A helping hand in banking: how off-site customer-to-customer interactions impact the mobile banking usage behaviour and financial well-being

Purpose The financial industry has undergone a significant transformation in recent years, with a shift towards digitally driven, user-focused solutions such as mobile banking (m-banking). This study aims to examine the impact of off-site customer-to-customer (C2C) interactions through financial socialization (FS) on mobile banking usage behaviour (MBUB) and financial well-being (FWB) among working adults using m-banking in India. Design/methodology/approach Employing the stimulus–organism–response (S-O-R) framework, this study investigates the mediating roles of financial knowledge (FK) and financial self-efficacy (FSE) in the relationship between C2C (FS) interactions and MBUB. We conducted a questionnaire-based survey using convenience sampling, which yielded 291 valid responses. We analysed the data using partial least squares structural equation modelling (PLS-SEM). Findings The findings revealed that C2C (FS) interactions positively influenced FK, FSE and MBUB. FK mediates the link between C2C (FS) interactions and FSE, whereas FSE mediates the relationship between FK and MBUB. MBUB mediates the relationship between FSE and FWB. This study extends the S-O-R framework to the m-banking context, highlighting the importance of C2C (FS) interactions in shaping financial behaviours and well-being. Practical implications This study provides implications for financial institutions and policymakers, emphasizing the importance of fostering peer-driven knowledge exchange, empowering local champions and developing targeted financial education programmes to promote m-banking adoption and enhance FWB in developing economies. Originality/value To the best of the authors’ knowledge, this study uniquely applies the S-O-R framework to explore C2C (FS) interactions in the MBUB, focusing on trusted social circle interactions that significantly influence working adults’ financial behaviour in India. This approach offers nuanced insights for various stakeholders in developing market contexts.