The purpose of this study is to understand the intention of using the elderly user in Thailand for the mobile banking application and to apply the result of the research and recommend the appropriate way of communication to increase the number of users. So it made digital banking to become an incredibly valuable platform because now most of the customers prefer to use the smartphone to do a banking activity because of the convenience. Partly for the economic and political reason, there is another decisive reason that makes these groups of people choose not to use the online platform.
Moreover, according to the National Economic and Social Development Council (NESD) report, Thailand will become a full-fledged aging society in 2021. Moreover, even this group of people has more banking activities than the rest of the customer. However, for some reason they refuse to use the mobile banking application or any online platform and prefer to use the traditional way of banking.
So, considering all the above information, we can see that the elderly group is a niche market and has a great potential to become a new mobile banking user. From Figure 1.3, it is shown that Kasikornthai Bank is the leader in the mobile banking application market. In order to get more customers, the rest of the banks must also step up their game.
Krungthai Bank recently launched "Krungthai NEXT" a revamped version of their mobile banking application to support the government's 4.0 policy and also to pursue the goal of more market share.
Problem Statement
In my opinion, this is a strong support that Krungthai bank should take this opportunity to learn more about the elderly group. Instead of competing in the mass market with the big fish in the market, Krungthai bank should focus more and find out the concern of this elderly group to gain more profits and market share from the leader. Therefore, the purpose of this study is to understand the intention to use of elderly users towards mobile banking application.
Research Objectives
Expected Benefits
Scope of the study
Technology acceptance model (TAM)
Perceived usefulness
Perceived usefulness is defined as the extent to which the customer believes that mobile banking is more beneficial compared to other banking channels, such as ATM banking or telephone banking, for performing banking services. H1: Perceived usefulness would positively influence the intention to use mobile banking for an older user.
Perceived ease of use
Security and Privacy
Research methods
Data Collection
Data Analysis
All the questions in table 3.1 will be asked to perform the result of all the respondents online, but to get the result according to the purpose of the research, I will only select the respondents who are above 50 years old.
RESULTS
Research Finding
The first 3 tables show that most people are familiar with mobile banking, namely around 62%-69% of all respondents. We can assume that most Thai people are familiar with the service, but looking at another table, the number of people who download and have the app on their smartphone is a bit low. For the last table, I want to find out the channel that the respondents chose instead of the mobile bank, the result shows that 70 people out of 160 people often use a physical bank (43.8%).
Since this research is focused on performing results on people aged 50 and over, from this point I will only focus on the result of this group, which represents 75.6% of respondents.
Factor Analysis
Motivation & Preference
- Regression Analysis
- One-way ANOVA Analysis
- Consumer Intention
- Consumer intention to use with education
- Consumer intention to use with occupation
- Consumer intention to use with monthly income
The correlation table shows that there are significant differences between the intention to use the mobile banking service and the three constants. Refer to the table above, which shows the significant level between intent to use and respondent demographics. There is no significant difference between these two objects, but we can analyze the profile of the respondent. I can assume that gender is not the most important factor influencing the intention to use older people.
I decided to find out the relationship between less factors such as education, occupation, monthly income and intention to use the mobile banking application among older users. In the table above, I am interested in the ratio of the potential group that has a strong intention to use the application, according to the educational profile. I found that users with a bachelor's degree and higher education have a higher intention to use the app (7.4% and 1.7%), while people with less education refuse to use it (0.8%).
However, looking at the chi-square test, the result confirms that this factor is not significant for intention to use (sig. = .044), so I can assume that this factor is less important for user intention. I found that the people who work at the state-owned company more often intend to use the application (2.5%), while the business owner and freelancer refuse (20.7% and 22.3%). However, looking at the chi-square test, the result confirms that this factor is significant for intention to use (sig. = .001), so I can assume that this factor is of great importance for user intention.
And if we look at the chi-square test, the result confirms that this factor is important for the intention to use (sig. = .000), so I can assume that this factor has the most importance for the intention of the user.
CONCLUSION
Conclusion
I mentioned earlier that there is a lot of new in Thailand about scams that trick people out of money, such as dating scams, fake charities, etc. And when it comes to money, security and privacy become big concerns for seniors.
Recommendation
- Perceived ease of use
- Perceived usefulness
- Security and privacy
Since the senior may not use technology, it may be a good idea to have a Click-to-Call service so they will feel more connected to their virtual banking services. The reason I mention trust because the fact is that all mobile banking applications already have very high security and privacy. However, the customer still has doubts anyway, so I think if the company can build trust with their customer, it will make them start using the application.
Limitation and Future Research
- Time Constraint
- Sample Size
I am a master degree student from Mahidol University College of Management who wish to study the perception of a mobile banking application. Using mobile banking would make my life more convenient because I can do my banking transaction anywhere and anytime. I use the mobile banking app because the design (such as colors, font size, graphics, animations, etc.) is trendy.
