The Impact of Age and Income in Using Mobile Banking Apps: A Study of Association and Classification

Abstract

The banking business relates with their customers during the weekly business days, but only a few pay close attention to the importance of demography variables especially in the area of technology use. This study intends to classify the relationship between age and mobile banking app usage, income and the types of device used for mobile banking app, income and the choice for the device brand used for a mobile banking app. It also employed social stratification theory and quantitative methods with Chi-square test and discriminant analysis through SPSS V25. The results show the significant association of age with mobile banking app use and income with the type of mobile devices used for the mobile banking app while the income had an insignificant association with the device brand. The banking sectors need to put inequality income distribution into consideration, and the age differences as these variables impact the use of mobile technology for banking transactions. The study discussed the theoretical contribution, managerial insights, limitations, and made proposals for future study.