Technology Acceptance in Malaysian Banking Industry

European Journal of Economics, Finance and Administrative Sciences ISSN 1450-2275 Issue 17 (2009) © EuroJournals, Inc. 2009 http://www.eurojournals.com

Technology Acceptance in Malaysian Banking Industry Zarehan Selamat Faculty of Management, Jalan Multimedia 63100 Cyberjaya Selangor Darul Ehsan Malaysia E-mail: [email protected] Tel: 603-83125667; Fax: 603-83125590 Nahariah Jaffar Faculty of Management, Jalan Multimedia 63100 Cyberjaya Selangor Darul Ehsan Malaysia E-mail: [email protected] Ong Hway Boon Faculty of Management, Jalan Multimedia 63100 Cyberjaya Selangor Darul Ehsan Malaysia E-mail: [email protected] Abstract The purpose of this study is to examine the determinant factors and acceptance of Information Technology in the Malaysian banking industry. The Technology Acceptance Model (TAM) was employed to study the perceived usefulness, perceived ease of use, social pressure, perceived enjoyment and fun, as well as the perceived complexity of IT usage and acceptance of Malaysian bankers. A survey was conducted by distributing questionnaires to a randomly selected sample of 200 bankers located within the Klang Valley, in Malaysia. The location of the survey was selected in view of its advancement, development and implementation of IT applications as compared to other locations in Malaysia. The results of the study established that perceived usefulness was most influential in determining microcomputer usage among bankers in Malaysia. Overall, the results of this study are valuable to both researchers and bank management in providing new insights about the IT from bankers’ point of view.

Keywords: Banking, technology acceptance, information technology (IT), technology acceptance model (TAM), Malaysia

1. Introduction Advancement in technology is a means to enjoy economies of scale in production, development of new product and services, creation of knowledge, as well as to instill product quality and services efficiency. As a result, the growth in investment in information technology (IT) has surged considerably recently worldwide, causing the acceptance of user decision making process via IT and its usage, an increasingly critical technology implementation and management issue. It has been noted that users’ attitudes towards the acceptance of a new information system have a critical impact on successful information system adoption (Davis, 1989; Venkatesh and Davis, 1996; Succi and Walter, 1999).

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Users’ acceptance is defined as the demonstrable willingness within a user group to employ information technology for the tasks it is designed to support (Dillon, and Morris, 1996). If users are not willing to accept the information system, it will not bring full benefits to the organisation (Davis, 1993; Davis and Venkatesh, 1996). According to Succi and Walter (1999), the more accepted a new information system is, the more willing they are to make changes in their practices and use their time and effort to actually start using the new information system. Therefore, user acceptance has been viewed as the pivotal factor in determining the success or failure of any information system projects (Davis, 1993). It is therefore crucial to examine the determinants and acceptance of IT among users, particularly those involving different technologies, user populations, and organizational contexts. Since users’ perception and intention can change over time, it is essential to examine these changes at several points in time through the Technology Acceptance Model (TAM). TAM is an appropriate technique to explain the factors that might affect IT usage, the extent of IT usage and its trend in the Malaysian banking industry. Hence, the key objective of this study is to assess the value of information technology to an organization and to understand the determinants of that value via an adaptation of the TAM model. The outcome of this study will assist organizations to better deploy and manage IT resources and enhance their overall effectiveness. Generally, there are three common models employed in technology acceptance researches, namely, the Theory of Research Action (TRA), the Theory of Planned Behaviour (TPB) and the Technology Acceptance Model (TAM). Davis (1989) and Davis, Bagozzi and Warshaw (1989) developed TAM. TAM is an adaptation of the TRA (Fishbein and Ajzen, 1975, Ajzen and Fishbein, 1980), designed to understand the causal chain linking external variables to IT usage intention and actual use in a workplace. TAM, however, is a better model used by researchers to study user acceptance and use of technology as it is a parsimonious model that explains much of the variance in users’ behavioral intention related to IT adoption and usage across a wide variety of context (Taylor and Todd., 1995). TAM would also provide suggestions on that perceived usefulness (PU) and perceived ease of use (PEOU) of IT. In the next section of this paper, related literatures on TAM are reviewed, to be followed by a discussion on the methodology employed and empirical findings. We end by offering some concluding remarks.

2. Literature Review The TAM model employed by Davis (1989) suggested that perceived usefulness and perceived ease of use as the two main determinants of user acceptance and use of technology, simplified in Figure 1. Figure 1: TAM’s Factors Affecting IT Usage

Perception Drivers Perceived Usefulness Perceived ease of use

Acceptance of IT Usage

Following Davis’ (1989) TAM study, several other researchers have identified other factors that might affect the acceptance and usage of technology by an individual user in an organization.

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2.1. Perceived Usefulness (PU) Several studies on TAM perceived usefulness as an important antecedent of computer utilization (Davis et al., 1989 and Igbaria, Iivari, Maragahh, 1995). Davis (1989) defined PU as the degree to which an individual believes that using the system will enhance his job performance. It suggests that using computers in workplace would increase user’s productivity, improve job performance and enhance job effectiveness and usefulness. Igbaria et al., (1995) studied the effect of perceived usefulness on usage in a field study of Finnish computer users. They found strong relationships between perceived usefulness and usage. In addition, Ndbusi and Jantan (2003) studied the factors affecting information system use in small and medium firms in Malaysia and found that perceived usefulness is robust in determining usage, while having direct influence on usage and also mediating in the relationship between PEOU and usage. In the study of mobile banking acceptance, Luarn and Lin (2005) found that perceived usefulness has positive impact on the willingness to use mobile banking. Therefore, it is highly predictable that people use IT because they find it useful.

2.2. Perceived Ease of Use (PEOU) According to TAM, PEOU is a major factor that affects acceptance of information system (Davis et al., 1989). PEOU is defined as the degree to which an individual believes that using computer or computerized system will be free from physical and mental efforts (Davis, 1989). Hence an application perceived to be easier to use than another is more likely to be accepted by users and the more complex a technology is perceived as being, the slower will be its rate of adoption. According to Teo (2001) if a system is easy to use, it requires less effort on the part of users, thereby increasing the likelihood of adoption and usage. Conversely, if systems that are complex or difficult to use are less likely to be adopted, since it requires significant effort and interest on the user. Moreover, Venkatesh & Davis (1996) studied the antecedents of perceived ease-of-use and discovered that computer self-efficacy influenced ease-of use positively. Objective usability of the system influenced the ease-of-use after users had hands-on experience with the system. In addition, Igbaria et al. (1997) examined the factors affecting personal computer acceptance in small firms in New Zealand. They found that, among the factors that directly influence personal computer acceptance were perceived ease of use and perceived usefulness. The findings indicate that perceived ease of use is a dominant factor in explaining perceived usefulness and system usage and it was also found that perceived usefulness is a strong antecedent of system usage. In the study of web acceptance, Sanchez, Franco and Roldan (2005) found the relationship between PEOU and PU was significant and positively related. This means a difficult system is less useful.

2.3. Social Pressure Social pressure includes the motivations of individuals who believe they should use IT for obtaining a higher social status or a more important position in their organization. The study of microcomputer usage by Igbaria (1993) reported that social norms had significant effects on system usage. Rogers (1995; 1986) also indicated the importance of social norms on the rate of diffusion innovations. He defined a norm as the most frequently occurring pattern of overt behavior for the members of a particular social system. Thus, an important motivation for individuals to adopt an innovation is the desire to gain social status. For certain innovations, the social prestige that the product conveys to its user may be the sole benefit that the adopter receives (Rogers, 1995). In a separate study, Igbaria et al. (1996) showed social pressure to be positively related to IT usage.

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2.4. Perceived Enjoyment and Fun Perceived enjoyment and fun represent an intrinsic motivation for use of IT. Perceived enjoyment and fun means that individuals that themselves experience immediate pleasure and fun from using the machine and perceived any activity involving using the computer to be enjoyable in its own right. (Davis et al, 1992). A number of studies on perceived enjoyment (Davis et al., 1992; Igbaria et al., 1995; Teo et al., 1999) have noticed that perceived enjoyment significantly affects intentions to use computers. Igbaria et al. (1995) found that perceived enjoyment correlates positively with time of use but not with frequency of use or number of tasks. Igbaria et al., (1995) studied the effect of perceived enjoyment and usefulness on usage in a field study of Finnish computer users. They found strong relationships between perceived usefulness and usage, but weak, insignificant links between enjoyment and usage. Similarly, Igbaria et al. (1995) studied the effect of perceived fun/enjoyment using data from 471 respondents from a diverse range of U.S. based organisations. In their study, support was found for a positive relationship between perceived fun/enjoyment and system usage. In contrast, perceived complexity was the opposite of perceived ease-of-use. It was negatively correlated with perceived enjoyment. On the other hand, Teo et al. (1999) noted that perceived enjoyment correlates positively with frequency of Internet usage and daily Internet usage. Teo et al. (1999) explained that perceived fun and perceived playfulness are similar to the concept of perceived enjoyment. In this study, these terms are handled the same and used interchangeably.

2.5. Perceived Complexity Perceived complexity is defined as the degree to which an innovation is perceived as relatively difficult to understand and use (Rogers and Shoemaker, 1971). Al-Gahtani (2003), investigate the associations of five perceived attributes of computer technology namely relative advantage, compatibility, complexity, trialability and observability to its adoption and use. The findings found that each attributes was hypothesized to positively correlate significantly with computer adoption and use, except complexity. Complexity as a negative attribute was hypothesized to negatively correlate with computer adoption and use. Davis (1989) and Igbaria et al. (1996) measured complexity in terms of time taken to perform tasks, integration of computer result into existing work and vulnerability. The study done by Chau and Hu (2001) found that the more complex the technology, the less relevant experience and subsequently a weaker link exists between perceived usefulness and behavioral intention to use. Figure 1 shows the research framework of the study. It was built based on TAM with introducing several modifications which were not in TAM. There are five independent variables and one dependent variable.

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European Journal of Economics, Finance and Administrative Sciences - Issue 17 (2009) Figure 1: Research Framework

Independents Variables (Perception Drivers) Perceived Usefulness Perceived ease of use Social Pressure

Dependent Variable Bankers Computing Acceptance : IT Usage

Perceived Enjoyment and Fun Perceived Complexity

3. Methodology Data were collected by means of questionnaires and were sent to a random sample of 200 bankers located in the Klang Valley in Malaysia. The location of the survey was selected in view of its advancement, development and implementation of IT applications as compared to other locations in Malaysia. Prior to the distribution of actual survey, a pilot study was conducted to validate the content of questionnaire in terms of validity, logic and accuracy. Following to the comments received, minor adjustments were made before the distribution of the questionnaire. The final version of the questionnaire consisted of two parts. Part one of the questionnaire was designed to identify the demographic characteristic of the respondents such as gender, age, income and occupation. Part two contains a series of questions about the perceived usefulness, perceived ease of use, usage, social pressure, perceived enjoyment and fun, and perceived complexity. Individual bankers were asked to indicate the extent of agreement or disagreement with various statements concerning IT acceptance on a five-point Likert type scale ranging from (1) “strongly disagree” to (5) “strongly agree” for perceived usefulness, perceived ease of use, social pressure, perceived enjoyment and fun and perceived complexity. User acceptance is defined as a person’s psychological state with regard to his or her voluntary use and intention to use a technology for the tasks it is designed to support (Dillon and Morris, 1996). In this study, user acceptance is examined by IT usage. IT usage was measured in terms of current usage or actual usage behaviour of bankers. The indicators used in measuring the system usage in this study are 1. Use of a wide variety of software packages such as spread sheet, word processing, graphic, data processing, etc. 2. The number of job tasks performed using computer technologies for example, budgeting, planning, analysis and forecasting etc. 3. Frequency of system usage and 4. The time spends per day using computer for job related work. The questionnaire listed ten different types of software applications such as spreadsheets, word processing, database, statistical analysis, internet, electronic mail, programming languages, graphics, application packages and power point (Igbaria et. al, 1989). Individuals were asked to indicate the amount of time spent on computer per day using a six point scale ranging from (1) “almost never) to (6) “more than 3 hours per day”. Frequency of use, which has been used by Igbaria et. al (1989) provided a better indicator of the extensiveness of usage than measure of time spent. Frequency of use

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was measured on a six point scale ranging from (1) “less than once a month” to (6) “several times a day” From 200 questionnaires distributed, a total of 74 responses were received (a response rate of 37%). After eliminating those which could not be used, this resulted in 69 forms being available for analysis (a net response rate of 35%). The detailed sample profile in terms of gender, age, marital status, education, profession and annual income is depicted in Table 1. Table 1:

Demographic Characteristics of the Survey Participants

Demographics Gender: Male Female Age: 18-25 26-35 36-45 46-55 Marital Status: Single Married Divorced Education: Masters Degree/Professional Degree Diploma Certificate Others Profession: Clerical Officer Professional Staff Middle/Top Management Annual Income: Less than 12,000 12,000 – 24,000 24,001-36,000 More than 36,000

Frequency

Percentage (%)

33 36

47.8 52.2

11 28 25 5

16.0 40.6 36.2 7.2

17 50 2

24.6 72.5 2.9

2 16 13 16 22

2.9 23.2 18.8 23.2 31.9

27 24 4 14

39.1 34.8 5.8 20.3

8 20 13 28

11.6 29 18.8 40.6

Basically, the respondents of the research consisted of 33 (47.8%) male and 36 (52.2%) female. The gender distribution between male and female respondents was almost similar. In terms of age, 16% of the respondents were 25 years and less. Another 76.8% were between the ages of 26 to 45 years old, while 72% of the respondents are 46 years old and above. With respect to the level of education, respondents were primarily people with tertiary education, making up 44.9 percent of the sample. The professions that were most common among respondents were clerical and officer, together making up 73.9 percent of the surveyed sample. A total of 40.6 percent of the survey respondents reported income within the range of more than RM 36,000. The frequency of more than RM 36,000 is attributed to the fact that most of the respondents were officer. Table 2 lists the job tasks that the respondents most often used a computer for and the most frequently used software. Subjects have multiple choices over the way they performed their job and software. The highest use job task was producing report, followed by letters and memo and data storage. The computer software used order was word processing, spreadsheets and electronic mail. Table 2 indicates that the majority of end users managed routine jobs such as paper work and data maintenance. The results show that Word processor and spreadsheet become the most frequently adopted software. This implies that bankers in Malaysia do not use the computer for advance functions such as business analysis, planning, decision making and so on. They also rarely used professional software for specific purposes such as application package (17.4%), statistical analysis (11.6%),

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programming languages (5.8%) and graphic (7.2%). Due to this, the companies should provide more in house and external training to better equip the workers with the professional software knowledge. In term of frequency of use 88.4% of the respondents using IT several times a day and 81.2% of them were using IT more than 3 hours per day.

4. Data Analysis and Findings Mean and standard deviation for attributes measuring each independent and dependent variable in this study are shown in Table 3. The results show that only one of the variable scores lower than 3.0. These indicating that the respondents were sure about the factors that influence them in using IT. Perceived Usefulness scores the highest mean whereas perceived complexity scores the lowest mean. This indicate that the bankers were most likely will use of computer if the using a computer can improves job performance, increases productivity on the job, can enhance effectiveness, can provide information that would lead to better decisions and enables them to accomplish tasks more quickly. In this study the Cronbach’s Alpha reliability index was calculated to measure the internal consistency of scales. Since alpha can be interpreted as a correlation co-efficient, it ranges in value from 0 to 1. The first factor, perceived usefulness, was loaded with six variables (α= 0.924). The second factor, perceived ease of use, was loaded with four variables ((α= 0.8228). The third factor, social pressure, contained three variables (α= 0.739). The fourth factor, perceived enjoyment and fun, was loaded with four variables (α= 0.904). The fifth factor, perceived complexity, was loaded with three variables (α= 0.860). The dependent variable, personal computing usage was loaded with four variables (α= 0.769). Overall, all Cronbach’s alpha were greater than the benchmark of 0.60 recommended by Fornel (1982) and Nunnally (1967). These values show good internal consistency among scales used for the study.

150 Table 2:

European Journal of Economics, Finance and Administrative Sciences - Issue 17 (2009) Information Technology Usage % of Respondents

Variety of Systems Used Spreadsheets (e.g., Excel, Lotus 1-2-3) Word Processing (e.g., Word) Database (e.g., dBase) Statistical analysis Internet Electronic Mail Programming Languages (e.g., COBOL, Visual basics) Graphics Application packages (Accounting or payroll packages) Power Point Specific Job Tasks where system is applied Producing report Letters and memos Data storage/retrieval Making decisions Analyzing trends Planning/forecasting Analyzing problems/alternatives Budgeting Controlling and guiding activities Electronic communications Frequency of Use Less than once a month Once a month A few times a month A few times a week About once a day Several times a day Amount of Time per Day Almost never Less than ½ hour From ½ hour to 1 hour 1-2 hours 2-3 hours More than 3 hours

68.1 81.2 14.5 11.6 66.7 66.7 5.8 7.2 17.4 37.7 84.1 73.9 68.1 27.5 23.2 27.5 17.4 29 44.9 65.2 1.4 1.4 1.4 4.3 2.9 88.4 4.3 2.9 1.4 4.3 5.8 81.2

151 Table 3:

European Journal of Economics, Finance and Administrative Sciences - Issue 17 (2009) Mean and Standard Deviation

Variables 1. Perceived Usefulness 1.1 Using a computers improves my job performance 1.2 Using computers increases my productivity on the job 1.3 I find computers useful in my job 1.4 Using computers enhances my effectiveness on the job. 1.5 Using computers could provide me with information that would lead to better decisions. 1.6 Using computers enables me to accomplish my tasks more quickly 2. Perceived ease of Use 2.1 Learning to use computers is easy for me 2.2 I find it easy to get computers to do what I want them to do 2.3 It is easy for me to become skillful at using computers. 2.4 I find computers easy to use. 3. Social Pressure 3.1 In general, the organization has supported the use of computers. 3.2 My immediate supervisors think I should use the microcomputer more in my job. 3.3 My peers think I should use the computer regularly. 4. Perceived Enjoyment and Fun 4.1 I do not see time go by when I am using computer 4.2 Using computer is fun. 4.3 Using computers is exciting 4.4 Using computers is pleasant 5. Perceived Complexity 5.1 Using a microcomputer can take up too much of my time in performing many tasks 5.2 When I use a microcomputer, I find it difficult to integrate the work on the computer into my existing work 5.3 Using a microcomputer exposes me to the vulnerability of computer breakdown and loss of data.

Mean 4.33 4.30 4.25 4.45 4.33 4.29

Standard Deviation .860 .975 .930 .777 780 .842

4.36

.857

3.95 3.93 3.91 3.96 4.01 3.99 4.29 3.72

.740 .792 .742 .775 .653 .790 .788 .838

3.96 3.92 4.00 3.86 3.93 3.90 3.07 3.17

.736 .750 .728 .753 .773 .731 1.00 .969

2.97

.939

3.06

1.083

The Bartlett’s test indicates nonzero correlation existed at the level of significant less than 1%. (Approx chi square: 852.03). Since the reduced set of variable collectively meets the necessary threshold of sampling adequacy of more than the acceptable MSA value of 0.50, it is thus feasible to proceed to factor analysis. As for KMO, the reduced set of variables collectively meets the necessary threshold of sampling adequacy of more than the acceptable MSA value of 0.50. That is to say that the coefficient of all variables is significantly correlated, indicating feasibility of conducting factor analysis. The summary of both Bartlett’s test and KMO test is illustrated in table 4. Table 4:

Bartlett’s test and KMO

Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity Notes: ** denotes 1% level of significance.

0.718 Approx. Chi-Square : 852.03**

Factor analysis is also conducted in order to confirm the construct validity of the scales could be performed adequately by using principle of component analysis. All items with more than 50% loading of the rotated component matrix are accepted, while those less than 50% loading are dropped. The output of the component analysis and varimax rotation produced suggests that the success factor for affecting the acceptance of IT would depends on five factors namely perceived usefulness, perceived ease of use, social pressure, perceived enjoyment and fun and perceived complexity. The five factors accounted for about 78.38% of the total variance.

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Perceived usefulness (PU) is defined as the degree to which an individual believes that using the system will enhance his job performance (Davis, 1989). Six items loaded cleanly on perceived usefulness namely using a computer can improves job performance, using computer can increases productivity on the job, using computer is useful because it can enhance effectiveness, using computer can provide information that would lead to better decisions and using computers enables to accomplish tasks more quickly. This study finds that there are relationships between perceived usefulness and usage. This is similar with the study done by Igbaria et al., (1995) and Ndubisi et al., (2003). The next factor is perceived ease of use. Learning to use computers is easy, easy to get computers to do what they want them to do, easy to become skillful at using computers and easy to use are some of the factors that will affect IT acceptance. Thirdly, the bankers are also concerned about the social pressure. Social Pressure includes the motivations of individuals who believe they should use IT for obtaining a higher social status or a more important position in their organization. The social pressure from supervisors and peers are the two important motivations for bankers to use IT. Table 5:

Factors affecting the acceptance of IT Factors Affecting the acceptance of IT

Perceived Usefulness 1. Using a computers improves my job performance 2. Using computers increases my productivity on the job 3. I find computers useful in my job 4. Using computers enhances my effectiveness on the job. 5. Using computers could provide me with information that would lead to better decisions. 6. Using computers enables me to accomplish my tasks more quickly Perceived Ease of use 1. Learning to use computers is easy for me 2. I find it easy to get computers to do what I want them to do 3. It is easy for me to become skillful at using computers. 4. I find computers easy to use. Social Pressure 1. My immediate supervisors think I should use the microcomputer more in my job. 2. My peers think I should use the computer regularly. Perceived Enjoyment and Fun 1. I do not see time go by when I am using computer 2. Using computer is fun. 3. Using computers is exciting 4. Using computers is pleasant Perceived Complexity 1. Using a microcomputer can take up too much of my time in performing many tasks 2. When I use a microcomputer, I find it difficult to integrate the work on the computer into my existing work 3. Using a microcomputer exposes me to the vulnerability of computer breakdown and loss of data.

Rotated Factor Loading 0.743 0.760 0.809 0.905 0.826

Eigenv alue

% of Variance

8.109

40.547

2.419

12.093

2.356

11.779

1.777

8.886

1.015

5.075

0.634 0.694 0.591 0.868 0.834 0.638 0.673 0.535 0.855 0.927 0.886 0.851 0.912 0.725

Fourthly, the perceived enjoyment significantly affects the bankers’ intentions to use computers. This is parallel with the result found by Davis et al., (1992); Igbaria et al., (1995) and Teo et al., (1999). Lastly the bankers concern about perceived complexity, the degree to which an innovation is perceived as relatively difficult to understand and use. Bankers feel that using a computer can take up too much of their time in performing many tasks and it is difficult to integrate the work on the computer into their existing work. Using a microcomputer also exposes them to the vulnerability of computer breakdown and loss of data. In brief, the factors found to affect IT usage among bankers are summarized in Figure 2.

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European Journal of Economics, Finance and Administrative Sciences - Issue 17 (2009) Figure 2: Factors Affecting Personal IT Usage

Perception Drivers Perceived Usefulness Perceived ease of use Social Pressure

Bankers Computing Acceptance : IT Usage

Perceived Enjoyment and Fun Perceived Complexity

Our model suggests that user acceptance of new technology is affected directly by (1) perceived usefulness (i.e., extrinsic motivations); (2) perceived ease of use; (3) social pressure (4) perceived enjoyment and fun (i.e., intrinsic motivations); and (5) perceived complexity.

5. Conclusions The objective of this study is to examine the extent of IT usage, usage pattern and usage determinants in Malaysian banking industry by adapting the TAM model. This study has provided a greater understanding of the applicability of TAM in explaining the extent of IT usage and usage determinants in Malaysian banking industry. The factor analysis results have demonstrated that five factors were identified suggesting that PU, PEOU, Social pressure, perceived enjoyment and fun and perceived complexity have an impact on the acceptance of IT. The findings of this study indicated that PU was the most influential factors in determining microcomputer usage among bankers in Malaysia. This finding refers to the fact that bankers are likely to use computer because they believes that using the system will enhance their job performance. This result is in agreement to the findings of Davis et al. (1989), Igbaria et al., (1995) and Nelson Oly Ndbusi and Muhammad Jantan (2003) that perceived usefulness is positively related to usage. Thus, the greater the perceived usefulness, the more likely that personal computer will be adopted by the Malaysian bankers. Although the research results suggest several significant factors affecting the acceptance of technology, it has some limitation. The findings and implications nevertheless are based on a single study that involved a specific user group in a particular geography. Therefore caution needs to be taken when extrapolating or generalizing these research results to other user groups in other geographic and business environment.

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