Consumer Perception and Trust in Electronic-Banking Transactions through Mobile Phone - Literature review Example

?E-Commerce: An Investigation on Consumer Perception and Trust in E-Banking Transactions through Mobile Phone. The Case of Lloyds TSB Table of Contents Chapter 2: Literature Review 3 2.1 Introduction 3 2.2 Consumer Perception Theory 4 2.2.1 Technology Acceptance Model (TAM) 4 4 2.2.2 Theory of Reasoned Action (TRA) 5 2.2.3 Theory of Planned Behaviour (TPB) 5 2.3 Consumer Perception and Trust in E-banking Transaction through Mobile Phone 6 6 2.3.1 Perceived Usefulness 6 2.3.2 Perceived Benefit 6 2.3.3 Convenience 6 2.3.4 Ease of Use 8 2.3.5 Security Perception 9 2.3.6 Perceived Risks 11 2.3.7 Perceived Reliability 12 2.3.8 Perceived Trust 13 2.3.9 Prior Internet Knowledge 16 2.3.10 Personal Preferences and Subjective Norms 16 2.3.11 Belief of Image 17 2.3.12 Awareness of Mobile Banking Products and Services 18 2.4 Conclusion 19 References 20 Chapter 2: Literature Review 2.1 Introduction E-banking is the word, frequently used in new the generation banking system. E-banking is also known as internet banking which is an extension of personal computer banking (Stair & et. al., 2009). E-banking utilises internet as a medium for conducting several banking activities such as money transfer, bill payment, balance observation and purchase of financial products among others. E-banking is the outcome of explored opportunity to utilise internet applications in several fields of banking (Bak & Stair, 2011). According to Fonchamnyo (2012), e-banking has experienced rapid growth and changed the traditional banking practices of customers. This growth can lead to massive shift in banking practices leading to advanced business performance. In fact, e-banking has become a major trend for banks to sell their products and services and is perceived to be an inevitable component or ally for banks to remain profitable and successful. However, the acceptance of e-banking is not even particularly between developed and developing nations. It is believed that the different perceptions of customers about the use of e-banking result in trust and adoption of e-banking facilities (Scribd, 2013). Mobile banking is a subsection of e-banking which has gained growing popularity amongst numerous segments of society. Mobile banking denotes the provision of banking services with the aid of telecommunication devices (Sarlak & Hastiani, 2010). With the use of mobile technology, banks can provide several services to the customers such as money transfer whilst travelling, obtaining online updates or even conducting stock trading and financial transaction activities while being caught in traffic. Therefore, mobile banking provides convenient, simple and timeless banking experience (Canadian Imperial Bank of Commerce, 2013). The mobile e-banking phenomenon which can expressively influence banks’ operational efficiency and services, is gaining status in developed nations. However, irrespective of its several advantages, the use of mobile phone in banking activities is still in the beginning phase, particularly in developing nations (Burri & Cottier, 2012). Following the technological developments, mobile phones are permeating in every aspect of life. The quick propagation of mobile phone not only has transformed the manner in which people live, but also has created a new channel for service delivery. The elevated penetration rate of mobile phone has resulted in increased use of mobile devices for the purpose of banking as it adds more value to the customers (Kumar, 2009; IBM Corporation, 2011). The prospect of mobile e-banking relies on customers’ perception. Customers are only willing to conduct mobile e-banking transaction, if they acquire value from it. From the perspective of customers, this value can be defined with respect to customer perception of using a new technology (Yang & Ma, 2012). 2.2 Consumer Perception Theory 2.2.1 Technology Acceptance Model (TAM) On the basis of Technology Acceptance Model (TAM) model, the overall feeling or attitude towards the utilisation of technology oriented system is a key determinant of adoption of any Information Technology (IT) system such as mobile e-banking (Lee & Ishii, 2009). TAM includes two key aspects of technology adoption which are ‘perceived usefulness’ and ‘perceived ease of use’. These two aspects impact on the perception of people about the use of any new technology (Sio-Iong & Len, 2013). In this context, it can be stated that perceived usefulness is the level to which an individual considers that using a specific system can improve the performance. On the other hand, perceived ease of use is the level to which an individual considers that the use of a specific system is easy and convenient. These two aspects develop a favourable behaviour and intention towards the utilisation of IT system (Sharma, 2011). 2.2.2 Theory of Reasoned Action (TRA) The notional context of TAM is developed on the basis of Theory of Reasoned Action (TRA) which is particularly designed for understanding people’s recognition of IT system. This theory postulates that the behavioural purpose of people is recognised through immediate determinant of actions (Paluch, 2011). The attitude of people and personal norms are facilitated through behavioural purpose. Furthermore, the normative principles of people are facilitated by their attitude which also impacts on the behaviour of people. Attitude can also be affected by user-friendliness and worth which reflect an individual’s prominent belief in the use of technology (Lee, 2011; Ahrens, 2011). 2.2.3 Theory of Planned Behaviour (TPB) Theory of Planned Behaviour (TPB) is an addition to TRA which denotes individual awareness about the existence or absence of necessary resources and prospects required to perform a particular conduct. On the basis of this theory, an individual’s actual behaviour in conducting certain actions is directly impacted by the behavioural aim and in turn is mutually determined by personal preferences and subjective norms (Park & et. al., 2011). 2.3 Consumer Perception and Trust in E-banking Transaction through Mobile Phone 2.3.1 Perceived Usefulness The significance of perceived usefulness has been acknowledged in the area of e-banking. Perceived usefulness specifies customers’ perception towards the use of technology that can enhance the performance. E-banking is an innovative concept which provides customers more freedom in conducting banking transactions (Balcaen, 2011). 2.3.2 Perceived Benefit Nowadays, e-banking is considered as one of the most effective methods for transaction as it offers several benefits in comparison to traditional banking. Correspondingly Zhiguo & et. al., (2011) infer that there are two major types of perceived benefits customers can gain from e-banking which are direct benefits and indirect benefits. Direct benefits are tangible benefits that customers receive by using e-banking services such as lower transaction expenses, quicker transaction speed and higher information transparency. On the other hand, indirect advantages are intangible advantages. For example through e-banking, customers can pay their bills easily and can also gain benefits in terms of investment in different segments (Alam & et. al., 2009). 2.3.3 Convenience According to Bell & Hogarth (2009), most vital perceived positive aspect of e-banking is its 24 hours availability, whereas complication and risk of services were identified as two negative attributes towards the adoption of e-banking. A key convenient factor of e-banking aspects is that it is compatible with the lifestyle of modern people which influences its adoption among customers. Following the technological developments, the increased utilisation of mobile phones has changed the lifestyle of people. The high penetration rate of mobile phones has also facilitated to create a new medium for service delivery (Mirijamdotter & Bradley, 2010). Particularly, the banking segment is regarded as one of the foremost industries in employing mobile technology as a way of providing banking services to the customers. This mobile banking service has further enhanced e-banking where customers are allowed to perform several financial transactions. It provides added value to customers with respect to location free access of bank (Harris & Tailor, 2011). Singhal & Padhmanabhan (2009) stated that it is hard to conclude whether e-banking applications have been utilised for convenience of the bankers or for the convenience of the customers. Nevertheless, ultimately, e-banking contributes in growing the usefulness of banking functions along with delivering more convenience to the customers. Through e-banking customers can transfer money from one part of the world to the other part without being required to communicate with the bankers. E-banking is convenient because it is not restricted by bank operational timing, there are no geographical limitations and the facilities provided by e-banking can be enjoyed at minimum cost. Ahmed & Al-Zu (2011) stated that there are several factors that have encouraged the adoption of e-banking and one of them is convenience. E-banking provides high level of convenience which allows customers to access bank accounts at any time and from any place. Apart from this, the accessibility to computer and mobile is also perceived as a benefit of e-banking (Westpac, 2013). 2.3.4 Ease of Use Ease of use is the level through which an individual accepts that using e-banking is free from effort. According to Frangos (2009), ease of use is a term which demonstrates that e-banking is not difficult to learn and operate. This ease of use provides the opportunity and motivates customers to try a new technology and to explore the advantages. Several researchers have demonstrated that customer perception is derived directly and indirectly about the ease of use of services. Pablos (2009) argued that the key drivers for e-banking growth entail the combination of easy internet access and easy accessibility of banking facilities to the customers. Ease of use is a vital characteristic from customers’ perception about the adoption of mobile e-banking services. In today’s age, customers desire simplicity, comfort and facility from a particular system. Due to busy routine life, no person is ready to put additional effort in order to utilise any new system (Deloitte Development LLC, 2008). The perceived ease of use allows customers to believe that they do not require any additional effort in order to use the new system. Effort in this context is denoted as both physical and psychological efforts in order to learn new things (Oliver & et. al., 2009). In accordance with the study of Haque & et. al. (2009), e-banking provides several advantages and abilities to the customers in comparison to traditional banking. It is a fast and convenient way of accessing banking services. Internet banking helps to make the payment and receipt services more flexible and user friendly than before. According to the study of Muraleedharan (2009), the use of e-banking has provided several advantages such as it is convenient and the banking services are provided with negligible expenses. E-banking services have changed the old conducts of banking wherein customers can stay connected irrespective of place and time limitations (Wild & et. al., 2011). The study of Al-Amin & Rahma (2010) also depicted that e-banking is synonymous to convenience since the banking services are available at all the time with just a click. Their study stated that the convenience of e-banking allowed its adoption by customers irrespective of constant uncertainty about its usage. According to the survey of Aderonke & Charles (2010), customers who are active users of mobile e-banking use it because of its convenience, ease of use, time saving facet and capability to satisfy the banking service requirements. However, they have also stated that security and privacy are vital concerns for customers while using the e-banking services. Geetha & Malarvizhi (2008) stated that from the perspective of customers, e-banking allows the extensive variety of banking services by electronic means. In addition, with the use of e-banking, customers no longer require to remain confined in the opening hours, to travel to the banking branches and to wait for banking services. 2.3.5 Security Perception Generally, security denotes the capability of defending against possible fears, however in the context of e-banking, security signifies the capability of banks to protect the information and transactions of consumers from being misused (Qin, 2009). Security is very essential in online banking. In e-banking, many of the customers are concerned about the security of transactions made through credit card because the alternators for payments and service providers cannot be recognised in online environment (Ian, 2009). Apparent fear of exposing personal information and feeling of insecurity has negative influence on using mobile e-banking transactions and e-banking services. Redelinghuis & Rensleigh (2010) found that possible e-banking customers ranked internet security and confidentiality of financial information as the most vital problems which are faced by banks and therefore these can impact on the approach of customers towards the adoption of mobile e-banking. According to Geetha & Malarvizhi (2011), the principal characteristics that inhibit e-banking acceptance are security and confidentiality. Banks and customers take risky steps while dealing through electronic means. In this context, it is worth mentioning that the confidence of customers on banks is quite strong, but their confidence in technology is weak. According to Tainer (2009), perceived security and privacy (PSP) possesses significant inference on the perception of consumers towards e-banking transactions. There exist important issues with respect to missing money from customers’ account from a bank, having e-banking facility. Furthermore, there are also strong allegations amid customers about the use of e-banking in terms of best practices. In general sense, banks’ customers have a propensity to avoid mobile e-banking if banks ignore the requirement to provide appropriate measures in order to encourage PSP in the mobile e-banking. Besides, several customers also hesitate to give confidential information over the mobile and internet because of the incapability to control the private information once such data are transferred to the third party (Amin & Ramayah, 2010). Security is considered as a key operational risk of e-banking. Padmalatha (2011) had identified certain security risks in e-banking namely denial of service, illegal use of information, revelation of information, modification of information and repudiation. The knowledge about security in e-banking transaction has considerable influence on the perception of customers. Security perceptions are defined as the individual likelihood with which customers trust that their secretive information will not be observed, stored and manipulated during transfer procedure by wrong parties (Easy Solutions, Inc., 2009). According to Suryamurthi & et. al., (2012) security in e-banking includes safety of customers’ private information and safe money transaction in order to prevent any kind of fraudulent activities. This security is considered as a paramount factor for growth of mobile e-banking. 2.3.6 Perceived Risks Several researchers demonstrated that perceived risk has considerable impact on the perception of customers in e-banking transaction. Schiffman & Kanuk (2009) stated that perceived risk is a type of risk where customers are unable to acquire anticipated outcomes. The concept of perceived risk reflects on an individual’s subjective belief regarding possible negative outcomes due to inherent uncertainty of e-banking. Risk is the element which provides the trust to the customers about a service. Customers’ trust is the function of level of risk which is related with online banking (Kautonen & Karjaluoto, 2008). There are several types of perceived risks in e-banking such as financial risk, security and privacy risk and time risk among others. Financial risk is considered as the likelihood that an online transaction would result in loss of money. Security and privacy risk denotes possible loss of control on private information (Hoyer & MacInnis, 2008). The extreme cases of security and privacy risks occur when customers’ information is utilised for performing deceitful activities. Time risk denotes the probability of loss of time because of delays in conducting financial transaction activities (Jewkes & Yar, 2010). Customers can deem to perceive new technology system as a threat and this factor acts as a cause for rejection. The major aspect which worries customers the most in e-banking is transaction related risks and failure of banks to guarantee rapid services. This is particularly true for e-banking because there is no physical separation between the bank and the customers, thus, the financial transaction statuses are difficult to predict and are hard to observe (Alessandrini & et. al., 2009). Besides, websites can also be faked, online individualities can be forged and electronic documents can be fabricated. The lack of adequate regulatory control upon online activities also can lead to customers’ perception that their private information can be utilised without their authorisation throughout or after money transactions. All these aspects have intensified the risk perceptions of the customers and impacted on their level of trust towards mobile e-banking (Magalhaes & et. al., 2010). The distant and anonymous characteristics of internet environment and the inherent ambiguity of using international infrastructure for money transaction can bring about several risks which can either be caused by functional flaws or by security problems in the IT system (Kim & Solomon, 2010). Apart from this, risk can also occur from the activities of parties who are involved in the financial transactions (Gup, 2011). According to the study of Young & Fen (2012), the banking customers are quite concerned about self-making faults such as entering wrong transaction code which can generate risk in the mobile online banking system. Their study revealed that users are always afraid of making mistakes which can result in irrecoverable outcomes such as transfer of money in the wrong account among others. 2.3.7 Perceived Reliability Reliability is one of the vital dimensions of customer perception about the use of mobile e-banking. Reliability is described as the level of providing accurate services in the first time or attempt. It is also described as the capability to deliver the promised services continuously and accurately such as rapid reaction to customers’ enquiry and accurateness of online transaction among others (Sharman & et. al., 2011). Evidently, the permanency of mobile e-banking relies on accurateness, reliability and accountability. Customers often lack confidence in trusting the internet technology mostly because of the security aspects, low level of confidence in bank websites and doubts regarding the reliability of internet services (David, 2009). In present times, e-banking scam has increased rapidly where customers are at times deceived in order to disclose their username and password by generating false websites which is also termed as phishing. Phishing attack takes place when the internet system makes it easier for a person to copy a website of legitimate bank and thereby reveal the vital information of customers along with making them vulnerable. One of the major reasons of distrust on e-banking amid customers is uncertainty of the reliability of the e-banking services (Schneider, 2011). Customers who adopt mobile e-banking are more probable to perceive problems with respect to loss of privacy, since internet apparently permits outsiders to access the confidential information easily (Scupola, 2011). Moreover, slow reaction time after performing an e-banking transaction through mobile phone also generates anxiety among customers regarding whether the transaction has been completed successfully or not. Thus, it can be determined that unreliability is negatively associated to the adoption of mobile e-banking among customers (Ammi, 2013). 2.3.8 Perceived Trust Trust has been the vital component in mobile e-banking transaction where risk, uncertainty and independence exist. Trust is considered as the level of risk every customer accepts during the transaction through e-banking. The outcome of trust is the minimisation of perceived risk which results in positive customer perception in acceptance of e-banking (Jorge & et. al., 2012). Pennanen (2009) stated that the perception of customers about trust differs on the basis of relationship among parties. Trust can become relatively unimportant when there is no threat of exposure of information and when risks are well known to the users and assurance for those risks are considered with respect to cost. The absence of these factors makes the facet of trust a crucial aspect for any monetary transaction. Regarding mobile e-banking, trust is regarded as the decision made by the users on the basis of their overall experiences as customers. The past experiences play a vital part in generating trust in the use of mobile e-banking. In particular, an enjoyable experience of using mobile phone for e-banking transactions can encourage customers to continue the use of it for the similar purpose. However, unpleasant experience can obstruct customers from using the new system again. In the e-banking environment, there is no physical interaction among bankers and customers. This longitudinal distance signifies that customers cannot use physical signs in order to judge the trustworthiness of e-banking transactions (SCN Education B.V., 2012). On the basis of a study of Wong & et. al., (2009), it can be observed that customers fear regarding the safety of their private information because of hacking or other unsafe activities. TRA theory states that trust can be considered as an important aspect for banks to grow and to maintain the profitability. Esmaili & et. al., (2011) also stated that trust is a vital facilitator in transactional relationship and it determines the characteristics of businesses. The issue of trust in e-banking transaction arises because of the risks involved in it. Furthermore, as banking customers who engage in e-banking are physically separated from each other and as there is a great deal of scepticism regarding the security of digital transactions over the internet, trust has gained significant consideration and focus amid customers. Usually, customers are found to have low level of trust in technology based systems because of security concerns, disbelief about service providers and worry about the reliability of internet services (Mughal & et. al., 2012). Bidgoli (2010) stated that online transactions are not only characterised by insecurity only, but they also imbibe other aspects such as obscurity, lack of control and possible deviousness. These are the aspects which enhance the vital role of trust in e-banking. Establishing and maintaining trust among customers is known as the success facilitator of e-banking. Besides, it should be noted that customer satisfaction is one of the prerequisites of trust (Rogers, 2010). 2.3.9 Prior Internet Knowledge Implementing internet technology as business medium requires the capability of individuals to utilise the web resources effectively. In today’s technology oriented era, people desire to take benefits of technology because its importance cannot be ignored. However, one of the major hurdles of using new technology is prior internet knowledge. The lack of knowledge about using internet can inhibit the adoption of mobile e-banking. This lack of know-how can be observed due to low diffusion ability and low investment on training for developing customer awareness (Kamel & et. al., 2009). On the basis of a study of Yeong & Fen (2012), it can be observed that mature customers belonging to the age of above 65 have withdrawn the use of e-banking due to insufficient and non-existent training on the utilisation of technology. They have also stated that unclear information in webpages and complex transaction procedures have created obstacles in their adoption of e-banking. Perceived risks, past experiences and lack of awareness and knowledge involve vital problems in the acceptance of mobile e-banking. While using e-banking services, customers are usually concerned about the security and possible financial loss (Anderloni & et. al., 2009). 2.3.10 Personal Preferences and Subjective Norms The acceptance of e-banking also depends on the personal preferences and subjective norms. Personal preferences in this context denote the desire to control the activity of financial transactions (Isern, 2008). On the other hand, subjective norm refers to an individual’s own estimate of social pressure in order to perform certain activities. Subjective norm is subjected to a set of available normative principles about the prospects of vital referents (Deaux & Snyder, 2012). People often react to the influences of other persons in order to establish a preferred image within a group. It denotes a person’s perception regarding what people think influences the adoption of e-banking facilities (Sharma, 2012). According to a study of Khanifar & et. al., (2012), subjective norm has encouraging effects on the approaches of individuals to the use of e-banking. The research of Gilaninia & et. al., (2012) also depicted the similar outcomes that subjective norm plays a vital part in mobile e-banking services. One of the major factors for a successful e-banking system is to transform the services according to the preferences of customers and to provide personalised financial solutions for the problems of customers. This concept requires the understanding of customer preferences from e-banking (Khosrowpour, 2010). It is being suggested that proper advertising and mass media can have an impact on the personal preferences and subjective norm of customers towards using mobile e-banking services. 2.3.11 Belief of Image The notion of corporate image of an organisation also creates an impact on the customer perception and trust in mobile e-banking transaction. Corporate image is associated with physical and behavioural attributes of organisations such as organisational structure, a variety of products and services and service quality among others. The belief of customers about using a particular system significantly depends on the corporate image of the organisation and past satisfactory experiences. According to Close (2012) corporate image, perceived advantages and trust are major antecedents of perception of customers about e-banking. 2.3.12 Awareness of Mobile Banking Products and Services Customers go through several procedures of knowledge, principle, decision and approval before adopting a new system. The perception about adopting or rejecting an innovative technology starts when customers become aware about the new system. Lack of awareness is the most vital aspect that negatively impacts on mobile e-banking adoption (Johnson, 2011). While mobile e-banking services are fairly new experiences for several people, low awareness is considered as a key reason for the lowered use of the services. Many customers are not aware about the possibilities, benefits, drawbacks, which are involved in e-banking (Curwen & Whalley, 2010). Nasri & Habib (2011) identified that information about the benefits of using mobile banking products and services are essential for promoting e-banking. In order to enhance the adoption of mobile e-banking, it is essential for banks to make the customers aware about the availability of such mobile banking products and services and how these products and services can add value to their life. 2.4 Conclusion The pursuit for effectiveness amid banks has changed the entire platform of financial services. Nowadays, with the improvement of mobile technology, face-to-face financial transactions are declining, because financial organisations and banks are opening their accesses towards operational transformations intended at the implementation of mobile e-banking services. However, there are several perceptions of customers towards mobile e-banking transactions. Although mobile e-banking provides several advantages to the customers, it is characterised by numerous types of risks which create impacts on the trust of customers towards its adoption. There are numerous security issues which generate concerns among customers about the use of e-banking transactions through mobile phone. Nevertheless, the perceived usefulness and perceived ease-of-use can facilitate the use of mobile e-banking services. E-banking provides several facilities to the customers such as convenient transactions, timeless banking experience and no geographical limitations. Besides, the personal preferences of customers along with subjective norm also influence the perceptions of customers on e-banking transaction. The literature review lucidly reflect that the customers who use mobile e-banking perceive based on its worth, simplicity, cost effectiveness, reliability, suitability and accessibility. E-banking has apparently become a matter of requirement for individuals in present day environment which will help banking segment to formulate the market approach as well as to gain competitive advantages. Since customers are highly concerned about the security and the safety of e-banking transactions, banks require promoting trust, reliability and awareness related to the e-banking services in order to change the perceptions of customers towards mobile e-banking. References Alessandrini, P. & et. al., 2009. The Changing Geography of Banking and Finance. Springer. Ahrens, S. C., 2011. Recommender Systems. Epubli. Ammi, C., 2013. Global Consumer Behavior. 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