Journal of Marketing Analytics (2024) 12:492–522

https://doi.org/10.1057/s41270-023-00271-1

ORIGINAL ARTICLE

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
Konstantinos Dendrinos1,2 · George Spais1,3

Revised: 13 September 2023 / Accepted: 6 November 2023 / Published online: 20 December 2023
© The Author(s) 2023

Abstract
This study aims to analyze the impact of consumption values on the adoption of NBG’s mobile banking services and the
role of customers’ motivation and app adoption in this process. The study reveals users’ attitudes and behavior towards
mobile banking by establishing significant connections between selected UTAUT constructs. Based on a critical case of the
m-banking services of a leading Greek financial institution, we gathered 418 full-answered questionnaires from a conveni-
ence sample of 654 customers to test 18 research hypotheses. The research results confirm that the three selected UTAUT
constructs, are antecedents of behavioral intention, supporting the initial assumption. This study analyzes the factors that
drive the adoption and usage of mobile banking apps, providing valuable insights for marketing academia and managers.

Keywords UTAUT model · Mobile banking service · Mobile app · Consumption values · Gen X · Gen Z

Introduction mobile banking apps to enhance customers’ experiences and

motivation (Bitrián et al. 2021). However, there is a lack
In today’s world, banking services have expanded to vari- of research on customers’ experiences and expectations of
ous marketing channels. Conventional retail banking is los- mobile banking services, and more research is needed to
ing appeal, whereas modern services like mobile banking account for differences between generations of mobile bank-
are gaining traction. With the swift development of mobile ing customers (e.g., Shams et al. 2020).
technology in recent years, mobile banking has become the Our study delves into the expectations of mobile bank-
preferred choice for most customers. This service enables ing users from generations X and Z, exploring their unique
users to effortlessly access financial information and fulfill characteristics regarding mobile banking services (Shams
their financial obligations promptly and effectively. et al. 2020).
Financial institutions have several advantages regarding X generation represents the parents’ generation and Z
mobile banking apps, such as expanding revenue sources, their children generation. We aim to determine whether
maintaining a customer base, and entering new markets users’ trust and willingness to use NBG’s m-banking ser-
(Karjaluoto et al. 2021). Bank marketers aim to improve vices are impacted by the values associated with them (Kar-
jaluoto et al. 2021). To achieve this, we employ the Unified
Theory of Acceptance and Use of Technology (UTAUT)
* George Spais (Venkatesh et al. 2003), to test the selected three UTAUT
[email protected]
constructs, as antecedents of behavioral intention. Our study
Konstantinos Dendrinos seeks to better understand banking customers by analyzing
[email protected]
their motivation and willingness to use mobile banking ser-
1
Hellenic Open University, 18 Aristotelous, 263 35 Patras, vices based on gender and the distinctive traits of two gener-
Greece ations. Furthermore, we will scrutinize their usage behavior
2
National Bank of Greece, Leof. Marathonos 32, to facilitate the adoption of mobile apps for banking services
190 05 Nea Makri, Greece (Bitrián et al. 2021).
3
School of Social Sciences, Hellenic Open University, 18 In 2021, Karjaluoto et al. delved into the correlation
Aristotelous, 263 35 Patras, Greece between trust, intention, and consumption values for mobile

Vol:.(1234567890)
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 493

banking app users. Simultaneously, Shams et al. (2020) stud- Most studies on consumers’ intentions to use mobile
ied the differences in expectations and experiences of mobile banking are grounded on various theoretical frameworks
banking services among generations X, Y, and Z. Similarly, (Farzin et al. 2021; Shaikh and Karjaluoto 2015). A con-
Souiden et al. (2020) identified the key factors impacting siderable information gap exists since the use and effects of
customers’ adoption of mobile banking services and the mobile banking apps among generations X and Z have yet to
obstacles they encounter. This article presents a critical case be sufficiently investigated (e.g., Fadhilah and Aruan 2023;
study of NBG to accomplish two research objectives. Firstly, Lin et al. 2023). Tam and Oliveira (2017) and Farzin et al.
we will examine how consumption values impact the adop- (2021) have noted that the technology acceptance model
tion of m-banking services. Secondly, we will explore how (TAM) has been employed in the vast majority of studies
customers’ usage behavior and intentions can facilitate the on mobile banking adoption intention; this indicates the
use of mobile apps in banking. significance of incorporating alternative theories to address
any potential gaps in the literature. This study tackles this
Background information about National Bank problem and offers theoretical and practical ramifications. It
of Greece S.A. provides insightful information to customers of various gen-
erations and adds to the body of research already available
The National Bank of Greece was the country’s first bank on the influence of behavioral intention in banking. Moreo-
and a prestigious financial organization since its founding ver, marketing managers aiming to increase the usage of
in 1841. The bank, which operates in North Macedonia and mobile banking apps could benefit from the research results.
Cyprus, is dedicated to maintaining its status as the nation’s
top financial institution and assisting the Greek economy.
With a strong focus on transparency and consistency for all Theoretical background, theoretical model
stakeholders, its variety of financial solutions is accessible and conceptual model
to various clientele, including retail, commercial, corpo-
rate, premium, and private customers. With web and mobile Around thirty years ago, there was a growing interest in the
banking already in place, the bank is undergoing a digital research community to adopt technology in both organiza-
transformation under its current CEO, Pavlos Mylonas. tional and private settings (Compeau and Higgins 1995a;
Additionally, the bank is leveraging social media to appeal Goodhue 1995; Leonard-Barton and Deschamps 1988;
to younger customers, although the outcomes have yet to be Davis 1989). By 2000, the technology adoption research had
as expected. produced much data regarding user behavior about technol-
ogy adoption (Hu et al. 1999). Various models and theories
Importance of the topic and justification were developed to describe technology adoption, provid-
for the focus of the study ing insight into the variation in technology usage intention
(Venkatesh and Davis 2000; Taylor and Todd 1995a, b;
Nowadays, mobile devices are an essential part of our daily Davis 1989; Davis et al. 1989). However, the disciplinary
routine. People of all ages use them to communicate and origins of these models limited their application to specific
access various features. According to Karjaluoto et al. situations.
(2021), the mobile communication industry contributes 4.5% The Theories of Planned Behavior and Reasoned Action
to the global GDP, and mobile internet users are expected offer a psychological perspective on human behavior by
to reach 5 billion by 2025. Therefore, banking marketers looking at factors such as attitude, perceived behavioral
need to offer mobile banking apps to meet their custom- control, and subjective norms (Ajzen 2011). They can be
ers’ increasing demands, as Shams et al. (2020) pointed out. applied in various study contexts beyond information system
However, for these apps to thrive, they must provide a pleas- management as they provide general insights into people’s
ant user experience that encourages and captivates users, as underlying attitudes.
highlighted by Garzaro et al. (2021). On the other hand, the Diffusion of Innovation Theory
Quantitative models often prioritize age as the primary focuses on innovation-specific elements that impact con-
consideration when comparing different generations without sumers’ actions towards adopting new technologies (Moore
delving into other generational variances. Nonetheless, prior and Benbasat 1991). The different viewpoints of the models
research has emphasized that various generations possess reflect the variables they include, such as social elements,
distinct perspectives toward embracing mobile banking ser- experience, facilitating conditions, motivational factors, atti-
vices. Moreover, crucial factors that impact the inclination to tudinal aspects related to technological performance, and
adopt mobile banking have been analyzed, such as security, subjective norms.
convenience, accessibility, and hedonic motivation (Shams Venkatesh et al. (2003) introduced the UTAUT, a com-
et al. 2020). prehensive model integrating eight theories to identify the
494 K. Dendrinos, G. Spais

Fig. 1  Theoretical model: Ven-

katesh et al. (2003)

important elements affecting the adoption of technology in thus elevating the importance of performance expectancy.
organizations. Notably, the UTAUT model explains a much Moreover, younger individuals value extrinsic rewards more
more significant variance in information technology adop- than older individuals, which can affect their performance
tion, a marked improvement over previous theories. Under- expectancy. It is essential to examine these factors in con-
standing technology usage in business is crucial, and the junction, as there may be notable variations in their impact
UTAUT model highlights two key determinants (the inten- as individuals age. To summarize, according to UTAUT,
tion to use technology and various factors that can support younger males, in particular, are more likely to have their
or hinder this intention). Three direct determinants and four behavioral intentions influenced by performance expectancy.
contingencies influence the intention to use technology. The
model is essential in comprehending technology acceptance Effort expectancy
in the business world, influenced by behavioral intention and
facilitating conditions. Facilitating conditions refer to the Three contingencies influence effort expectancy: gender,
technical and organizational support necessary for success- age, and experience. Similarly, to performance expec-
ful technology adoption. Additionally, UTAUT recognizes tancy, effort expectancy is rooted in previous models’ core
that age, gender, voluntariness of use, and experience can all constructs. In particular, perceived ease of use of TAM,
impact the importance of these determinants. For example, complexity of MPCU, and ease of use of IDT are strongly
gender affects the three factors contributing to behavioral associated with effort expectancy (Rouidi et al., 2022). The
intention, while age impacts all determinants. Experience exciting part of effort expectancy is that it loses its impor-
affects three of four fundamental constructs except perfor- tance over time; it is significant during post-training periods
mance expectancy, while voluntariness of use only affects and before the actual utilization of technology. However, it
social influence (Fig. 1). tends to become insignificant during extended and sustained
system usage. Increased age is connected with increased dif-
Fundamental constructs of UTAUT and theoretical ficulty processing new technology systems, especially when
assumptions working. According to Venkatesh et al. (2003), women with
minimal experience tend to value effort expectancy more.
Performance expectancy In conclusion, effort expectancy affects older females more
deeply, particularly those with less experience with such
The notion of performance expectancy held significant systems.
weight in previous iterations of UTAUT, as it intersected
with various factors, including C-TAM-TPB’s perceived Social influence
usefulness, MM’s extrinsic motivation, MPCU’s job suit-
ability, IDT’s relative advantage, and SCT’s outcome expec- When embracing new technology, social influence plays a
tations (Venkatesh et al. 2003). Research has shown that crucial role. It is a critical concept in UTAUT, encompassing
this construct remains consistently a key driver, with its a range of notions, including social factors (e.g., MPCU and
effect impacted by two primary variables: gender and age. image in IDT), TRA, TPB, and DTPB. These ideas relate
Generally speaking, men tend to prioritize task orientation, to the image individuals expect to project to their friends,
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 495

family, colleagues, and peers after using a new technology The UTAUT model explains how users’ intention to use
system (Williams et al. 2015). Social influence is a com- technology is related to their actual usage behavior. It con-
plex construct that depends on various factors. According siders factors such as their expectations of performance,
to Venkatesh et al. (2003), three different mechanisms can how much effort they expect to put in, and the influence of
influence the social impact on a person’s behavior (compli- others around them. In addition, it recognizes that certain
ance, internalization, and identification). Subjective norms, conditions may facilitate or hinder usage and that individual
social factors, and image also play a significant role in shap- differences such as gender and age may affect these fac-
ing social influence. Compliance can occur when people feel tors. Using UTAUT, this study aims to understand better
pressured to conform to social expectations from those who what drives users to adopt mobile banking applications and
reward or punish certain behaviors. Age, experience, and how they behave in this context. The model’s comprehen-
gender can all impact social influence, especially for older sive nature and attention to essential details make it a solid
women unfamiliar with specific tasks. foundation for this research.

Facilitating conditions
Conceptual model, research model, research
Venkatesh et al. (2003) suggest that these core construct hypotheses and literature support
does not directly determine behavioral intention but rather
actual system usage, as it pertains to the existence of barriers The UTAUT model has been criticized for its limited ability
that may hinder or facilitate system utilization. According to to describe behavioral intention in various contexts. In order
Martinez and McAndrews (2023), facilitating conditions did to address this, many researchers have expanded the model
not impact use behavior. Accordingly, Tandon (2021) shows by including other behavioral factors and adding new mod-
that there is no significant impact on customer satisfaction. erating effects. However, some researchers have expressed
Facilitating conditions, which stem from perceived behav- concern about the widespread use of UTAUT, noting that
ioral control in TPB, DTPB, and C-TAM-TPB, are exter- many studies in the IS context mention the original work
nal factors that can impact system use. These conditions without utilizing the model. Recent research on the effect of
encompass facilitating MPCU conditions and IDT compat- facilitating conditions on user behavior in mobile banking
ibility, as noted by Jadil et al. (2021). However, the impact customers did not find conclusive evidence. Our conceptual
of these conditions on system use can differ based on age model (Fig. 2) represents a subset of UTAUT constructs
and experience. Individuals with more experience may be and moderating variables based on the research aim of the
adept at finding alternative ways to use the system. Thus, study, including the effect of consumption values on users’
the impact of facilitating conditions may be less critical. behavior and the intermediate effect of behavioral intentions
Older individuals are more likely to seek and receive help of Gen Z and Gen X for mobile banking app adoption. We
when using a technology system than younger individuals. understand the bias-variance trade-off and the risk of over-
Overall, facilitating conditions are expected to be crucial in fitting, so we have carefully selected the variables that we
older individuals with increasing experience. believe will lead to accurate predictions on new data.
The UTAUT is a comprehensive framework that sheds Our research model is built upon the original UTAUT
light on the factors influencing technology usage. According proposed by Venkatesh et al. (2003). We have refined our
to UTAUT, several crucial assumptions affect user behavior: approach and eliminated the non-significant determinants.
As such, we focus solely on the “three fundamental UTAUT
1. Performance expectancy is the belief that users will constructs” (social influence, performance expectancy, and
adopt and use technology more if they expect it to effort expectancy), and exclude all other constructs and mod-
enhance their productivity and performance. erators in our testing. In addition, one of the four contin-
2. Effort expectancy is the users’ perception of technology gencies of the original UTAUT (gender) is included in the
being easy to use and comprehend, which makes them research model.
more likely to adopt and use it. In the generation process, the age variable will also
3. Social influence plays a critical role, where users’ behav- be considered. It is worth noting that the research model
ior can be influenced by their social networks’ opinions, has undergone significant modifications from its original
recommendations, and norms. version, and as a result, the significance of each moder-
4. Facilitating conditions such as access to resources and ating relationship is thoroughly tested. Prior studies that
support are vital for successful technology adoption and utilized the UTAUT research model have either employed
usage. a modified version with a select few original moderators
or completely neglected them (Dwivedi et al. 2019). Ulti-
mately, the research model aims to explore the impact of
496 K. Dendrinos, G. Spais

Fig. 2  Conceptual model

consumption values on the behavior of banking customers • H9a: While social influence influences behavioral inten-
concerning mobile banking applications. tion, this relationship is stronger for Generation X than
Our research aims to assess the validity of a modified Generation Z.
version of the UTAUT model concerning the adoption of • H9b: While effort expectancy influences behavioral
mobile banking services while also considering consump- intention, this relationship is stronger for Generation X
tion values as additional determinants of mobile banking than Generation Z.
customers’ behavior. The accompanying Fig. 2 outlines • H9c: While performance expectancy influences behavio-
our research model. ral intention, this relationship is stronger for Generation
The research model includes the following eighteen X than Generation Z.
(18) research hypotheses. • H10: Functional value positively influences user’s behav-
ior.
• H1: Performance expectancy positively influences • H11: Social value positively influences user’s behavior.
behavioral intention. • H12: Emotional value positively influences user’s behav-
• H2: Effort expectancy positively influences behavioral ior.
intention. • H13: Epistemic value positively influences user’s behav-
• H3: Social influence positively influences behavioral ior.
intention. • H14: Conditional value positively influences user’s
• H4: Behavioral intention positively influences user’s behavior.
behavior.
• H5: Performance expectancy positively influences Table 1 includes the operational definitions of the key
user’s behavior through the intermediate effect of constructs and the measurement items of variables.
behavioral intention. Venkatesh et al. (2003) formulated their model by draw-
• H6: Effort expectancy positively influences user’s ing on established research identifying influential factors in
behavior through the intermediate effect of behavioral predicting technology adoption and usage integrated into
intention. the UTAUT model or customized to align with the research
• H7: Social influence positively influences user’s behav- framework.
ior through the intermediate effect of behavioral inten-
tion. Behavioral intention and user’s behavior
• H8a: While social influence influences behavioral inten-
tion, this relationship is stronger for women than men. Theory of Reasoned Action/TRA (1975) and Theory of
• H8b: While effort expectancy influences behavioral Planned Behavior/TPB (Ajzen 1991) have extensively
intention, this relationship is stronger for women than explored the correlation between intended behavior and
men. actual behavior. Additionally, Davis’ TAM (1989) incorpo-
• H8c: While performance expectancy influences behav- rates aspects of intended behavior to forecast user behavior.
ioral intention, this relationship is stronger for men than Theory of Reasoned Action highlights the distinc-
women. tion between behavioral intention and actual behavior. It
Table 1  The operational definitions of the key constructs and the measurement items of variables
Constructs Definitions Sources Variables Questionnaire items Variables’ level References
of measurement

Performance expectancy The extent of the belief of an Venkatesh et al. (2003) Usefulness PE1 = M-banking will be Ordinal level Venkatesh et al. (2003), Davis
individual that the adoption useful (1989), Davis et al. (1989),
of a certain information Efficiency PE2 = Use of m-banking will Ordinal level Davis et al. (1992), Thomp-
technology will assist him enable me to accomplish son et al. (1991), Moore and
or her to acquire significant tasks more quickly and Benbasat (1991), Compeau
rewards efficiently and Higgins (1995a, b),
Compeau et al. (1999)
Augmented productivity PE3 = Use of m-banking will Ordinal level
enhance my productivity
Increased convenience PE4 = Use of m-banking will Ordinal level
increase convenience
Rapidity PE5 = Use of m-banking will Ordinal level
enable me to spend less
time on routine tasks
Effort expectancy The extent of the belief of Venkatesh et al. (2003) Easiness EE1 = M-banking will be Ordinal level Venkatesh et al. (2003), Davis
an individual regarding the easy to use (1989), Davis et al. (1989),
degree of ease of use of a Learning convenience EE2 = Learning how to use Ordinal level Moore and Benbasat (1991),
certain technology system m-banking will be easy Thompson et al. (1991)
for me
Easiness in skill develop- EE3 = It will be easy for me Ordinal level
ment to become skillful at using
m-banking
Effortless positive outcome EE4 = Use of m-banking will Ordinal level
achievement help me achieve a positive
outcome without much
effort
Effortless goal achievement EE5 = I will find it easy to Ordinal level
do what I want to do using
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile…

m-banking
Uncomplicated interaction EE6 = My interaction with Ordinal level
with m-banking m-banking will be clear
and understandable
Quick experience EE7 = Use of m-banking will Ordinal level
not take too much time
from my duties
497
Table 1  (continued)
498

Constructs Definitions Sources Variables Questionnaire items Variables’ level References

of measurement

Social influence The perception which Venkatesh et al. (2003) Influence by distinct people SI1 = People who are Ordinal level Venkatesh et al. (2003),
the relatives and close important to me think that Fishbein and Ajzen (1975),
acquaintances of the indi- I should use m-banking Ajzen (1991), Mathieson
vidual have shaped about (1991), Taylor and Todd
the use of a system Influence by the majority of SI2 = I use m-banking due to Ordinal level (1995a), Taylor and Todd
co-workers the proportion of friends, (1995b), Thompson et al.
relatives or co-workers (1991), Moore and Benbasat
who use m-banking (1991)
Enhanced social status SI3 = People who use Ordinal level
m-banking have more pres-
tige than those who do not
Projected social image to SI4 = When I use m-banking, Ordinal level
peers my peers will perceive me
as competent
Behavioral Intention The degree to which the Venkatesh et al. (2008) m-banking usage intention BI1 = I think that using Ordinal level Venkatesh et al. (2003),
individual has formulated m-banking is a good idea Fishbein and Ajzen (1975),
conscious plans regarding m-banking adoption reflec- BI2 = I like the idea of using Ordinal level Davis (1989), Davis et al.
whether to perform a speci- tion m-banking (1989), Davis et al. (1992),
fied future behavior Thompson et al. (1991),
m-banking adoption deep BI3 = Further adoption of Ordinal level
Moore and Benbasat (1991),
consideration m-banking is one of my
Compeau and Higgins
intentions
(1995a, b), Compeau et al.
(1999), Ajzen (1991),
Mathieson (1991), Taylor
and Todd (1995a), Taylor
and Todd (1995b)
K. Dendrinos, G. Spais
Table 1  (continued)
Constructs Definitions Sources Variables Questionnaire items Variables’ level References
of measurement

Functional value The functional, utilitarian or Sheth et al. (1991) Efficient time management FV1 = I am able to manage Ordinal level Sheth et al. (1991), Karjaluoto
physical performance of a my time efficiently through et al. (2021), Sweeney and
good or service the use of m-banking Soutar (2001), Goh et al.
(2014), Omigie et al. (2017),
Minimal effort and time FV2 = Without m-banking, Ordinal level Berraies et al. (2017)
dedication the effort and time needed
for a particular purpose
would be higher
High quality FV3 = The quality of Ordinal level
m-banking as a service is
high
Privacy protection FV4 = I believe that m-bank- Ordinal level
ing does not compromise
my privacy
Security FV5 = I believe that Ordinal level
m-banking has satisfactory
security features
Social value The perceived utility of a Sheth et al. (1991) Increased social reception SV1 = I believe that use of Ordinal level Sheth et al. (1991), Karjaluoto
good or service with regard m-banking renders me et al. (2021), Sweeney and
to certain demographic, more acceptable among Soutar (2001), Goh et al.
socioeconomic and my society (2014), Omigie et al. (2017),
cultural-ethnic stereotypes Enhanced social status SV2 = I believe that use of Ordinal level Berraies et al. (2017)
m-banking offers me a
higher social status
Increased sense of social SV3 = I feel that use of Ordinal level
contribution m-banking helps me
contribute to the general
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile…

welfare
Refined relationships with SV4 = I think that m-banking Ordinal level
co-workers improves my relationships
with my friends, relatives
and co-workers
Emotional value The perceived utility of the Sheth et al. (1991) Feeling of no restriction EMV1 = Use of m-banking Ordinal level Sheth et al. (1991), Karjaluoto
capacity of a product or fits with my personality et al. (2021), Sweeney and
service to create feelings or and does not restrain me Soutar (2001), Goh et al.
affective states Enhanced sense of fashion EMV2 = Use of m-banking Ordinal level (2014), Omigie et al. (2017),
makes me feel more fash- Berraies et al. (2017)
ionable
Life quality enhancement EMV3 = Use of m-banking Ordinal level
enhances the quality of
my life
499
Table 1  (continued)
500

Constructs Definitions Sources Variables Questionnaire items Variables’ level References

of measurement

Epistemic value The perceived utility of the Sheth et al. (1991) Sense of novelty EPV1 = I started using Ordinal level Sheth et al. (1991), Karjaluoto
capacity of a product or m-banking, because I et al. (2021), Sweeney and
service to arouse curiosity, wanted to try something Soutar (2001), Goh et al.
provide novelty, and/or sat- new (2014), Omigie et al. (2017)
isfy a desire for knowledge
Sense of being fashionable EPV2 = I use m-banking, Ordinal level
and trendy because I always want to
be trendy and contempo-
rary
Innovative technologies EPV3 = I use m-banking, Ordinal level
usage because I want to utilize
many and different innova-
tive technologies
Conditional value The perceived utility Sheth et al. (1991) Use of traditional banking CV1 = I started using Ordinal level Sheth et al. (1991), Omigie
acquired by a product or restriction m-banking, because the et al. (2017)
service as the result of the bank refused to make
specific situation or set of specific transactions within
circumstances facing the a branch
choice maker Absence of a near bank CV2 = I started using Ordinal level
branch m-banking, because the
nearest bank branch is very
far away from where I live
K. Dendrinos, G. Spais
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 501

acknowledges that individuals may intend to act but not fol- revealed a significant correlation between performance
low through or opt for a different action. The TPB builds expectancy and users’ intentions to use FinTech and online
on this framework, recognizing the critical role that behav- banking services.
ioral intention plays in shaping actual behavior. Similarly,
Fred Davis’ TAM underscores the significance of behavioral • H1: Performance expectancy positively influences behav-
intention as a precursor to behavior. Both models yield more ioral intention.
accurate predictions of behavior usage when behavioral
intention is taken into account, as compared to the Theory Other studies document that gender and age moderate this
of Reasoned Action. Rashmini et al. (2020) analyzed mobile relationship, with men, especially younger ones, placing
online banking adoption behavior in developing countries more value on performance expectancy than women (e.g.,
using the UTAUT model. Hence, a comprehensive under- Al-Saedi et al. 2020; Williams et al. 2015). The literature
standing of behavioral intention is crucial in accurately pre- recognizes the connection between expected technology out-
dicting behavior: comes, behavioral intention, and actual behavior, providing
a theoretical basis for the following hypotheses:
• H4: The behavioral intention positively influences user’s
behavior. • H8c: While performance expectancy influences behav-
ioral intention, this relationship is stronger for men than
Performance expectancy women.
• H10d: While performance expectancy influences behav-
Perceived usefulness, introduced by Davis (1989) in the ioral intention, this relationship is stronger for Generation
TAM, is particularly relevant to performance expectancy. Z than Generation X.
It refers to an individual’s belief that adopting a system will
improve their performance or create a positive correlation Effort expectancy
between usage and performance in their work environment.
Extrinsic motivation is the foundation of performance Effort expectancy is crucial for gauging a user’s experience
expectancy. In a study by Davis et al. (1992), extrinsic and with a new system. It considers accessibility, complexity,
intrinsic motivation were differentiated, with extrinsic moti- and perceived ease of use. First introduced by Davis (1989)
vation being linked to perceived usefulness (performance as part of the TAM, perceived ease of use refers to the effort
expectancy) due to the rewards and benefits associated with required to adopt an information service system. When faced
job performance. Thompson et al. (1991) proposed three with similar performance expectations, users tend to choose
dimensions for personal computing system adoption, with the system that is easier to use. Perceived ease of use is
job fit being one of them. It aligns with Davis’ perceived influenced by self-efficacy and can impact the user’s attitude
usefulness, highlighting the system’s ability to assist in task toward system usage. Furthermore, external factors such as
completion. Moore and Benbasat (1991) identified relative additional features can enhance the system’s usability and
advantage as a critical factor influencing the rate of inno- improve perceived ease of use. According to Davis’s per-
vation adoption. It links to perceived usefulness, focusing ceived ease of use, user-friendliness is positively linked to
on individuals’ perceptions of the value of innovation char- behavioral intention. It involves the system’s ability to cater
acteristics rather than the characteristics themselves. Com- to the user’s preferences, values, and needs. Venkatesh et al.
peau and Higgins (1995b) explored computer self-efficacy (2003) emphasize the importance of effort expectancy dur-
and outcome expectations, finding that expected outcomes ing the initial stages of use, which gradually diminishes as
of system adoption are associated with individuals’ liking the user becomes more familiar with the system.
of the behavior. They also distinguished between perfor-
mance-related and personal outcome expectations, which H2: Effort expectancy positively influences behavioral
are intertwined with performance expectancy. Venkatesh intention.
et al. (2003) examined the relationship between performance
expectancy and behavioral intention in the original UTAUT. Research indicates that men are more inclined to embrace
According to Martinez and McAndrews (2023), perfor- technology than women, and younger individuals are more
mance expectancy and habit are strong predictors of inten- prompt to adopt new technological advancements than their
tion and use behavior, in accordance with previous research older counterparts (e.g., Kim and Chiu 2019; Li and Kirkup
has shown that performance expectancy is a crucial aspect of 2007). However, whether these trends are consistent across
UTAUT. An example of research on users’ intentions to use different age groups and genders regarding mobile technol-
FinTech services can be found in the findings of Yan et al. ogy remains to be determined. Women may prioritize their
(2021). Additionally, a recent study by Chan et al. (2022) concerns about the perceived effort required to use new
502 K. Dendrinos, G. Spais

technology. At the same time, older generations may hesitate services (e.g., Chen et al. 2023) and the actual usage of such
to adopt mobile apps if they perceive them as complicated services (e.g., Chetioui et al. 2023). Additionally, empiri-
(e.g., Chua et al. 2023). Consequently, the level of effort cal evidence indicates that this relationship is moderated
expectancy substantially impacts both the intention to use in online banking services (e.g., Kaur and Arora 2023). In
and the actual utilization of new technology. The following order to test these hypotheses, we test the following:
hypotheses will delve into this relationship:
H3: Social influence positively influences behavioral
H8b: While effort expectancy influences behavioral inten- intention.
tion, this relationship is stronger for women than men.
H9c: While effort expectancy influences behavioral inten- It has been found that men are more susceptible to social
tion, this relationship is stronger for Generation X than influence than previously thought, despite some authors
Generation Z. (such as Acheampong et al. 2018; Lee et al. 2019; Liébana-
Cabanillas et al. 2014) claiming otherwise. Furthermore,
Social influence according to the UTAUT framework, the positive impact of
social influence (as demonstrated by studies such as Wiese
Social factors heavily influence how an individual is per- and Kruger 2016 and Guo 2015) significantly affects the
ceived by their peers or colleagues when adopting an intention of younger generations to use mobile payment ser-
innovation system, including subjective norms and image. vices. Therefore, we will be examining the following:
According to Ajzen (1991), subjective norms play a sig-
nificant role in determining an individual’s intention regard- H8a: While social influence influences behavioral inten-
ing a particular action. These norms refer to the perceived tion, this relationship is stronger for women than men.
social pressure to act or refrain from acting. When subjective H9a: While social influence influences behavioral inten-
norms increase, it has a positive impact on behavioral inten- tion, this relationship is stronger for Generation X than
tion. Mathieson (1991) further emphasized the importance Generation Z.
of subjective norms in behavioral intention and suggested
that the focus should be on the information systems used
rather than the systems themselves. Essentially, subjective Consumption values
norms represent the perceived opinions of essential indi-
viduals whose beliefs are considered significant to the indi- The success of modern technologies, particularly mobile
vidual. Compliance with these norms is linked to behavioral banking, greatly depends on how consumers perceive their
intention. value. Trust and user adoption are closely linked to the per-
The impact of subjective norms on behavioral intention ceived value of mobile banking services. Various research
cannot be overstated, as perceived behavioral control affects works documented the impact of consumption values on
both intention and behavior. Within organizational settings, online platforms usage (e.g., Talwar et al. 2023), A recent
subjective norms are incredibly influential in shaping behav- study documents consumers’ changing financial behavior
ioral intention, leading to tangible outcomes. Nonetheless, during the COVID-19 lockdown concerning online and
when external pressure to perform is lacking, subjective mobile banking use in Greece (Bechlioulis and Karamanis
norms may not hold as much weight in determining behav- 2023).
ioral intention. Thompson et al. (1991) found that social Despite this, examining consumption values in this area
factors, previously referred to as “social norms”, impact has yet to be exhaustive. For example, the Theory of Con-
an individual’s behavior intention. These factors consist sumption Values, first introduced by Sheth et al. (1991), pro-
of messages from others that provide direction on what the vides insight into how the decision to use a product or ser-
individual should do. Social factors include subjective cul- vice is influenced by various consumption values that vary
ture, which comprises norms, roles, and values that strongly depending on the circumstances. Furthermore, conditional
influence behavior intention. Multiple studies confirm the value can impact consumer behavior in specific situations,
noteworthy correlation between social norms and behavior. such as seasonal products, one-time events, or emergencies.
According to Moore and Benbasat (1991), the image con- Concerning the impact of functional value on technol-
struct is linked to social influence. This construct reflects ogy usage is documented in several studies (Chakraborty
individuals’ openness to new ideas to enhance their social and Paul 2023; Karjaluoto et al. 2021; McCabe et al. 2012).
standing. Previous studies indicate that the desire for social Therefore, we examine the following research hypothesis:
status motivates the adoption of innovations.
Recently, research has demonstrated that social influence H10: Functional value positively influences user’s behav-
plays a positive role in the intention to use mobile banking ior.
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 503

Social values were found to have a minor impact on the several studies (e.g., Moya et al. 2018; Jabeen et al. 2018).
link between these values and m-banking services. The Other studies indicate that behavioral intention positively
results emphasize the significance of the core purpose of mediates between social influence on actual adoption (e.g.,
mobile banking services and the practical benefits they pro- Nassar et al. 2019). Therefore, we examine the following
vide in promoting consumer adoption. Trust was also a criti- research hypotheses:
cal factor in adopting these services, as consumers expect
banks to provide reliable, professional, and secure services H5: Performance expectancy positively influences user’s
that align with their expectations and safeguard their inter- behavior through the intermediate effect of behavioral
ests. Research has shown that emotional factors, such as intention.
trustworthiness, professionalism, and security, are critical H6: Effort expectancy positively influences user’s behav-
drivers for the widespread adoption of mobile banking (e.g., ior through the intermediate effect of behavioral inten-
Pang and Ruan 2023). Further studies have revealed that tion.
social value is also critical in the relationship between func- H7: Social influence positively influences user’s behavior
tional, epistemic, and emotional values despite intangible through the intermediate effect of behavioral intention.
mobile banking. The authors have created a perceived value
scale to understand better and predict the various dimensions
of consumption values and their impact on behavior. Other Methodology
researchers looked at the effect of several consumption val-
ues on the intention to utilize mobile banking services (Sheth Research method
et al. 2021), focusing on trust. The study identified social,
functional, epistemic, and emotional consumption values Our research aims to explore the behavior of NBG’s m-bank-
as four separate types. However, functional, epistemic, and ing users, focusing on the distinct characteristics and inten-
emotional values strongly influenced the adoption of these tions of two different generations to utilize m-banking ser-
services (e.g., Karjaluoto et al. 2021). Considering Goh et al. vices. Channaveer and Baikady (2022) discuss the multiple
(2014) study based on the Theory of Consumption Values definitions of a "case study." While some emphasize using
to create a consumption value model for adopting mobile unstructured and qualitative data analysis, others highlight a
banking. They discovered a link between behavioral purpose comprehensive investigation of a specific case. Nonetheless,
and social, practical, epistemological, and emotional values. all definitions share the objective of conducting research and
Customers of mobile banking value social status, conveni- analysis to thoroughly understand a particular subject, event,
ence, time savings, productivity, security, and dependability. group, or situation.
Therefore, we examine the following research hypotheses: Recently, scholars have initiated research into the cor-
relation between the consumption values of Generations X
Social value positively influences user’s behavior. and Z and customers’ use of NBG mobile banking services.
Emotional value positively influences user’s behavior. Being one of the four systemic banks in Greece serving a
Epistemic value positively influences user’s behavior. diverse customer base, NBG presents a compelling case to
examine. Furthermore, NBG has invested noteworthy in its
A condition can encourage or inhibit a choice (Hung and web and mobile banking applications. According to Chan-
Hsieh 2010). The circumstances around the use of mobile naveer and Baikady’s (2022) research, case studies usually
apps drive conditional value. Omigie et al. (2017) state that employ qualitative research methods, but there are situations
these conditions include time, places, devices, and techni- where qualitative and quantitative approaches are utilized.
cal settings. Therefore, we examine the following research This fusion of methods yields a more profound comprehen-
hypothesis: sion of a particular phenomenon. Typically, the quantitative
H14: Conditional value positively influences user’s aspect acknowledges a singular reality, while the qualitative
behavior. part permits multiple interpretations.
When selecting a research method, it’s essential to con-
Intermediate relationships sider the questions the study aims to answer rather than
personal preference. Quantitative methods most effec-
The significant mediating influence of behavioral intention tively explore the relationship between two variables and
on the relationship between each UTAUT constructs and typically begin with "What." On the other hand, qualitative
users’ behavior is examined in many studies (e.g., Shahzad methods are better suited for complex research questions
et al. 2022; Ashfaq et al. 2021; Ifedayo et al. 2021). For that start with "Why" or "How." A quantitative approach is
example, the mediating role of behavioral intention on the often favored if a study aims to generalize its findings to a
relationship between effort and actual usage examined in larger population (Sarker and Al-Muaalemi 2022). Our study
504 K. Dendrinos, G. Spais

utilizes a quantitative approach using case study methodol- enhance the study. According to Chowdhury et al. (2022),
ogy. We collect primary data through a questionnaire and a questionnaire is a valuable research instrument.
analyze it statistically to test the research hypotheses. According to a recent study by Chowdhury et al.
(2022), questionnaires have pros and cons. On the posi-
Data Collection Process tive side, they are a convenient and cost-effective way to
gather a substantial amount of data quickly. Moreover,
A survey was carried out through the Survey Monkey plat- they allow respondents to answer anonymously. However,
form, where the questionnaires were distributed online and low response rates may occur if people ignore the survey
via email to a random selection of NBG customers dur- request or technical issues delay the process. Further-
ing March and April 2023. Our focus group for this study more, researchers may only sometimes have the means to
comprised customers of NBG who are frequent users of the monitor responses, which could impact the validity of the
mobile banking app available on the Android Play Store or results. Lastly, some respondents may hesitate to share
Apple App Store and belong to either Generation X or Z. their honest thoughts in written form due to various rea-
For comprehensive research, precise data collection is cru- sons, such as anxiety or insecurity. The questionnaire used
cial (Berenson et al. 2015). The author can gather primary in the study only contained closed-ended questions catego-
data by studying the entire population or a sample, while rized into two types: multiple-choice and scale. Multiple
secondary data is derived from previous research. Although choice questions give the respondent a list of pre-defined
analyzing the whole population may yield more dependable options based on their understanding of the question. On
outcomes, analyzing a sample is a more practical approach the other hand, scale questions require the respondent to
(Berenson et al. 2015). When examining a population, sci- indicate their level of agreement with the statement pre-
entists frequently utilize sampling methods to investigate sented in the question. One of the most commonly used
a smaller subset of it (Sarker and Al-Muaalemi 2022). A scale questions is the Likert scale, where respondents
non-probability sample is used when there is no knowledge express their opinions on the subject by selecting a num-
about selection probability (e.g., Sarker and Al-Muaalemi ber from 1 (“strongly disagree”) to 5 (“strongly agree”).
2022). This study will employ a non-probability sampling Berenson et al. (2015) identified category and numeri-
method to select a representative sample of NBG m-banking cal variables as the main variables; while numerical vari-
customers. ables can be measured or tallied, categorical variables can
We employed convenience sampling at NBG branches be categorized into separate groups. Numerical variables
to recruit participants for our mobile banking study. Our can be characterized as continuous or discrete, while cat-
sample exclusively comprised customers who use mobile egorical variables can be further divided into nominal
banking and identify as members of Generations X and Z, and ordinal categories. These properties, such as gender,
and we secured their consent to receive the questionnaire via music genre, color, letter grades, or service ratings, are
email. These criteria were the defining factors in shaping our categorical variables. Contrary to ordinal variables like
study’s sample. letter grades and service ratings, which can be organized
from lowest to highest or worst to best, nominal variables
Element: Bank customers born from 1964 to 1983 and like gender, music genre, and color cannot be ranked in
1993 to 2005. any particular order. Numerical variables are measured
Sampling unit: M-banking customers of Generations X by numeric values. Continuous variables, such as age, can
and Z. have any value.
Sampling area: Athens, Greece. The same variable can take different forms depending
Period of data collection: March and April 2023. on the study’s definition. For instance, age is a numerical
variable since it can be measured and counted. However, it
Research instrument and measurement of variables is regarded as a categorical (ordinal) variable if categorized
into generations. The questionnaire contains categorical
Customers using NBG m-banking received a question- primary variables, both nominal and ordinal. Within this
naire through email. The survey aims to gather feedback study, categorical and numerical variables fall under the
on their experiences with the underlined app. A question- classifications of nominal, ordinal, interval, or ratio meas-
naire is a set of written or printed questions with answer urements. There are different ways to measure variables.
options, typically used in surveys or statistical studies. Nominal variables are the most basic form but cannot be
While closed-ended questions are common in question- ranked. Ordinal variables, on the other hand, can be ranked
naires, some may include open-ended questions to pro- in a specific order. Numerical variables are measured using
vide a more comprehensive analysis. The inclusion of either interval or ratio scales. The difference between inter-
open-ended questions can reveal unexpected insights and val and ratio scales is that ratio scales have an actual zero
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 505

point, whereas interval scales do not. Measurements can be Influence. Performance Expectancy, Effort Expectancy,
accurately quantified on interval and ratio scales. Behavioral Intention, Functional Value, and Emotional
Value were the constructs with the highest median values.
Concurrently, the median values of Conditional Value,
Research results Social Influence, and Social Value were the lowest. Each
concept was rated by the participants on a five-point rating
Sample characteristics, descriptive statistics system, with five representing the highest rating. Accord-
and reliability analysis ing to the results, 75% of participants agreed with the
constructs of effort expectation, performance expectation,
We sent out questionnaires by email to 654 customers, behavioral intention, and functional value, which had the
and 445 of them responded. However, only 418 of those highest interquartile range. However, 75% of participants
responses were completed. Out of those, 76 responses were disagreed with social influence and social value, and at
from Generation Y and had to be excluded from our sam- least 50% disagreed with conditional value.
ple. We ended up with 342 individuals who belong to either Participants’ responses to the questions about epis-
Generation X or Generation Z and use mobile banking ser- temic value, conditional value, emotional value, and
vices. Of these, 207 respondents (60.53%) were female and social value varied, with standard deviations of 0.97396,
135 (39.47%) were male. The distribution of respondents 0.94264, 0.91020, and 0.90811, respectively. However,
shows that 49.71% belong to Generation Z. In comparison, when it came to Functional Value, Behavioral Intention,
50.29% belong to Generation X. Most respondents were Performance Expectancy, and Effort Expectancy, they all
single (51.17%), while a significant portion were married responded with the same standard deviations—0.58319,
with or without children (10.23% and 28.07%, respectively). 0.58980, 0.63058, and 0.64096, respectively. The val-
The majority of respondents were employees (64.62%), but ues of 0.3755, 0.3535, 0.3448, and 0.3018, respectively,
there were also students (16.37%), self-employed individu- indicated the most significant coefficients of variation for
als (13.45%), and unemployed individuals (4.68%). Most Social Value, Conditional Value, Epistemic Value, and
of the respondents had achieved higher education as their Social Influence. Conversely, the coefficient of variation
highest level (44.15%), followed by postgraduate education values for behavioral intention, performance expectation,
(29.53%) and secondary education (23.39%). Regarding effort expectation, emotional value, and functional value
annual income, the highest proportion of respondents earned were the lowest, at 0.1358, 0.1407, 0.1544, 0.1628, and
€0–20,000 per year (64.62%), while a significant percentage 0.2533, respectively.
(26.61%) earned €20,001–35,000 annually. Six of the ten groups of items show a negative skew-
The study participants were individuals who used mobile ness, meaning their values typically fall above the distri-
banking, with a significant number having prior experience bution’s mean. These items, which all have a noticeably
with the service. More than half of the respondents, 52.05%, negative skewness, include Performance Expectancy,
had 4–10 years of experience, while 37.72% had 1–3 years Behavioral Intention, Effort Expectancy, and Functional
of experience. A smaller percentage of 8.19% had been Value items. Furthermore, they have high kurtosis val-
using mobile banking for over ten years, and only 2.05% ues, which point to a leptokurtic distribution. On the other
had limited experience. When asked about their experience hand, items measuring Social Value, Social Influence,
with electronic banking services, 72.22% reported familiar- and Conditional Value show positive skewness and are
ity with conventional web banking, while 27.78% stated that below the normal distribution’s mean. The kurtosis values
mobile banking was their first experience. for these items vary, with Conditional Value exhibiting
A Likert scale was used to score 39 questions that negative kurtosis, while Social Value and Social Influ-
assessed various aspects of the study. Every question ence show mildly negative and positive kurtosis values,
had a variable associated with the chosen basic UTAUT respectively. Based on this, we can infer that responses to
constructions. The responses’ reliability was assessed Conditional Value items are more closely centered around
via Cronbach’s alpha tests. All constructs demonstrated the mean and that a significant proportion of responses
high internal consistency. Descriptive statistics were used may disagree with these items.
to compare the constructs with the newly grouped vari- The data analysis reveals that responses to Emotional
ables based on the median responses provided by the par- Value questions are heavily skewed towards negativity
ticipants. The Likert scale mean responses ranged from (− 0.843), with a positive kurtosis (0.779) indicating a
2.4181 to 4.3216. The structures with the greatest mean concentration of values around the mean. Conversely, the
values were referred to as the "fundamental UTAUT con- distribution of responses to Epistemic Value questions is
structs," whereas the constructs with the lowest mean nearly normal (0.090 skewness) but with negative kurtosis
values were Social Value, Conditional Value, and Social (− 0.699), implying ambiguity in the answers.
506 K. Dendrinos, G. Spais

Frequencies, multiple response analysis apps have nearly identical proportions of users, with
and cross‑tabulation analysis 43.10%, 43.10%, 42.60%, and 35.10%, respectively. The
188 respondents’ answers accounted for 313 responses,
During the survey, respondents were presented with the with an intriguing similarity between the percentages:
option to furnish multiple responses to a series of five inquir- 25.90% for Revolut, 25.90% for PayPal, 25.60% for
ies. These questions were centered on the mobile banking Google Pay, and 21.10% for Apple Pay.
applications they employ, the operating systems they utilize 5. Do you use social networking apps? Out of 342 par-
for mobile banking, the nature of transactions they tend to ticipants, a vast majority of 339 provided at least one
carry out via mobile banking, any other financial technol- response to the question, resulting in 1,850 responses.
ogy mobile applications they may use, and any social media Our findings reveal that over 75% of the respondents uti-
applications they may also use. lize the most popular social media apps, namely Viber,
Facebook, YouTube, Instagram, and Messenger. The
1. Which m-banking apps do you use? According to a usage percentages for these apps range from 76.70%
survey of 342 individuals, the majority (75.10%) use to 89.70%. In contrast, Snapchat, Twitch, and Twitter
NBG’s mobile banking app, which is expected since the were the most minor preferred apps among our sample
participants were NBG’s clientele. Alpha Bank’s mobile group, with percentages ranging from 6.20% to 17.70%.
banking app was acknowledged by 40.10% of the sam- Roughly a third of the respondents used LinkedIn,
ple, while Piraeus Bank’s and Eurobank’s were used by WhatsApp, and TikTok, with percentages ranging from
39.50% and 35.10% of respondents, respectively. Many 35.10% to 38.30%. The percentages of responses across
participants utilize various banks’ mobile banking apps all apps varied significantly, with the first five apps rang-
in addition to NBG’s. There were 668 responses, with ing from 14.10% to 16.40%, the last three apps ranging
the highest percentage (38.50%) referring to NBG’s from 1.10% to 3.20%, and the rest falling between 6.40%
app. Alpha Bank, Piraeus Bank, and Eurobank’s mobile and 7%.
banking apps each received almost equal percentages of
responses: 20.50%, 20.20%, and 18%, respectively. The feedback from the Likert-type questions offers valu-
2. What smart devices do you use for m-banking? Out of able insights into the participants’ perceptions of each fac-
the 360 participants surveyed, 342 provided answers to tor. Most respondents acknowledge the practicality and effi-
this question. The results revealed that 68.40% of the ciency of m-banking in accomplishing tasks, saving time on
respondents use Android smart devices, while 36.30% mundane activities, and its ease of use, ultimately leading to
use iOS smart devices. It was surprising to note that favorable results. Nonetheless, a few individuals might have
only a small percentage of the participants use Android started using it due to external factors or proficiency.
and iOS devices. Regarding the overall response rate, Cross-tabulation analysis uncovered that many partici-
64.80% indicated the use of Android devices, 34.30% pants either agreed or strongly agreed with the statements in
indicated the use of iOS devices, and a mere 0.80% the Performance Expectancy construct (57.30% and 37.70%,
referred to other operating systems. respectively). The cross-tabulation analysis only revealed
3. What transactions do you usually make via m-banking? a few instances where differences were noted. Similarly,
In our survey, participants had the freedom to choose respondents either agreed or strongly agreed with the items
from a wide range of options, and this question was in the Effort Expectancy construct (67.30% and 24%, respec-
crucial for completing the survey. All 342 respondents tively). Most respondents (regardless of their categorization,
answered this question, and the majority stated that they such as m-banking app users or social networking app users)
frequently conduct money transfers, payments, balance answered with a 4 (agree).
inquiries, transaction statements, and transaction notifi- The majority of respondents opted for neutrality (answer-
cations. Fewer respondents chose investment services, ing with a 3), disagreement (answering with a 2), or were
business online services, and insurance services. Lastly, unsure (with a median of 2.5) when it came to Social Influ-
consumer online services (such as online statements), ence. Categorically, there were significant variances. How-
credit card and loan payments, and digital wallet pay- ever, for Behavioral Intention, most respondents agreed or
ments were in the middle of respondents’ preferences. strongly agreed with the construct’s statements (59.90%
4. Do you use other fintech mobile applications? Out of all and 28.10%, respectively), with a minor exception. The
respondents, 188 individuals provided an answer to this responses for Functional Value were also apparent, with the
question, while 154 did not respond, representing 55% majority (62.90%) selecting answer 4. Yet, a few respond-
and 45%, respectively. Based on our survey, popular fin- ents (23.40%) were hesitant and neither agreed nor disa-
tech apps for mobile among our sample include Revolut, greed, while 12.90% strongly agreed with the construct’s
PayPal, Google Pay, and Apple Pay. Interestingly, these items. There were only minor differences among groups.
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 507

Regarding Social Value, half of the participants (50%) and Kruskal’s gamma was effective for non-linear Likert-
disagreed or strongly disagreed with the statements, while scale relationships and ordinal data. Similarly, Kendall rank
26.90% were undecided. There were a few instances where correlation (tau-b) provided an association measurement
this trend diverged. without linearity assumptions, and Somers’ D emphasized
Upon analyzing the feedback for Emotional Value items, correlation accuracy and symmetric interpretation between
it is clear that the majority (51.80%) of respondents sup- variables.
port the construct statements. However, 26% of participants
neither agree nor disagree, while 11.10% strongly agree. Research hypothesis H1
This trend remains consistent across all categories. Regard-
ing Epistemic Value items, most participants (33.60%) do We conducted a series of tests to explore the connection
not agree with the concept, with 32.20% remaining neutral. between Performance Expectancy and Behavioral Inten-
Only 24.30% of respondents agree with the statements. This tion. Performance Expectancy was the independent variable,
trend also remains consistent across all categories. Likewise, while Behavioral Intention was the dependent variable. Here
responses to Conditional Value items reveal that 73.10% of are the results:
participants do not agree or stay neutral towards the state-
ments, while approximately 42.10% disagree or strongly Pearson’s correlation
disagree. It is worth noting that regardless of categorization
based on questions with multiple responses, the proportions Although the test didn’t meet all the requirements, it pro-
of feedback consistently follow the same trend. vided valuable insights. It revealed a positive correlation
(r = 0.592) between Performance Expectancy and Behav-
Results of Mann–Whitney U and Kruskal–Wallis H ioral Intention, with a significance level below 0.001
tests (p < 0.001). It implies that Performance Expectancy posi-
tively impacts 59.2% of the variance of Behavioral Intention.
We utilized Mann–Whitney U tests to assess gender, prior
use of traditional banking services, and other fintech mobile Spearman’s Correlation
application usage. Participants were presented with two
options for each question, making the Mann–Whitney U test This test also indicated a positive monotonic relationship
fitting for our study. Our findings revealed no noteworthy between the two variables. It demonstrated that Performance
distinctions among the groups based on the four fundamen- Expectancy influences 57.2% (ρ = 0.572) of the variance of
tal UTAUT constructs (PE, EE, SI, and BI). In nearly all Behavioral Intention, with a significance level below 0.001
instances, the p value exceeded the significance level (0.05), (p < 0.001).
resulting in the inability to reject the null hypothesis.
The Kruskal–Wallis H test is a valuable statistical tech- Goodman and Kruskal’s gamma Correlation
nique for assessing whether there are notable distinctions
between independent groups based on factors such as age, The results were similar to the prior tests, showing a com-
family status, employment, education, and income. The plete certainty (p = 0) that Performance Expectancy posi-
Kruskal–Wallis H test indicated insufficient evidence to dis- tively affects 83.4% (γ = 0.834) of the variance of Behavioral
miss the null hypothesis in this investigation. It implies that Intention.
the p values for each test exceeded the significance level of
0.05, signifying no substantial differences among the groups kendall’s rank correlation (tau‑b)
under scrutiny.
This test also demonstrated a positive monotonic rela-
Research hypotheses testing tionship between the variables. Performance Expectancy
positively influences 54.9% of the variance of Behavioral
A variety of non-parametric tests were utilized to assess the Intention with a significance level below 0.001 (p < 0.001)
relationship between variables. These included Spearman’s (τ = 0.549).
rank correlation, Goodman and Kruskal’s gamma, Kendall
rank correlation (tau-b), and Somers’ D coefficients. Our Somers’ D correlation
decision to use these tests instead of Pearson’s correlation
coefficient was based on the fact that it did not align with The test findings were comparable to the earlier ones, indi-
our research assumptions. Each test offered unique advan- cating that Performance Expectancy has a positive influence
tages. For example, Spearman’s rank correlation was most on 54.9% (D = 0.549) of the variance of Behavioral Inten-
suitable for ordinal and continuous data, while Goodman tion with a significance level below 0.001 (p < 0.001).
508 K. Dendrinos, G. Spais

Based on these tests, we can reject the null hypothesis and Kruskal’s gamma Correlation test provides similar results,
accept Research Hypothesis H1, which postulates a positive indicating that Social Influence positively influences 29.2%
connection between Performance Expectancy and Behavio- of the variance of Behavioral Intention with a significance
ral Intention. level of p < 0.001. Kendall’s Rank Correlation Coefficient is
positive (τ = 0.196) at an almost absolute significance level
Research hypothesis H2 (p < 0.001), thus indicating a positive monotonic relation-
ship between the variables, and Social Influence positively
To confirm the theory that Effort Expectancy and Behavioral influences 19.6% of the variance of Behavioral Intention.
Intention have a positive correlation, we conducted identi- Lastly, Somers’ D correlation test also suggests a positive
cal tests to our previous ones. This time, Effort Expectancy influence of Social Influence on Behavioral Intention with
was the independent variable, and Behavioral Intention was a significance level of p < 0.001 and a coefficient of 0.193.
the dependent variable. Our focus was on determining the We can safely reject the null hypothesis and accept Research
relationship between the two. Hypothesis H3 based on these tests.
Through various tests conducted, it was discovered that
Effort Expectancy has a positive correlation with Behavioral Research hypothesis H4
Intention. Although not all Pearson’s correlation coefficient
assumptions were met, the test provided valuable insight. A method similar to the previous tests was used to test the
Pearson’s Correlation test revealed a coefficient of 0.53, indi- correlation between Behavioral Intention and User Behav-
cating that Effort Expectancy positively affects 53% of the ior. The independent variable was the construct of Behav-
variation in Behavioral Intention, with a significance level ioral Intention, while the dependent variable was the User’s
below 0.001 (p < 0.001) Behavior. In analytical terms:
Other tests, such as Spearman’s Correlation, Goodman After conducting several tests to determine the corre-
and Kruskal’s gamma Correlation, and Kendall’s Rank lation between Behavioral Intention and User Behavior,
Correlation Coefficient, also produced comparable results, we can confidently reject the null hypothesis and accept
showcasing a positive monotonic relationship between the the Research Hypothesis H4. Pearson’s correlation pro-
two variables. In particular, Goodman and Kruskal’s gamma vided valuable insight, indicating a positive correlation
Correlation test demonstrated that Effort Expectancy posi- (r = 0.212) between the two variables at a significance
tively influences 76% of the variance of Behavioral Intention level below 0.001 (p < 0.001). Behavioral Intention will
with a correlation coefficient of 0.76 and a significance level likely influence 21.2% of the variance of User’s Behavior.
of p = 0. Overall, the tests indicate a positive influence of Spearman’s correlation produced similar results, demon-
Effort Expectancy on Behavioral Intention, with various cor- strating a positive monotonic association between the vari-
relation coefficients ranging from 0.495 to 0.76. ables with almost absolute certainty (p < 0.001) and 23.7%
In summary, in light of the tests conducted to calculate (ρ = 0.237) of the variance of User’s Behavior positively
the correlation between Effort Expectancy and Behavioral influenced by Behavioral Intention. Similarly, Goodman
Intention, we can safely reject the null hypothesis and accept and Kruskal’s gamma Correlation showed almost absolute
Research Hypothesis H2. certainty (p < 0.001) that Behavioral Intention positively
influences 43.5% (γ = 0.435) of the variance of User Behav-
Research hypothesis H3 ior. Kendall’s Rank Correlation (tau-b) also demonstrated a
positive monotonic relationship (τ = 0.228) with an almost
We employed a comparable approach to examine the exist- absolute significance level (p < 0.001). We can conclude
ence of a positive correlation between Social Influence and that Behavioral Intention positively influences 22.8% of the
Behavioral Intention. Throughout our various tests, we con- variance of User Behavior. Lastly, Somer’s D correlation test
sistently utilized Social Influence as the independent vari- yielded comparable results, with almost absolute certainty
able and Behavioral Intention as the dependent variable. Our (p < 0.001) that Behavioral Intention positively influences
analysis specifically focused on: 22.7% (D = 0.227) of the variance of User’s Behavior. In
According to the test results, Social Influence and Behav- conclusion, these tests suggest that Behavioral Intention
ioral Intention are positively correlated. Pearson’s Corre- positively impacts User Behavior.
lation coefficient is 0.233 with a significance level below
0.001, indicating that Social Influence positively influences Research hypothesis H10
23.3% of the variance of Behavioral Intention. The Spear-
man’s Correlation test also shows a positive monotonic rela- To test the positive correlation between the constructs of
tionship between the two variables with a coefficient of 0.227 Functional Value and User Behavior, we conducted all the
and a significance level of p < 0.001. The Goodman and tests mentioned above using the construct of Functional
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 509

Value as the independent variable and the construct of User positive correlation between Emotional Value and User
Behavior as the dependent variable. Analytically: Behavior (r = 0.169) at a significance level of less than 0.001
Despite not meeting all its assumptions, the Pearson’s (p < 0.001), implying that Emotional Value favorably influ-
Correlation test provided valuable insights. The results indi- ences 16.9% of the variation in User Behavior. Spearman’s
cated a positive correlation (r = 0.198) between Functional correlation also demonstrated a positive monotonic associa-
Value and User Behavior, with a significance level below tion between the two variables, with 17.7% (ρ = 0.177) of
0.001 (p < 0.001). In simpler terms, the test suggested that the variation in User’s Behavior being positively influenced
Functional Value positively influences 19.8% of User’s by Emotional Value. Goodman and Kruskal’s gamma Cor-
Behavior. Similar results were produced by Spearman’s relation produced comparable results, with an almost cer-
and Goodman and Kruskal’s gamma Correlation tests, with tain probability (p < 0.001) that Emotional Value positively
almost absolute certainty (p < 0.001) that Functional Value influences 29.2% (γ = 0.292) of the variation in User Behav-
positively influenced User Behavior. The Kendall’s Rank ior. Kendall’s Rank Correlation (tau-b) demonstrated a posi-
Correlation test also showed a positive monotonic relation- tive correlation (τ = 0.165) at a nearly absolute significance
ship between the variables, with 20.4% of User Behavior level (p < 0.001), indicating that Emotional Value positively
positively influenced by Functional Value. Lastly, Somers’ influences 16.5% of the variation in User Behavior. Lastly,
D correlation test yielded similar results, indicating a posi- Somer’s D Correlation test produced comparable results,
tive influence (D = 0.203) on User’s Behavior by Functional with an almost inevitable (p < 0.001) 16.3% (D = 0.163) of
Value. These test results allowed us to safely reject the null the variation in User’s Behavior being positively influenced
hypothesis and accept the Research Hypothesis H10. by Emotional Value. These tests allow us to reject the null
hypothesis and accept Research Hypothesis H12 confidently.
Research hypothesis H11
Research hypothesis H13
The same method was utilized to examine the relationship
between Social Value and User Behavior. Social Value was We performed various tests to examine the relationship
considered the independent variable, while User Behavior between Epistemic Value and User Behavior. We used Epis-
was the dependent variable in all tests conducted. Analyti- temic Value as the independent variable and User’s Behavior
cally speaking: as the dependent variable in our analysis. Specifically, we
After thoroughly analyzing the relationship between conducted the tests mentioned previously. After performing
Social Value and User Behavior, we utilized Pearson’s, multiple correlation tests between Epistemic Value and User
Spearman’s, Goodman and Kruskal’s gamma, Kendall’s Behavior, we have enough evidence to reject the null hypoth-
Rank, and Somers’ D correlations. These tests’ results indi- esis and accept Research Hypothesis H13. Although Pear-
cated a positive correlation between the two variables. How- son’s coefficient of correlation did not meet all assumptions,
ever, none of them met the significance level of α = 0.05. it provided valuable insights into the positive correlation
As such, we cannot reject the null hypothesis or confirm between Epistemic Value and User Behavior (r = 0.136).
Research Hypothesis H11. While it remains uncertain This result indicates that Epistemic Value positively influ-
whether a monotonic relationship exists between Social ences 13.6% of the variance of User’s Behavior at a signifi-
Value and User Behavior, we can deduce that Social Value cance level of 0.006 (p = 0.006).
may have a small but positive influence on User Behavior, Similarly, Spearman’s Correlation test showed a positive
ranging from 3.50% to 6.10% of the variance. monotonic relationship between the variables, with 14.1%
(ρ = 0.141) of the variance of User’s Behavior positively
Research hypothesis H12 influenced by Epistemic Value at a significance level of
0.005 (p = 0.005). The results of Goodman and Kruskal’s
To investigate the positive relationship between Emotional gamma Correlation were almost absolute (p = 0.008),
Value and User Behavior, we tested Emotional Value as the indicating that Epistemic Value positively influences 22%
independent variable and User Behavior as the dependent (γ = 0.220) of the variance of User’s Behavior. Kendall’s
variable. Specifically: Rank Correlation Coefficient also revealed a positive mono-
Various methods were employed to test the correlation tonic relationship between the variables (τ = 0.130), with
between Emotional Value and User Behavior, including 13% of the variance of User’s Behavior positively influenced
Pearson’s Correlation, Spearman’s Correlation, Good- by Epistemic Value at an almost absolute significance level
man and Kruskal’s gamma Correlation, Kendall’s Rank (p = 0.005). Finally, Somer’s D Correlation test produced
Correlation (tau-b), and Somer’s D Correlation. Despite similar results, suggesting that Epistemic Value positively
not all assumptions being satisfied, the tests yielded valu- influences 12.7% (D = 0.127) of the variance of User’s
able insights. Pearson’s correlation indicated a significant Behavior with a significance level of 0.008 (p = 0.008). The
510 K. Dendrinos, G. Spais

correlation tests between Epistemic Value and User Behav- H9b, and H9c, we performed a moderation analysis. For
ior strongly support Research Hypothesis H13. these analyses, we used the reliable and non-parametric
bootstrapping method. This method examines the connec-
Research hypothesis H14 tion between an independent, mediator, and dependent var-
iable. It assesses the relationship between the independent
We adopted a comparable methodology to investigate the and dependent variables with and without the mediator’s
correlation between Conditional Value and User Behavior. effect, using 5000 bootstrap samples to create 95% confi-
We executed tests with Conditional Value as the independ- dence intervals (Preacher and Hayes 2008).
ent variable and User Behavior as the dependent variable.
We adhered to the same procedure as previously utilized in
terms of analysis. Research hypothesis H5
After conducting tests on Pearson’s Correlation, Spear-
man’s Correlation, Goodman and Kruskal’s gamma Corre- We conducted a thorough analysis to test our hypothesis,
lation, Kendall’s Rank Correlation (tau-b), and Somer’s D utilizing multiple regression through bootstrapping. Our
Correlation, it was determined that they all produced similar findings indicate a significant positive correlation between
results. Despite not all assumptions of Pearson’s coefficient Performance Expectancy and Behavioral Intention (path
of correlation being met, the test still provided valuable a, b = 0.6430, p = 0). Additionally, we observed a sig-
information confirmed by non-parametric tests. Based on nificant positive correlation between Behavioral Intention
the tests, Conditional Value and User Behavior might have and User Behavior (path b, b = 0.4878, p = 0.028 < 0.05),
a negative correlation. The tests indicated that 1.2–1.9% of (see Fig. 3).
the variance of User’s Behavior may be negatively influ- However, we did not keep a meaningful direct relation-
enced by Conditional Value. However, the certainty of these ship between Performance Expectancy and User Behav-
conclusions ranged from 20.5 to 60.1% and were consid- ior (path c, b = 0.4319, p = 0.731 > 0.05). Interestingly,
ered ambiguous. Overall, the findings could be more explicit when accounting for Behavioral Intention in the model,
regarding the existence of a dependable association between the relationship between Performance Expectancy and
the variables. After analyzing the assessments, it was con- User Behavior became significant (path c′, b = 0.3137,
cluded that there was no significant correlation between p = 0.05), indicating a full mediation effect.
Conditional Value and User Behavior, as the significance Moreover, we calculated the 95% confidence interval
level of α = 0.05 was not reached. As a result, the null of the mediated relationship between Performance Expec-
hypothesis cannot be dismissed, and Research Hypothesis tancy and User Behavior to be (0.0371, 0.6301) (excluding
H14 cannot be validated. zero value). We have a 95% confidence that 3% to 63% of
the variance of User’s Behavior can be explained by the
Mediation and moderation analysis influence of Performance Expectancy on User’s Behavior
through Behavioral Intention. As a result, we can confi-
We conducted a mediation analysis to test hypotheses H5, dently accept Research Hypothesis H5 and reject the null
H6, and H7, which involved intermediate relationships. hypothesis.
Additionally, to confirm hypotheses H8a, H8b, H8c, H9a,

Fig. 3  Research model

An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 511

Research hypothesis H6 variance in User’s Behavior can be explained by the influ-

ence of Effort Expectancy on User’s Behavior through the
We utilized multiple regression analysis with bootstrapping intermediate effect of Behavioral Intention. Based on these
to verify our hypothesis. Our findings indicate a strong pos- findings, we can confidently reject the null hypothesis and
itive correlation between the independent variable (Effort accept Research Hypothesis H6.
Expectancy) and the mediator (Behavioral Intention) (path
a, b = 0.5824, p = 0), (see Fig. 4). Research hypothesis H7
Additionally, the mediator (Behavioral Intention) has a
significant positive correlation with the dependent variable To test our hypothesis, we utilized a multiple regression
(User’s Behavior) (path b, b = 0.5236, p = 0.0133 < 0.05). analysis with bootstrapping. Our study revealed a posi-
However, we did not uncover a significant direct relation- tive correlation between the independent variable (Social
ship between the independent and dependent variables (path Influence) and the mediator (Behavioral Intention) (path a,
c, b = 0.4193, p = 0.748 > 0.05). Nevertheless, when we b = 0.1905, p = 0). The mediator (Behavioral Intention)
included the mediator in the model, the relationship between also displayed a significant positive correlation with the
the independent and dependent variables became significant dependent variable (User’s Behavior) (path b, b = 0.7268,
(path c′, b = 0.3050, p = 0.05). It suggests that a full media- p = 0.0001 < 0.05), (see Fig. 5).
tion effect is in play. However, the independent variable did not display a direct
Additionally, we established a 95% confidence interval significant relationship with the dependent variable (path c,
for the mediated relationship between the independent and b = − 0.0733, p = 0.6248 > 0.05). When we incorporated
dependent variables, which is (0.0663, 0.5705) (excluding the mediator into the model, the relationship between the
zero). It means that we are 95% certain that 6% to 57% of the independent and dependent variables became significant

Fig. 4  The indirect effect of

performance expectancy via
behavioral intention

Fig. 5  The indirect effect of

effort expectancy via behavioral
intention
512 K. Dendrinos, G. Spais

(path c′, b = 0.1384, p = 0.05), indicating a complete media- (R2 = 0.0359, p = 0.88 > 0.05), and the interaction between
tion effect. Social Influence and Gender also showed an insignificant
Furthermore, the mediated relationship between the relationship with Behavioral Intention (R2 = − 0.0071,
independent and dependent variables has a 95% confidence p =0.9354 > 0.05). Consequently, despite the model being
interval (0.0532, 0.2627). We can be 95% certain that the significant (p = 0.0003), the null hypothesis cannot be
influence of Social Influence on User Behavior through the rejected.
intermediate effect of Behavioral Intention accounts for 5%
to 26% of the variance in User Behavior. Consequently, we
Research hypothesis H8b
can reject the null hypothesis and accept Research Hypoth-
esis H7.
Based on the analysis using bootstrapping, we developed
To evaluate moderation, we employed a similar analysis
a linear regression model with Effort Expectancy as the
approach. We once again utilized the bootstrapping method,
independent variable, Behavioral Intention as the depend-
but this time, we concentrated on the moderating impact of a
ent variable, and Gender as the moderating variable. The
third variable. Essentially, we constructed a linear regression
model showed a good fit with an R2 value of 0.2856 and a p
model featuring four variables:
value of 0. Moreover, we found that Effort Expectancy has
a positive linear relationship with Behavioral Intention with
• The independent variable(s).
an R2 value of 0.4135 and a p value of 0.0207 (see Fig. 7).
• The dependent variable.
However, we observed that Gender and its interaction
• The moderating variable(s).
with Effort Expectancy have non-significant linear relation-
• The product(s) of the equation (i.e., the independent vari-
ships with the dependent variable. The R2 value for Gen-
able multiplied by the moderating variable).
der was − 0.3753 with a p value of 0.3945 (> 0.05), while
the R2 value for the interaction between Gender and Effort
To obtain insightful statistical findings, we transformed the
Expectancy was 0.1061 with a p value of 0.3118 (> 0.05).
conceptual model into a statistical model, which entails a
Thus, we cannot reject the null hypothesis.
linear regression analysis. Our tests involved generating 95%
confidence intervals through 5000 bootstrap samples.
Research hypothesis H8c
Research hypothesis H8a
The bootstrapping linear regression model results reveal
After analyzing the correlation between Social Influence and a firm fit, as evidenced by an R2 value of 0.3605 and a p
Behavioral Intention using a linear regression model with value of 0. All three independent variables, Performance
bootstrapping, it was discovered that introducing Gender as Expectancy, Behavioral Intention, and Gender, have a sig-
a moderator resulted in the correlation between the two vari- nificant relationship with the dependent variable. Specifi-
ables losing significance (R2 = 0.2016, p = 0.1653 > 0.05), cally, Performance Expectancy stands out with an impres-
(see Fig. 6). sive R2 value of 0.9995 and a p value of 0, while Gender has
Furthermore, there was no significant relationship a significant R2 value of − 0.9848 with a p value of 0.0228
discovered between Gender and Behavioral Intention (see Fig. 8)

Fig. 6  The indirect effect of

social influence via behavioral
intention
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 513

Fig. 7  The moderating effect

of gender on the relationship of
social influence and behavioral
intention

Fig. 8  The moderating effect

of gender on the relationship of
effort expectancy and behavio-
ral intention

Additionally, the interaction between Gender and Behav- model. The R2 value is 0.0986, and the p value is 0.1157,
ioral Intention is noteworthy, with an R2 value of − 0.2165 indicating no critical relationship between the two variables
and a p value of 0.0287. Further analysis indicates that the since the p value is more significant than 0.05. Addition-
connection between Performance Expectancy and Behavio- ally, Generation does not have a substantial relationship with
ral Intention for m-banking is more vital for males (Gender Behavioral Intention. The R2 value is − 0.0545, and the p
value 1) than females (Gender value 2). The R2 value for value is 0.096, more significant than 0.05 (see Fig. 9).
males is 0.7830 with a p value of 0, while the R2 value The interaction between Social Influence and Generation
for females is 0.5665 with a p value of 0. It implies that is also insignificant concerning Behavioral Intention. The R2
we can be sure with 100% confidence that the performance value is 0.0310, and the p value is 0.3856, greater than 0.05.
expectancy of the service influences 78% of the variation in Despite the significant model with a p value of 0.0001, we
the behavioral intention of males regarding m-banking. On cannot reject the null hypothesis based on these findings.
the other hand, only 56% of the variance in the behavioral
intention of females regarding m-banking is affected by their Research hypothesis H9b
performance expectancy for the service. Therefore, we reject
the null hypothesis and favor the alternate one. After constructing a linear regression model using bootstrap-
ping, we discovered that Effort Expectancy is the independ-
Research hypothesis H9a ent variable, Behavioral Intention is the dependent variable,
and Generation is the moderating variable. The model fits
The correlation between Social Influence and Behavioral relatively well with R2 = 0.5376 and p = 0. It’s important to
Intention is no longer significant after bootstrapping and note that Effort Expectancy has a positive linear relationship
introducing Generation as a moderator in a linear regression with Behavioral Intention (R2 = 0.3260 and p = 0.0239).
514 K. Dendrinos, G. Spais

Fig. 9  The moderating effect

of gender on the relationship of
performance expectancy and
behavioral intention

However, Generation and its interaction with Effort Expec- Summary of research results
tancy do not have significant linear relationships with the
dependent variable (R2 = − 0.3196, p = 0.0712 > 0.05 and Figure 12 includes the research hypotheses results.
R2 = 0.0803, p = 0.0583 > 0.05, respectively), (see Fig. 10). Table 2 summarizes the research results, including the
Therefore, we cannot reject the null hypothesis. level of support and significance level.
Based on our theoretical model, we can interpret the
Research hypothesis H9c research results as follows. Users’ belief that using mobile
banking apps will lead to significant rewards (performance
Constructing a linear regression model through bootstrap- expectancy), as per the expectancy theory, positively affects
ping with Performance Expectancy as the independent vari- their behavioral intention. Users consciously choose the best
able, Behavioral Intention as the dependent, and Generation option to optimize outcomes. Gen Z users have less faith
as the moderating one, it is deduced that the model pre- in performance expectancy than Gen X users. Surprisingly,
sents a relatively perfect fit with R2 = 0.6002 and p = 0. In men place more importance on performance expectancy
addition, Performance Expectancy exhibits a positive linear than women (Fig. 13).
relationship with Behavioral Intention with R2 = 0.4603 The user’s perception of the ease of using mobile bank-
and p = 0.0005, but both Generation and—more impor- ing apps (effort expectancy) positively influences their
tantly—its interaction with Performance Expectancy display conscious plans to adopt mobile banking apps in the future
non-significant linear relationships with the dependent vari- (behavioral intention) and the actual adoption of mobile
able (R2 = −0.2135, p = 0.1982 > 0.05 and R2 = 0.0590, banking apps. If users perceive using mobile banking apps
p = 0.1244 > 0.05 respectively), (see Fig. 11). Therefore, as effortless, they are more likely to use them. There is
we fail to reject the null hypothesis. no significant difference in the relationship between effort

Fig. 10  The moderating effect

of generation on the relationship
of social influence and behavio-
ral intention
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 515

Fig. 11  The moderating effect

of generation on the relation-
ship of effort expectancy and
behavioral intention

Fig. 12  The moderating effect

of generation on the relationship
of performance expectancy and
behavioral intention

expectancy and behavioral intention between women or Discussion

Gen X users and men or Gen Z users.
The perception of the user’s social circle regarding the This study aims to analyze the impact of consumption val-
use of mobile banking apps positively influences their ues on the adoption of NBG’s mobile banking services, as
conscious plans to adopt them in the future (behavioral well as the role of customers’ motivation and app adop-
intention) and the actual adoption of mobile banking tion in this process. The study revealed users’ attitudes
apps. There is no significant difference in this relationship and behavior towards mobile banking by establishing
between women or Gen X users and men or Gen Z users. significant connections between the four fundamental
According to the social influence theory, users of mobile UTAUT constructs. The results confirm that the three
banking apps are part of a social network that reduces dif- selected UTAUT constructs, as antecedents of behavioral
ferences in opinions. intention, supporting the initial assumption. Gender dif-
The functional value, emotional value, and epistemic ferences were also observed in the correlation between
value of mobile banking apps positively influence their men’s performance expectancy and behavioral intention,
adoption. The primary driver of users’ choice is the func- although mobile banking was found to be widely adopted
tional value, measured by the choice attributes, as per the regardless of gender and generational cohorts. Key fac-
economic utility theory. The emotional value is associ- tors influencing adoption and usage were identified, such
ated with specific feelings and is often linked to aesthetic as performance expectancy and effort expectancy. This
alternatives. The epistemic value provides a unique expe- study provided valuable insights into the factors driving
rience that is valuable for learning. However, social and mobile banking adoption and usage behavior by analyzing
conditional values do not affect users’ adoption of mobile consumption values.
banking apps.
516 K. Dendrinos, G. Spais

Table 2  Summary of research results Nevertheless, some studies investigating mobile banking
Hypothesis Support Significance level adoption did not confirm the role of social influence (Bap-
tista and Oliveira 2017; Ajzen 2011).
(H1) Accepted a = 0.05 Our study delved deeper into the five consumption
(H2) Accepted a = 0.05 values that impact mobile banking behavior, enabling us
(H3) Accepted a = 0.05 to observe the effects of three fundamental values: func-
(H4) Accepted a = 0.05 tional, emotional, and epistemic. Consistent with previ-
(H5) Accepted a = 0.05 ous findings by Karjaluoto et al. (2021) and supported
(H6) Accepted a = 0.05 by Sheth et al. (1991) and Fishbein and Ajzen (1975),
(H7) Accepted a = 0.05 functional, emotional, and epistemic values play a signifi-
(H8a) Rejected a = 0.05 cant role in shaping behavior. However, unlike Karjaluoto
(H8b) Rejected a = 0.05 et al. (2021) and Goh et al. (2014), our research did not
(H8c) Accepted a = 0.05 find social value a significant factor, suggesting that Greek
(H9a) Rejected a = 0.05 m-banking customers may prioritize other values when
(H9b) Rejected a = 0.05 making m-banking decisions. Additionally, we found that
(H9c) Rejected a = 0.05 conditional value did not significantly influence m-bank-
(H10) Accepted a = 0.05 ing behavior. Interestingly, our study revealed that gender
(H11) Rejected a = 0.05 plays a more crucial role in the connection between men’s
(H12) Accepted a = 0.05 performance expectancy and behavioral intention (Kar-
(H13) Accepted a = 0.05 jaluoto et al. 2021; Goh et al. 2014).
(H14) Rejected a = 0.05 As per the research conducted by Davis (1989) and
Therefore, based on the research results, the final model of our study UTAUT (Venkatesh et al. 2003), the correlation between
is depicted in Fig. 13 performance expectancy and behavioral intention under-
scores the significance of perceived service utility. Behav-
ioral intention is also impacted by intuitive use and social
Relating the findings to earlier work influence, which has been supported by Davis et al. (1992)
and Thompson et al. (1991). Previous studies have high-
Our study aligns with Venkatesh et al. (2003) and Ajzen lighted the critical role of perceived service utility and
(1991), and provides additional evidence that behavioral intuitive use in determining behavioral intention, ease of
intentions significantly impact mobile banking behav- use, and social influence (e.g., Davis et al. 1992; Thomp-
ior. It highlights the importance of intentions in shap- son et al. 1991). This study sheds light on mobile banking,
ing usage patterns. By examining the factors influencing particularly regarding consumption values, while acknowl-
mobile banking app adoption using the UTAUT model, edging the constraints imposed by the context. Future
we have identified that the “three fundamental UTAUT studies should replicate these findings under diverse cir-
constructs” are critical antecedents of behavioral intention, cumstances to enhance their robustness and applicability.
consistent with prior research (e.g., Mütterlein et al. 2019).

Fig. 13  The research model

including the research hypoth-
eses results
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 517

Theoretical and research implications the primary criticisms of the theory, which is its limited abil-
ity to predict consumer behavior (precisely, behavioral inten-
Many quantitative models focus solely on age when compar- tions). In reality, it can also predict actual user’s behavior.
ing different generations without considering other factors Marketing analytics is now an essential element of
that may differ. However, recent studies have highlighted data-driven decision-making to do this. Business decision-
that different generations have unique attitudes towards making can no longer be done exclusively by gut feeling
mobile banking services, and various factors can influence because data is now a vital source of long-term competi-
their willingness to adopt these services (Shams et al. 2020). tive advantage. Even if new goods are easily copied, one
Despite this research, there still needs to be a significant gap of the few remaining effective ways for businesses to stand
in our understanding of how mobile banking apps are used out in an increasingly globalized environment where people
and their impact on generations X and Z. are disloyal, and organizations are constantly changing is
While studies on mobile banking adoption do not defini- to leverage data strategically. Based on the key journal of
tively show how social influence affects it, our study finds the Journal of Marketing Analytics (Petrescu and Krishen
it significant. Therefore, it is essential to acknowledge that 2023), this bibliographical cluster adds important conclu-
an expanded version of the UTAUT model should incorpo- sions and additions to the marketing analytics literature. The
rate the role of social influence theory. It means considering first cluster, which reflects the application of big data and
new theoretical extensions of UTAUT, including Keiman’s data mining for customer segmentation, forecasting, and
compliance, identification, and internalization processes and retail, is centered on data-driven customer insights. There
Deutsch and Gerard’s normative and informational social is a special research interest in leveraging customer data to
influence causes, and measuring their impact (Trenz et al. improve engagement and raise customer lifetime value. Our
2018). study offers bank marketers and banks (concerning retail-
The expectancy theory is another influential concept in ing) helpful information for creating strategies to encourage
the UTAUT model, explaining how mobile banking custom- more customers from both generations to use mobile bank-
ers make decisions based on positive incentives. A rational ing apps. Furthermore, the purpose of this study is to inves-
calculation of their situation determines their motivation to tigate the significance of emphasizing various consumption
exert effort. However, available empirical evidence has yet values and the mediating function of behavioral intentions to
to show a precise mechanism for when marketers offer spe- use mobile banking apps. Only a subset of UTAUT factors
cific motivations and rewards. Customers may not value or will actually influence behavioral intention to adopt mobile
believe in them and may not perceive their value. A set of banking apps in both a direct and indirect way in countries
moderators and predicting variables is necessary to under- and cultural environments where the digital transformation
stand when customers are not motivated. of the state and businesses began during the COVID 19 pan-
The UTAUT model is a comprehensive blend of various demic and with a shallow degree of familiarity with mobile
theories. The findings of this study provide valuable insights applications by the majority of citizens.
into the importance of “three fundamental UTAUT con- Based on Nayyar’s discussion (2023), one further
structs”. Additionally, the study utilized van der Heijden’s research implication of the study is that the role of mar-
hedonic information system acceptance to pinpoint the func- keting analytics in the ethical consumption of online bank
tional, emotional, and epistemic values that are essential fac- customers is the inclusion of consumption values’ effects in
tors in mobile banking adoption. It aligns with Sheth et al. the adoption of mobile banking apps by different generations
Theory of Consumption Values (1991). By integrating vari- of online bank customers. Technology with data handling
ous theories and drawing from past research (e.g., Karjaluoto significantly requires more validated research models exam-
et al. 2021; Berraies et al. 2017; Goh et al. 2014; Sweeney ining marketing analytics effectiveness with a customized
and Soutar 2001), this research further deepens our under- approach. Further, the research models must offer the chance
standing of the factors that drive mobile banking behavior to see new research directions that different epistemologi-
and offers theoretical implications. cal and ontological assumptions may show us and deepen
It would not be prudent to assume that the theory of con- further our understanding.
sumption values is all-encompassing and that any other per-
ceived values are merely context-specific or "extra values" Practical implications
that can be traced back to an original consumption value
(Mason et al. 2023). Various consumption situations, par- In order to increase the usage of mobile banking apps,
ticularly mobile banking behavior, may require additional banks need to focus on informing customers about the
relevant values or sets of values that can enhance the theory advantages, offering educational resources, and provid-
by incorporating factors not fully accounted for by current ing incentives for switching. Our study provides valuable
consumption values. Additionally, our study answers one of insights into the behavioral factors that impact the adoption
518 K. Dendrinos, G. Spais

of mobile banking apps among Generations X and Z in Ath- of particular motivations and incentives on customers’ per-
ens, Greece. These findings can assist banks in developing ceived value for m-banking services.
and promoting their services more efficiently for individuals
born between 1964 and 1983 (Generation X) and between Further research
1993 and 2005 (Generation Z).
Banks must customize their solutions to fit the specific This study provides valuable insights into the mobile bank-
interests of younger generations to encourage them to use ing habits of Generations X and Z. The results lay a solid
mobile banking. Specific consumption values, includ- groundwork for further research, which could delve deeper
ing utility, emotion, and knowledge, are highlighted by a into the factors that affect mobile banking adoption and
recent study. Marketers must consider that the applicability usage behaviors for these age groups. Continued exploration
of these values varies depending on the result and environ- of these areas of study may lead to an even more profound
ment, demanding a tailored marketing approach that caters understanding of this significant topic.
to the various requirements and wishes of consumers based Researchers should conduct long-term studies that track
on gender and generation. It might also be helpful to high- trends to understand mobile banking practices thoroughly.
light mobile banking services’ quickness, effectiveness, and This methodology can reveal enduring factors and emerging
user-friendliness. dynamics that affect people’s willingness to adopt and use
Banks should prioritize user-friendly interfaces and mobile banking applications. Although qualitative research
incorporate social aspects that promote community and can illuminate the fundamental motivations and attitudes
trust to enhance the adoption rates of mobile banking. For that guide behavior, quantitative analysis can provide
optimal relevance, they should also adapt their marketing insightful data insights. Comprehensive interviews, group
strategies to match the preferences of each generation and discussions, and ethnographic investigations uncover human
remove any obstacles that may hinder users from embrac- narratives that quantitative analyses would overlook.
ing mobile banking. Marketers must simplify the sign-up Cross-cultural research must be done across many cul-
process and clarify app usage to promote mobile banking tures to understand how cultural values, conventions, and
adoption based on a combination of online and offline tactics attitudes affect mobile banking. This strategy can assist in
that can be used to achieve this goal, including: identifying helpful design ideas to boost motivation and
engagement in mobile banking services. It is also critical
1. Segmenting the audience based on gender and genera- to look into other aspects of user behavior that affect them,
tion and tailoring promotional efforts accordingly. such as trust, security worries, privacy views, and financial
2. Incentivizing customers to utilize the mobile app by literacy. By researching these areas, academics and profes-
offering rewards for completing transactions. sionals can develop user-centered mobile banking experi-
3. Providing educational resources like product simulations ences that satisfy the changing demands and preferences of
on the company’s website to help customers become Generations X and Z. It will ultimately result in creating
familiar with the app. more efficient interventions and strategies based on a thor-
4. Creating interactive marketing campaigns that offer ough comprehension of mobile banking behavior.
valuable rewards and prizes. Based on the research implications, we advise that future
5. Focusing on a single feature and leveraging social media studies of online customers’ mobile banking services and
for promotion. applications be included in the literature on marketing ana-
lytics. These studies should provide insightful information
Users’ experience with mobile banking apps is heavily about online marketing models and banking marketing strat-
influenced by various factors, such as their expectations for egies by utilizing marketing analytics and critically examin-
related products and services, sociocultural norms, and the ing the roles played by artificial intelligence, customer pri-
opinions of those around them. Virtual communities, and vacy, and the marketing mix when promoting products and
social media platforms play a vital role in the marketing services through mobile banking apps.
strategies used to promote the adoption of m-banking apps.
Positive feedback from users within interpersonal relation-
ships and social networks can help build trust and enhance Conclusion
users’ sentiments towards this type of service.
Marketing managers at banks require a logical and con- This article explores the impact of consumption values
tinuous assessment of the marketing landscape that identifies on the adoption of mobile banking services among Gen-
the factors influencing mobile banking customers to engage erations X and Z. It delves into the behavior of banking
with and utilize m-banking applications. They must develop customers, focusing on their motivation and intention. The
marketing strategies for these apps that illustrate the effects study highlights the significant role of consumption values
An investigation of selected UTAUT constructs and consumption values of Gen Z and Gen X for mobile… 519

in influencing the adoption of mobile banking and how Declarations

customer behavior plays a crucial role in shaping their
motivation and intention. Conflict of interest None of the authors have a conflict of interest to
disclose.
The study is based on Venkatesh et al.’s (2003) Unified
Theory of Acceptance and Use of Technology (UTAUT), Open Access This article is licensed under a Creative Commons Attri-
which identifies the key factors influencing technology bution 4.0 International License, which permits use, sharing, adapta-
adoption behavior. We refer to Sheth et al.’s (1991) Theory tion, distribution and reproduction in any medium or format, as long
as you give appropriate credit to the original author(s) and the source,
of Consumption Values to obtain essential insights into provide a link to the Creative Commons licence, and indicate if changes
the variables that influence consumers’ views of value and were made. The images or other third party material in this article are
their behavior. included in the article’s Creative Commons licence, unless indicated
We find several variables that are important in influenc- otherwise in a credit line to the material. If material is not included in
the article’s Creative Commons licence and your intended use is not
ing the behavior and intents of users. These include social permitted by statutory regulation or exceeds the permitted use, you will
influence, functional and emotional value, performance need to obtain permission directly from the copyright holder. To view a
expectations, effort expectations, and epistemic worth. copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.
According to the research, meeting users’ expectations
for value, having user-friendly interfaces, and having easy
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green innovation technology to accelerate sustainable develop- University of Economics and Business and holds an MBA from the
ment among manufacturing industry. Journal of Innovation and Hellenic Open University. Konstantinos Dendrinos has 17 years of
Knowledge 7 (4): 100231. experience in retail banking. He is employed at the Nea Makri Branch
Shaikh, A., and H. Karjaluoto. 2015. Mobile banking adoption: A lit- of the National Bank of Greece S.A. With an unwavering dedication
erature review. Telematics and Informatics 32 (1): 129–142. to excellence, Konstantinos is committed to redefining and enhancing
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customer’s mobile banking experiences and expectations among
generations X, Y and Z. Journal of Financial Services Marketing George Spais is an adjunct faculty member at the Hellenic Open Uni-
25 (1–2): 1–13. versity (Greece). His areas of expertise are promotion management,
Sheth, J., B. Newman, and B. Gross. 1991. Why we buy what we buy: digital marketing, digital promotion, sponsorship-linked marketing,
A theory of consumption values. Journal of Business Research and marketing education. His research works have appeared in inter-
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Sweeney, J., and G. Soutar. 2001. Consumer perceived value: The conference proceedings (including conferences of the Academy of
development of a multiple item scale. Journal of Retailing 77 Marketing Science and the American Marketing Association) and
(2): 203–220. book chapters. He has been appointed as an Editorial Advisory Board
Talwar, S., P. Kaur, S. Kumar, M. Laroche, and A. Dhir. 2023. Caged, Member of the Asia Pacific Journal of Marketing and Logistics, FIIB
helpless but not bored: Consumption values derived from over- Business Review, and Journal of Business Case Studies. He serves
the-top platforms during pandemic. Information Technology and as Senior Associate Editor of the Journal of Promotion Management
People. https://​doi.​org/​10.​1108/​ITP-​11-​2021-​0837. and as Associate Editor of the Journal of Consumer Behaviour. As a
Tam, C., and T. Oliveira. 2017. Literature review of mobile banking guest editor, he has edited special issues for journal publications and
and individual performance. International Journal of Bank Mar- book volumes. He is a member of the editorial boards of the Asian
keting 35 (7): 1042–1065. Journal of Marketing, Frontiers in Communication, Innovative Mar-
Tandon, U. 2021. Predictors of online shopping in India: An empirical keting, Int. Journal of Consumer Studies, Int. Journal of Integrated
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Taylor, S., and P. Todd. 1995a. Assessing IT usage: The role of prior Advancement of Marketing Education, Journal of Emerging Trends in
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usage: A test of competing models. Information Systems Research Education, and Marketing Education Review. He co-chaired tracks for
6 (2): 144–176. the Annual Conferences of the Society for Marketing Advances. He is
Thompson, R., C. Higgins, and J. Howell. 1991. Personal computing: also a regular reviewer for several leading international refereed mar-
Toward a conceptual model of utilization. MIS Quarterly 15 (1): keting and business journals and academic conferences organized by
125–143. academies, associations, and societies such as AMS, EMAC, EURAM,
Trenz, M., J. Huntgeburth, and D. Veit. 2018. Uncertainty in cloud BAM, ANZMAC, AM, GAMMA, SMA, and IIMA. He is an elected
service relationships: Uncovering the differential effect of three Fellow Member (FCIM) and certified Chartered Marketer of the Char-
social influence processes on potential and current users. Informa- tered Institute of Marketing (UK). He worked as a freelance marketing
tion and Management 55 (8): 971–983. consultant for small-medium-sized profit and nonprofit organizations.
He is a trainer and educator for major significant Greek agencies, asso-
ciations, and unions [such as the Greek National Centre for Public
522 K. Dendrinos, G. Spais

Administration and Local Government, the Hellenic Confederation ADEDY (Supreme Administration of the Greek Civil Servants Trade
of Commerce and Entrepreneurship, and the Social Multicenter of Unions)].