Risk Perception and Adoption of Mobile Banking Services : A Review

Mobile banking enables customers to access their bank account, check their balance or conduct financial transactions through a mobile device. While the convenience of having access to banking information anytime and anywhere provided by mobile banking is empowering to the consumers on the one side, the possibility of loss, theft or exposure to malware of the stored personal financial information presents obvious risks on the other side. Although technology and applications for mobile services offer low costs, increase computational power and provide ease of use to consumers, mobile banking service market is still in its infancy stage. Hence, it becomes necessary for bankers to study the factors that are suitable and adoptable for banking customers, which will also help them in designing mobile services. This paper reviews the mobile banking literature and the factors antecedent to user's behavioral intentions through the lenses of various adoption theories. It was found that mobile banking adoption is a complex and multifaceted process, and considering customers' risks (which includes security, financial, privacy, social, time/convenience and performance risks) along with it is also important than analyzing adoption alone