Hence, it can be further implied that there is a powerful urge for banking institutions to re-orient their existing marketing strategies towards internet banking services in order to empower customers on the various benefits of internet banking. Far from having reached its pinnacle, internet banking has still a long road to travel in both research and practice in both developed and developing countries. The present study has highlighted the importance of internet banking services among banking customers in Mauritius. There is equally strong empirical evidence in the study concerning the adoption of internet banking services for a developing country like Mauritius. It is highly recommended that banking professionals emphasize on trust and security aspects when communicating the benefits of internet banking services to customers.
(2007) adds that internet offers faster delivery of information from the customer and service provider, this adding to the importance of internet banking. Internet banking has therefore become an important channel to sell banks products and services according to Christopher et al. (2006) and Singhal and Padhmanabhan, (2008). This has affected marketing practices of banks in most countries, resulting in high performance in the banking
Online Banking is a system that allows customers and banks to carry out financial transactions through internet. A big advantage of online banking is that it enables reaching online devices in far flung areas, especially rural locations. This allows
The top common benefits of having this type of banking account can be seen below. 1. Control your money conveniently Smooth management of your money is the top benefit of having Internet business banking. You have the access to your account 24 hours a day, seven days a week. You may also know how much is your balance and
Summing up the challenges, this research study aims to explore and identify the effect of internet banking on the customer retention in context to the challenges while redefining its business. 2.4 What could this research shed light on? This research will explain the impacts of internet banking on customer retention within the banking industry. Besides, the researcher will find out the changing factors of customer satisfaction, which will shed light on the current market trends towards the industry and demand activator factors of Barclays bank. Through this research, overall customer relationship management of Barclays bank will be evaluated, which will be conducted by assessing positive changing behaviour of consumer towards the bank.
And was meant as an extension to already rapidly growing online banking with the added benefits like accessibility, where consumers could access their bank accounts on the move from their mobile devices. For many banks, that was yet another channel to attract and retain new customers and to increase their income. While online banking is still the most used banking method in the USA, mobile banking has increased its popularity by 7% and is preferred by 12% of consumers, according to a recent survey by the American Bankers Association. Having that in mind, let’s discuss the actual benefits consumers can gain from using mobile banking
The study also covered perceptions of banks regarding the strategic and operational value, its benefits to customers and banks, and the key technology considerations. They concluded that few respondents thought that internet banking is just a fad while nearly half 49% believed that it is essential for a bank’s survival and thus mandatory in order to compete effectively. Shilpi Khandelwal (2011) analysed the factors influencing the customers propensity to use electronic banking as a primary banking channel and to know the critical success factors among users of the electronic banking and concluded that the perception of the consumers could be changed by awareness program, friendly usage, less charge, proper security and the best response to the services offered. Demography played an important role in the adoption of electronic banking facilities. Ahmad Kabir and Mahmood Hussain Shah (2013) used secondary data and reviewed relevant literatures to help identify potential critical success factors of frauds prevention in electronic banking to understand factors that could be critical in strengthening fraud prevention systems in electronic banking.
The Internet has boosted the evolution of technology. It has been the cornerstone for globalization. Access to information through the internet has also changed the way things can be seen and managed. Moreover, it has changed the perception of the nature of life and believes in the society (Pfister, 2012). This has enabled their use in the tools and software’s that can improve the quality of life of people.
The Internet opened many doors of challenges to the banking sectors to deliver the best services and quality to their customers. The main challenge today, is how to utilise this technology to create an innovative way of processing the information and servicing the customer over the Internet. Using recent empirical evidence and cases studies, this papers illustrates, how some leading banks have managed to enhance their internal and external processes, by innovating and exploiting the capability of Internet 2. There are lots of advantages from implementing a web-based strategy (Internet), thus we will concentrate from the perspective of processes and services. This kind of strategy changes the game’s rules and its focus on “pursuing a business strategy that is quit different from the traditional retail banking model” 3.
Internet is becoming a major source of income for people as well. People do online shopping through internet. People find ease and convenience in doing online shopping. The older generation who doesn’t know how to use internet have also developed keen interest in learning internet and are also doing online shopping and running their business as well. The thought of not going for shopping and not driving along the roads make people very comfortable and people get attracted towards it.