Purpose: The purpose of this paper is to explore factors affecting mobile banking (m-banking) adoption behavior of Indian consumers. Furthermore, the purpose is to identify which factors have a major influence on adoption intention in context with m-banking. Design/methodology/approach: Data were collected through an online survey of mobile user respondents. A total of 248 utilizable cases were collected from m-banking users. Review of previous literature has been used to establish hypothesis, exploratory factor analysis and multiple regression analysis has been used to check the significant factors affecting adoption of m-banking in India. Findings: A total of eight factors has been identified which affect m-banking adoption behavior in India. Usefulness has been found to be making the most impact with reference to m-banking adoption. However, social influence is identified as least influential factor among all factors. Originality/value: The study provides a comprehensive understanding of the factors which affect m-banking adoption behavior of consumers in India which may help banks to understand consumer intention and make strategy accordingly to ensure financial inclusion.
|Mobile banking; Adoption intention; e-Banking;
|Indian culture is low risk taking culture, so banks are very
important financial institution which protects the cash related risk
of the general public. Emerging and fast growing innovations in
information technology and globalization have changed the whole
process of service providing organizations. Innovative information
technology is the backbone of economic development of any country.
Globalization, competitive pressure, and technology advancement
change the whole process of banking industry. Brick and mortal system
are now replaced by click and portal system. All banking services such
as opening an account, transaction processing, record maintenance,
queue management and information providing have been changed
by using information technology. Technology enhancement changes
batch processing system of the bank into the real-time processing
system. ATM, Internet banking, mobile banking, and plastic money
are some new emerging concept which changes mass services into
customized services. Technological advancement helped banking
organization in replacement of physical cash into cost effective and less
risky flexible payment system .
|The growth of every economy depends on various sectors like
agriculture, manufacturing, education, Finance, etc. In India, after
implementation of new economic policy in 1991, financial sector
observed as a key element for the growth of the economy . The
government has also taken various steps towards this like financial
inclusion, rural banking, etc. According to Indian brand equity
foundation, the financial sector in India is primarily a banking sector
with commercial banks covering more than 60 percent of the total
financial assets held by the financial system. The resultant of above
fast pace financial sector growth, Indian banking sector has observed
significant reforms in recent times, like Automated Teller Machine
(ATM), Green channels, Internet baking, mobile banking, etc. focused
toward maximum profit, minimum cost and above all maximum
satisfaction of the customer. In spite of these facilities, one critical
problem was left behind i.e. Queue Yes, a daily long waiting line of
the customer to be served is a common custom to see in banks. But
long waiting line in banks is most annoying thing being the public’s
most important units. So m-banking is a new innovative step taken
by banks to resolve this issue. Cost-benefit analysis and usefulness
are the key factors which affect adaptation of information technology
by users [3,4]. Hadidi  argued that information technology based
applications are fundamental requirements for all banks and there
is a positive correlation between use of information technology and
performance of banks. Hence, technology plays very important role in
banking services, but in India people have still faith in personal contact
with a service provider which is missing in self-services technology
. Factors which affect adaptation of electronic and m-banking in
Indian context and impact of it on consumer behavior are desirable
to examine. The emergence of mobile commerce which is consist of
mobile payment, mobile marketing and m-banking [7,8]. The customer
can enjoy many benefits by using m-banking such as mini statement,
new account opening, insurance term payment, balance inquiry,
banking transaction alert, cheque related functions, fund transfer, PIN
management, bill payments, mobile recharge, commercial shopping,
third party transfer and many more. Now banks are in the hand of the
customer in the form of m-banking .
|In this paper, firstly literature review has been carried out to know
major factors which affecting mobile banking adoption behavior in
different context. Secondly, we provide quantitative investigation to
support stated hypothesis. Thereafter, results of reliability and validity
test of constructs are provided. This article concludes with discussion
of theoretical and practical implications of the findings followed by
direction for future research.
|Literature related to Indian banking sector and technology
convergences into m-banking reviewed in this chapter. Adaptation of m-banking and challenge related to diffusion of m-baking were also
disused which provide frame work of the study.
|Banking in India
|The banking sector of India has an annual growth rate of 23 percent,
contributing nearly 6 percent of GDP and employing nearly 7.4 million
people and has outperformed most banking indices in the world with
highest total returns to shareholders at 36.76%. The new economic
policy is a milestone in the path of banking industry development.
Narasimham committee recommendation gave a new direction to
Indian banking industry and many foreign banks were in the queue
to invest in Indian banking sector. Kumbhar  has described the
bi-directional correlation between the market condition and banking
industry growth. He has also discussed the metamorphic growth of
banking sector in the new millennium.
|Mobile penetration in India
|India is the second-largest mobile phone user just behind china
and contributes approx. 10% of total 900 million global users. 983.21
million People are using mobile device in India, in which 567.29
(57.69%) million users belong to urban area and 415.92 (42.31%)
million users belong to rural area (Table 1).
|Mobile banking (m-banking)
|Barnes et al.  suggest that M-banking is the result of recent
telecommunication growth and innovation, which provide a new
access point to the customer. M-banking is a kind of m-commerce in
which bank customer interact with bank through mobile and enjoying
all facilities and services provided by banks via mobile applications.
M-banking services are being offered through many channels such as
Short Messaging Services (SMS), Interactive Voice Response (IVR),
Mobile Application, and Wireless Application Protocol (WAP),
etc. Banks are taking advantages of mobile innovation to provide its
services to customers economically and profitably. The introduction of
m-banking helps banks to perform its activity efficiently which leads
to consumer satisfaction and loyalty . Cheong et al.  identified
mobile provide customers many low cost and secure self-service
channels for banking activity. Bank should expand their services to
m-banking as next step of e-banking as it provides immediate and
more controlled financial services to bank consumer. Now-a-days
m-banking is replacing electronic banking as many customers are
omitted e-banking after using m-banking. But there are so many issues
also faces by m-banking users revenue sharing agreements is one of the
major issue . Large types of mobile phones and different operating
systems are also a big challenge for banks, as it is very difficult for them
to provide standardized applications. Convenience and security are
two main factors which can motivate other non-user to use technologybased
banking services .
|Mobile banking in India
|ICICI bank is first private and union bank is first public sector
bank which provides m-banking services to customers . Indian
banks are now targeting non-online user who is not having access to
desktop but having mobile phone. So m-banking may future great
potential in Indian banking system. Security and privacy issue is the
main hurdle in the path of m-banking in India as Indian are less risk
taker . Unnithan  suggested that there is strong potential
market for electronic banking in India, especially for m-banking.
Increasing number of mobile users is good indication for development
of m-banking in India. Lack of knowledge and awareness is major
problem in adaptation of m-banking in India as major rural population is unaware about new technology. Introduction of ‘Digital India’,
technological innovation and increasing number of mobile user is now
changing the story and preparing ground for m-banking potential in
|Factors affecting m-banking adoption
|Mattila  found that internet facility, complexity, compatibility,
awareness and interest play crucial role in m-banking adaptation.
Lack of knowledge and technological skills and culture are also hurdle
in development path of electronic m-banking . Financial cost,
usefulness, self-efficacy and credibility are the factors which influence
consumer behavior regarding m-banking adaptation . Cost of internet
connection is another barrier in adaptation of m-banking. Zhou et al. 
found that social impact, performance and task-technology fit affect speed
of m-banking innovation adoption by consumers.
Proposed Research Model
|Extensive literature review suggests that there are certain factors
which are having significant impact on adaptation of m-banking in
India. On the basis of present theories and studies a comprehensive
research framework is formulated which is relevant to developing
country like India (Figure 1).
|Technology related information about innovation play crucial
role in consumer adoption behaviour [20,23]. Previous many studies
exhibited that information regarding online services play crucial role in
adoption of new services [24-27]. M-banking is new concept for Indian
banking user, so bank should create awareness about it to speed up the
adoption process. So it can be hypothesized that,
|H1: Awareness has a significant positive impact on m-banking
|Individuals adopt any innovation only when they perceive that
using of particular technology is useful in daily life. Tan , Wang
, and Hernandez  have also reported usefulness as important
construct of electronic services adoption. If consumers perceive that
use of m-banking technology provide them better and quality service
then only they can accept new technology [31-33]. Above literature
support the hypothesis,
|H2: Usefulness has a significant positive impact on m-banking
|Ease of use
|Customers adopt technology which is not complex and consume
less physical and mental effort to work with. If any technology is very
complex and consumer not able to learn and use it easily, there is
fewer chances of adoption . Ease of use is a critical success factor
in technology adoption in India as many people have less knowledge
of innovative and developed technology. Bradley , Kolodinsky
, Eriksson , Mukherjee  Poon  have also reported in
their studies about Ease of use as an important construct. So it can be
|H3: Ease of use of technology has a positive impact on m-banking
|Technology should always compatible with the need of the user.
M-banking can adopt by consumer only if it is compatible with
banking activity needs of consumer. If technology is compatible and
provides best solution to customers, there is higher chance of adoption
. Above facts support the hypothesis,
|H4: Compatibility has positive impact on consumer adoption of
|Ajzen  described that individual adoption decision making
process is affected by belief and opinion of people around. Family,
social group, social class and culture are having significant impact
on consumer adoption of new technology. Opinions of society
member affect consumer intention to use m-bank [42-46]. So it can be
|H5: Social influence has positive impact on consumer adoption of
|Security and privacy risk
|Security and privacy is major concern while using m-banking.
Security is major problem faced by consumer while making online
transactions . Consumers always try to avoid to share their personal information online because of online privacy issue . Consumer
trust is key factor in adoption of m-banking . Daniel , Sathye
 and Chiou  have also emphasized that Security and privacy is
major concern while adopting e-services by consumers. Bank should
develop trust with their customers to ensure secure online service,
which will lead to better customer service and satisfaction. So it can be
|H6: Security and privacy risk has negative impact on m-banking
adoption intention of consumers.
|Self-efficacy is the belief of an individual on his or her ability to
execute behavior which is mandatory for better performance in a
particular situation [52,53]. Generally, there is a positive relationship
between experience and technology uses. Above facts support the
|H7: Self-efficacy has positive impact on m-banking adoption.
|Cost benefit trade-off is an important factor, which affects
m-banking technology adoption. Advancement of technology always
adds some direct or indirect cost such as investment, operation and
utilization cost . Indian consumers take an account of this factor
before adopting new technology. Affordability of mobile phone price
has also a significant impact on m-banking adoption process .
Many authors reported channel cost or financial cost as independent
variable in their studies [56-58]. So it can be hypothesized that
|H8: Financial cost has negative impact on m-banking adoption
intention of Indian consumers.
|Mobile banking adoption
|Adoption is a kind of decision about taking optimal use of any
innovation. In this paper, factors which affecting m-banking in India
has been explored. Many authors have defined adoption in term of
intention, utilization, implementation and satisfaction. In many cases,
they selected satisfaction as dependent variable especially in case of
information technology [59-61]. Because of high degree of face validity
satisfaction has used as measure of accomplishment by many authors
[62,63]. So in this study satisfaction is used as substitute measure of
|A quantitative method was used in this study which provides better
and wider view of the situations in a fast and more efficient manner .
The deductive approach was used as research objective establishes by
using existing theory which was acquired from the research framework
to test the research hypothesis . In order to comprehensive
understanding and solution of above problem, collection of data
had done by both sources primary and secondary. Primary data has
been collected by structured questionnaire. Secondary data has been
collected from RBI and TRAI annual and monthly report to support
the results of primary data of proposed data collection process.
Convenient sampling technique was used in this study as objective of
the study was to explore factor affecting m-banking adoption rather
than provide point and interval estimates to variables . A total of
248 usable responses were gathered from different individual how is
having mobile phone and aware about m-banking. The questionnaires
consist of close ended questions in order to have proper considerate,
precise and authentic information about research problem. The respondents were given questionnaires through electronic mail having
demographic questions as well as question related to latent construct
of m-banking adoption. Items in the questionnaire were linked to a
five-point Likert scale (1 = strongly disagree, 5 = strongly agree).
Exploratory factor analysis and multiple regressions have been used to
check the significance of stated hypothesis and Cronbach’s alpha has
been used to check scale reliability. Content and discriminant validity
have been used to check validity (Appendix).
|In order to achieve above objectives, data analysis were obtained
into two parts. The first part contains descriptive statistics related to
demographic characteristics of respondents and results of hypothesis
testing have been discussed in second part.
|Demographic characteristics of respondents
|The demographic descriptions consist of gender, age, occupation
of respondent. Comparative demographical status between user and
non-user of m-banking has also discussed for better understanding of
demographical characteristics of respondents (Table 2).
|Gender: The sample consists of 248 respondents in which 148
(59.68%) were male and 100 (40.32%) were female. The majority of
m-banking users are male.
|Age: The majority of respondents were age of 21-30 years as this
age group was consisting of 174 (70.16%) respondents. In the age group
of 31 to 40 there were 44 (17.74%). There were fewer respondents from
age group of Below 20 years (14), between age group of 41 and 50 years
(14) and above 51 years (2).
|Occupation: The majority of respondents were employee (136)
who contributed 54.84% of total respondent, followed by students (90), who were contributed 45% of respondents. Businessman (14) which
contributed 5.65% and a total of 8 (3.23%) respondents were from
other category. So it is found that majority of m-banking users were
male, employee and between age of 21 and 30 years. It is also found that
majority (150) of m-banking users are new, and they are starting use it
before 1 year only. Frequencies of using m-banking in India still very
less and majority of respondents use it once in a week.
|Exploratory factor analysis
|On the basis of literature review, eight variables (i.e. Awareness;
usefulness; ease of use; compatibility; social influence; security and
privacy risk; self-efficacy, and Financial cost) were identified which
affect m-banking adoption. Factor analysis has been conducted in
order to reduce factors and group them into unidimensional clusters.
Exploratory factor analysis via Principal component analysis with
orthogonal varimax rotation has been used. Kaiser-Meyer-Olkin
(KMO) Measure of Sampling Adequacy and Bartlett Test of Sphericity
have been used to check the validity of factor analysis. Result indicate
that value of KMO (.0.863) and Bartlett’s Test of Sphericity is significant
as value of Approx. Chi-Square is 2653 and degree of freedom is 248,
so its validate conduction of factor analysis. Cut off factor loading for
retention of different variables are varying in different study. Loading
of .5 and more has been retained in this study [67,68]. Three items
are measuring the awareness with a variance of 11.84%, four items
measuring usefulness with variance of 10.49%. Three items measuring
Ease of use with variance of 10.07%, Compatibility has four items with
explaining variance of 10.01%. Four items measuring social influence
with variance of 9.82% and three items of security and privacy risk
loaded with variance of 9.64%. Two items measuring both self-efficacy
and financial cost with a variance of 8.53% and 8.23% respectively.
These all eight factors collectively are explaining 78.66% of total
variance (Table 3).
|Reliability and validity
|Internal consistency using Cronbach’s Alpha analysis has been
computed to check the reliability of each factor. Coefficients are
between 0.783 and 0.922. Self-efficacy is having highest coefficients
(.0922) and Compatibility (.783) lowest coefficient. All the coefficient
values are greater than 0.6 . Results indicate that all factors have
significantly reliable coefficient (Table 3).
|Content validity: Content validity refers to extent to which
measurement elements are representative and related to desired
measured construct . Content validity has been examined by two
banking technology experts and three faculties having expertise in
banking and technology (Table 4).
|Discriminant validity: Discriminant validity has been used to
check the construct validity of model. The extent to which a construct
is different from other constructs of the measurement scale . For
achieving discriminant validity AVE of a latent variable should be
higher than squared inter-construct correlation. Here model result is
satisfying the required criteria for discriminant validity as square root
of average variance is greater than squared inter-construct correlation
between items of two constructs (Table 5).
|In the multiple regression analysis satisfaction has been used as
dependent variable as substitute of m-banking adoption. Β coefficient
value more than .3 is significant to prove any hypothesis . Result
exhibits that all eight factors have significant impact on m-banking
adoption as all Β coefficient value is more than .3.Security and privacy risk, as well as Financial cost, have negative impact and others variables
have positive impact. The F statistic for the regression model is 40.2
(with a p-value of 0.000). Value of R2 is 0.526, which report that
52.6% m-banking adoption explained by these factors. The variance
inflation factor (VIF), exhibit that there is no multicollinearity between
constructs, as all VIF is less than or equal to 10 (i.e. tolerance >0.1)
suggested by many authors . Hypothesis H1, level of awareness
have positive impact on m-banking adoption is supported (t = 4.265,
p ≤ 0.001). This is consistent with previous research findings related
to mobile services. As in India technology in developing stage so
technology related information play crucial roles in adoption of
m-banking services. Non-awareness of customers is biggest issue in
front of banks in India in significant development of m-banking.
|Usefulness is most crucial factor among all related factors and significant positive impact on m-banking adoption (t = 4.925, p ≤ 0.001)
as H2 is supported. This result is also as findings of many authors. This
implies that customer who got relative advantages tend to adopt it.
|H3 is also supported (t = 4.817, p ≤ 0.001) which report that Ease
of use is having positive impact on m-banking adoption in India,
this factor is also supported by many authors [34,73]. Because of less
technological literacy in India customer adopt m-banking service only
when it is less complex and easy to handle all financial truncation
efficiently (Table 6).
|Result also report that compatibility has positive impact on
m-banking adoption as H4 is significant (t = 4.304, p ≤ 0.001). Result
is similar to findings of previous mobile service related study [74,75].
Consumer only can adopt any technology when it is suitable to their
lifestyle and working only. If customer perceives that adoption of
m-banking is more suitable and fit with their lifestyle, then they tend
to adopt it.
|Result of this study found that social influence has positive impact
on m-banking adaptation (t = 3.987, p ≤ 0.001) as H5 is also supported
by results of previous researchers. It implies that approval from
friends and family significantly affects decision-related to adoption of
|Security and privacy risk has negative significant effect on
m-banking adoption as result support (t = -4.333, p ≤ 0.001) hypothesis
H6. Previous research findings [76,77] also supported this result.
Banking consumers are having fear that their PIN and other private information can share publically, if they will use m-banking. Customers
concern that their transaction password could be known and misused
|Hypothesis H7, Self-efficacy has positive impact on m-banking
adoption is also supported (t = 3.332, p ≤ 0.001) this result is similar to
findings. If consumers think that they have sufficient experience and
expertise to handle the financial transaction on mobile, then tend to
adopt m-banking services.
|Present study found that Financial cost has negative significant
impact on m-banking adoption (t = -3.856, p ≤ 0.001) similar as
findings of many related study [78,79]. In m-banking customers have
difficulties to ask for compensation and adoption of mobile service
provides some extra financial cost, so many customers avoid adopting
m-banking services in India.
Theoretical and Practical Implications
|Taking responses of m-banking users only is uniqueness of this
study as previously most of the studies potential consumers were
also used as respondent. Technology development has revolutionized
banking services, so this study may identify some new dimensions
which were not identified in previous m-banking related study. This
study will help banks in understand and implementing strategy for
adoption process, which can enable them to provide better services to
customers. This study provides several theoretical as well as managerial
implications in the field of m-banking.
|Technology is changing rapidly so this study is only a milestone in
continuous long journey, not a final say. This study enriches m-banking
related literature by exploring different factors which affect adoption
process. This study also contributes mobile adoption literature
for better understanding of factors affecting m-banking adoption
behavior. Finding suggests that consumers will use m-banking if banks can provide services as per customer expectations. In order to explain
this research domain we empirically test the theoretical assumption,
which will provide base for future research in this field.
|This study provides crucial strategic guidelines to bankers and
proposed framework can use as tool to increase m-banking users.
Finding of this study will help commercial banks operating within India
toward providing better customer service through m-banking. Banks
can make policy to promote m-banking and create suitable environment
to speed consumer adoption process. Findings also suggest that bank
should not only keep financial cost into control but also provide some
benefit in term of offers to m-banking customers, so customer can shift
from tradition banking channel to m-banking. M-banking services
should be user-friendly and customized. Banks should also take care
of privacy and security concerns of consumers related to financial
transactions. They should provide information regarding hacking,
phishing and unauthorized data encryption. Most of the customers are
not using m-banking because they are not aware of this, so bank should
organize awareness program to motivate customers for adopting it.
Security and privacy is major concern of customers while adopting
new technology, bank should provide m-banking facility on trial basis
without using their own account to develop trust. Bank should provide
quick and accurate information to potential customers as well as later
adopters to accelerate m-banking adoption. In short-term bank should
use alternative channel of advertisement to increase awareness among
customers. In long run bank should take care of all factors which affect
adoption process and try to fulfill need and expectations of consumers.
Complexity of technological services uses is another constraint in
adoption process so bank should provide services which should ease
of use and should compatible to users. The findings of this study may
provide a direction to the banks and government to ensure finical
inclusion in India.
Conclusion and Future Research
|Banking services have shifted from branch banking to virtual
banking because of technological and telecommunication development.
Now-a-days m-banking is a main focused strategy of banks as well
as mobile service provider [80,81]. The speed of m-banking services
diffusion is a major concern for the banking industry, and it is major
challenges in front of all bankers.
|This paper examines some empirical evidence about factor affecting
m-banking adoption intention in India. A proposed research framework
was established on the basis of relevant literature review and was found
that awareness, usefulness, ease of use, compatibility, self-efficacy,
security and privacy risk, social influence and financial cost are having
a significant impact on m-banking adoption intention of consumer in
India. On the basis of AVE usefulness has major impact on consumer adoption rate (0.906), followed by compatibility (0.897), awareness
(0.879), security and privacy risk (0.860), self-efficacy (0.846), ease of
use (0.823), financial cost (0.816) and social influence (0.747). Among
all factors, usefulness has a major impact and social influence has the
least impact on consumer adoption rate. Other than security, privacy
risk, and financial cost all factors have a positive impact on mobile
adoption behavior. This research findings are consistent with other
studies in past [82,83]. Now-a-days due to technology convergence
e-banking is replaced by m-banking and increasing growth in wireless
phone users indicates bright future of m-banking in India. M-banking
provides mutual benefit to bank as well as customer. It helps banks
to reduce its service delivery cost and also reduces transaction cost.
Pradhan Mantri Jan-DhanYojana (PMJDY) and digital India schemes
encourage rural people to online banking services, which play a crucial
role in growth banking sector in India. Use of m-banking gives benefit
to both consumers as well banks. Efficient use of m-banking reduces
manpower and cost of banking services which leads to high turnover
and net profit. Consumers get prompt services in minimum cost by
using m-banking. However, security and privacy are a major concern
of consumers while using m-banking, bank can reduce this issue by
introducing arranging different awareness program. Information
technology advancement and increasing rate of Tele-density are
providing a base for the m-banking adoption in India, but people are
not very much aware of m-banking services. Bank should promote
m-banking services to increase awareness among consumers. Result
indicated that social norms have also crucial impact on adoption
process as customers take advice from family members and friends
while adopting m-banking. Bank should use social media as tool to
make them aware about m-banking services.
|Juniper Research reported that m-banking adoption rate is about
60-70 percent in India and China. Other countries have similar
demographics of m-banking user as in India. Because of similarity
in user demographics all around the globe, finding of this study can
be implemented in others country too. Result reviled that usefulness
and privacy and security risk were major concerns of consumer while
adopting m-banking. Customer can switch to m-banking if they found
some benefit of using it. Additionally, they are having a fear of personal
information disclosure related to password and financial transaction.
Bank should ensure safety and security of transactions performed via
mobile phones. Other than these factors technology infrastructure
development and illiteracy were also major external concern in front
of banks. Most of the banking user in India is not aware of m-banking
services offered by banks, so bank has to make effort to promote
m-banking to acquire new customers. Result also demonstrated that
channel cost in not very important factor while adopting m-banking,
customer can pay extra money if they get quality banking services.
|This study has many significant contributions to m-banking
literature by providing light on factors affection consumer adoption
behavior in developing country. Geographically it is very difficult for
banks to deliver its services to every citizen with the help of branch
banking. So banks can use m-banking as a strategic tool to increase its
reach to the consumers and provide banking services efficiently and
effectively. This study may help banks to understand the m-commerce
market and provide them direction to promote m-banking to acquire
new customers. In conclusion, the bank should look after all the
factors which affect m-banking adoption and should make strategies
accordingly to fulfill need and expectations of potential and existing
customers and ensure financial inclusion. Banks should take care of all
factors while making m-banking related strategies.
|M-banking concept is new in India, so there is a lack of relevant literature review in Indian perspective so most of the literature are
on other countries originated, which may not an accurate reflector of
m-banking adoption due to cultural differences. Use of close-ended
questions with Likert scale in the questionnaire is not given freedom
to the respondents to express their own opinion. It would be desirable
if this study has used another statistical model such as exponential
and polynomial regression model to measure the degree of change in
consumer adoption behavior in India. Demographical variables such
as age, education, experience and income may use as moderating
variables in future to the exploration of m-banking.
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