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Submitted by
PREM PRAKASH
Register Number
05XQCM6066
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DECLARATION
I hereby declare that the project report titled “Barriers in Internet and
Mobile Banking Adoption in India” is a record of independent work
carried towards the partial fulfillment of the requirements for the
Masters Degree in Business Administration course of Bangalore
University, at M.P. Birla Institute of Management Associate Bharatiya
Vidya Bhavan, Bangalore –560001.
This has not been submitted for the purpose of an award or degree of
any other institution.
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GUIDE CERTIFICATE
This is to certify that the dissertation entitled “Barriers in Internet and
Mobile Banking Adoption in India” is an original study conducted by
Prem Prakash, bearing register number 05XQCM6066, of M. P. Birla
Institute of Management, Associate Bharatiya Vidya Bhavan, under
my guidance. This has not formed the basis for the award of any
Degree/Diploma by Bangalore University or any other University.
Place: Bangalore
Date Prof. Jai Raj Nair
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PRINCIPAL’S CERTIFICATE
This is to certify that this report titled “Barriers in Internet and Mobile
Banking Adoption in India” is the result of project work undergone
by Prem Prakash, bearing the Register Number 05XQCM6066, under
the guidance of Prof. Jai Raj Nair. This has not formed a basis for the
award of any Degree/Diploma for any
University.
Place : Bangalore
Date : Dr. Nagesh.S.Malavalli
INDEX
1 Acknowledgement 1
2 Introduction 2-3
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5 Mobile Banking 9-10
11 Research 45-46
16
Appendix A – Questionnaire 69-72
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17 Bibliography 73
ACKNOWLEDGEMENT
A teacher is a perennial source of inspiration and guidance in all the
academic activities of his students throughout. I whole-heartedly
extend my deep and sincere gratitude to Prof. Jai Raj Nair, faculty for
System, MPBIM, for his continuous guidance and help provided for
completing this research study.
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I am also thankful to Prof. S.S. Santhanam, M.P Birla Institute of
Management for sharing his expertise in the field of Statistics with me
whenever I approached him.
PREM PRAKASH
EXECUTIVE SUMMARY
A quantitative survey sheds more light on this research issue. The data
is collect from a survey in the South region of India and includes 100
respondents.
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1. INTRODUCTION
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• Why the customers are showing reluctance in using internet and
mobile banking services so frequently?
• Why the people have not accepted the technology fully, though
it provides much advantage to the banking customers as
compared to the previous technologies?
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The future growth of Internet and Mobile Banking depends to a
large extent on whether or not consumers accept and use them. Thus,
much research attention has been focused on examining consumer
perceptions of new information technology, and whether they intend to
use it. These studies identify levers that can be used to enhance the
adoption rate. The theoretical basis for much of this work has been the
technology acceptance model (TAM), and the perceived
characteristics of innovation (PCI) model. However, other studies on
Internet banking combined theoretical frameworks based on the
diffusion of innovations theory, TAM and theory of planned behavior,
reflecting the trend towards developing and using unified theories of
adoption that integrate diverse sources.
In this research we explicate the influence of attitudinal factors
(relative advantage, compatibility, trial ability, complexity, risk),
subjective norm(social factors) and perceived behavioural control
factors (self-efficacy and technological support) on the adoption of
Internet and Mobile banking. We also compare the effect of attitudinal
factors on the adoption of Mobile and Internet banking.
1.3 Objectives
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To identify the various barriers like Access problems,
Dissatisfaction and inability of service providers in the
adoption of Internet and Mobile Banking Service.
To suggest way to improve the performance of models at
different electronic banking services technology .
To analyze E- banking practices and its potential in India.
2. The Internet and Mobile in India
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Figure 1: Internet and Mobile Users in India
30
25
20
INTERNET
15
MOBILE
10
5
0
2000 2001 2002 2003 2004 2005
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3. Internet and Mobile Banking in India
Internet banking was first launched in India in the late 1990s. The
Internet banking users form a subset of Internet users, typically being
in the upper income bracket of an already affluent and/or educated
group. There are 38.5 million Internet users in India and the number is
set to grow to a 100 million by 2007-08. An estimated 4.6* million Indian
Internet users are Banking Online today and with the efforts of the
government and the industry the number is expected to grow to 16+
million by 2007-08 including both Internet and Mobile Banking.
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A recent estimate puts the number of Mobile banking users at about
100,000 ?C less than 1% of Mobile users, and a similarly small
percentage of bank account holders. An additional barrier to
Mobilebanking adoption is the limited use made of Mobile data services.
It is still primarily used as a voice communication device, although text
messaging has rapidly risen in popularity. Table shows that extent of
use of different channels to do banking.
The data in table is extracted from the Mobile banking survey only. The
result shows that Mobile, telephone and Internet are the least
frequently used channels for accessing banking services. On the other
hand ATM is the most frequented banking channel. This is an
interesting finding and could be related to the acceptance level of
recently introduced channels and the perceived risk associated with
them.
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4. Mobile Banking
The last time that technology had a major impact in helping banks
service their customers was with the introduction of the Internet
banking. Internet Banking helped give the customer's anytime access
to their banks. Customer's could check out their account details, get
their bank statements, perform transactions like transferring money to
other accounts and pay their bills sitting in the comfort of their homes
and offices.
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banking addresses this fundamental limitation of Internet Banking, as
it reduces the customer requirement to just a mobile phone.
Still, the main reason that Mobile Banking scores over Internet Banking
is that it enables ‘Anywhere Banking'. Customers now don't need
access to a computer terminal to access their banks, they can now do
so on the go – when they are waiting for their bus to work, when they
are traveling or when they are waiting for their orders to come through
in a restaurant.
The scale at which Mobile banking has the potential to grow can be
gauged by looking at the pace users are getting mobile in these big
Asian economies. According to the Cellular Operators' Association of
India (COAI) the mobile subscriber base in India hit 40.6 million in the
August 2004. In September 2004 it added about 1.85 million more. The
explosion as most analysts say, is yet to come as India has about one
of the biggest untapped markets.
The other way to categorize the mobile banking services, by the nature
of the service, gives us two kind of services – Transaction based and
Enquiry Based. So a request for your bank statement is an enquiry
based service and a request for your fund's transfer to some other
account is a transaction-based service. Transaction based services are
also differentiated from enquiry based services in the sense that they
require additional security across the channel from the mobile phone
to the banks data servers.
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• Other financial services like
share trading.
Mobile banking based on IVR has some major limitations that they can
be used only for Enquiry based services. Also, IVR is more expensive
as compared to other channels as it involves making a voice call which
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is generally more expensive than sending an SMS or making data
transfer (as in WAP or Standalone clients).
For example, customers of the HDFC Bank in India can get their
account balance details by sending the keyword ‘HDFCBAL' and
receive their balance information again by SMS. Most of the services
rolled out by major banks using SMS have been limited to the Enquiry
based ones.
One of the major reasons that transaction based services have not
taken of on SMS is because of concerns about security and because
SMS doesn't enable the banks to deliver a custom user interface to
make it convenient for customers to access more complex services
such as transactions.
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The main advantage of deploying mobile applications over SMS is that
almost all mobile phones, including the low end, cheaper one's, which
are most popular in countries like India and China are SMS enabled.
An SMS based service is hosted on a SMS gateway that further
connects to the Mobile service providers SMS Centre. There are a
couple of hosted IP based SMS gateways available in the market.
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carry out transactions, much like internet users access a web portal for
accessing the banks services.
The following figure demonstrates the framework for enabling mobile
applications over WAP. The actually forms that go into a mobile
application are stored on a WAP server, and served on demand. The
WAP Gateway forms an access point to the internet from the mobile
network.
Standalone mobile applications are the ones that hold out the most
promise as they are most suitable to implement complex banking
transactions like trading in securities. They can be easily customized
according to the user interface complexity supported by the mobile. In
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addition, mobile applications enable the implementation of a very
secure and reliable channel of communication.
One requirement of mobile applications clients is that they require to
be downloaded on the client device before they can be used, which
further requires the mobile device to support one of the many
development environments like J2ME or Qualcomm's BREW. J2ME is
fast becoming an industry standard to deploy mobile applications and
requires the mobile phone to support Java.
5. Internet Banking
Internet banking evolved in the mid-1990s when Internet and the World
Wide Web began to catch on. Soon, many major banks in the US and
Europe began to use the Internet to provide banking services. Internet
banking is a web-based service that enables the bank's authorized
customers to access their account information. It allows the customers
to log on to the bank's website with the help of a bank-issued
identification and a personal identification number (PIN). The banking
system verifies the user and provides access to the requested services.
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The range of products and services offered by each bank on the
Internet differs widely in their content.
Most banks offer Internet banking as a value-added service. Internet
banking has also led to the emergence of new banks, which operate
only through the Internet and do not exist physically. Such banks are
called 'Virtual' banks or 'Internet only' banks.
The products and services offered by the banks on the Internet can be
divided into three types:
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Internet banking may mirror products and services offered through
other bank delivery channels.
Some examples of wholesale products and services include:
• Cash management.
• Wire transfer.
• Automated clearinghouse (ACH) transactions.
• Bill presentment and payment.
Examples of retail and fiduciary products and services include:
• Balance inquiry.
• Funds transfer.
• Downloading transaction information.
• Bill presentment and payment.
• Loan applications.
• Investment activity.
• Other value-added services.
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presentment and payment systems are an important way for banks to
reach their customers.
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National banks have significant reasons to develop the
technologies that will help them deliver banking products and services
by the most cost-effective channels. Many bankers believe that shifting
only a small portion of the estimated 19-billion payments mailed
annually in the U.S. to electronic delivery channels could save banks
and other businesses substantial sums of money. However, national
banks should use care in making product decisions. Management
should include in their decision making the development and ongoing
costs associated with a new product or service, including the
technology, marketing, maintenance, and customer support functions.
This will help management exercise due diligence, make more
informed decisions, and measure the success of their business venture.
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By capitalizing on brand identification and by providing a broad array
of financial services, banks hope to build customer loyalty, cross-sell,
and enhance repeat business.
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The different levels of complexity associated with certain areas
involving security, operations, planning, and monitoring have caused
many national banks to outsource all or parts of their Internet banking
operations. Banks should periodically reassess their sources of
technology support to determine whether a given solution continues to
fit their business plan and is flexible enough to meet anticipated future
needs. Regardless of whether technology services are provided in-
house or through a third-party service provider, national banks need to
have a strong link between their technology provider and their strategic
planning process. This will enable the bank to link new products and
services with the existing technology and product mix.
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growth in the use of the Internet for the purchase of goods and services
and electronic data interchange. The banking industry also recognizes
that the Internet must be secure to achieve a high level of confidence
with both consumers and businesses.
• Security
• Authentication
• Trust
• Non repudiation
• Privacy
• Availability
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Some national banks allow for direct dial-in access to their systems
over a private network while others provide network access through the
Internet. Although the publicly accessible Internet generally may be
less secure, both types of connections are vulnerable to interception
and alteration. For example, hardware or software “sniffers” can obtain
passwords, account numbers, credit card numbers, etc. without regard
to the means of access. National banks therefore must have a sound
system of internal controls to protect against security breaches for all
forms of electronic access. A sound system of preventive, detective,
and corrective controls will help assure the integrity of the network and
the information it handles. for a discussion of online attacks.
The mere presence of a firewall does not assure logical security and
firewalls are not impenetrable: firewalls must be configured to meet a
specific operating environment and they must be evaluated and
maintained on a regular basis to assure their effectiveness and
efficiency. Individuals who are technically competent must perform the
installation, configuration, evaluation, and maintenance of firewalls.
The specific risks involved may require a broad range of security
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controls. Appendix A contains a more detailed discussion of firewalls
and associated controls.
Public concerns over the proper versus improper accumulation and use
of personal information are likely to increase with the continued growth
of electronic commerce and the Internet. Providers who are sensitive
to these concerns have an advantage over those who do not. For a
more complete discussion of this topic.
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Among the considerations associated with system availability are
capacity, performance monitoring, redundance, and business
resumption. National banks and their vendors who provide Internet
banking products and services need to make certain they have the
capacity in terms of hardware and software to consistently deliver a
high level of service.
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Computer Networks can be primarily divided into two categories based
on speed of data transfers and geographical reach.
The Wide Area Network (WAN), on the other hand, is designed to carry
data over great distances and are generally point-to-point. Connectivity
in WAN set-up is provided by using dial-up modems on the Public
Switched Telephone Network (PSTN) or leased lines. The different
topologies, technologies and data communication protocols have
different implications on safety and security of services.
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3. Transport Layer: Reliable transparent transfer of data between
end points, end to end recovery & flow control.
4. Network Layer: Routing, switching, traffic monitoring and
congestion control, control of network connections, logical
channels and data flow.
5. Data Link Layer: Reliable transfer of data across physical link and
control of flow of data from one machine to another.
6. IT SECURITY INFRASTRUCTURE
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to authorised users without any disruption or degradation, the bank
plans to put robust security framework as per the Information Security
Policy approved by the Bank. The Bank wants to utilise the services of
Information Security Auditor to audit our Information Security
framework for Internet Banking/ Network infrastructure and other
integrated computer applications implemented by security
integrator/implementer as per Information Security Policy adopted by
the Bank which may be modified to the requirements of Core Banking,
if needed.
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increased to 16.7% in March 2000* The growth potential is, therefore,
immense. Further incentives provided by banks would dissuade
customers from visiting physical branches, and thus get ‘hooked’ to the
convenience of arm-chair banking. The facility of accessing their
accounts from anywhere in the world by using a home computer with
Internet connection, is particularly fascinating to NonResident Indians
and High Networth Individuals having multiple bank accounts.
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8. Architecture and Security Requirements
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When the user has a PC with a network connection, the most common
way to communicate with the bank is via a Web browser, hence
banking through the World Wide Web or Web banking. The standard
protocol for communication between the browser and the bankers Web
server is then used. It is often referred to as HTTPS, which is the HTTP
protocol on top of a security layer. HTTP is the communication
language of the WWW.
A bank will mostly require more security functionality than an ordinary
browser is able to provide. This extra security functionality included
strong cryptography.
A dedicated standalone client/server application is therefore an
alternative way to realize communication between the user and the
bank. The same protocol as used by the Web browser/server can be
used here to provide security. However, the bank must provide the user
with the necessary software, as the electronic banking system does not
rely on the browser that is already installed on the users computer.
To avoid the problem of distribution and installation of extra software
on the users computer, banks often deploy an intermediate solution.
An ordinary browser is used at the client side, but to increase the
functionality, a Java applet is downloaded from the banks website. This
applet is a relatively small piece of software code that runs within the
users browser, and that will provide extra security functionality. A big
advantage of this approach is that the applet technology allows the
bank to easily maintain and update the client software. Clients will
automatically download and use new versions of the software. Banks
do not need to distribute new software in an old-fashioned way.
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8.2. WAP Architecture
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deployed over the bearer GSM Global System for Mobile
communications. Switching from the gateway of the clients provider, to
the banks gateway can then for example be done by sending a Short
Message Service (SMS) message).
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party that a user performed a certain transaction, in case that user
denies having performed it.
9. Literature Review
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Relative advantage, compatibility, trialability and observability are
positively related to adoption of an innovation and the remaining two,
complexity and perceived risk, negatively related (Rogers, 1995).
Gatignon and Robertson (1985) made an interesting finding on the
basis of their review of adoption research. Within adoption framework
technology based innovation, where no prior data of a totally new
product or service concept exists, some conclusions may be drawn
from adoption experiences of other products within the product
category. Similarly, Hirschman (1980) has suggested that prior
experience with a product category (e.g., Internet Banking) may lead
to greater acceptability of new product (e.g., mobile banking). The
influence of these innovation attributes on the adoption of mobile
banking services are detailed under empirical implications.
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10. Research
The data have been grouped into two main categories - primary and
secondary data.
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The secondary data have been compiled from newspaper, journals,
magazines, and web links and also research papers.
The primary data have been collected through an exploratory research
– Questionnaire with user and non user of internet and mobile banking
basically Businessmen, servicemen, professionals, students etc.
For the present research, the researcher has based his theme on
Exploratory Research. The major emphasis of Exploratory Research
is on the discovery of ideas. Through Exploration, the researcher
develops concepts more clearly, establish priorities, develop
operational definitions, and improve the final research design. This
research is both quantitative and qualitative. This research is based
on the data collected through “Questionnaire” with Internet and Mobile
banking User and Non-user.
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The data for the research is extracted from a serves conducted in
Bangalore in India. A total of 100 respondents participated in the
research of Internet Banking where as 100 replied in the research of
Mobile banking. The demographic profile of respondents in each
research is shown in Table and chart. The data collected through this
method was adequate enough to make projections in the research.
Approximately 90% of the Internet banking respondents were
graduates whilst only 40% of Mobile banking respondents were in this
category. The banking needs of Internet banking respondents were
shown to be greater than for the Mobile banking respondents, perhaps
a reflection of the greater affluence of this group.
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Male
Female
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11. Factors that affect Internet and Mobile banking adoption
In order to identify the top and least five perceived items in affecting
the adoption intention of Internet and Mobile banking, we computed
the Percentage score of the respondents? replies. Table provides the
result.
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(Percentage of using Internet banking (Percentage of using Mobile banking
population ) population ))
Items % Items %
Faster Internet access speed is 77 I would use Mobile banking if I 81
important for Internet banking. could use it on a trial basis first
to see what it can offer
Internet banking makes it 61 I would use Mobile banking if I 76
easier to do banking could see a trial demo first
Internet banking is a 35 I would use Mobile banking if I 75
convenient way to manage my could test Mobile banking first
finances
Internet banking is compatible 58 I would use or be more likely to 45
with my lifestyle use Mobile banking if Mobile
banking was compatible with my
lifestyle
Using Internet banking fits into 47 I would use or be more likely to 35
my working style use Mobile banking if using my
Mobile to conduct banking
transactions fits into my working
style
Information concerning my 35 Mobile banking is a risky mode 54
Internet banking transactions of banking to use
can be tampered with.
Information concerning my 30 Mobile banking would allow me 44
Internet banking transactions to manage my finances more
will be known to others. efficiently
My decision to adopt Internet 30 Mobile banking would be 60
banking is influenced by my complex to use
family
Using Internet banking requires 62 I would use Mobile banking if 71
a lot of mental effort Mobile banking increased my
status
Internet banking is a difficult 57 Mobile banking would require a 63
way to conduct banking lot of mental effort
transactions
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For Internet banking
Yes
No
Yes
No
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Internet banking is a convenient way
to manage my finances
Yes
No
Yes
No
Yes
No
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6. Information concerning my Internet banking transactions can be
tampered with?
Yes
No
Yes
No
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My decision to adopt Internet banking
is influenced by my family
Yes
No
Yes
No
Yes
No
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1. I would use Mobile banking if I could use it on a trial basis first to
see what it can offer?
Yes
No
Yes
No
Yes
No
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4. I would use or be more likely to use Mobile banking if Mobile
banking was compatible with my lifestyle?
I would use or be more likely to use
Mobile banking if Mobile banking was
compatible with my lifestyle
Yes
No
Yes
No
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Mobile banking is a risky mode of
banking to use
Yes
No
Yes
No
Yes
No
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9. I would use Mobile banking if Mobile banking increased my status?
I would use Mobile banking if Mobile
banking increased my status
Yes
No
Yes
No
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that affect the adoption of Mobile banking and Internet banking, there
are also differences. Given this context we then set out to compare
differences in perceptions and adoption intentions. The perceptions to
be compared are the ones that were found to be an influence on
Internet banking, Mobile banking, or both.
Internet Mobile
Banking Banking
Relative Advantage 61% 52%
Compatibility 51% 46%
Trial ability 44% 59%
Risk 77% 64%
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Complexity 34% 49%
Adoption Intent 58% 40%
Factor 2: Dissatisfaction
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Factor 3: Inability to Provide Knowledge
This research indicates that both the adoption intent and perceptions
of Internet banking amongst Internet users differ markedly from Mobile
phone banking amongst Mobile phone users. This implies that success
with one channel cannot be automatically translated into another
channel, as the demographic profile and social context for each
innovation differs. Therefore there is a need for providers of these
services to take the adoption context into account. As indicted in figure,
there are far more Mobile phone users than the Internet users in India.
In addition the demographic profile of Mobile phone users cut across
economic and social groupings. It might then be argued that Mobile
phone banking is a channel that can spread banking services to the
previously unbanked portion of the society. However, the slow uptake
of Mobile phone banking defies this logic. The results of this analysis
furthermore confirm the lukewarm response to Mobile phone banking,
especially when compared against Internet banking.
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Differing perceptions and intentions to adopt the innovations may be
as a result of the social context in which the Internet and Mobile phone
respectively are used, and relatedly the characteristics of the typical
user of each. There is support for this assertion from diffusion of
innovations theory, where it is noted that the social system in which the
innovation exists influences the process of adoption. According to the
demographic findings, while Internet banking users fit the archetypal
Internet user - young, educated and/or middle and high income, Mobile
phone users cut across different age, educational and economic
groupings. Many Mobile phone users use the Mobile phone as
primarily a communicative device, and thus this perception needs to
firstly be addressed. New generation Mobile phones with added
functionality such as web access are changing this, and will continue
to do so as they begin to diffuse more widely. The average Mobile
phone user earns a smaller income than a typical Internet user, which
means many don't qualify for some banking products such as cheque
accounts, credit cards, and mortgages. The primary need is for a
savings account, and the ability to deposit and withdraw funds. Thus,
Banks that simply duplicate services available on the Internet to Mobile
phone banking will not add much value. Those services might suit the
upper income Internet user, but not the typical Mobile phone user.
The result also shows that Mobile phone banking users need more time
to try the technology before accepting it. Mobile phone banking in India
as it stands now may be suitable to attract current Internet banking
users, who are looking for a convenient channel, compatible with a
busy lifestyle, in which there is little time to be visiting bank halls or
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ATM machines. However to distribute banking services to the less
affluent part of the society, banks need to offer more time to try the
service. They need to put in place strategies that showcase this
application and give potential users hands on experience.
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of that is the support for the item services are not enough versatile. In
addition, emphasizing technology in service offering may result in
ignoring certain fundamental prerequisites required for acceptance.
Technology is an enabler a way to build up a new delivery channel, but
communicating only technological features other elements of services
such as service content. Technology-based electronic delivery medium
does not constitute service offering and creates value alone, but
service content has to function properly and the way of usage has to
be known. Another main impediment seems to be functionality of a
internet and mobile phone as delivery medium for banking services.
Mobile phone, obviously is not designed for this type of services: For
instance, key board is relatively small, which makes it more prone for
correcting errors in keeping the figures.
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This kind of data has its value when designing new services and
products or implementing market communications. In addition,
information gained from experience with Internet banking and other
modes of electronic banking cannot be straightforward implemented to
mobile banking service customers. Given the increased competition
and pressures to cut expenses, financial institutions have to be able to
make informed decisions on resource allocation. Thus, research of this
kind is of critical importance.
It should be noted that this research examine internet and mobile
banking only in a India, which can be regarded as one of the most
advanced regions in new technology adoption and where technological
advancement has been extended in banking services too. Research
perspective is focused on only consumers and on a certain limited
number of non-adopters characteristics. In addition to extending our
understanding of consumer behavior in internet and mobile banking
context, the research presented also has practical implications for
managers and policymakers who have to make strategies and decision
in order to cater to this hitherto unexplored new technologies-based
service market. Even though the sky of internet and mobile banking is
now going to be blue and clear, the thunderclouds may arise if the
barriers pointed out in this research are not thoroughly investigated.
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Appendix A – Questionnaire
Name:
Address:
o Yes
o No
o Yes
o No
o Yes
o No
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4. Internet banking is compatible with my lifestyle?
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
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o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
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6. Mobile banking is a risky mode of banking to use?
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
o Yes
o No
………………………………………………………………………………
………………………………………………………………………………
………………………………………………………………………………
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Thank you for your valuable time!
BIBLIOGRAPHY
www.businessweek.com
www.Icicibank.com
www.hdfcbank.com
www.utibank.com www.google.com
www.interbrand.com
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