Mobile Banking Security: Relationship Between Trust, Risk Perception, and Security Based on UTAUT

This study investigates the relationship between trust, risk perception and security in modified Unified Theory of Acceptance and Use of Technology (UTAUT) model. Through Structural Equation Modelling (SEM) analysis of survey data from 389 Indonesian mobile banking users, this study found that the modified UTAUT model explains 76.5% of variance in behavioral intention to use mobile banking. Key findings reveal that perceived risk has the strongest negative effect on behavioral intention (path coefficient −0.534), while facilitating conditions significantly influence use behavior (0.545). Security and trust demonstrate moderate positive effects on behavioral intention, with path coefficient of 0.275 and 0.379 respectively. Further segmentation analysis unveiled distinct adoption patterns across user groups, the 30-39 age group exhibiting the highest behavioral intention (3.54) and simultaneously the lowest risk perception (2.64) while entrepreneurs were more trusting (4.25) than other occupational segments. A comparison of bank types elicited different levels of trust and risk perception, where traditional private banks are more trusted by users (4.37) than new digital services. Such detailed results will go a long way toward discerning user adaptation behavior in mobile banking across various segments and, by extension, enable the formulation of specific measures to improve cybersecurity in the area of digital banking security.