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Factors affecting digital banking services acceptance: An empirical study in Vietnam during the COVID-19 pandem-ic




Objective: The objective of this article is to examine some factors that affected the acceptance of digital banking services among consumers in Vietnam during the COVID-19 pandemic.

Research Design & Methods: A research model was proposed based on the unified theory of acceptance and use of technology (UTAUT). Multivariate data analysis techniques were used alongside partial least squares structural equation modelling (PLS-SEM). The survey data were collected from 779 respondents who have been using digital banking services in Vietnam. Those respondents were recruited through convenience sampling.

Findings: The results show that performance expectancy, effort expectancy, social influence, facilitating conditions, trust, and the perceived risk of COVID-19 affect the acceptance of digital banking services. Furthermore, the perceived risk of COVID-19 has the most significant impact on the acceptance of digital banking services, followed by effort expectancy, performance expectancy, social influence, and trust.

Implications & Recommendations: Therefore, banks have to enhance the quality of services as well as improve their advertising to help customers acknowledge the benefits of the financial services in question.

Contribution & Value Added: This study is among few studies that apply the unified theory of acceptance and use of technology (UTAUT) in the Vietnamese context of the banking industry, particularly during the COVID-19 pandemic. Thus, this study fills in the gap of the topic in a developing country context like Vietnam.



COVID-19, Digital banking services, UTAUT, Vietnam

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Author Biography

Phuong Mai Nguyen

PhD in Business Administration, International School, Vietnam National University Hanoi, Vietnam. Her research interests include sustainable development, consumer behaviour, and digital transformation in business.

Thi-Minh-Hien Vu

PhD in Management and Business, University of Economics and Business, Vietnam National University Hanoi, Vietnam. Her research interests include marketing and e-commerce.

Thi-Minh-Ngoc Luu

Her research interests include e-commerce, consumer behavior, entrepreneurship, and human resource management.

Thi Huong Dang

PhD in Business Administration, University of Economics and Business, Vietnam National University Hanoi, Vietnam. Her research interests include human resource management, and corporate culture.


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