2.1 OVERVIEW
We cannot refuse that the development of technology was a need of the current age. Businesses must embrace and adopt new technologies to offer outstanding business services and operation to their customers. The bank industry is not an exception with regards to this adaptation. With the emergence of computers and internet, communication between businesses and clients are becoming faster than before. In accordance to this, this part of the research, the resources are based on the facts draw together from journal articles, books and other studies which is associated to customer resistance and acceptance towards technology and internet banking in UK. The data gathered helps the author in evaluating and attaining the aims and objectives of this study. Simultaneously, such details from the literatures can also serve as leads for the discussions and the creation of conclusions.
2.2 INTERNET BANKING IN THE UKThere are two types of Internet bank in the UK. One is an integrated Internet bank that is an operation of a traditional bricks-and-mortar bank. The major traditional high street retail banks in the UK are: Barclays, NatWest, HSBC, Lloyds TSB, Nationalwide, Woolwich, Royal Bank of Scotland, Bank of Scotland and Abbey. Another one owned by traditional banks or established independently of traditional banks, It operates pure on the Internet like Egg (owned by the Prudential Insurance Company), Smile (Co-operative Bank), Intelligent Finance (Halifax) or First Direct (HSBC) etc. This study focuses only on high street retail banks.
Barclays was the first bank in the UK that introduced Internet banking service in 1997 and this trend is increasing since (www.barclays.co.uk). Due to intensifying competition in the financial industry, Barclays, HSBC, Lloyds TSB, Nationalwide and NatWest etc. all have taken steps into the Internet banking arena, each trying to downsize their branch networks in order to save costs. The primary factor determining the level of demand for Internet banking is the number of people connected to the Internet. Mintel’s consumer research report found that a large proportion of the population in the UK have Internet access, two-fifths of the population are now Internet users in the UK and Internet usage has grown rapidly (eMarketer, 2002). This greater acquaintance with the Internet has in turn fuelled interest in Internet banking as a new service that enables the consumer to monitor their bank accounts and undertake various financial transactions such as fund transfers and the payment of bills.
According to the report of Association of Payment Clearing Services’ (APACS, 2007) that between 2001 and 2006 the number of Internet bank users rose by 350%. This compared to a 175% rise in the total number of adults banking online. 17 million adults in the UK banked online in 2006, compared with 6.2 million in 2001. For instance, Barclays, the largest Internet bank in the UK, reported that in 2003, 20% of transactions were ‘online’ with 19% of the population having online bank accounts (Jupiter Research, 2003). Compared with other retail banks, Barclays represents 49.0% of the market in volume terms has ranked the top of Internet banking (Datamonitor, 2005).
Figure 1. Customer volume from 2000 to 2002
Source: Datamonitor 2005, United Kingdom- online banking
In UK, a highly educated, young market appears to be ready for Internet banking. The 25-34 year old age group is seen the most active banking online, representing 49.0% of the market in volume terms. It is expected that younger age groups would be more willing to use Internet banking (Business Insights, 2003). Such a segment represents a highly profitable and less risky customer base for several reasons. First, this group is relatively young; they represent banking relationships that could be sustained for a long time. Second, this group is likely to be highly mobile, both within the geographical limits of the country and outside it (Bradley & Steward, 2003). The Internet particularly provides the most reliable method for maintaining these banking relationships irrespective of geographical boundaries.
According to a survey of UK retail banking customers, it has been proved in figure 2 that as one of the key channels, Internet banking, comparing with telephone banking is more likely to be adopted with less time pressure by UK consumers. A latest statistic shows (APACS, 2007) that 17 million adults in the UK banked online in 2006 out of almost 40 million holders of current accounts, while from December 2006 their online counterparts outstripped telephone bank customers for the first time[1] (BBC, 2007). This means that Internet banking has been growing rapidly in the UK.
Figure 2. Internet banking and telephone banking usage in the UK 2006
Source: Association of Payment Clearing Services (2007)
Although Internet banking users in the UK are growing fast, however, physical banks are still the most popular channel and dominate the current account market in the UK. From a representative survey of UK bank customers, 45.8% of customers still prefer to visit a branch to manage their accounts (Datamonitor, 2005).
2.3 INTERNET BANKING ACCEPTANCE STUDIES
Internet banking acceptances has gained a lot of attention in academic studies during the past few years. There are two fundamental reasons underlying Internet banking service development and diffusion. According to Pikkarainen et al., (2004), found that firstly banks provide an Internet rather than physical service because of cost saving and secondly customers complained that time is wasted while waiting in the banks. Therefore, cost saving, time and removal of geographical constraints have been identified as the main reasons underlying Internet banking service acceptance by researchers (Black et al., 2002 & Howcroft et al., 2002). In fact, the ATMs have been a popular channel as an alternative way of cost reduction since they were introduced in the early 1970s in the UK. However, it has been reported that the actual usage of them has decreased because of the appearance of other channels like telephone banking and Internet banking (Business Insight, 2003).
Although retail banks have shifted their attention on improving their banking service quality over the Internet and offer many benefits to customers, many of them still seem to be lagging behind their customer’s ever increasing demands and expectations (Jun & Cai, 2001). It seems that Internet bank usage might not be as optimistic as retail banks expected. There are many reasons for this. Firstly, customers need to have an access to the Internet in order to utilise the services. It requires acceptance of a new system, which involves the changing of behavioural patterns (Meuter et al., 2000). Furthermore, new online users need to first learn how to use the service (Mols, 1999) because this new system simplifies consumers’ understanding of exchange and would make consumers’ understanding more difficult, especially for aged consumers. Secondly, some customers complain that Internet banking has no social dimension. For example, there is no traditional face-to-face service like in a branch (Matiila, 2003). Thirdly, the most important reason is that customers have been afraid of security issues like hackers (Hamle & Strube, 2000 and Howcroft et al., 2002).
2.4 PERCEIVED USEFULNESS AND EASE OF USE OF TECHNOLOGY IN BANKINGConsumer technology acceptance has received wide and intense interest among information system researchers (Adams, et al., 1992 and Venkatesh & Davis, 2000). The factors that are significant in technology acceptance have been examined across varied information technologies and user populations (Adams, et al., 1992). A cumulative tradition has already been established in consumer technology acceptance research, especially in the management and information system disciplines. Of all the models proposed, the Technology Acceptance Model (TAM) has been widely referenced and adopted by information system researches. Davis (1996) noted that behavioural intention to use a new technology is determined by the individual’s attitude toward using this technology. Perceived usefulness and perceived ease of use are relating to the intention and behaviour.
Perceived usefulness is defined as the extent to which a person finds using the system will enhance his or her job performance, while perceived ease of use is defined as the extent to which a person believes that using a particular system will be free of effort (Doll et al., 1998 and Wang et al, 2003). These two have been confirmed and validated in many empirical studies to be important factors in affecting system usage (Adam et at.,1992; Subramanian, 1994; and Moon & Kim, 2001).
Venkates and Davis (2000) found that the perception of usefulness is formed in interaction with other individuals and a system. The perceived usefulness of something is its ability to provide a relationship, for example, the given thing as a means to a desired end, or to provide a rational upon which to make decisions (Barczak et al., 1997). Based on formerly conducted researches and their results, the more useful the system is seen, the more likely it is to be that the system is also being used. Hence, Eriksson et al., (2005) argued that perceived usefulness could be the only major factor directly influencing the attitude towards online banking.
It has been found that amount of information has a significant influence on perceived usefulness. In the context of bank marketing planning, Eriksson et al., (2005) identified information about the benefits of using a product or service as an essential service and product promotion strategy. If people believed the system would enhance their performance very well, then the technology system would be useful. Their opinions are consistent with Gerrard & Cunningham’s findings. Gerrard & Cunnigngham (2003) found only perceived usefulness and information of online banking significantly affecting use of Internet banking services. Moreover, adoption is the acceptance and continued use of a service. Rogers & Shoemaker (1971) found that consumers go through a process of knowledge, persuasion, decision and confirmation before they are ready to adopt a product or service. If consumers are not adopting Internet banking, it may be because they are not aware about information or this service being available.
Additionally, Tornatzky & Klein (1982) and Tan & Teo (2000) suggested that relative advantage is an important factor in determining adoption of innovations. This is also supported by Roger’s study of Innovation Diffusion Theory that found the perceived usefulness of an innovation is positively related to its rate of adoption (Rogers, 1983). Similarly, as Internet banking service allows users to control their accounts from anywhere at their own convenient time at lower cost, it provides many advantages to the user in terms of price and convenience (Polatoglu and Ekin, 2001). As a consequence, the greater the perceived usefulness of using Internet banking services, the more likely that Internet banking will be adopted.
Besides, Gerrard & Cunningham (2003) found people don’t adopt technology to perceive the service it may be because the Internet Web sites are more complex and not easy to operate. Thus, perceived ease of use might be another of the most significant determinants of a user’s acceptance of Internet banking.
Perceived ease of use is derived from the Davis’s model (1989). It is another very essential piece in TAM. Davis (1996) found that users are driven to adopt an application primarily because of function if performs for them and secondarily for how easy or hard it is to get the system to perform those functions. Thus, it shows that a high score on ease of use can never compensate for a system that users perceive useless. The effect of perceived ease of use on Internet banking acceptance may reflect the concern of the newness of the Internet environment to users. Researchers also confirmed that it is especially very important to see the role of perceived ease of use in the early adoption stage of a new technology (Mathieson, 1991).
Perceived ease of use means the user’s perception of the level of easiness to use the system. Teo et al., (1999) found the easier Internet banking is to use, the greater will be a user’s feelings of self-competence and determination. The feelings may increase a user’s intrinsic motivation, which in turn will lead to the exploration of detailed system functions and features, thereby increasing perceived system usefulness. Therefore, if an online service is found to be very difficult to use, it is obviously that the customer is less likely to do the transactions in a more traditional way. Consequently, users’ attitudes about the Internet banking service will be created, which will eventually motivate them to spend more time navigating the financial accounts over Internet.
In addition, perceived ease of use has an influence on attitude. Understanding perceived ease of use affects consumers’ attitude and intention toward Internet banking is important to identify the latent dimension of this construct in the Internet setting. According to TAM, Davis (1989, 1993) found that perceived ease of use is particularly of influence in the early stages of user experience with a technology or system. Following this, Venkatesh & Davis (2000) stated that with increasing direct experience with the target system, individuals adjust their system-specific ease of use to reflect their intention with the system. Implying that if consumers get more experienced with the Internet, they will adjust their perceptions regarding the perceived ease of use of the Internet as a banking medium in a positive direction.
On the other hand, before consumers can fully adopt Internet banking, they should be proficient in the use of computers and web browsers. Lee et al., (2005) indicated that a lack of experience with technology-based services, especially on the basis of Internet banking, it would significantly decreases a consumer’s likelihood of adopting technology-based services. Consumers who are non-Internet users generally lack experiences that are compatible with the computer and Internet skills needed to use Internet banking. Hence, such technological barriers may be the main factors that prevent persistent non-adopters from adopting a technology-based service. General adoption and widespread diffusion of Internet banking will occur only after such technological barriers are lowered. Therefore, to improve acceptance of Internet banking, any online banking services should be designed with a good Web interface in terms of its ease of use (Mathieson, 1991).
2.5 TRUSTIt is true that usefulness and ease of use are the major issues in a new technology’s acceptance, however, Davis (1998) found other factors affect the acceptance of a new technology are likely to vary with the technology, like trust. Researchers have found that trust has a powerful influence on user willingness to engage in online money issue and sensitive personal information (Moon & Kim, 2001; Hoffman & Novak, 1999; Friedman et al., 2000).
Consumer trust is considered a one of determinant factors in purchasing behaviour (Rexha et al., 2003; Lehu, 2001, Ba, 2001; and Mukherjee & Nath, 2003). Given that the level of risk that the consumer associates with financial services is very high.
Although the consequence of trust in business-to-customer relationship has been firmly established by researcher, the trust has been seen in an ambivalent manner. For example, Gwinner et al., (1998) proposed trust at a confidence benefit rated highly by customers in long-term relational exchanged with service firms. On the other hand, Tax et al, (1998) found trust, together with commitment to be consequence of satisfaction with complaint handling. However, Levesque & McDougall (2000) indicated that complaint handling could have a qualitative different impact on trust from that on satisfaction. In a research of Internet banking customers, Mukherjee & Nath (2003) found that trust has a significant positive influence as a driver of customer relationship commitment. These findings suggest that where customers maintain long-term contractual relationship with their bank, trust would be likely to be a strong driver of customer relationship commitment (Kassim & Abdulla, 2006). And from the marketing channels’ view, when banks try to maintain this commitment, customer satisfaction alone may not be adequate enough. Thus, it is necessary to look at trust beyond satisfaction to other variables that strengthen retention.
In Internet banking environment, trust is critical because customers may feel they do not have much control over the misuse or security of personal information transmitted via the Internet. Customers do not trust Internet technology for two reasons: system security and worries about the reliability of Internet services (Lee & Turban, 2001 and Min & Galle, 1999;). In addition, lacking of familiarity and physical proximity shows a distinct disadvantage of Internet banking (Durvasula et al., 1992, and Murray, 2000). Kramer (1999) found that distrust is a complex state that comes about because individuals do not know what the motives and intentions of others are.
Corritore et al., (2003, p. 740,) define online trust as:“… an attitude of confident experience in an online situation of risk that one’s vulnerabilities will not exploited.” Trust may be regarded as a striking influence on user willingness to engage in online exchanges of money and personal sensitive information when it is seen a dimension of technology acceptance model (Hoffman et al., 1999; Friedman et al., 2000; Wang et al., 2003, Kassim et al., 2003). Therefore, the trust levels how the customer’s trust in their banks is affecting the customers’ usage of Internet banking.
In general, the distrust has been found a mostly inhibitor of preventing consumers to use Internet banking compare with traditional channels. When a consumer conducts a transaction online that is seen to be operating in an uncertain environment (Fung & Lee, 1999), the feeling of lack trust appears obviously. Apparently, the consumer is less likely to trust his transaction online compared to visit a branch because it has no physical interaction with people that he is unable to effectively evaluate the levels of risk. More important, the increasing problem with spam, periodic reports on hacker attacks and viruses have prevented consumers from adopting Internet banking.
Moreover, trust partly depends on the experience from interacting with the service provider - the bank (Kassim et al., 2006). For example, a customer has been using a service with the bank and is satisfied with the service, and then the trust feeling will incline as along with cooperation. However, from the service quality review, it is hard to manage the relationship of trust because a customer must buy a service before experiencing it. It is assumed to be risky for some consumers who lack knowledge of service and new technology to try Internet banking.
Not alone, Stell & Paden (2002) suggested that inexperience might lead to concerns and avoidance of the Internet and a lack of trust. Also, previous experience may be another mitigating factor in developing trust on a rational basis (Rotter, 1971). Houston (1995) thinks in order to achieve success on the Internet; organisations must build up a trust relationship. For instance, as consumers become aware of a corporation’s reputation, they develop a trust in the belief that the firm will maintain certain quality standards to maintain the reputation. This opinion is supported by Ennew (2003). She found that the continuing uncertainty and doubts of consumers in regard to the Internet shows that acquiring their trust will be an incremental process. Therefore, for the majority of Internet users, trust in transactions online will be built up experientially over time.
2.6 PERCEIVED RISKInternet banking is now regarded as a significant complementary channel of distribution to traditional forms of retail banking, but it has encountered significant consumer resistance. Consumers are generally motivated to avoid financial losing. Most people conduct a bank transaction with human interaction. For many people the prospect of carrying out a bank transaction over Internet seems a very detached and mysterious method of banking. As many researchers argued earlier (Sathye 1999; Tan & Teo, 2000; Polatoglu and Ekin, 2001; Black et al., 2002; Giglio, 2002; and Hamlet & Strube, 2000), one important factor consumers consider before adopting an innovation is the risk. By understanding the risks and uncertainties associated with the diffusion of this specific new service, Internet banking, it may be possible to gain insights that can find out what factors prevent consumers from using Internet banking.
Risk is defined as “some degree of uncertainty about the outcome of an action which caries the possibility of physical harm or some other damage” (Harriage-March, 2006). In the service marketing literature, it was found that consumers generally perceive more risk when purchasing services than goods (Murray & Schlacter, 1990 and Zeithaml, 1981). Hence, risk perception can increase because especially in Internet banking there is no personal face-to-face contact with added potential financial risks, for example, potential loss of assets and perceived threats to privacy like release of sensitive personal information (Milne &Boza, 1999).
Perceived risk is a well-established concept in consumer behaviour (Bauer, 1960). It arises because consumers’ actions are faced with potentially negative consequences. Kogan & Wallach (1964) found that it has two components: a cost dimension and a chance or probability dimension. Cunningham (1967) noted that it consisted of the amount that would be lost if the consequences of the act were not favourable, and the individual’s subjective feeling of certainty that the consequences will be adverse. The two components are often multiplied together to provide an overall perceived risk. As Peter & Ryan (1976) noted the rationale for this is not provided, although it is might based on the belief that the expected value of loss in gambling behaviour. Perceived risk is clearly founded on some form of implicit or explicit judgment (Wilkie, 1986) or calculation of proximities of possible outcomes. Sjoberg (1980), however, criticised both Cunningham (1967) and Kogan & Wallack (1964) and suggested that perceived risk will be rarely viewed by consumers as consisting of probabilities and consequences.
2.6.1 RISK AND UNCERTAINTYResearchers found that in consumer behaviour literature, risk and uncertainty are often interchanged in the sense that “uncertain” consequences are considered as a component of risk (Dowling & Staelin, 1994; and Hoyer & MacInnis, 1997). Dowling & Staelin (1994, p. 119) emphasised that “the concept of perceived risk most often used by consumer researches define risk in terms of the consumer’s perceptions of the uncertainty and adverse consequences of buying a product or service”.
In theory risk can be viewed as distinct from uncertainty (Peter & Ryan, 1976) which in itself exists when there is a lack of knowledge about the possible outcomes and, logically therefore, of the probabilities that can be ascribed to them. In the case of technologically innovative offerings, Mintel (2001) found that adopters may not necessarily undertake a considered, detailed evaluation but rather may make leaps from awareness of an innovation to adopting and using it.
2.6.2 SECURITY AND PRIVACYSecurity and privacy are seen to be main factors on attitude in the context of Internet banking acceptance. As many researchers argued earlier (Black et al., 2002; Giglio, 2002; Hamlet & Strube, 2000; Howcroft et al., Tan & Teo, 2000, Eriksson et al., 2005; Mukherjee & Nath, 2003), these important factors that the consumer considers before adopting an innovation are the levels of risk involved. The usage intention of Internet banking could be affected by users’ perceptions of credibility regarding security and privacy (Wang, et al., 2003). Security concerns have been highlighted as the one of the most important issues delaying the inhibitors of Internet banking.
Flavian et al., (2006) define perceived security as
“ the subjective probability with which consumers believe that their personal information (private and monetary) will not be viewed, stored and manipulated during transit and storage by inappropriate parties in a manner consistent with their confident expectations”.
Fear of lack of security has been identified in most studies as affecting the use of Internet banking. Privacy refers to the protection of various types of data that are collected during users’ interaction with the Internet banking system that may also affect the usage of the system (Kassim & Abdulla, 2006). The concept of privacy is not new and many researchers have discussed it as an individual’s ability to control the terms by which his personal information is acquired and used (Westin, 1967; and Galanxhi-Janaqi & Fui-Hoo Nah, 2004). The growths of new technologies’ capacity for information processing and its complexity have made privacy an increasingly concern.
As the more products and services offered via the Internet grow rapidly, consumers are concerned about security and privacy issues. Thus, the importance of security and privacy to the acceptance of Internet banking has been paid lots attention in many banking studies (Sathye, 1999; Hamlet & Strube, 2000; Tan & Teo, 2000; Polatoglu & Ekin, 2001; Black et al., 2002; and Giglio, 2002). No doubt, privacy and security are seen to be significant obstacles to the adoption of Internet banking in the UK and which led a big challenge to the growth and development of Internet banking. Although consumers are aware of Internet banking there is a weak understanding of Internet banking security risks (Roboff & Charles, 1998). Consumers often believe their bank protect privacy issues and concerns. It is proved by Howcroft et al., (1998) that consumers’ confidence in their bank was strong and their confidence in technology was weak. Customers are not willing to accept this new technology service because of the concerns of private financial information. Consumers, of course, want to master their own acts and avoid financial risks (Kobsa, 2001, 2002).
2.7 PERCEIVED NEEDS
Consumer needs and motives are at the heart of marketing. Discussion in buying behaviour on financial services specially centres on the nature of needs and wants and the extent to which consumers are motivated to satisfy those needs and wants. Thus, it is important to address what basic and financial needs consumers have and what motivates or drives consumers to acquire financial services.
Foxall & Goldsmith (1995) implied that needs and wants operate on a specific consumer plane. They defined a need is “a felt manifestation of a psychological, personal or social motive which essentially arises from a discrepancy between an actual and a desired state. “ (Harrison, 2000, p. 54) Applying the figure 3 into financial service, for example, the individual may have a desire to achieve convenience of demand that may be stimulated by a feeling of insecurity about the technology or service. The way in which this may need to be achieved could be through a goal objective (Harrison, 2000).
Figure 3. Elements in a Motivating Situation
Source: Adapted from Foxall and Goldsmith, 1994
Significant technological developments have made money transfers easier, faster and have reduced reliance on cash. However, Gerrard et al., (2006) found some existing account bank customers have no needs of Internet banking with non-benefits scenarios. Although few have, then the need for physical security of one’s assets, for example, protection comes along with the transactions over Internet.
It is hard to tell the nature of the need that relates to Internet banking from the consumer’s perspective. As a consequence of the lack of intrinsic appeal and the complexity of the amount of financial services, it is often argued that consumers do not actively recognise that they have ‘needs’ for Internet banking, rather they remain essentially passive participants in a decision process until the point of sale (Knights et al., 1994). A large number of consumers do not consider themselves to be very active users of banking service.
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