Extend UTAUT2 Model to Analyze User Behavior of China Construction Bank Mobile App

The outbreak of COVID-19 has been accelerating the digital transformation of financial institutions all over the world. Mobile banking APPs become an important channel to provide financial services in the Internet and Big Data era. Factors that restrict its development have attracted the close attention of scholars and practitioners around the world. Different from a general APP software, mobile banking APPs naturally have some financial attributes which set high requirements for personal privacy protection and other security issues. For this reason, this paper extends the original UTAUT2 model by incorporating a new constructor: perceived risks. The study carefully selects China Construction Bank’s mobile banking app (short as “the CCB APP”), as she is the biggest bank in China and has good novelty and representativeness in financial technology. This paper constructs an extended UTAUT2-based model using questionnaires and structural equation modeling the user behavior of CCB APP and tests the influencing factors of the proposed model through empirical analysis. Similar to other studies using the UTAUT2 model, the findings of this paper indicate that performance expectations, effort expectations, social influence, facilitators, and habits, all have a positive impact on CCB APP users’ intentions. Their intention to use was a mediating variable of user behavior, while facilitators directly influenced CCB users’ behavior. However, the study finds that perceived risk negatively affects the CCB users’ intention while hedonic motivation and price value do not significantly affect users’ decision-making process. Based on these findings, the misdirection should to be avoided in regard to financial APP development by financial institutions is discussed and the future research direction concerning mobile banking app adoption is illustrated.