Social Factors Affecting Mobile Banking
2.2 Factors affecting mobile banking adoption
2.5.2 Factors influencing the adoption of Cell Phone Banking
Demographic situations
Humanity comprises of many cultural and sociological factors that can be studied in relation to mobile banking, for instance, the effect of the features of countries and cultural similarities and variances between different regions. In light of the above, it is imperative that an analysis of the connection between the sociological and technological aspects cannot be completely side-lined or ignored. The importance of perceived credibility, perceived elitisation (considered to be a service for the elite), facilitating conditions and demographic factors connect specifically to the social, cultural and economic conditions
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whether they are prone to borrowing or not, whether their spending within their means or above, etc.), personal experience with bank security, socio-economic status, which directly affects the level of income and purchasing power and consumer habits. Personal Characteristics influencing mobile banking adoption are; gender (females for example, are found to have a lower attitude towards adoption and sustained usage of mobile banking services than males), age (early adopters of new products are commonly thought to be young in most technology markets), education level, personal income and standard of …show more content…
Among psychological barriers, we have tradition barrier, which mainly imply the change an innovation may cause in daily routines. If the routines are important to a consumer, tradition barriers will most likely be high. Moreover, behaviour that is contrary to consumer’s societal and family values and social norms will cause the barrier (Ram, S. & Sheth, J. N. 1989) (Sheth, J. N. & Ram, S. 1987).
Tradition barriers to electronic banking may arise, for example, as it is not the way consumers are accustomed to paying bills (Fain, D. & Roberts, M. L. (1997). Consumers may feel pressure in terms of marketing campaigns, and pricing strategies widely used for pushing consumers to adopt new ways of doing business. This may have the opposite effect causing resistance on the part of those consumers who prefer the traditional channels, instead of using modern technologies. The essentiality is to gain consumer
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