Analysis of factors influencing millennial’s technology acceptance of chatbot in the banking industry in Indonesia

The purpose of this research is to analyze factors that influence millennial’s technology acceptance of chatbot in the banking industry in Indonesia.
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Analysis of factors influencing millennial’s technology acceptance of chatbot in the banking industry in IndonesiaInternational Journal of Management (IJM)Volume 10, Issue 3, May-June 2019, pp. 107-118, Article ID: IJM_10_03_011Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=10&IType=3Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.comISSN Print: 0976-6502 and ISSN Online: 0976-6510© IAEME Publication ANALYSIS OF FACTORS INFLUENCINGMILLENNIAL’S TECHNOLOGY ACCEPTANCEOF CHATBOT IN THE BANKING INDUSTRY IN INDONESIA Richad Richad, Vivensius Vivensius, Sfenrianto Sfenrianto and Emil R. Kaburuan Department of Information Systems Management BINUS Graduate Program – Master of Information Systems Management Bina Nusantara University, Jakarta, Indonesia, 11480. ABSTRACT The purpose of this research is to analyze factors that influence millennial’s technology acceptance of chatbot in the banking industry in Indonesia. In this quantitative research, innovativeness is the exogenous variable, while the endogenous variables are perceived usefulness, perceived ease of use, and attitude towards using and behavioral intention. This research used primary data gathered from distributed questionnaires, directly from the millennial people in Indonesia. Using simple random sampling technique to total sample of 400 people out of the total population of 90 million people. Statistical analysis in this research is conducted using Partial Least Square Structural Equation Model (PLS–SEM). The result shows that innovativeness, perceived usefulness, perceived ease of use and attitude towards using the chatbot affected behavioral intention. Keywords: Chatbot, Banking Industry, Millennial, Technology Acceptance Model (TAM), Partial Least Square–Structural Equation Model (PLS–SEM). Cite this Article: Richad Richad, Vivensius Vivensius, Sfenrianto Sfenrianto and Emil R. Kaburuan, Analysis of Factors Influencing Millennial’s Technology Acceptance of Chatbot in the Banking Industry in Indonesia, International Journal of Management, 10 (3), 2019, pp. 107 - 118, http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=10&IType=31. INTRODUCTIONThe technological developments have touched every aspect of human life from business,education, health, to financial services for the community. One form of technologicaldevelopment in the field of financial services is the emergence of chatbot applications that arepart of artificial intelligence and are available for various platforms such as LINE, FacebookMessenger and Google Assistant. The presence of several chatbots in the banking industry in http://www.iaeme.com/IJM/index.asp 107 editor@iaeme.com Richad Richad, Vivensius Vivensius, Sfenrianto Sfenrianto and Emil R. KaburuanIndonesia such as Vira, Sabrina and Mita is also due to the existence of several supportingtechnologies such as the development of the internet and smartphones in Indonesia. Among on data from wearesocial.com specifically in Indonesia itself as of January 2018internet usage has touched the figure of 50% or half of the total population of 265.4 million.This shows that most people in Indonesia have used internet technology, where severalactivities carried out by the people in Indonesia are to access social media, online shopping,and browsing. Likewise, with data obtained from statista.com regarding the development ofsmartphone use in Indonesia which has reached 26.26% of the total population in Indonesia in2018. There are many organizations, including banks, use chatbot applications that are availablein various social media platforms, such as LINE and Facebook Messenger. With the chatbot,banks can provide customer services for 24 hours per day in a week, can be accessed anywhere,and can also provide efficiency in customer service activities. Chatbot can provide a quickresponse to questions from customers, to provide a good customer experience. Millennials with a population of 90 million, or around 34.45% of Indonesias totalpopulation constitute a large market share for the banking industry. Based on the IndonesiaMillennial Report 2019 report conducted by the IDN Research Institute, the results of theresearch show that 94.4% of millennials in Indonesia have been connected to the internet. Theinternet is a major need for millennials. And most or about 98.2% of activities carried out onthe internet are accessed via smartphones. With the chatbot, millennial customers are now ableto find out various kinds of banking products and services quickly, such as promotioninformation, exchange rates, the nearest ATM location, and can also register for credit cardsand mortgages. In addition, millennial customers can also check balance ...