Adoption of Mobile Phone Based Mutual Fund Investment Applications Among Retail Investors: Empirical Evidence from UTAUT Model

Abstract

Objective- This study aims to analyse acceptance of mobile phone based mutual fund applications. The objective, in other way examines how mutual fund mobile apps affect retail investors' investment decisions.

Methodology- Under the Unified Theory of Acceptance and Use of Technology (UTAUT), the paper observed retail investor’s adoption behaviour prediction. The data was collected during April–September, 2023 using structured questionnaire. Based on total 258 viable replies, the study used multiple regression and regression coefficient analysis.

Results– The study found that effort expectancy (EE), performance expectancy (PE), social influence (SI), facilitating condition (FC), and habit (H) influenced retail investors' mutual fund mobile app use. Hedonic motivation did not affect retail investors' mutual fund mobile application behavioural intention.