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Top1. Introduction
The global digital transformation has renewed many business sectors, but the intervention of mobile banking app has paved the way for the convenience and comfort of mobile banking users during financial operations. The escalating mobile banking app has decongested the banking hall, especially in developing countries, and the penetration of mobile banking app is crucial for both financial institutions and customers. For the banks, the app is a means of intensive engagement with mobile banking app users on the go, and the ubiquitous of mobile banking app is significant for the users as they do inter-banking transfer, pay bills, manage debt, credit cards, and carry out other banking transactions with clicks.
Mobile devices such as smartphones, foldable phones, and tablets, as an antecedent of mobile banking apps, are increasing their capability, functionality, and accessibility. For instance, statistics show that globally, consumers downloaded 194 billion apps in 2018, spent $101 billion in app stores, and used an average of three hours per day on mobile devices (App Annie, 2019). This outstanding result which is rare in the earlier devices such as desktop and laptop, have a managerial implication in the banking sector as one of the arms that benefits from the solution that mobile banking app proffer to the users and the society at large by turning the traditional banking transaction to paperless transaction. To buttress the growth of mobile banking app, the findings of App Annie (2019) shows that time spent on app grew by 50 percent from 2016 to 2018 while the downloads increased by 35 percent over the same period.
With all the mentioned opportunities comes the risk of mobile banking app insecurity. These security risks could be the need for privacy assurance and trust. The security battle is ongoing because the existing virus is being solidified, and new ones are springing up. The security risk can emanate from the corrupt app, compromised authentication, lost or stolen devices. The banking consumer's response to security and privacy issues could also be fear of the unknown.
According to Kumar and Pandey (2017), understanding consumers' behavior is crucial for a strategic marketing plan. Eraslan, İç, and Yurdakul (2016) also emphasized customers' feelings, expectations, and usability of mobile devices in their study. The trusting issues began in the days of a trade by barter and when the banking customers stored their coins and bill in vaults and persists today.
Today, researchers have examined the security risks from different perspectives. For example, Olkiewicz, Terebecki, and Wolniak (2019) studied the security of information channels in banking services and recommended modern methods to guarantee information security to the stakeholders of a bank. Likewise, Olkiewicz et al. (2019) focussed on the banking stakeholders, and Sundaram, Thomas, and Agilandeeswari (2019) discussed the online security of banking customers that uses smartphones and computers and concluded that security of banking technology did not depend on electronic devices such as smartphone and computers.
Since mobile banking app is a global issue, Merhi et al. (2019) and Abdullaev et al. (2019) carried out a cross-cultural study of the intention and security challenge to use mobile banking in Asian and European countries, and the results of their study identified the influencer of the behavioral intention of mobile banking as perceived privacy, trust, habit, and perceived security. Along the same line, Chin, Harris, and Brookshire (2018) used a bidirectional approach of trust and risk to determine the factors that influence mobile app installation and discovered trust and security to have a significant positive relationship with the intention to install the mobile app while risk and privacy had weak and insignificant relationships.