Mobile banking has the benefits of internet banking, in which the customer can access bank services over an internet connection anytime and anywhere. Millennials in Malaysia’s business environment are an enormous segment of the Malaysian population, and they are moving to take their places in the middle and high levels of their companies’ managerial governance pyramid these days and in the near future. This study examines the question, “What are the main factors that may influence mobile banking use (MBU) and the intention to use mobile banking (IU) among millenial consumers in Malaysia?”. The determining factors of UTAUT, performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), hedonic motivation (HM), price value (PV), habit (Ha), perceived risk (PDR), and interface design quality (IDQ) were tested in this study. Method: SPSS and PLS-SEM are employed on a collected sample of 504 respondents of Millennials in Malaysia using a well-defined questionnaire to carry out all statistical analyses of this study. Result: The study model can explain 55.3% of the variance of mobile banking use (MBU) and 60.3% of the intention to use mobile banking (IU). In this study, all the relations of the model are significant, except the relation between price value (PV) and the intention to use mobile banking. For both IU and MBU in the model, the factor “Interface design quality” (IDQ) has the highest impact. In contrast, the factor “Perceived Risk” (PDR) has the lowest impact. The findings of this study extend the knowledge on mobile banking as an approach of financial technology implementation, from which mobile banking providers and interface designers can provide new potential solutions to expand the usage of mobile banking services in Malaysia. This study proposed a modified model with eleven variables. While the designed model was evaluated successfully and explained 55% of actual use and 60% of intentional use, the remaining portion (45% for actual use and 40% for intended usage) exposes yet other factors that are still unrevealed. Therefore, further studies are required to assess the design in various other financial sectors, and further studies are invited to conduct qualitative research to reveal other variables for a better understanding of the intention and actual use of mobile banking.

Background: By 2018, Malaysian mobile banking services made the third-largest amount of banking transactions, following credit card and Internet banking. In addition, it significantly contributes to the banking industry by providing easier transactions to banking consumers. This study examined factors affecting the intention to use, and the actual use of mobile banking services in Malaysia. Methods: Two main theories of the unified theory of acceptance and use of technology (extended version, UTAUT2), and the model of perceived risk, were used to propose a modified framework. Based on the non-probability sampling method, the data were collected from 504 respondents. The data vas analyzed using SPSS and PLS-SEM to derive the findings. Results: The study's findings revealed that the independent variables could explain 55.3% of the variance in mobile banking use and 60.3% of variance in intention to use variables. Moreover, it demonstrated that common factors that have significantly affected the actual use and intention to use mobile banking were habit, facilitating condition, and interface design quality. In contrast, perceived risk and intention to use were found to only have significant impacts on the use of mobile banking, while effort expectancy was found to only have a significant impact on the intention to use. Conclusions: The findings of this study provide significant new knowledge on mobile banking, from which mobile banking providers and interface designers can develop potential solutions to increase the usage of mobile banking services in Malaysia. However, using a qualitative method, the proposed model could only explain 55% of actual use and 60% of intentional use. Thus, additional variables and qualitative techniques may help increase the understanding on the actual use and intention to use.