models (Petty & Cacioppo, 1986). It clarifies why a given influence process may lead to different outcomes and impacts on human perceptions (Li, 2013). ELM elaborates information procession routes which address gaps in technology acceptance research (Bhattacherjee & Sanford, 2006). According to ELM, attitude change among individuals may be caused by two routes of influence, the central route and the peripheral route (Petty and Cacioppo 1986; Petty et al. 1981). A person who depends on the central route needs to think judgmentally about issue-related arguments in an informational message prior to forming an informed judgment about the target behaviour (Bhattacherjee and Sanford, 2006). Therefore, attitude change arises from a person s consideration of information that reflects what that person feels are the true merits of a certain position (Petty and cacioppo, 1984). If the arguments of the message are found to be compelling, favourable thoughts will be generated that will result in attitude change in the direction of advocacy (Petty and cacioppo, 1984). In IT acceptance contexts, the arguments may refer to the potential benefits of system acceptance, quality of the system, and/or costs of and returns from system acceptance (Bhattacherjee and Sanford, 2006). Moreover, ELM suggests that argument quality and peripheral cues are directly related to attitude change (Bhattacherjee and Sanford, 2006). Peripheral cues relate to meta- information about the message like message source (Bhattacherjee and Sanford, 2006). Also, Peripheral cues which have been suggested in the ELM literature include the number of messages, number of message sources, source likeability, and source credibility. Source credibility is one of the more frequently referenced cues (Bhattacherjee and Sanford, 2006). In Table 1 we summarize the major studies from this literature and highlight the key findings. In the information systems discipline, ELM has been used to examine user behaviour (Bhattacherjee and Sanford, 2006; Yang et al, 2006; Angst and Agarwal, 2009). ELM provides a useful theoretical lens to understand mobile banking user behaviour because Information systems theories focused on the motivations affecting user behaviour but they seldom considered the influence processes underlying these factors (Zhou, 2012). ELM provides a useful theoretical lens in our study. It argues that users change their attitudes via both central route and peripheral route. While, the central route is normally operationalized as argument quality, which refers to the persuasive strength of arguments in a message, as it needs a person to think critically with regard to issue-related arguments (Petty and Cacioppo 1986), the peripheral route is normally operationalized as source credibility, which refers to a message recipient s perception of the credibility of a message source not to the message itself (Sussman and Siegal, 2003). Thus, we draw on ELM to examine how argument quality and source credibility can drive trust in mobile banking and the moderating role of privacy and security concerns. 3

4 Variable Findings References Argument Quality Argument quality positively influences perceived usefulness of information. Bhattacherjee and Sanford 2006; Sussman and Siegal 2003 Perceived argument quality influence attitude positively. Argument quantity is positively related to attitude towards information security. Argument quality influences perceived usefulness and ease of use. Lee 2012 Ng and Atreyi 2008 Li and Ku (2011) Source Credibility Argument Frame Issue Involvement Argument quality Privacy concern Argument quality influences perceived usefulness. Source credibility positively influences perceived usefulness of information. Source credibility influence attitude positively. Source credibility positively influences perceived usefulness, ease of use and playfulness. Source credibility (Trustworthiness and source expertise) positively influences perceived usefulness. Source credibility is positively related to individuals trust of information on social media Positively framed messages versus neutrally framed messages affect Post-manipulation attitude. Post-manipulation attitude will be more favourable toward electronic health records use in more highly involved individuals. Argument quality is positively related to attitude towards information security Privacy concern positively moderates the influence of understandability of privacy-policy statement and adequacy of privacy-policy statement on trust. Individuals with a stronger concern for information privacy will have a more favorable attitude toward EHR use under conditions of positive argument framing than under conditions of neutral argument framing. Cheung et al 2008 Bhattacherjee and Sanford 2006; Sussman and Siegal 2003 Lee 2012 Li and Ku (2011) Cheung et al 2008 Pee 2012 Angst and Agarwal (2009) Angst and Agarwal (2009) Ng and Kankanhalli 2008 Bansal et al 2008 Angst and Agarwal 2009 Table 1. Summary of the major studies from ELM literature and highlight the key findings. 2.2 Trust in mobile banking This section reviews and links some of the broader definitions of trust. Some of these definitions are deemed to have particular relevance to the context of e- commerce and m-commerce in general and online banking in particular. This leads to a conceptual definition of trust for the study. Trust has been a topic in many different domains such as psychology, management, marketing, communication and information systems. However, the definition of trust, offline or online, has many different understanding by researchers. Mayer et al. (1995) defined trust as the willingness of a party to be vulnerable to the actions of another party based on the expectation that the other will perform a 4

5 particular action important to the trustier, irrespective of the ability to monitor or control that other party (p.712). Similarly, Rousseau et al. (1998), defined trust as a psychological state comprising the intention to accept vulnerability based upon positive expectation of the intentions or behaviour of another (p. 395). In the context of e-commerce, Gefen (2000) defined trust as a single dimension construct. He described it as the willingness to engage in activities where a person is exposed to risk. Following Gambetta (1988), Bhattacharya et al. (1998), and McKnight and Chervany ( 2000), Ba and Pavlou (2002) defined trust as the subjective assessment of one party that another party will do the transaction according to his or her confident expectations, in an environment considered by uncertainty. According to Kim et al. (2008), an online consumer's trust is defined as a consumer's subjective belief that the entity will fulfil its transactional obligations as the consumer understands them. Following Mayer et al. (1995) and Rousseau et al. (1998), Yousafzai et al. (2003) defined trust in online banking as a psychological state which leads to the willingness of customer to perform banking transactions on the Internet, expecting that the bank will fulfil its obligations, irrespective of customer s ability to monitor or control bank s actions. Since the transaction through mobile banking application requires sensitive information, and money is involved, customers will not trust and use this service if they do not will to be vulnerable to the actions of the mobile banking application and do not expect that the application will fulfil its obligations. For this reason, this study will follow Yousafzai et al. (2003) in definition of trust in online banking to be the same in mobile banking. This definition highlights important points common to online banking and mobile banking: a) it is a psychological state; b) this state leads to the willing of customer to take risk by performing banking transaction online; c) this willingness depends on a certain expectation that the bank will fulfil its obligations. 3 RESEARCH MODEL AND HYPOTHESIS We rely on ELM to test the relationship between argument quality, source expertise, trustworthiness and trust and to conceptualize the moderating role of privacy and security concerns in determining the importance of argument quality in increasing trust in mobile banking. The research model is shown in Figure 1 and discussed below. SECURITY CONSERN PRIVACY CONSERN H4 H5 ARGUMENT QUALITY H1 TRUST IN MB SOURCE EXPERTISE H3 SOURCE TRUST WORTHNESS H2 5

6 Figure 1. Research model Kim and Benbasat (2003) propose that the formation of Website trust can be explicated from the perspective of ELM, because customers might consider many potential issues regarding general trustworthiness of Internet stores when they consider completing transactions with unfamiliar Internet stores, then they may find themselves with unfavourable thoughts. If assuring arguments about the potential issues are provided, these arguments are expected to weaken the influence of the unfavourable thoughts. As a result, trust in the web-site is likely to increase. In this study, following (Bhattacherjee and Sanford, 2006; Yang et al 2006), the arguments may refer to the potential benefits of system acceptance, quality of the system, and/or costs of and returns from system acceptance, and using the examples of trust-related arguments (like: privacy and security policies of mobile banking and product information). Using ELM, Greiner and Wang (2010) supported the importance of the central route and peripheral route as trust-building mechanisms that influence trust behaviour. Similarly, Yang et al (2006) showed that argument quality is a critical strategy for initial online trust building. Accordingly, vendors should try to persuade consumers that they are trustworthy in order to motivate the consumers to purchase over the Internet (Yang et al, 2006). Therefore, consumers formation of trust toward an online vendor could be regarded as a persuasion process that determines how people change their attitudes (Yang et al, 2006). Therefore, we test hypothesis 1 (H1): H1: The argument quality of the message has a positive impact on trust in mobile banking. Experimental studies of ethos and factor-analytic studies of source credibility support the hypothesis that interpersonal trust is based upon a listener's perceptions of a speaker's expertness and reliability (Giffen, 1967). Pee (2012) suggests source credibility to influence users trust of information on social media because it can generate inferences or expectancies about the probable validity. Source trustworthiness and source expertise (refer here to HSBC bank) are the two most common dimensions of source credibility (Ohanian, 1990, 1991). Trustworthiness is defined as the perceived willingness of the source to make valid assertions (McCracken 1989, p 311). Trustworthiness reflects the belief of the person that the communicator provides information in an honest manner (Ohanian. 1991). The distinction between trust and trustworthiness was articulated by Mayer et al. (1995). They demonstrated that perceived trustworthiness is the trusties perception of how trustworthy the trustee is, while trust is the trusties willingness to engage in a risky behaviour. Yousafzai et al (2009) found that an issue hampering a richer examination of customers trust on e-commerce is the lack of empirical attention given to perceived trustworthiness. They stated that online trust has rarely addressed trustworthiness as a distinct concept and mostly it is subsumed by a trust construct. Jarvenpaa and Tractinsky (1999) confirmed that perceived trustworthiness directly or indirectly influences the customer s level of trust in e-commerce transactions. Furthermore, Roy et al (2011) supported the idea that trustworthiness is identified as significant predictors of the consumers' trust in retail banks. Chu and Kamal (2008) said that if a blogger is considered trustworthy and has the ability to make valid assertions, the readers of the blog likely trust the comments he or she makes. Accordingly, we propose hypothesis 2 (H2): H2: Trustworthiness positively influences trust. Expertise refers to "the perceived ability of the source to make valid assertions" (McCracken 1989, p. 311). A person appears credible if he shows good knowledge and experience with the topic (Feick and Higie 1992; Shrauger and Schoeneman 1999). By applying ELM to explain why users sometimes agree with the incorrect advice of an expert system, Dijkstra (1999) showed that subjects who agreed with the expert system hardly studied the advice but just trusted the expert system. This is in agreement with the ELM. Then we post hypothesis 3 (H3): H3: Source expertise positively influences trust. Existing literatures highlights that the security is the main factor which determines the adoption of online banking (Sudha et al, 2007). A study by Sudha et al (2007) showed that the customers have much concern about security and privacy issue in adoption of Internet banking. Moga et al (2012) 6

7 stated that the activities of hackers and the widespread phishing websites have projected the perceived unsafe nature of the Internet. These have affected consumers trust level of the online banking. At the same time, privacy concerns are expected to have an increased impact on m-commerce (Coursaris et al, 2003; Tavilla, 2012). Chellappa and Sin (2005) showed how online vendors can decrease consumers privacy concerns through trust building. Similarly, Slyke et al (2006) argued vendors can decrease privacy concerns and increase trust in a web by adopting different strategies like privacy-related mechanisms. Moreover, Bansal et al (2008) highlighted that privacy concern will be a significant moderator of the relationship between argument quality and trust in some contexts. Luo (2002) proved that building trust online is proposed as a solution to consumers privacy concerns. According to that we propose hypothesis 4 and 5 (H4 and H5): H4: Privacy concerns moderate the effect of the argument quality on trust in mobile banking. H5: Security concerns moderate the effect of the argument quality on trust in mobile banking. 4 RESEARCH METHODOLOGY The aim of this paper is to explain appropriate methodology for achieving aims and objectives of this study. The overall purpose of this research study is to examine as well as extend the body of knowledge and understanding regarding trust in mobile banking. Based on the published literature review, a conceptual model and hypotheses concerning trust in mobile banking are developed. Privacy and security concerns are used as moderators. In order to examine the hypothesis of the study, we employ a quantitative data collection method using the survey approach to collect data regarding trust in mobile banking by intended users. The survey questionnaire is created on the basis of previously validated scales and survey instruments. All constructs are measured using multiple-item perceptual scales, using pre-validated instruments from prior research wherever possible. Minor modifications are made to fit the context of mobile banking. In order to examine the role of argument quality and source credibility we ask responses to watch a video and read information about mobile banking application. (The source of the video and the information is HSBC Bank website). The survey (paperbased and an on-line survey) is administered to people. A sample of people is randomly chosen from the UK community. These people worked in different organisations and in different industries. To test the hypothesized relationships, we use the survey approach (i.e. paper-based and an on-line survey). At the beginning, respondents will read instructions and fill in a short questionnaire. They will answer general questions regarding their online behaviour, gender, and education. Then, they will be asked to respond to questions related to privacy and security concerns. After which, the respondents will watch a video and read the provided information about mobile banking from HSBC website page to understand the features and policies of mobile banking application. After that, we will ask them to fill in a questionnaire that consisted of the variables of the study (argument quality, source expertise, trustworthiness and trust). The six constructs of interest to this study are Trust, argument quality, trustworthiness, source expertise, privacy concern and security concern. All constructs are measured using multiple-item perceptual scales, using pre-validated instruments from prior research wherever possible. Minor modifications will be made to fit the context of mobile banking. Scale items are listed in the appendix. With respect to concern for privacy, we focus on it as a second order reflective construct (Stewart and Segars, 2002), consisting of four dimensions (Smith et al., 1996). Table 2 reports the source of scales and the items used for all constructs. 7

8 Measures Items Sources of Measurement Items Argument quality Security concerns Trust: The information provided on HSBC website about mobile banking application was informative. The information about mobile banking application provided on HSBC website was helpful. The information about mobile banking application provided on HSBC website was valuable. The information about mobile banking application provided on HSBC website was persuasive. Mobile banking application will implement security measures to protect my personal Information. Mobile banking application will ensure that my transactional information is protected from being altered or destroyed accidentally during a transmission on the mobile. I will feel secure about the mobile banking application system. I will feel safe in making transactions through mobile banking application. HSBC mobile banking keeps its promises HSBC mobile banking services meet my needs. HSBC mobile banking is trustworthy. I think HSBC mobile banking is concerned with the present and future interests of users. Overall, I trust HSBC mobile banking. Source credibility (source expertise and trustworthiness) Source expertise Trustworthiness The HSBC knowledgeable about mobile banking application. HSBC seems to have a good sense about mobile banking application. HSBC seems to have experience with mobile banking application. HSBC is trustworthy on the information about mobile banking application on their website. HSBC is benevolent about his recommendation of the mobile banking application. HSBC is competent in the mobile banking application. HSBC seems to be sincere on mobile banking. Privacy concern (collection, errors, unauthorised access, secondary use) Collection Errors It usually bothers me when mobile banking applications ask me for personal information. When mobile banking applications ask me for personal information, I sometimes think twice before providing it. It bothers me to give personal information to so many mobile banking applications. I m concerned that mobile banking applications are collecting too much personal information about me. All the personal information in mobile database should be doublechecked for accuracy no matter how much this costs. Mobile banking applications should take more steps to make sure that the personal information in their files is accurate. Mobile banking applications should have better procedures to correct errors in personal information. Mobile banking applications should devote more time and effort to verifying the accuracy of the personal information in their databases. (Bhattacherjee and Sanford 2006) (Kim D. J. et al 2008) (Lee and Chung 2009) (Cheung et al 2008); Jonas Reichelt et al 20 Cheung et al 2008) ;( Jonas Reichelt et al 20 (Angst and Agarwal 2009); (Malhotra et al 2004) (Angst and Agarwal 2009); (Malhotra et al 2004) 8

9 Unauthorized Access (Improper Access) Secondary Use Mobile banking applications should devote more time and effort to preventing unauthorized access to personal information. Mobile databases that contain personal information should be protected from unauthorized access no matter how much it costs Mobile banking applications should take more steps to make sure that unauthorized people cannot access personal information in their computers. Mobile banking application should not use personal information for any purpose unless it has been authorized by the individuals who provided the information. When people give personal information to mobile banking application for some reason, the apps should never use the information for any other reason. Mobile banking application should never sell the personal information in their computer databases to other companies. Mobile banking application should never share personal information with other companies unless it has been authorized by the individuals who provided the information. (Angst and Agarwal 2009); (Malhotra et al 2004) (Angst and Agarwal 2009); (Malhotra et al 2004) Table 2. Questionnaire items and sources 5 DISCUSSION AND FUTURE RESEARCH The research question in this paper is whether trust in mobile banking can be developed from the perspective of the ELM and whether privacy and security concerns moderate the effect of the argument quality on trust in this context. If the results of this study will support a positive answer to this question, it will provide interesting insights about the process of trust development as related to the effect of argument quality and source credibility and the moderating role of privacy and security concerns. The findings will have a number of theoretical and practical implications. On the theoretical ground, we have extended the application of the ELM to security concerns and trust in mobile banking context. This study is the first to examine in some detail the moderating influence of security concern on the way argument quality promotes trust. On the practical ground, the results will imply that managers can adopt different strategies to build trust in mobile banking. When the customers have privacy and security concerns managers need to present good message to them, so users may build their trust in mobile banking and increase their usage behaviour. This research has some limitations, it uses one central cue and one peripheral cue (argument quality and source credibility), Further studies can be conducted to explore other cues that are critical in trust development. 9

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