Factors Affecting the Intention to Adopt Digital Banking Applications in Personal Financial Management: The Case of University Students in Hanoi, Vietnam

Abstract

Today, with technology advancing rapidly, digital banking apps (DBAs) include features for making payments and keeping track of expenses. In other words, users can see their finances clearly from a general overview to detailed breakdowns of what they spend. This helps manage their money better by keeping an eye on their spending habits and making adjustments as needed. The study aims to evaluate different factors influencing the intention to utilize digital banking apps for managing personal finances. The model and hypotheses are developed based on quantitative research. Data was collected through self- administered close-ended questionnaire from a sample of 416 university students in Hanoi, Vietnam. For analysis purposes, SPSS 20 was used to confirm the validity concerns and determine the proposed relationship among selected variables. The output reveals that Perceived trust has the greatest impact, followed by Hedonic motivation, Personal behavioral control, Attitude, Perceived usefulness and Perceived ease of use while Perceived risk is found to have no impact on intention to use digital banking apps of university students. This study provides a ‘snapshot’ to the management about the provision of current situation and proposes suggestions to promote the use of digital banking applications and use them effectively for students' personal financial management.

Keywords: Intention, digital banking applications, personal financial management.

DOI: 10.7176/EJBM/16-2-01

Publication date:March 31^st 2024