Modeling Mobile Banking Adoption in Emerging Economies: Evidence from Bangladesh Using UTAUT2 and Perceived Trust

Mobile banking is expanding rapidly in developing economies, yet adoption remains uneven due to trust, digital skills, and contextual barriers. This study extends UTAUT2 by integrating perceived trust to better explain mobile banking adoption in Bangladesh. Using survey data from 412 users and PLS-SEM analysis, the study finds that performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value, and habit significantly shape behavioral intention. Perceived trust emerges as the strongest predictor, underscoring its importance in risk-sensitive financial environments. Behavioral intention strongly predicts actual usage, validating the extended model. The study contributes theoretically by contextualizing UTAUT2 within a low-trust developing economy and demonstrating the centrality of trust in technology adoption. Practically, it highlights the need for stronger trust-building mechanisms, user-friendly design, and improved service support to enhance financial inclusion through mobile banking.