Innovation in practice : an exploratory study of the e-society in banking service and payment experience in Hong Kong

Abstract

Social scientists recognize the crucial role of individuals’ perceptions and preferences by constructing and testing various models for knowledge discoveries. In recent time, it is obvious to note that the influences of Information and Communication Technologies on societies transpire in the territory of economic activities. Similarly, the dazzling array of new technologies and innovations have not only reshaped the traditional concepts in conducting financial exchanges but also markedly magnified the attractiveness of electronic devices. With these in mind, and also with the empirical examinations focusing on economic activities and people’s preferences, one should understand that the level of interactions between virtual and physical space increased, so too did a desire for an up-todate investigation on such a topic. In the case of Hong Kong, as a part of its effort to escort the banking sector to a new chapter of electronic banking and electronic payment, the Hong Kong Monetary Authority has presented several tools in encouraging the use of financial technology so as to stimulate financial inclusion and advance consumer experience in the banking industry. Against this backdrop, the purpose of this dissertation is to offer timely knowledge on the current state of the e-society in Hong Kong with particular attention to the use of e-banking and epayment. In particular, this paper developed a theoretical model based on various studies with an additional construct – Perceived Economic Benefit – to examine users’ perceptions of using the current innovations in relation to e-banking and e-payment platforms in Hong Kong. Based on this, mixed methods had been employed to explore potential factors that influence individuals’ perception and intention to use e-banking and/or e-payment services. A sample of 83 respondents in the quantitative method and a sample of 3 respondents in the qualitative method had been recruited for conducting analyses using Ordinal Logistic Regression Modelling and Thematic Analysis method. The results provide that one of the proposed factors – Perceived Economic Benefit – acted as the most significant predictor among the other two variables in determining individuals’ intention to use e-banking at home as well as e-payment platforms at any shopping site. Also, the theory of network externality was justified in this study demonstrating that participants are able to recognize the existing networks and the potential benefits that attached to both e-activities. Additionally, this research contributes to the literature by modelling individuals’ intentions and offers implications not only to the academic but also to the commercial sectors.