Integrating UTAUT2 and Schwartz’s Basic Human Values into Mobile Banking Adoption: Evidence from Indonesia

Abstract

Background: While Schwartz’s Theory has been extensively applied within political, environmental, and human rights research, it remains largely unexamined in the context of technology acceptance. There is a significant opportunity to integrate this theory with UTAUT2 to better understand virtual banking acceptance within the Indonesian context.

Objective: This research confirmed and expanded an integrated behavioural framework that incorporates both the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and Schwartz’s Theory of Basic Human Values through a proposed modified VETA framework. It specifically investigated how conservation, openness to change, self-enhancement, and self-transcendence value domains affect mobile banking adoption through key UTAUT2 constructs.

Methodology: A mixed-methods design was employed, integrating Structural Equation Modelling (SEM) via AMOS on survey data from 800 purposively selected banking customers. This approach was designed to capture the specific contextual motivations behind value-based technology adoption.

Results: The findings revealed that each value domain influenced behavioural intention through distinct UTAUT2 pathways. Specifically, conservation influenced intention via social influence and performance expectancy; openness to change acted through hedonic motivation and effort expectancy; self-enhancement impacted performance expectancy and price value; and self-transcendence influenced social influence and performance expectancy.

Conclusion: The study concludes that Schwartz’s value orientations moderate UTAUT2 scales in influencing technology adoption. The impact varies depending on users’ specific motivational preferences for security, innovation, efficiency, and social contributions.

Unique Contribution: This research advances both theoretical frameworks and practical applications in value-driven technology adoption. It offers strategic insights for administrators and financial institutions to design trust-oriented digital transformation policies in Indonesia.

Key Recommendation: It is recommended that financial institutions focus on social influence in mobile banking marketing and develop app features that align closely with user values. Furthermore, virtual banking should be promoted through societal value trends, such as community contribution or ethical investment tools, to better resonate with diverse user motivations.