Consumption values significantly influence Gen Z and Gen X mobile banking app adoption.

Why It Matters

Designers and marketers need to tailor their strategies to resonate with the distinct motivations and values of target demographics. This ensures that new technologies and services are not only functional but also desirable and adopted by the intended user base.

Key Finding

The study found that factors related to technology acceptance (UTAUT) and personal consumption values are key drivers for users' willingness to adopt and use mobile banking applications.

Key Findings

• Selected UTAUT constructs are significant antecedents of behavioral intention to use mobile banking services.
• Consumption values play a role in the adoption of mobile banking services.

Research Evidence

Aim: To investigate how consumption values and factors from the Unified Theory of Acceptance and Use of Technology (UTAUT) influence the behavioral intentions of Gen Z and Gen X towards adopting mobile banking services.

Method: Quantitative survey research

Procedure: Collected 418 completed questionnaires from a convenience sample of 654 customers of a Greek financial institution to test 18 hypotheses related to UTAUT constructs and consumption values impacting mobile banking app adoption.

Sample Size: 418 participants

Context: Mobile banking services within a financial institution.

Design Principle

User adoption of technology is driven by a combination of perceived utility, social influence, and personal value systems.

How to Apply

Conduct user research to identify the primary consumption values of your target demographic and integrate these insights into the value proposition and marketing messaging for your digital product.

Limitations

The study focused on a specific financial institution in Greece, which may limit generalizability to other markets or service providers. Convenience sampling might introduce bias.

Student Guide (IB Design Technology)

Simple Explanation: To get people to use a new app, especially for banking, you need to understand what they care about (their values) and what makes them want to use new technology (like ease of use and what others think).

Why This Matters: Understanding user motivations is key to designing products that people will actually want to use and integrate into their lives, especially in competitive digital markets.

Critical Thinking: How might the specific consumption values of Gen Z differ from those of Gen X, and how should these differences be reflected in the design and marketing of mobile banking apps?

IA-Ready Paragraph: This research highlights the critical role of both technology acceptance factors, as outlined by UTAUT, and specific consumption values in driving user adoption of mobile banking services. For instance, Dendrinos and Spais (2023) found that selected UTAUT constructs significantly influenced behavioral intentions, underscoring the importance of perceived ease of use and performance expectancy. Furthermore, their work suggests that understanding generational consumption values is paramount for successful market penetration of digital financial tools.

Project Tips

• When researching user adoption, consider both functional and emotional/value-based motivators.
• Ensure your survey questions effectively capture both technology acceptance factors and personal consumption values.

How to Use in IA

• Use this research to justify investigating user values and technology acceptance models in your own design project.
• Cite this study when discussing the importance of understanding user demographics and their motivations for adopting new technologies.

Examiner Tips

• Demonstrate an understanding of established technology adoption models like UTAUT when discussing user research findings.
• Connect user values directly to design decisions and marketing strategies.

Independent Variable: ["Selected UTAUT constructs (e.g., performance expectancy, effort expectancy, social influence)","Consumption values"]

Dependent Variable: ["Behavioral intention to use mobile banking services"]

Controlled Variables: ["Demographic factors (age groups: Gen Z, Gen X)","Financial institution (NBG)","Geographic location (Greece)"]

Strengths

• Tests a comprehensive set of hypotheses derived from established theories.
• Provides empirical data from a significant sample size.
• Focuses on a relevant and current area of digital service adoption.

Critical Questions

• To what extent do the findings generalize beyond the specific financial institution and geographic region studied?
• Could other factors, such as trust or security concerns, be equally or more influential than those examined?

Extended Essay Application

• Investigate the influence of specific consumption values (e.g., sustainability, convenience, status) on the adoption of a chosen technology or service.
• Apply elements of the UTAUT model to understand user adoption barriers and enablers for a novel product concept.

Source

An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile banking services and behavioral intentions to facilitate the adoption of mobile apps · Journal of Marketing Analytics · 2023 · 10.1057/s41270-023-00271-1