1.1 INTRODUCTION
A growing phenomenon in financial services is the use of the Internet as a channel for financial services. The financial sector is one of the business areas that has been most affected by the spread of new technology changes, especially the service delivery seen in the Internet banking. Since 1990s the financial services sector has undergone a revolution in their traditional market, which has been largely driven by the challenges of globalization, consolidation, new competition and e-commerce development (Kwake, Fox, & Zinkhan, 2002). The demand of the Internet as a distribution channel of products and services offered by various businesses has increased over time.
Internet banking, a service delivery method, in the financial industry represents an electronic and remote distribution channel on a virtual level (Daniel, 1999 & Bradley, 2003). Internet banking is one of self-servicing channels such as ATMs and telephone banking. It is predicted to revolutionise the traditional financial industry. The reasons why Internet banking appeared come from two sides. For bank-providers, it offers significantly lower costs, with transactions being 5% or even less of the cost of a full branch-arranged transaction (Mintel, 2001). On the other side, Internet banking has been proved to be the cheapest delivery channel once established (Sathey, 1999 & Giglio, 2000). For consumers, Internet banking brings the convenience of paying bills and checking up statements at any time to fit around their busy lifestyles. Many customers complained that branch banking took too much time and effort, however with internet banking the banks can provide the customers with convenient, fast, inexpensive access to the bank 24 hours a day, seven days a week. Thus, Internet banking clearly offers numerous benefits for both banks and their customers (Bruno, 2003 & Gerrard & Cunningham, 2003).
Chou & Chou, (2000) identified some basic services associated with Internet banking such as the ability for customers to view account balance and transaction histories; do bill payments; transfer funds between accounts; request credit card advances and order cheques. Several studies indicate that Internet banking is the most profitable and wealthiest segment to banks (Mols, 1998; Robinson, 2000; and Sheshunof, 2000). On this basis, no banks today can underestimate the power of the Internet channel. Luxman (1998) for instance estimates that in the near future the online channel will reinforce its importance especially in the countryside, where banks have closed many branches. However, there is no supporting evidence on this regional issue.
During the past years Internet banking has been growing rapidly in the UK as a significant complementary channel of distribution to traditional forms of retail banking. The UK Internet banking market is seen as one of the most developed and sophisticated markets in Europe (Business Insight, 2003). As noted, Internet banking service offers many benefits to banks. However, no matter how much effort the retail banks push to introduce Internet banking, certain consumers still prefer branch banking. Why don't those certain consumers access financial services over the Internet? What concerns bother those consumers?
Actually, there are no businesses or a government agency that does not involve elements of risks especially to those venturing in internet technology. Also, there is no business venture or government that can function without management. Basically, this research attempts to discuss the issues related to the role and importance of internet technology banking sector of UK considering that consumer resistance towards technological advancement are apparent. Moreover, this paper presents the issues about the extent that consumer resistance will inhibit towards the growth of internet banking in UK. Actually, due to the fast changing and growth of technology, enhancements of relationship among consumer in different business sectors are becoming crucial. However, some argued that technology is a great tool in enhancing business relationship, but some also justified that mismanagement of the technology due to technical problems, communication problems, training and maintenance are becoming issues in banking sector (Bitner, 2001). According to Bitner (2001), the said failure may result into low productivity, loss of the IT inventory as well as loss of important and confidential data. In spite of these drawbacks, most of business sectors including the banking sector are still planning to implement again the said technology but there are now some considerations to the lesson learned from the past. With regards to the outcome of the study, the study focuses on the importance of internet technology in banking sector of UK.
1.2 BACKGROUND OF THE STUDYIn accordance to the development of technology, the extended access to banking related facilities and services becomes possible and also it reduces mistakes and eradicated routine and time consuming procedures. Though, Bitner (2001; pp. 375-9) argued that “Whilst technology can save time and money and eliminate errors, thereby addressing certain issues associated with changing cultural and social trends, it can also minimise direct customer interaction and any associated service value to be gained.”
As indicated in the paper of Smith (1987), the proliferation of internet technology was initially initiated by banks to minimise costs, nonetheless, it can also be aimed to augment different roles. Prendergast & Marr (1994: pp. 18-26) said that “Telephone banking facilities allow non-cash transactions to be carried out, which would have required a visit to the branch earlier.” Internet banking also permits clients to do tasks where and when it is most well-situated to them. In accordance to this, Dabholkar (1996; pp. 29-51) proposes that direct contact with such technology also offers clients a sense of better control.
Since Internet banking systems are not used widely, it is important to know whether consumers are willing to use this new service channel. Attitude variables toward this new delivery channel will be seen as consumers’ evaluation. Moreover, this evaluation is formed by the consumer’s integrate knowledge about this new financial service. Clow et al., (1998) found out that services are more likely to be risky than products because services are intangible, non-standardised. Consumers can hardly return a service to the provider having already consumed. Internet banking is so technical and specialised that consumers possess neither the knowledge nor the experience to evaluate whether they are satisfied.
Despite the IT development, there are various psychological and behavioural issues such as distrust and risks in the system (Stewart, 1999; Black et al., 2001; Flavian et al., 2004). Some studies find that there is a causal link in social psychology between attitudes and behaviour (Fishbein & Steiner, 1965 and Fishebein & Ajzen, 1975). As indicated in the study of O'Donnell et al. (2002), both corporate customers and business banking place greater value on personalised communication than any technological dealings, marking it as either “very important” or “extremely important”. Correspondingly, the study of Tyler & Stanley (2001) recommend that the “old fashioned” human relationship between the bank manager and corporate clients is regarded as the usual and preferred means of doing business.
From these discussions, it is apparent that in such a competitive industry like the banking sector, relationships with clients have to be expanded and sustained at all costs, irrespective of the service delivery channel.
1.3 AIMS AND OBJECTIVES OF THE STUDYThis study aims to find out consumer resistances of using Internet banking. Those inhibitors will be explained as ‘why consumers are not using Internet banking’ rather than ‘why consumers should be banking online’. In addition, identifying these consumer resistances of Internet banking would have a significant impact on the acceptance of this new financial distribution delivery channel. Hence, it would help retail banks in the UK to develop effective marketing strategies coping with resistances. Therefore, the objectives of this study are
· To examine the current UK Internet banking market;
· To investigate consumers adoption of technology acceptance in UK banking sector;
· To identify the issues of trust and risk barriers to consumer acceptance of Internet banking in UK;
· To draw a conclusion as to how banks in UK can develop their strategies.
In this study, the research critically evaluates secondary data mostly collected from databases Emerald, EBSCOT, Mintel, UK retail bank’s web sites and national newspaper sources such as the financial times etc. And for primary research, the researcher conducts an investigation towards the views of personal customers, business customers and bank staff in relation to the use of internet banking. The research covers factors that come through both literature reviews and survey and interview of related individual, leading to a conclusion that measures whether this research has reached its objectives.
Actually, the clients or customers are the reason why Banks are continuously flourishing in the market, hence, the business course should be centred on fulfilling and catering the needs and expectations of customers. In this extremely competitive industry, improved service provision and quality, with the suitable balance between technology and human input allows Banks to keep both customers and market share in the long run.
1.4 RESEARCH QUESTIONSThe main question which this study will investigate is:
“To what extent will consumer resistance inhibit the growth of internet banking in the UK?”
Sub-questions:
1. What do different customers want and expect from the services offered by banks in UK?
2. What are the attitudes of bank customers in UK towards services offered online?
3. What are the perceived advantages and disadvantages of Internet Banking?
1.5 Significance of the StudyFor banking businesses that are adopting the new technologies, the bankers’ role are also changing due to technological developments and changing expectations and needs of customers. Improved service provision and quality, with the appropriate balance between technology and human input enable Banks to keep customers and market share for longer.
In accordance to the current business environment of banking industry in UK, this research provides significant help in terms of technology management among banks in UK with respect to the customer acceptance towards internet banking services. This research is significant to the banking sector in UK because it explains how customer acceptance towards the internet banking helps the banking sector in terms of development and advancement. Furthermore, it is significant to banking sector because through this study, they are able to evaluate the perception of the customers on their customer service and thus would reflect if it’s time for them to change their approach in internet banking services or not. Finally, this study will be significant to future studies that will still focus on consumer resistance with respect to internet technology in banks but on other areas. This study can stand as a literature that can guide future researchers in their studies.
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[1]“ Online banking boom for over 55s”, Friday, 24 August 2007, BBC
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