Analyze the adoption of internet banking in Maharashtra Joe Lopez1, Mahesh Kumar Shankar Kedar2
Abstract
This study was conducted analyze the adoption of online banking in Maharashtra. The major difference lies in the convenience offered by online banking particularly when it comes to making payments, obtaining updated information of the account, or integration account statements. A 32 item questionnaire grouped in 7 variables was developed on the basis of literature review to examine the adopting the internet banking in Maharashtra. Data was collected from Five leading banks i.e. State Bank of India, Bank of India, ICICI bank, HDFC Bank, Union Bank. Eight variables i.e. technology, ease to use, web designs, security, speed, information
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58% think that traditional banking is best because they are less aware of the internet banking applications. Internet banking is a new technology which is an modern advancement and 79% people think that by using internet banking would increase the quality or output. 77% respondents think that interaction with internet banking does not require a lot of mental effort. 82% respondent’s think that online banking service allows customers to pay for goods and services over the Internet using funds directly from their bank accounts and internet banking is flexible to interact …show more content…
It was a questionnaire based study in which questionnaire was mainly based on two main variables of adoption and rejection variables along with eight sub variables of adoption. Different variables like technology, ease to use, web design, security, speed, information content, interaction with online banking, quick response . It is found that security is the main problem in online banking because there is a chance of being hacked and due to cyber theft and there is no privacy. Another factor is Speed, since some customers have problems in connection, page loading speed, login and logout time. Quick response and personal contact are also significant for establishing good relationship and gaining trust and loyal customers. This dimension also implies that internet banks should pay more attention to customer’s email, phone calls and personal contact face to face when problems occur. Banks should reply to customer’s email as soon as possible and provide proper information when customers need some advice. In transaction processing people usually start adopting with traditional banking application because they feel comfortable when they actually see the money change hands as compared to online banking wherein all the proof that they get about their transactions is the receipt provided to them by the site after completion of a certain transaction. A part from descriptive analysis, regression and correlation
Digital banks such as N26, Fidor and atom bank are giving more control to the customer over personal account data because of PSD2 and open banking initiative. According to the PwC Strategy& study on PSD2 88 percent of consumers use third-party providers for online payments, which indicates that there is a large, primed base of customers for other digital banking services. Moreover, 85 percent of the respondents are happy with companies like Amazon and PayPal controlling money transfers as reliably and securely as their banks. This shows us third party providers has earned consumer’s trust, giving an opportunity to fintech’s to expand due their simplicity (Strategyand.pwc.com, 2017). This is because app based banks simply running off a simple smartphone are becoming increasing present and contributing in removing the old, slow fashioned way of banking due to PSD2 and open banking, as now with just a few taps, friends and family can exchange money, track spending, freeze a card and set budgets.
Every Royal Bank customer has a relationship with the bank, but the nature and definition of the relationship vary according to the needs and requirements of the customer. As an example, some customers have no interest in being recognized by bank personnel when they contact the institution—for these customers low price or speed of service are the dominant properties of the relationship. For other customers, highly personalized interactions are the most important aspect of their relationship with the bank. The critical challenge for Royal Bank is to recognize that it must act in accordance with the wishes of its customers while still trying to achieve its own strategic objectives. If customers do not emphatically make known their expectations of the organization, the bank attempts to predict what the customers’ expectations are based upon prior observed behavior.
Bank of America: Mobile Banking This essay is based on the case “Bank of America: Mobile Banking” which is dated on May 2012. We will first present benefits mobile banking provide to consumers and highlight reasons why many consumers haven’t adopted mobile banking yet. Furthermore, we will look into Bank of America motivation to offer mobile banking to its customers and review associated costs and risks of mobile banking implementation. Then understand what lessons can the bank learn from its online banking operations and analyze costs and benefits of having customers migrate to online banking.
FACTORS INFLUENCING THE UPTAKE OF MOBILE BANKINGIN DEVELOPING COUNTRIES: A CASE STUDY OF M-PESA IN SOUTH AFRICA: The case study is mainly focused on the introduction of mobile banking in African continent, mainly two major countries; Kenya and South Africa. The Launch of M-Pesa, as it is popularly termed in African countries for Mobile Money, is the provision of mobile financial services, payment services and banking on small scale.
Having online banking allows customers to be able to access their bank accounts anytime, anywhere. Banking online allows securely when checking your balance, transferring money and paying bills on the go. 2. I believe that a manager can be too satisfied with their jobs. People evaluate their job
What was banking like in the early days of the U.S.? Well, that’s a little bit tough to answer when you don’t have the correct knowledge about it. In the early days, the banking system was actually fluroushing with pleathera of money. Money was actually worth a lot more back then, than what it is today. Currency has decreased in value over time, and a lot of us don’t realize it.
In “The ‘Banking’ Concept of Education” Paulo Freire addresses the inefficient and oppressive nature of modern education. Freire explains that the way in which teachers conduct educating is harmful to the students as well as the teachers. He proposes an alternative method to the banking concept called the problem-posing method. This method treats the teacher and students the same and allows for knowledge to flow in both directions. What Freire tries to convey in his work is that the way the act of educating is performed has a profound impact on the way the students materialize into the real world and how education can be used, intentionally or not, to control the students.
Data security is the protective digital privacy actions that are applied to avoid unauthorized admission to computers, websites, and databases. It also protects data from corruption. Data security is essential for every different size and type of organizations in IT. The focus of data security is to confirm privacy while protecting personal or corporate data. Data is the raw form of information stored in our databases, network servers, and personal computers.
5. Compliance Management 5.1. Preamble Compliance risk is the risk of legal or regulatory sanctions, material financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with laws, regulations, rules, related self-regulatory organization standards, and codes of conduct applicable to its banking activities. Compliance laws, rules, and standards typically include specific areas such as the prevention of money laundering and terrorist financing and may extend to tax laws that are relevant to the structuring of banking products or customer advice. Bank of Abyssinia S.C (BoA) as a Bank is committed towards best practices for its clients and stakeholders.
In a minimum of 1,200 words using at least three scholarly sources, explain the role of security policies in an organization and the roles and responsibilities associated with creating and managing information security policies. Security starts at the top of the chain of command; the executive staff creates the strategic plans for the entire organization. Security is the responsibility of everyone, but in business, it has to be championed from the top (Whitman & Mattord, 2013). The senior management team must address security regardless of the business sector as strategic policies are created (Ning & Tanriverdi, 2017).
Theories, Concepts, and Blockchain in real life Deloitte estimates the value of global transactions at $26 trillion annually with billions of dollars in fees, and the systems that facilitate this volume of payments are inefficient, antiquated, and incapable of satisfying worldwide demand (Elison). Greater efficiencies combined with heighten care for consumer experience is where the impact of competition will be felt. Traditional firms have real concerns around the prospects they may lose control as the collision of digital technology increases. Accenture has estimated that the biggest investment banks could save $10bn by using blockchain technology to improve the efficiency of clearing and settlement. The first place there will be impact
Hypothesis Development In concept, this research model is the development of a model study conducted by Taylor and Todd (1995), Lim and Dubinsky (2005), and George (2004) in explaining and predicting the adoption process online purchases by consumers. Type Theory of Behavior model of planning will usually include the intention to make purchases online as early constructs in buying behavior. However, all of the data in this study were collected at one point in time, so it is not possible to include two things namely the intention of the behavior and conduct itself in the model. Differences proposed in this study is the addition of a variable on subjective norm component, the component attitudes and perceived behavioral control components.
, (2003), an individual usually evaluates the consequences of his/her behaviour and consequently makes a choice based on the desirability of perceived usefulness. This argument is also supported by Luarn and Lin (2005) who suggest that perceived usefulness significantly impacts on the development of initial willingness to use M-banking. Hence, through the use of mobile banking, clients are able to conduct banking services anywhere and anytime by means of a mobile device, tablet or mobile phone (Dineshwar & Steven, 2013). It enables banking clients to perform a diverse range of financial services including checking account balances, linking of accounts, inter- and intra-transfer of funds, payment of bills, Internet purchases, and resetting of passwords (Agwu & Carter, 2014; Püschel, Mazzon & Hernandez, 2010).. In the context of mobile business service, researchers found that perceived usefulness is a vital factor determining the adoption of mobile service since users consider its benefits (Kleijnen et al., 2004; Luarn and Lin, 2005; Wang et.al, 2006).
Find out the level of e-commerce adoption in the Mauritian retail Industry. II. Analyse and identify the different factors which affect or contribute to the level of adoption of e-commerce (EC) in Mauritius. III. Look for a pattern in factors which influence people's perception and attitudes towards using online shopping.
In a study done by Ernst & Young (EY), they created the EY FinTech Adoption Index. This Index aimed to develop a look at the FinTech user base by capturing the level of FinTech adoption among digitally active consumers. The Index gathered information from digitally active consumers through the use of survey and looked at various markets such as in Australia, Canada, Hong Kong, Singapore, the U.K. and U.S. In those six markets, there was a weighted average of 15.5% of digitally active consumers are FinTech users. These FinTech users are consumers who have used at least two FinTech products.