The Device Divide: Unpacking Mobile Banking Adoption Differences for Smartphones and Smart Wearable Devices

Abstract

The rapid growth of mobile banking (m--banking) has redefined financial services, particularly with the increasing adoption of smartphones and smart wearable devices.This study investigates the factors influencing m--banking adoption across these device types, focusing on trust, security, perceived value (time savings), and demographic variables.Using a dataset of over $18,000$ records from the Canadian Internet Usage Survey (CIUS), our results reveal significant differences in adoption behaviors between smartphone and smart wearable users.Findings indicate that trust impacts smartphone users more strongly, while wearable users prioritize time efficiency. Our results highlight that smartphones are deemed more secure, and for smart wearable users, trust in banks may not be as important as trust in their wearable device.Demographic factors such as age, education, and gender exhibit varying influences based on device type, highlighting the importance of contextual user profiles in m--banking adoption specifically across different devices.These insights provide valuable guidelines for financial institutions to optimize m--banking experiences, emphasizing tailored strategies for device-specific engagement.

Keywords: Mobile Banking, Smartphone Banking, Smart Wearable Devices, technology, Device