International Journal of Business and Management; Vol. 17, No. 7; 2022 ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and Education 29 An Extended UTAUT Model to Explore the Influential Factors towards M-Banking Apps’ Use George Konteos 1 , Vaggelis Saprikis 2 , Giorgos Avlogiaris 3 & Aristides Papathomas 4 1 Department of Business Administration, School of Economic Sciences, University of Western Macedonia, Grevena, Greece 2 Department of Management Science and Technology, School of Economic Sciences, University of Western Macedonia, Kozani, Greece 3 Department of Statistics and Insurance Science, School of Economic Sciences, University of Western Macedonia, Grevena, Greece 4 Department of Business administration, School of Economic Sciences, University of Western Macedonia, Grevena, Greece Correspondence: George Konteos, Department of Business Administration, School of Economic Sciences, University of Western Macedonia, 511 00 Grevena, Greece. E-mail: gkonteos@uowm.gr Received: February 24, 2022 Accepted: March 20, 2022 Online Published: June 8, 2022 doi:10.5539/ijbm.v17n7p29 URL: https://doi.org/10.5539/ijbm.v17n7p29 Abstract Mobile banking apps (mBA) are considered vital tools for banks’ digital transformation as they offer self-service options for most of their provided services to their customers via mobile devices. However, only a small proportion of retail customers utilize them. The limited relevant literature focuses only on individuals’ behavioral intention to adopt or use mBA. The scope of this paper is to help in the examination of such a contemporary and vital topic through the investigation of the key factors that influence individuals towards mBA utilization via their smartphones. The study suggests and tests a conceptual framework that extends the Unified Theory of Acceptance and Use of Technology (UTAUT) with trust, innovativeness, compatibility, and convenience determinants. A sample of 411 adopters and non-adopters of mBA was analyzed through factor analysis and discriminant analysis. Findings reveal that almost all examined determinants do impact individuals’ m-banking app use. Keywords: m-banking apps, m-banking apps’ use, UTAUT, innovativeness, trust, compatibility 1. Introduction Since 2007, when Apple first introduced the iPhone, the concept of using applications (apps) in our mobile phones has greatly changed the way of searching on the Internet and taking advantage of its great capabilities. Nowadays, a countless number of apps exist, and even more are coming to light every day with the aim to inform, assist, educate and entertain individuals to the greatest possible extent (Alavi & Ahuja, 2016). Banking is regarded as one of the industries where mobile apps have been greatly applied. Particularly banks have been continuously trying to be virtualized to a great degree taking into consideration that they are considered as information-intensive companies (Bons et al., 2021). According to Singh & Srivastava (2018), their services are the most value-adding and significant apps in the mobile context. Thus, banks have tried really hard to offer as much as possible enhanced customer experience to their clients as they noticed too soon the move of individuals to smartphones and apps provided (Laukkanen, 2016; Martins et al., 2014; Shankar et al., 2020a,b). Furthermore, the continuous demands for improved mobile services lead to endless investments to offer more advanced m-services to their customer base and a serious reason to attract others as well (Baabdullah et al., 2018; Giovanis et al., 2019a; Komulainen & Saraniemi, 2019; Luarn & Lin, 2005; Shaikh & Karjaluoto, 2015). Additionally, their effort to cut operational costs is greatly based on transferring the vast majority of their customers from brick-and-mortar bank branches to online value-added self-service solutions; and mobility through apps is one of the most prominent ones. All the aforementioned facts do reveal the importance of mobile apps to the banking industry. Furthermore, apps are the latest of the three ways for m-banking along with SMS banking and m-Internet