IMPACT OF CUSTOMERS’

PERCEPTION ON E-BANKING

ADOPTION:

A CASE STUDY OF BARCLAYS

BANK

1

CHAPTER ONE

INTRODUCTION

1.1 AN OVERVIEW

This research work is undertaking the investigation of the impact of customer perception on banks' adoption of electronic services using Barclays bank as an example. It is set to explore the factors influencing customers' perception of such technological innovation as the electronic means of transaction. It is taken that the success or otherwise of an innovation (a new product or service) is much more decided by the way customers see it. The study goes further to assess the progressive deployment of electronic banking so far in the light of the bearing which customers' perception has on it.

Here in this chapter the statement of the problem under investigation is presented. Aims and objectives, and the research questions are firmly established as the guiding light to the subsequent sections and chapters that follow. The importance, scope and limitation of the study are presented. This chapter ended with a preview of the parameters within the research topic.

1.2 STATEMENT OF PROBLEM

The encroachment of contemporary ICT tools into the commerce arena has gone ahead to differentiate the ‘Market Place’ from the ‘Market Space’. It has redefined the traditional distribution channels challenging the constraints of form of delivery, time, and place. This has led us into the digital era and E-banking is a conception of this era. Like every other facet of modern commerce, E-banking has benefited immensely from the speed and low cost of delivery associated with the use of these information and communication technology tools.

E-banking has been defined in various studies in several ways partially because electronic banking refers to different means through which a customer can access most retail banking services (Daniel, 1999; Mols, 1998; Sathye, 1999, cited in Olga 2004). Electronic banking is the delivery of traditional banking

2

services through the medium of information and communication technological tools majorly the internet, the PC and the Phone. The multifarious ICT tools has helped cast E-banking in several modes; from the pacesetting automatic teller machine(ATM), to Mobile banking, Telephone banking, Online banking, SMS banking among other currently developing ones. These media provide customers several avenues to access their accounts, to transact business or obtain information on the products and services at their own conveniently defined time and place. The importance of a bank’s market place; a branch office, has been greatly reduced with banking services evolving into a self-serviced supermarket. This attests to Bill Gates (2008) assertion “banking is essential, banks are not”.

Electronic banking can be viewed under three main categories; informational, communicative, and transactional internet banking services (Comptroller’s handbook, 1999). Informational internet banking is the most basic level; whereon marketing information can be assessed on the bankers’ server, while communicative internet banking allows some interaction between the banks’ systems and the customer e.g. account inquiry and loan applications, transactional internet banking allows the customer to execute transactions through his account e.g. paying bills, transferring funds (comptroller’s handbook, 1999).

The critical question here is not just of relevance of E-banking but primarily of adoption. Adoption is defined as “the acceptance and continued use of a product, service or idea” (Sathye 1999, cited in Alam et al 2009). However the adoption and relevance of E-banking can be examined from the perspectives of the two categories of users; the bankers and the customers. While bankers use it to deliver their services the customers use it to access such services. Adopting E-banking for the banker has brought along efficiency of service. Kerem (2003) agrees that the internet has helped banks cut costs on transactions, improve their market image, and respond better to market demands.

It can be argued from the customers’ perspective that electronic banking technologies allow customers easier access to financial services, lower bill-paying, and the saved time in their financial management (Anguelov et al, 2004, cited in Byoung-Min et al 2005). However, the query here is the readiness with which customers accept the changes E-banking has brought into banking

3

services. While the intrinsic aim of E-banking is to bring flexibility into these services the customer exercises caution on the part of complexity, trust, security, beliefs among others considerations.

Kolodinsky et al (2004) observed there are mixed results in the e-banking market place with regard to consumer adoption and success of e-banking products and services. They argued further that while some e-banking services have created new products that do not alter established usage patterns. For example electronic bill payment and presentment (EBPP) which allow deductions without writing and mailing of cheques. Some others like PC banking demands from the customer a new behavioural patterns. Summarily, the problem this research is studying bears on the influence of customers’ attitudes on banks’ adoption pattern of electronic means of service delivery. The study intends to achieve this within a pre-existing framework.

1.3 AIMS AND OBJECTIVES

Definitely a research is void without a pre-determined aims and objectives because these are the underpinning factors necessitating an enquiry. The aim of this research work is to investigate the impact of customer perception (attitude, orientation) on Electronic banking deployment process for banks with a focused case study on Barclays Bank. "Innovations have commercial value only if they meet the needs of customers better than current products" (Alagheband, 2006). Electronic banking is an innovation challenging traditional channel of transactions in the banking service industry. The past two decades have seen an aggressive adoption of this new technology by banks in the race to remain competitive but the query here is effect of customer acceptance of this adoption process so far. Consequently, this study takes on the following aims and objectives:

1. To review existing literature on customers' behaviour towards electronic banking adoption process.

2. To identify factors influencing customers' adoption of electronic banking services.

4

3. To appraise customers' acceptance bearing on electronic banking deployment

4. To suggest a better perspective to banks on understanding customers' acceptance and their deploy

5. ent of electronic banking services.

1.4 RESEARCH QUESTIONS

As already established this study is undertaking the enquiry into the impacts of customer perception on electronic banking adoption, using Barclays as a case study. Therefore the following research questions are deemed relevant in addressing the research problem raised:

1. To what extent have customer embrace the use of electronic banking services instead of traditional service channel

2. To assess the determinants of customers' acceptance of electronic banking services

3. To what extent does customers' acceptance influences banks' adoption of electronic services

1.5 IMPORTANCE OF THE RESEARCH

The enormous amount of investment banks have made into technological spending in the past three decades calls for substantive justification. Olga (2004) claimed that European banks envisaging continual decrease in marginal cost of electronic transactions have pumped billions of euros into building direct channels like the Web, upgrading branches and call centers, and trying to integrate all these channels. Furst et al. (2000) also considered the possibility that financial institutions were making relatively substantial investments in Internet banking products and marketing based on the belief that a higher than normal payoff in the future will more than offset near-term costs. The prospects here mentioned beg the question, what of if electronic transactions marginal cost fails to fall to a level that jeopardizes return on investments in these new

5

technology? Of course internet usage growth has still go a lot of room to grow and the last decade had witnessed an exponential growth in electronic banking (kerem, 2004). Perhaps, the probing questions are, how far have customers embraces this new technology, how far will they continue to embrace it and how far will the extent of their embrace influence the banks’ investment in this arena?

These aforementioned questions invariably lay much emphasis on customers’ impression of electronic channel of services. Their perceptions and subsequent behaviour weigh a lot on the success of electronic banking. What and what influence their perceptions? This is the root question to this study. What are the bearings of these perceptions on electronic banking? This is the ultimate question in this study. Arguably, substantial pre-existing literature has tried answering the question of what influence customers’ perception? But a justification to the course of this research work is investigating the bearing of such perception on the banks’ adoption process of electronic services. Only a few researches have tried this. More importantly is the fact that the study of the two questions in respect of UK banking industry is far under-exploited. Daniel (1999, 74) in her study of the Provision of electronic banking in the UK and the Republic of Ireland remarked "there is little systematic research relating to the factors which influence banks to develop such services." This study is set to fill in this role.

Hence, the research will enable management of retail banks (big or small) in UK to re-examine their investment pattern, their adoption process and their e-banking campaign progress in the light of tangible assessment of customers' acceptance. Customers' bias and behaviour towards electronic banking delivery channel(s) will be better understood and quantified.

1.6 SCOPE AND LIMITATIONS OF THE RESEARCH

This study focuses on the role customer perception, as a singular parameter, played on E-banking adoption by banks employing Barclays as a case study. It will be acknowledged that there are other factors that accounts for E-banking adoption outside of customers perspective perhaps to a lesser degree. The

6

choice of Barclays a trans-generational bank as case study may just present a fairly accurate objectivity. As smaller banks are known to face and respond to this challenge somewhat differently because they have less deeper pockets to make more tangible investments in new technological deployments. In similar fashion like all related course of study this research has its fair share of time and cost limitation which primarily has restricted the enquiry to the selection of a single bank as a case study. Theoretically, it will be more robust to have so many banks incorporated into the study but oftentimes reality begs such objectivity.

Hence generalizations based on the findings of this study may not be taken holistically in a cross-sectional analysis of the banking industry under the discourse of the undertaken research topic. On a final note, caution should be taken in regard of the method of empirical analysis used in the data presentation as the model of analysis employed is not outrightly immune to limitations inherent in all models, and this study have borrowed from such pre-existing models in our data analysis. However, investigation and conclusions can be considered valid to interpret the research query of this study in regards of big banks and building societies in UK in particular Barclays bank.

1.7 BACKGROUND INFORMATION

1.7.1 TRADITIONAL BANKING SERVICES AND THE EMERGENCE OF E-BANKING

It will be acknowledged that leverage is the sole business of banking which is done by borrowing funds from households and non-financial businesses and lending such funds to other households and non-financial businesses. Banks over the years have conveniently carried out this task by serving as custodian to keeping our money safe. The usually traditional banking services involve a face-to-face interaction in a “brick and mortar” branch. These services involve some basic banking activities like opening of deposit account, depositing, withdrawing and physical transferring funds from one account to another, and a few advance transactions like standing order, overdraft etc. All these activities are performed

7

on one-to-one interaction between the customer and his banker at a designated place and usually at a predefined time.

In servicing growing customer-base and wider geographical areas; the quest for expansion and staying ahead of the competition the banker keeps opening, equipping and staffing more and more branches of his brick-and-mortar market place. This comes at increasing cost and challenge to make sure that every unit of open branch breaks even within the demography they served. Nevertheless, over the decades the bankers found a profitable means of carrying on business within these challenges before the advent of e-commerce.

The emergence of electronic technology in banking domain has redefined a lot of banking services mostly retailing banking services while also adding new ones. The traditional barriers of pre-designated time and place have been greatly compromised while the form of service is completely changed. All traditional retail banking services can be accomplished without stepping into a banking hall. These can be done on the internet or by phone, or on some communication technological gadgets. Electronic banking can also handle wholesale banking services for corporate clients like account and cash management, loan application and advances, commercial wire transfer, business-to business payments and the administration of employees’ benefits.

The present dynamism in E-banking service delivery has its genesis in the introduction of Automated Teller Machines (ATMs) in the late 1960s. ATM evolved from simple cash dispensers to multi-tasking machines (Bernardo, 2007); these computerized machines give banks’ customers access to various transaction through their bank accounts without the help of a bank cashier or the use of a teller. They are located in major public places not necessarily a bank premise, connected to the bank’s central computer network. These machines are accessible to customers by the use of ATM cards or Smart cards with individual Personal Identification Number (PIN). Coopey (2004) considers ATM as not embodying a single technology but a consolidation of a series of technologies and systems, developing independently (cited in Bernardo, 2007).

Electronic Fund Transfers (EFT) is the most revolutionizing contribution of electronic technology to banking services so far. Electronic Fund Transfer is the singular backbone for the emergence of a new generation of e-banking products

8

and services e.g. point-of-sales transfer. It has also re-modelled the forms and patterns of the delivery of traditional retail banking services. The eventually creation of electronic fund transfer systems (EFTs) in the 1980s was born out of the automation of internal processes in later 1950s and 1960s coupled with advance products and services innovations like credit cards (Richardson, 1970; Bátiz-Lazo and Wood, 2002 cited in Bernardo, 2007 ). Bernardo (2007) reckons that the creation and introduction of automated teller machines (ATMs) was core to the implementation and expansion of EFTs.

Indeed, the emergence of Internet banking has prompted many banks to rethink their IT strategies in order to stay competitive (Tan and Teo, 2000). The lure of technological innovations in the delivery of banking service has compelled a lot of spending into the expansion of Information Technology networks of these banks. Large banks in United State spend approximately 20% of non-interest expense on information technology (Frei et al 1998).

In summing up the displacement of traditional banking services by electronic banking means in the concluding decade of 20th century, Azouzi (2009) submit that “traditional, paper-based transactions were surrogated by electronic network transactions …automated teller machines (ATM) substitute cashier tellers, the Internet surrogates mail, electronic cash and smart cards replace traditional bank operations, the bank branch is displaced by call centers”

The fascination of the edges E-banking proffers has also brought about the creating of “cyber-banks”. These are Banks that exist solely on the internet without a physical location/presence. They leveraged their attractiveness to customers on offering higher interest rate and lower transaction cost. The points of contact with this kind of banks are the ATMs; where withdrawals and deposits can be made, and their call centers; where complaints can be registered or information gotten. These “Virtual banks” exist as new, independent banks on their own, or a spin-off subsidiary of an existing brick-and-mortar bank, or a recast of a pre-existing chartered bank (Furst et al, 2000). Nevertheless, the low survival rate of these internet-only banks suggests a considerable preference still exist for tradition medium of service delivery. This has led to the prevailing trend of banks adoption of ‘Brick and Click’ or ‘Click and Mortar’ approach, where the customers is serviced through both internet and physical operations simultaneously (Mia et al, 2007)

9

1.7.2 E-BANKING IN U.K (ADVENT & EVOLUTION)

The explosion in the proliferation of E-banking usage emerged with the turn of the present century. Though its skeletal introduction in 1980s and wide spread adoption as service medium by banks in later 1990s, the banks could not claim significant patronage until recent years partly because of initial customers hesitation to welcome this new mode of service due to concern over breach of trust, privacy and security.

Daniel (1999) stated that the Nottingham Building Society and the Bank of Scotland were the first to launch Electronic banking in UK in the early 1980s which was called the ``Homelink'' service ( citing Tait and Davis, 1989). She agreed that most were discontinued as they failed to gain widespread acceptance (citing Vinson, 1978). However, the rapid growth of the internet and internet-based services in later years created a renewed interest in re-launching these electronic services (Booz Allen and Hamilton, 1996; Daniel, 1998 cited in Daniel, 1999).

Presently UK boost of an estimated 27,000 ATM units being managed by Link owned by the 34 major high street banks and building societies; these ATMs dispense some £96 million a year (Artimage, 2000). Drimer et al. (2009) ascertained that internet banking is growing almost everywhere including the UK, which had a 174% increase in the number of users between 2001 and 2007. Statistics of activities on internet banking suggests UK presently has 21.5 million customers now bank online, with half of them using Internet banking to make payments (UK payments administration, 2010) .The study estimated that some 12.3 million adults use a telephone banking service, 40% of whom initiate payments over the phone.

After 12 years of aggressive internet banking marketing in UK it usage has gained significant popularity, with half of her active 41.4 million users making use of electronic banking (UK payments administration, 2010). However, the study found the number of telephone-banking users suffered a decline to 14.5 million for its 2005 peak of 16.1 million due to the convenience of internet banking. The study concluded that checking account balances and statements

10

were the primary task people carry out online though phone banking remains a popular means of account enquiry.

1.7.3 THE CHALLENGE OF CUSTOMER ACCEPTANCE

The benefits on electronic banking to the customers are easily painted in the colours of convenience. The paramount privilege being the removal of the constraint of time, form and place with accessibility to 24 hours a day and 7 days a week “open” bank (Chan, 2001; Johnson et al., 1995; Jeon and Rice, 1997; Baldock, 1997 cited in Alam et al 2009). Alam et al (2009) also stated that this new platform of e-banking affords the customer the advantage of wider array of service providers to choose from while making information on pricing and returns far easier to gather (citing Birch and Young, 1997).

Yang et al. (2007) summarized the major challenges facing today’s e-banking services as one customers’ concern over security of online transactions (citing Feinman et al., 1999), secondly, the quality of service delivery in terms of delivery speed and delivery reliability (citing Furst et al., 2000) which has led to the collapse of many e-businesses, and lastly customer unfamiliarity with these internet delivery tools prominent among senior citizens (citing Johnson, 1999)

Byoung-Min et al (2005) acknowledged that "although consumers have had an interest in advanced electronic banking services and tended to have various financial sources or tools for money transactions, they have not quickly changed their main propensity to use banking services or goods that they are already familiar with". They claim that a lot of customers still attach preference to traditional mode of service delivery even years after the introduction of the ATM and other e-banking services. As suggested by Byoung-Min et al (2005) investigating e-banking adoption based on its primary advantage of time and cost saving might be flawed. They proposed attitude or perception factors might be better base for study, claiming a customer cost/benefit analysis on the side of time taken to learn these new tools before use will be a greater deciding factor in accepting a new change.

Different researches have viewed the case for customer acceptance of internet banking adoption from different perspectives however; it is still a contest of

11

perceived benefits against anticipated risks associated. Alam et al (2009) contested that the factors to consider in the rate of internet banking adoption include the awareness of the services and its benefits, the ease of use, the safety and security of transacting over the Internet, the cost of using Internet banking, the reluctance to change from current traditional banking, and the access to computer or Internet.

On another hand, Jacoby and Kaplan,(1972) and Bellman et al., 1999 (cited in Azouzi, 2009) proposed a six-component multidimensional perceived risks of financial, performance, social, physical, privacy, and time-loss considerations on the part of the customers in the adoption of e-banking. These involve the risk of transactional error, equipment malfunctioning, social disapproval, life threat, security compromise and time taken respectively.

There also exist various theories on customers’ acceptance of internet banking “including theories of consumer behaviour in mass media choice and use, gratification theories, innovation diffusion, technology acceptance, online consumer behaviour, online service adoption, service switching costs and the adoption of internet banking” (Lichtenstein and Williamson, 2006). Existing studies in this field have also used models namely; the Theory of Reasoned Action (TRA); the Theory of Planned Behaviour (TPB); the Technology Acceptance Model (TAM) and Diffusion of Innovations. This study intends to employ Rogers (1962) diffusion of innovations model which postulated five product or service characteristics influencing customers' acceptance of a new product or service. This model includes relative advantage, compatibility, simplicity/complexity, observability, and trialability.

McMahon (1996) ( cited in Daniel, 1999) advised that the survival in the online banking age entails retail banks earning customer loyalty through product features and service excellence rather than the present wait for loyalty to stem from customer inertia. Patterns et al (1997) ( cited in Daniel, 1999) argued further that consumer markets are heterogeneous and complex, and electronic distribution channel is one in the plurality of possible channels while the customer will employ any of these available co-existing options to undertake his transaction based on the type of goods or services sought.

12

1.8 SUMMARY

The groundwork and the framework of this study have been here outlined in this chapter. An overview of the research environment was given. The aims and objectives the study is set to achieve were itemized, and space was taken to succinctly define the research questions under exploration. Hereafter, the importance, scope and limitations of the study were presented. A background preview of the key parameters under investigation was done. The subsequent chapter will follow-up with a detail review of existing literature on the subject of the study.

13

Chapter 2LITERATURE REVIEW

2.1 IntroductionAcknowledging the recent unprecedented growth rate in electronic banking in developed countries Hannan Mia et al. (2007) concluded in their study that E-banking has provided a new opportunity window for existing banks and financial institutions permitting "business process re-engineering, serving borderless market, to achieve zero latency leading to improvements in customer service levels and better risk management because of real-time settlement"

Electronic banking is an innovation; the latest innovation in banking technology, and Alagheband (2006) contested that "Innovations have commercial value only if they meet the needs of customers better than current products". He further suggested that innovative customers (i.e. early adopters) are the most valuable sources in understanding the acceptance of such innovations as they tender to weigh problems and prospects of these innovations well ahead of typical buyers. He itemized five adopter categories based on their innovativeness: innovators, early adopters, early majority, late majority and laggards; proposing that the innovators and early adopters are the biggest influence on the rest of the masses on adoption of new innovation. Therefore, their consumption pattern should be closely watched.

Consumer, product, organization and channel of distribution are the four main categories under which most researchers have organized their studies on the factors influencing internet adoption (Black et al., 2002 cited in Lichtenstein and Williamson, 2006). The Attitude of customers, the characteristics of the product to be adopted, the orientation of the organization adopting and flexibility of the channel of distribution of the adopted product…

14

In studying the pattern of internet banking adoption in Europe, Deutsche Bank Researchers (Deutsche Bank Research, 2006) found a number of existing misconceptions in understanding customers attitude towards electronic banking. They asserted that adoption decreases from north to south and rich to poor; submitting that GDP per capita and latitude explain statistically around 80% of this variation in Europe. Their other findings are that Europe bank customers are strongly increasing their use of online banking services but not necessarily at the expense of branch visits, there as well exist a negative correlation between security concerns and online-banking adoption, customer security fears are not founded in bad experiences but public perception and Europeans do not really discriminate between online banking and e-commerce. They also ascertained that though internet usage declines with age online banking is remarkably stable, and that education (i.e. literacy level) drives online-banking adoption while financial incentives can convince some to go online.

It is agreeable that the race for the adoption of electronic banking in optimally satisfying customers’ demands has created stiffer competition Sulaiman et al., (2005) adduced this stiff competition among financial institutions to the deployment of information technology, the ever changing lifestyle and preferences of consumers, and the liberalization of the financial sector. Even in cases where low customer acceptance is forecasted, such expected low patronage has been found not to debar the deployment of electronic services to the welcoming few,(Daniel, 1999) as banks expect the rest of their customer base to catch up later.

Summarily, it will be acknowledged that in E-banking literature the terms internet banking, online banking, electronic banking and web banking are used interchangeably all in reference to electronic transactions. However, Alagheband (2006, 13) contested that "electronic banking is a bigger platform than just banking via the internet" involving variety of media like internet banking (online banking), telephone banking, TV-based banking, mobile phone banking and PC banking which are accessible to customers through electronic devices such as personal computer (PC), Personal digital assistant (PDA), automated teller machine (ATM), point of sale (POS), kiosk, or Touch Tone telephone. Hannan Mia et al., (2007, 37) agreed that the United Nations Conference on Trade and

15

Development (UNCTAD) definition is all inconclusive, "Internet banking refers to the deployment over the Internet of retail and wholesale banking services. It involves individual and corporate clients, and includes bank transfers, payments and settlements, documentary collections and credits, corporate and household lending, card business and some others (UNCTAD, 2002)".

2.2 E-banking Adoption: A case for the BankersOn a broad perspective, Daniel (1999) analysed the deployment of electronic banking by retail banks in the UK and the Republic of Ireland under two dimensions; namely organizational dimension and the market dimension. She further divided these two reasons into more details factors. She proposed culture of innovation, market share or strength and restrictions and limitations as the organizational factors affecting a bank employment of e-banking. While prediction of customer acceptance and vision of the future are the market forces determining e-banking by banks.

In defending banks’ adoption of internet technology Furst et al. (2000) highlight that collection, storage, transfer and processing of information assets are the center of banking activities, and the internet affords a credible and efficient tool for handling these information processes. While Shih and Fang (2004, cited in Sulaiman et al. 2005) adduce the prevalence of electronic banking to the reduction costs associated with having personnel serve customers physically, shortened process time, increased speed, improvement in transactions flexibility and a better provision of service overall.

It could be argued that the banks already have a way of profiting before the coming of electronic banking however some market factors demanded for their embracing the means of electronic technologies in service delivery. According to Comptroller's handbook on internet banking (1999) some of these market forces include competition, cost efficiencies, geographical reach, branding and customer demographics.

2.2.1 Competition

Various studies have showed that competition ranked ahead of cost reduction and revenue enhancement as the pivot driving force behind banks adoption of electronic banking (Comptroller's handbook, 1999). Daniel (1999)

16

acknowledged that increasing competition is one of the two main drivers forcing a continual shift from current distribution channels to electronic distribution. Furst et al., (2000) submitting that "globalization and increased competition are trends that have shaped the banking industry for decades" held that banks competitors in internet banking are not only their traditional rivals within the banking industry, but also banks from new, distant locations. Wu (2007) added here that banks are facing an international scale competition because of technology such as the internet. In addition, Furst et al., (2000) and Daniel (1999) anticipated increased competition from non-bank players-financial and non-financial - entering the market.

2.2.2 Cost efficiencies

Though actual cost in executing a transaction electronically varies depending on the chosen delivery channel in general, presently, electronic banking services have far lower transactional cost than traditional brick-and-mortar branches, with a further expectation of continually decline in the electronic in future (Comptroller's handbook, 1999). Shih and Fang (2004, cited in Sulaiman et al., 2005) summarized the cost essence of this prevalent adoption of electronic banking as a reduction in overhead cost associated with personnel physically serving customers and better overall service in terms of shorten, speedy and flexible transaction process. Stamoulis (2000, cited in Hannan Mia et al., 2007) argued that the internet is a strategic tool which banks leverage on to offer and delivery complex products at the same quality they can provide them at their physical branches but at a highly reduced cost to potential customers without boundaries.

2.2.3 Geographical Reach

A singular clear edge Internet banking services has over ‘brick-and-mortar’ banking services is the elimination of geographical limitations. It helps expand the banks’ geographical reach thereby increasing their customers’ contact and base. Furst et la., (2000) also held that the internet helps different sizes of financial firms to contact customers previously out of reach to them. Tan and Teo (2000) contended that banks are influenced to invest in the use of the internet because of the challenge to expand and maintain

17

banking market share. They suggested a loss of customer base for banks that fail to respond to the emergence of e-banking.

2.2.4 Branding

The importance of brand preference in a customer's choice of a product cannot be overemphasized and in the race for showcasing their various products on the increasingly congesting market space each bank seeks to making their products stand out from the others. In this competition each bank intends to "build customer loyalty, cross-sell, and enhance repeat business" by capitalizing on brand identification in their provision of a wide array of financial services (Comptroller's handbook, 1999)

2.2.5 Demographics

Size, age, sex, race, location, occupation, income, education, and all other demographic characteristics keep changing and each influences a customer’s sense of taste and want, his conception and criteria of a product's importance or such a product's substitute, ability to buy among other preferences (Loudon and DellaBitta, 1993 cited in Wu, 2007). In capturing the importance and dynamism of these demographic changes and demands, marketers segment their markets accordingly (Wu, 2007) in this vein the banks seek to understand the tastes of its customer base and employ the right mix of delivery channels to deliver products and services profitably to their various market segments (Comptroller's handbook, 1999).

Wu (2007, 62) ascertained that "age, education level, income and occupation are the most influential demographic variables affecting Internet usage" as an average electronic banking customer tends to be a well-educated, young and a high income earner. Donnelly, 1970; Uhl et al., 1970; Labay and Kinnear, 1981; Zeithaml and Gilly,1987; Kennickell and Kwast 1997; Daniel, 1999;Trocchia and Janda, 2000; Karjaluoto et al., 2002 and Lee et al., 2002 (all cited in Kolodinsky et al., 2004) also all agreed.

18

It should also be acknowledged that there exist disparities between electronic banking adoption of large and small banks. Economies of scale and scope make it is easier for large banks to make the needed investment in technology and network expansion, the offering of wider bouquet of online services and the start-up hurdles to overcome in offering Internet banking also favour them in the adoption of e-banking (Furst et la., 2000). In their conclusion Hannan Mia et al. (2007) remarked that though there exist a low inception cost bearing high growth rate, the E-banking sector is highly prohibitive for new entrants without a definite innovative idea and strategy. They maintained that consumers' brand preference, existing network, physical existence, security and safety, supplier bargaining power, substitute product of non-banking sectors are the uphill tasks the new entrant must contend. Cristina et al. (2002) agreed that start-up costs are high as it requires an extensive advertising expenditure along with the deployment of expensive technology to establish a trusted brand.

McMahon (1996, cited in Daniel, 1999) concluded that the survival of financial service providers in the coming decade depends on the complementary and integrated way in which the means of electronic delivery (namely telephone, PC and the web) are employed alongside existing distribution channels.

2.3 Factors influencing the demand for E-bankingWhile some see e-banking adoption as a revolution in banking services others hold it as a parallel alternative to service delivery. Alam et al. (2009, 14) argued that “The critical question is whether customers will accept the electronic form of receiving information and performing transactions”. Evidently, the customer needs an incentive or a reason to switch his prevailing taste or affinity for a product. Fittkau & Maab (2005 cited in Deutsche Bank Research, 2006) showed that the following expectations are topmost when customers consider their choice of online banking; warranted security, cheaper fees than offline, possibility to ask questions, high quality of financial services, detailed information on terms and conditions, cheap prices of financial services, the availability of personal advice and contact person.

Though banks can boost of cost, labour and time efficiency in the adoption of electronic banking delivery modes Mols et al (1999, cited in Alam et al., 2009) contested that the diffusion of electronic banking is better determined by

19

customer’s acceptance than by the bankers’ offering. They pressed further that the desire for personal interaction with banking staff, technology phobia, widespread network of existing branches and also low computer literacy among customers are principal factors influencing customers' non-acceptance of internet banking. While O'Connell (1996, cited in Alam et al. 2009) claimed that security concerns, lack of knowledge about the availability of such a service, non-user-friendliness of internet banking sites and lack of access to computers or the internet explains the slow growth rate of e-banking acceptance. These shortcomings are on parts of both the customer and the bank. Lack of knowledge about such services, non-user-friendliness of internet banking sites, and security concerns are some of the hurdles electronic banking institutions should address in helping customers adoption process. While it will take targeted incentives to lure customers off their attachment to some traditional banking means like the desire for personal service contact and learn the use of internet banking tools. Furst et al. (2000) argued that the absence of a compelling value-added proposition is a significant reason for the modest use of internet banking.

In studying US consumers adoption of electronic banking, Kolodinsky et al. (2004) included household income, expected increase in income, household net worth, age, marital status, gender, college education and ethnicity in their base theory, as some other economic and demographic factors they hypothesized to influence customers' acceptance. Chang (2004 cited in Sulaiman et al., 2005) also agreed that gender, age, marital status and the degree of exposure to e-banking as well as the characteristics of the bank are factors influencing the adoption of E-banking.

Awareness of service and its benefits, security, quality of the internet connection, trust, and demographic characteristics such as age, gender and educational level were Al-Somali et al. (2008) propositions as factors affecting the acceptance of Internet banking in the context of developing nations. Li and Zhong (2005) also claimed that Internet accessibility, reluctance to change, cost of computers and Internet access, trust in one’s bank, security concerns, convenience and ease of use are pertinent considerations in a customers' adoption of electronic services. Al-Ghamdi (2009) investigating these factors based upon Morgan and Hunt (1994) proposed Commitment-Trust Theory pointed out that antecedents like shared value, communication, reputation, and

20

customers' experiences significantly influence the customers' acceptance of internet banking.

Byoung-Min et al. (2005) in determining their model to understanding consumers' acceptance of electronic banking adopted the assumption that past consumption, current situation (tastes, prices and income), and future expectations are the basis of present customers' consumption behaviour. Infusing into this assumption Becker's (1971) emphasis on time as an explanation of consumption behaviour they suggested that "Consumers will have different responses to Internet banking because they have different ability, opportunity cost of time and attitude towards Internet banking" (Byoung-Min et al., 2005, 7). Their conclusion indeed showed that ability and opportunity cost of time have significant impacts in explaining consumers’ adoption behaviour for Internet banking as well as the consumers’ benefit and cost associated with this new attitude.

This study will leverage on the six factors Alam et al. (2009) focused on in their research of corporate customers’ adoption of E-banking in Malaysia. These six factors are based on Wallis (1997 cited in Alam et al. 2009) conclusion that majority of customers deeply depend on them in accepting new technology. Awareness, ease of use, safety and security, cost of internet banking reluctance and lack of computer or internet access are the highligthed factors.

2.3.1 AwarenessAlam et al. (2009) defined adoption as "the acceptance and continued use of a product, service or an idea". Roger and Shoemaker (1971 cited in Alam et al., 2009) argued that customer adoption or rejection of an innovation starts with the consumer becoming aware of the innovation; before the consumers begin using a new product or service he goes through the phases of process in knowledge, conviction, decision and confirmation. The lack of awareness of the availability and benefits of electronic banking services have been shown to be a pivot factor in adoption process. (Sathye, 1999; Howcroft et al., 2002; Wu, 2007)

2.3.2 Ease of Use

21

Daniel (1999) includes ease of use as one of the core values the banker expects the customer to demand in his adoption of electronic banking service channel. Katz and Aspden (1997), Walis (1997) Dover (1998), Daniel (1999), and Mols (2000) (all cited in Alam et al., 2004) Davis et al., (1989), Moore and Benbasat (1991), Taylor and Todd (1995) (all cited in Al-Hajri, 2008) established the ease of use as a crucial factor in a customer acceptance of electronic banking processes.

Lichtenstein and Williamson (2006) found in their study that ease of use or usability is "closely linked to individual perceptions of complexity, web site design and integratability/interoperability" Eriksson et al., (2005 cited in Al-Ghamdi, 2009) implied that ease of use may be related to customer apprehension of the efforts to put into the learning to use electronic banking processes.

2.3.3 SecurityThe fear of hackers, fraud, lack of trust and privacy are the core of customers' security concerns in internet banking transactions. Sathye (1999 cited in Al-Somali et al. 2008) claimed as high as 73% of customers avoid the adoption of electronic banking over the concerns about safety and security of transactions while Cranor and Laurie (1999 cited in Wu, 2007) claimed 81%. Adesina et al. (2009) asserted that the security of internet banking system in terms of privacy is a paramount concern for user. However, Li and Zhong (2005) showed in their study that security is of lesser importance to the more affluent customer in his acceptance of internet banking services.

2.3.4 CostThe context of this study can be viewed in a perspective as a dichotomy between the banks' pursuit to reduce operating cost and the customers' taking the best opportunity cost advantage. Wu (2009) indicated that telecommunication costs, internet installation cost and internet banking service fee are important considerations in motivation customers to adopt electronic banking services. He claimed non-users ordinarily weigh these cost as expensive in terms of its opportunity cost of traditional services. Sathye (1999 cited in Alam, 2009) identified two types of costs associated internet

22

banking i.e. one, the normal costs associated with Internet activities and two, the bank's service charge and cost.

2.3.5 Reluctance to change

Daniel (1999) claimed customers exercise a high level of inertia toward changing their established arrangements while Sathye (1999 cited in Alam et al., 2009) pointed out that senior citizens in particular prefer personal interaction in their banking transactions and exhibit a phobia for technology. Moreover, He, Sathye (1999 cited in Al-Somali et al., 2008) concluded that unless their specific need is satisfied, customers will not be prepared to change their present familiar ways of (traditional) banking. Bareczal and Ellen, (1997 cited in Wu, 2005) argued that consumers will not necessarily adopt a new financial product unless it reduces their costs and does not alter their behaviour when using it. Polatoglu and Ekin (2001 cited in Wu, 2005) confirmed that the affluent and the highly educated customers are early adopters i.e. they generally accept changes more readily.

2.3.6 AccessibilityBanking is mainly an information based service industry, customers frequently demand accurate information in respect of their accounts and this information should be readily accessible (Hoppe et al., 2001) at the customers' point of call or transaction. Electronic banking uses the internet as backbone to make this information readily available. Kerem (2001) remarked that lack of internet access is the fundamental factor discouraging potential consumer from the use of electronic banking. In using electronic banking services the customer needs an internet-ready PC or phone or some other telecommunication devices which are not mostly not readily available. The quality of the internet connection which is sometimes in doubt is part of the accessibility factor. Daniel (1999) agreed that the low usage of electronic banking services in UK is due to lack of customer access to suitable PCs.

2.4 Adoption ModelsAcceptance by intended users is imperative for any technology to improve productivity and various studies into understanding user acceptance of new

23

technology have given rise to several theoretical models with roots in information systems, psychology and sociology (Venkatesh et al., 2003 cited in Al-Somali et al. 2008).

Various models have been proposed, decomposed, refined and used in studying consumers’ acceptance of a new product or service. The result and efficacy of each of these theories in different studies of customer adoption and success of E-banking products and services are mixed (kolodinsky et al., 2004). Theory of Planned Behaviour (TPB), The Technology Acceptance Model (TAM) and the diffusion of innovation are the three most frequent employed models among previous researchers in investigating the determinants of electronic banking adoption.

2.4.1 The Theory of Planned Behaviour (TPB)

The Theory of Planned Behaviour (TPB) (Ajzen, 1985, 1991) was developed to address the inadequacies of a preceding theory; the Theory of Reasoned Action (TRA) (Ajzen and Fishbein, 1975), in studying human behaviour. Both theories state behaviour is a direct function of behavioural intention (Shih, 2006) i.e. intention is taken as a direct determinant of behaviour (Al-Somali et al., 2008). This theory in various dimensions has been extensively adapted by lots of researchers in studying consumers’ adoption of internet banking (Al-Somali et al., 2008).

Taylor and Todd (1995) introduced the decomposed TPB model which they asserted has a value added in terms of a more explanatory power and understanding of the antecedents of behaviour. This decomposed TPB model employs constructs like relative advantage, compatibility from innovation literature. It fully decomposed individual's attitude, subjective norms and perceived behavioural control into more specific dimensions comprehensively providing for their influence on customers' intention to adopt internet banking services (Tan and Teo, 2000). This decomposed TPB model asserts these three factors determine a person's intention to adopt internet banking.

They are (1) attitude, which describes a person’s perception towards Internet banking; (2) subjective norms. which describe the social influence that may affect a person’s intention to use Internet banking; and (3) perceived behavioural control. This describes the beliefs about

24

having the necessary resources and opportunities to adopt Internet banking. (Tan and Teo 2000, 7)

2.4.2 Technology Acceptance Model (TAM)

The Technology Acceptance Model (TAM) introduced by Davis (1989) is one of the frequently employed theories in researching information system acceptance by potential users (Alagheband, 2006) has proved valid and highly reliable in predicting information system acceptance and usage (Mathieson, 1991; Davis and Venkatesh, 1996 cited in Alagheband, 2006). King and He (2006) agreed to the validity and robust predictability of this model in a variety of context while Wang et al., (2003) confirmed the support of use with different populations of users and system choices (Al-Somali et al., 2008). Similar to TRA, TAM assumes the rationality and systematic usage of information on behave of the prospective user in his adoption decision (Al-Hajri, 2008).

TAM proposed two primary predictors for the potential customer adoption of a new technology- perceived usefulness (PU) and perceived ease of use (PEOU) of technology are the attitudes determinants (Al-Somali et al., 2008). Davis (1989) described PU as the degree of performance enhancement a potential user expects from using a particular system and PEOU as the effort-free degree of use a potential user expects from employing such system. In conclusion, system acceptance is deemed to suffer if users do not see a system as useful and easy to use (Alagheband, 2006)

In trying to improve the predictive power of this model, many research works have infused some external variables which are suggested to have an impact on usefulness, ease of use, users’ acceptance and intention ( Adesina et al., 2009). In his study Pikkarainen et al. (2004 cited in Byoung-Min et al., 2005) included perceived enjoyment, information on online banking, security and privacy, and quality of Internet connection along the two base predictors. AlSukkar (2005 cited in Al-Somali et al., 2008) employed an extended TAM framework to model behavioural intentions for greater applicability. Davis(1989) the proponent himself, suggested the study of impacts of other variables on usefulness, ease of use and user acceptance and intention in future researches on technology acceptance (Adesina et al., 2009).

25

2.4.3 The Diffusion of Innovations

Rogers (1962) defining innovation as "an idea, practice, or object that is perceived as new by an individual or other unit of adoption" theorized that consumer adopt an innovation based on its characteristics such as relative advantage, compatibility, simplicity/complexity, observability, and trialability.

Kolodinsky et al. (2004) highlighted that Rogers' diffusion of innovations model is well adapted theory in technological innovations empirical work noting incorporation of pieces of the model in the studies of Raju,1980; Shimp and Beardon, 1982; Price and Ridgeway, 1983; Childers, 1986; Prendergast, 1993; Busch, 1995; Dabholkar, 1996; Lockett and Littler, 1997; Daniel,1999; Howcroft et al., 2002; Lee et al., 2003 among some many researchers.

2.4.3.1 Relative Advantage

Rogers (1962) described relative advantage has the degree to which a consumer see a new product or service as different from and better than its present substitutes. Kolodinsky et al., (2004) cited savings of time, money and convenience as relative advantages in respect of electronic banking and concerns over privacy in online financial management of customer accounts a relative disadvantage (Abbate, 1999; Snel, 2000; Karjaluoto et al., 2002 cited in Kolodinsky, 2004). Rogers (1995 cited in Alagheband, 2006) further stated that customers' perceived relative advantage of an innovation is positively related to its rate of adoption. Agarwal and Prasad (1998 cited in Wu, 2005) also agreed with this positive correlation.

2.4.3.2 Compatibility

This is the extent to which a new product or service is consistent and compatible with consumers’ needs, beliefs, values, experiences, and habits. Kolodinsky et al. (2004) asserted that consideration should be given to how a technology fits in with the banking behavior of a consumer and the way in which they have managed their finances in the past. Tornatzky and Klein (1982 cited in Alagheband, 2006) held that consumers readily adopt an innovation when it is compatible with individuals, job responsibilities and value system. Rogers (1983 cited in Wu, 2005) argued that an innovation can be compatible or incompatible with socio-cultural values and beliefs, with previously introduced ideas, or with

26

client needs for innovations. He (Rogers, 1983) further claimed that an innovation's compatibility, as perceived by members of a social system, is positively related to its adoption.

2.4.3.3 Complexity

This is the extent to which consumers perceive a new innovation as easy to understand or use. Adoption is difficult for customers without previous knowledge of the use of a computer and the internet, and also the ones who believe electronic banking services are difficult to use (Kolodinsky et al., 2004). This is common among senior citizens. Wu (2005) stated that consumers will reject an innovation if it is not user friendly. Davis (1989) concluded that perceived complexity strongly influenced the adoption of electronic technologies. Leaderer et al. (1999 cited in Wu, 2005) pointed out that complexity can be considered an exact opposite of ease of use in the Technology Acceptance Model (TAM). Hence, simplicity can be taken instead of complexity as a constituent of this theory.

2.4.3.4 Observability

This is the extent to which an innovation is visible and communicable to consumers. Kolodinsky et al. (2004) considered ATMs on the street corners as more observable than PC banking or telephone banking done on a desktop at home. Alagheband (2006) affirmed that observability of an innovation is positively related to its rate of adoption.

2.4.3.5 Trailability

This is the ability of consumers to experiment with a new innovation and evaluate its benefits. Kolodinsky et al. (2004) and Alagheband (2006) argued that the extent to which a bank offers its electronic banking services to their customers influences the trialability of such innovation and its accessibility. Trialability can decrease uncertainty about a new idea and is positively related to the rate of adoption (Alagheband, 2006).

2.5 Barclays Bank E-banking Services

27

Barclays was founded as a modest banking business some 300 years ago in Lombard Street in the heart of the London’s financial district. Today, it is one of the world’s largest financial services groups with operations in over 60 countries (Barclays International, 2007) and over 145,000 employees servicing more than 49 million commercial and retail customers (Passport-to-Barclays, 2010). With over £1 trillion of the world's money under management, annual revenues in excess of £11 billion (Passport-to-Barclays, 2010) and adjudged by Datamonitor as the largest financial services provider globally with $3.7 trillion of assets (Wikipedia, 2010). Barclays' goal-driven strategy is becoming one of a handful of universal banks leading the global financial services industry; an innovative, customer-focused company delivering superb products and services (SAP Barclays' success story, 2003). This entails providing a full bouquet of retail and wholesale services to customers and clients including retail, commercial and private banking, credit cards, investment banking, investment management and wealth management. The bank has extensively adopted electronic banking services in supporting its four main products and services categories; Personal banking, Corporate and Business banking, investment banking, and Wealth management.

With some many pacesetting introductions, Innovative thinking has kept propelling Barclays' growth throughout its entire long and handsome 300 years' history, and particularly the continual strategic adoption of technology. Barclays became the first UK bank to order a computer in 1959 (SAP Barclays' success story, 2003) and the first to envisage ATMs' potential unveiling the world’s first ATM in 1967(Singh et al., 2002), one of the first in Europe to pioneer credit card with its leading brand Barclaycard (Barclays Bank Case Study, Cisco 2007). In the mid-1990s, the first bank to set up a Web site and in 1998 the first to introduce the ‘drive thru’ cash machine (SAP Barclays' success story, 2003). "Barclays is one of the biggest on-line banks with some four million registered Internet customers."(SAP Barclays' success story, 2003, 1)

One of Barclays' key electronic banking services is the Barclaycard, a part of its Barclays Global Retail Banking division. One of Europe leading commercial card issuers and one of the UK’s largest payment processors, founded in 1966, Barclaycard caters for about 11.9 million cardholders in the UK and 23.7 million worldwide (Superbrands annual, 2010). An electronic banking product that can

28

be used in payment in more than 28 million locations in more than 200 countries as well as 600,000 ATMs and banks worldwide (Superbrands annual, 2010).

Cisco revealed in 2007 that Barclays Bank is advancing its plans of becoming a top five global bank with a strategic refresh of its Internet business (Barclays Bank Case Study, Cisco, 2007). It said Barclays in its prospect of delivering improvement to cross-channel collaboration, customer satisfaction, and sales volumes, is embracing the best that emerging technology. A technological solution provided by the Internet Business Solutions Group (IBSG), the global strategic consulting arm of Cisco. Cisco claimed Barclays is well-informed of future market direction by anticipating revenue proportion that would be derived from the Internet and articulating the impact of Internet growth on other channels and lines of business, it (Barclays) is poised to ensure continued leadership in e-banking and improve its competitive position by identifying to build the opportunities arising from next-generation Web technologies into its emerging multichannel strategy, incorporating local branches, call centers, and online banking services (Barclays Bank Case Study, Cisco, 2007).

In considering further network investments to support its delivery channel transformation program, Barnaby Davis electronic banking director, Barclays Bank submitted that “Future success for financial institutions will depend more and more on taking the best of these emerging technologies. Social networking, for example, will define how tomorrow customers wants to do business-whether that is through the use of instant messaging and Webcams or sites [Websites] that provide intuitive profiling and better buying sensations. Taking an informed commercial view increases the chances of getting this right". (Barclays Bank Case Study, Cisco, 2007)

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 INTRODUCTION

29

The previous chapter was an exposition of existing related literatures relevant to the course and concept of this study and which helped clarified one of the research objectives of the study. In this particular chapter effort is made to present the research methodology. Shih (1998) listed four areas for consideration when deciding on a research method: the philosophical paradigm and goal of the research, the nature of the phenomenon of interest, the level and nature of the research questions, and practical considerations related to the research environment and the efficient use of resources. The following sections of this chapter were constructed in accordance with this framework in mind. The chapter opens with a brief re-introduction of the research aims and objectives; this is to facilitate the apprehension of the correlation between the research aims and objectives, and the adopted research techniques. Subsequently, the research orientation was presented i.e. the philosophical perspective borrowed in collection and analysis of data. The research paradigm is of the phenomenological school. Hereafter, effort was made to explain the researcher's approach and strategy to the study. As already noted the research strategy involved a case study of Barclays bank. Reasons for rejecting other alternative research strategy were subsequently enumerated.

The other half of the chapter begins with the discussion of the research instruments employed. Their designs and formats along with the methods of administration was clearly accounted for and justified. The ethical considerations observed during research instrument administration and in data collection were discussed. A pilot test was carried out. The reasons and outcomes of the test were also presented. The eleventh session of the chapter was about the sample technique the researcher used in research instrument administration. The chapter closed with a critical debate on the strengths and limitations of the research methodology.

3.2 RESEARCH AIMS AND OBJECTIVES

30

Herein, the essence is to explore the existence of the correlation between this study research aims and objectives, and the research methodology adopted. It is imperative that the appropriate research methodology is applied in data collection and analysis with respect to the research aims. The paramount underpinning and rationale of any research work rest in the consistency between the aim of a research study, the research questions, the chosen methods, and the personal philosophy of the researcher (Proctor, 1998). It should be noted that this research seek to investigate the impact of customer perception on E-banking adoption, using Barclays as case study, with the following four aims and objectives. The first objective was to review existing literature on customers' behaviour towards electronic banking adoption process. The next research objective was to identify factors influencing customers' adoption of electronic banking services. Appraising the bearing customers' acceptance on electronic banking deployment was the third. Lastly, the study seeks to suggest a better perspective to banks on understanding customers' acceptance and their deployment of electronic banking services.

Hence, within the spectrum of this research’s aims and objectives the research methodology here adopted in this section was selected in accordance with suggested criteria by Saunder et al. (2005) and Burn (2000). The influence and merits of this on the choice of research approach and strategy, data collection technique and analyse, and research instrument design are subsequently explained and enumerated.

3.3 RESEARCH PHILOSOPHY

Easterby-Smith et al. (1997 cited in Crossan, 2002) held that the significance of philosophy in reference to research methodology will help the researcher to appropriately defined the overall research strategy (data collection and interpretation), and help the researcher evaluate alternative methodologies while also assisting his or her creativity or innovativeness in methods selections and adoptions that may be previously outside his or her experience. Consequently, research methods are not pinned to a single philosophy as literature presents various ways of delineating current research philosophies. Practically, these philosophies have been classified into two major leagues; the positivism and post-positivist thinking (Crossan, 2002). Creswell (2003) re-classified them into four divisions, namely; Positivist, phenomenological

31

(interpretivist), interventionist and pragmatism. The later three belong to the post-positivist school with phenomenologist being the chief of them. Proctor (1998) held that a comprehension and exploration of the two extremes of research philosophy, i.e. positivism and post-positivism, need to be ascertained before any significant decision on research method can be made.

The positivist approach, the traditional scientific approach, takes on social sciences research as a study of hard facts and seeks to establish the relationship between these facts in accordance to scientific laws (Smith, 1998 cited in Crossan 2002). In other words the truth about social objects is studied in similar ways as natural objects. Saunders et al. (2006) pointed out that the researcher assumes an objective role (independent of the truth he or she seeks) interpreting data in a clear value-free manner. However, the intricacies of business and social research entail relationships that are more subjected to influences of behaviour, feelings, perceptions, and attitudes which are not governed by strict natural laws but take place within the confines of specific cultural context. The course of this research is firmly within such context and this lends credence to the adoption of the phenomenological research philosophy. As supported by Collis and Hussey (2003), human behaviour is not a phenomenon that is easily measured or readily subsumed within numerical analysis like in the natural sciences.

The phenomenological approach is defined as the study of how people describe things and experience things through their senses; it is an analysis of reality based on subjective experience incorporating objective facts, thus focuses on making meaning as the essence of human experience (Patton 2002). Apparently, this is the other end of the research philosophical spectrum. Positivist studies tend towards being objective (absolute truth), establishing generalisation and laws while phenomenologist studies tend in the direction of subjectivity and relativity. Positivist concerns are purely empirical studies of phenomena towards establishing generalized order for relationship understudy; this does not provide allowance for the complexity of human elements involved in business researches like the one undertaken. Hence, the adoption of the phenomenological research philosophy as the researcher opined that borrowing solely a positivist philosophical perspective to this present study like in most existing literature of related concerns will not give a holistic vista to the research question. As Scapens (1990) observed issues like this involves analysing complex social

32

phenomena which may be difficult using the methods of positive philosophical analysis. In addition, Saunders et al. (2007) defended that establishing generalized laws which is the main concern of positivism will suffice to suggest that the use in social context can lead to loss of valuable information of which may necessitate the loss of valuable data. Collis and Hussey (2003) concluded that reality of a given background may be seen not as a fixed and stable entity but as a type of variable that might be discerned through multiple forms of understanding.

While the positivist approach a study from purely an empirical and statistical perspective, the phenomenologist adopts an ontological and epistemological approach which legitimates the value of people beliefs, highlights socially agreed ideals, and tries to provide an understanding of participants' motives, intentions and actions in a meaningful way (Saunders et al. 2006). Collis and Hussey (2003) summarized that in phenomenological approach the focus is on the meaning, rather than the measurement of social phenomenon. To this end, the researcher therefore takes this investigation into the impact of customer perception on E-banking adoption as not only involving the understanding of such customers' orientation and the influences thereof but also of making meaning of results of such behaviours on bankers' attitudes towards adopting E-banking services.

3.4 RESEARCH APPROACH

A research approach is a master plan itemizing the methods and procedures which the researcher intends employing to guide and focus his research (Collis and Hussey, 2003). The essentiality of the adopted research approach is construed within its context (Saunders et al. 2007). More importantly, this provides the confines and criteria within which the study will be conducted and data collected and analysed. Evident from literature a research approach takes one of two directions quantitative approach otherwise known as deductive approach and qualitative approach, also referred to as inductive approach (Bryman 2001; Collis and Hussey 2003; Jankowicz 2005; Saunders et al 2007). Saunders et al. (2007) held that deductive approach is of a scientific orientation, while the inductive approach tends towards social perspective i.e exploring the meanings humans attach to events.

33

It will be acknowledged that the pursuit of this research is within the socio-economic arena; studying the influence of customer perception on bankers' attitude in electronic banking adoption. The interaction between these two human behaviours prompted the researcher's employment of the qualitative (inductive) method. An approach that begins with specific observation(s) and thereon builds general patterns (Patton, 2002) as opposed to the theoretical based approach adopted in most related researches. Hence, the research takes on an exploratory nature which is within the ambit of the qualitative approach. This choice consequently influenced the data collection methods. A mixed-method involving the use of both questionnaire and interview in sequential process was adopted in order to achieve triangulated data which helps neutralizes biases apparent in a single method (Creswell, 2003). The issues of reliability, validity and generalizability were taken into account in the research design process. The questionnaire used was constructed reflecting suggested influences and frameworks on customers' perception of new technology from existing literature and as discussed in chapter 2. These were also to help inform the questions which were posed during the semi-structured interviews. Self-completion questionnaires were provided for the people within the targeted sample after ethical considerations were discussed. Respondents to the questionnaire were obliged to indicate readiness to be part of a subsequent interview.

In addition to the questionnaire, a number of semi-structured interviews were conducted. The flexibility afforded herein provided for the capture of robust details and helped resolve misconceptions and queries, which can only be done through face-to-face contact (Griggs & Hyland, 2003). Five members of Barclays staff were interview in a purposive sampling technique; two higher management staffs and three lower management staff who interact with customers daily on electronic banking matters. The underlining criterion is the consideration of their being ' information rich' and illuminative about the subject matter (Patton, 2002). Also, five customers were interviewed. These interviewees were chosen from among the respondents who indicated their willing for participation. The demands of interviewing skills and listening skills as emphasized by Easterby-Smith et al.(2002) were considered in establishing trusting relationships during the interview process. White (2000) contested that interviews are susceptible to challenges of bias, reliability and validity which can be further compounded by

34

the practitioner role taken by the researcher himself or herself. However, It should be noted that these interviews were conducted to added richness to data and critical efforts were made to sieve out the researcher's view of the subject matter as 'leading questions' were avoided. On another hand, it is contestable that the results of the small number of interviews conducted are not representative of the whole context understudy. Conducting a supposed adequate number of interviews would have been outside the limits of this research and it is arguable that the results thereon further confirmed the outcomes on the questionnaire. Nevertheless, wealth of triangulated data collected justifies for validity.

3.5 RESEARCH STRATEGY: CASE STUDY

Research strategy is an element with which the researcher intends to collect relevant data on his/her course of study in order to answer the research's aims and objectives on a broader view. The choice of a particular reference of study is necessary as the nature of this research involves the observation of human behaviour as it impacts the dependent variable (E-banking adoption) under this study. The supposed behaviour is on a phenomena level and reality makes its universal observation impracticable. Consequently, Barclays bank is chosen as case study for the research strategy. Robson (2002) and Saunders et al. (2007) defined a case study as a strategy for doing research which involves an empirical investigation of a particular contemporary phenomenon within its real life context using multiple sources of evidence. Bryman (2001) pressed further describing case study as an opportunity to study a particular subject in depth. In this regard, the whole electronic banking industry is the universe from which Barclays is taken as a case study subset. Adequate credence has been given to the relevance of use of case study research strategy in existing literature. Bryman(2001) held that the uniqueness of this strategy resides in the provision of insights into the class of events from which the case is drawn. Conclusively, it can be argued that case study affords effective evidence(s) upon which general findings can be illustrated.

It is the aim of this research to assess the bearing of customers' perception on the adoption of electronic channel of transaction by banks. it is arguable this has

35

to be done systematically. The researcher has to intelligently narrow down his/her data collection to a reliable and objective subset that will provide a fair robust interpretation of the whole context. Walsh (2001) buttressed this idea describing a case study research approach as involving systematic investigation into a single individual event or situation necessitating the studies of a single example or case of some phenomena.

Scapens (1990), Collis and Hussey (2003) identified four types of case studies, namely; descriptive, experimental, explanatory and illustrative. Basically, this paper employed existing theories in explaining the interactions of the two variables under investigation; an explanatory type of case study. Collis and Hussey (2003) attested to the suitability of case study in an exploratory research, arguing further that it provides adequate responses to the questions of Why, What and How. Researchers have employed this strategy because it fits into many purposes and offers multiple means of collecting data as well as easy ways of combining data analytical methods. In defence, Saunders et al. (2007) noted that data collection technique may involve observations, interviews, questionnaires and documentary analysis.

3.6 ALTERNATIVE RESEARCH STRATEGIES

Evidently there are other research strategies employable under the phenomenological research methodology. Here space will be taken to justify their non-adoption in the research process. These other strategies as identified by Neville (2005) included; action research, ethnography, grounded theory, feminist perspectives and participative enquiry.

3.6.1 ACTION RESEARCH

Neville (2005) highlighted that action research requires the involvement of the researcher in influencing change(s) in a given environment and thereon monitors and analyse the products of such changes. The process begins with the

36

researcher identifying a specific objective e.g. suggested ways of handling 'difficult' customers. Afterwards, he enters into the situation to explore the practicability of the new ways by introducing the techniques into the environment and hence monitors for results. This method entails active co-operation between researcher and client(s) in the experimenting environment and a continual evolution of respondents’ behaviour adjusting to the intervention in the light of new information and responses.

The aim of this study is to explain existing interaction and not influence it as action research proposed. Clearly, the objective of this research does not warrant the deep involvement demanded here. Also, the time and cost limits of this research cannot afford such in-depth experimentation.

3.6.2 ETHNOGRAPHY RESEARCH STRATEGY

Anthropology gave birth to this form of research, a kind of close study of societies (Neville, 2005). Saunders et al. (2007) argued that it involves any study attempting to explore the socio-cultural activities and pattern of a group of people. This entails descriptive collection of data as the basis for interpretation through participant observation and informant interviews (Collis and Hussey 2003), basically, the researcher becomes a working member of the observed group or situation. It is highly participatory. With ethnographic perspective, the researcher aims to understand the situation from inside; the viewpoints of the people in the situation (Neville, 2005). He affirmed its effectiveness in studying small groups. Herein, the research shares similar experiences with the studied subjects.

The intrinsic orientation of this study is one that readily lends an ethnographical perspective to the course of the study, as the researcher can be considered an element in the understudy population of electronic transaction users. Like an average respondent, researcher has his fair share of the influences of factors affecting customers' E-banking adoption and thereby has his own individualistic bearing on the other variable in study. An ethnographic study conducted in this sense may be seen as highly bias and prejudiced. Moreover, the pursuit of this study is investigating a socioeconomic pattern not a socio-culture one wherein ethnographic strategy is more effective.

3.6.3 GROUNDED THEORY RESEARCH STRATEGY37

The distinction of grounded theory strategy is approaching any research without preconceived ideas about what might be discovered or learned. Ground theory attempts to generate theory from collected data, a reversal method to traditional ones that collect data in order to test the validity of pre-determined propositions (Neville, 2005).i.e. theory is constructed from observations made, rather than being preconceived before the study.

Although, grounded theory strategy is a highly accepted qualitative method under the phenomenological philosophy, the researcher considered it inappropriate because theory building is not the priority of this research which is the fundamental of grounded theory strategy. Also, grounded theory strategy most time involves a second and further data collection which the limits of this study cannot afford.

3.6.4 FEMINIST PERSPECTIVES

This type of research strategy though of benefit to everyone focuses on knowledge grounded in female experience (Neville, 2005). He enumerated some tenets for this research perspective, first in existing literature, women and their contributions to social and cultural life have been grossly underemphasized. On the other hand, men and male perspectives or norms have dominated previous research. Lastly, the role of gender in interpreting the world and its social phenomena has been absent or sacrificed in favour of other factors, e.g. social class. An example of the context of this strategy can be in the research study of the concerns, influences, roles and views of women in an organization or society.

Neville (2005) summarized that this research perspective direct attention to how in pre-existing research literature women and their concerns have been relegated to the background. Clearly, this is far from the research aim of this particular study therefore it cannot be borrowed. The researcher has his searchlight beamed on the whole society has a whole without bias to any gender. However, the researcher suggests this theory may be helpful in studying women (as a group of customers) adoption of E-banking services moreover as some existing literature held that the different sexes adoption such innovation differently.

3.6.5 PARTICIPATIVE ENQUIRY

38

Neville (2005) described this research strategy has one in which the researcher himself is already an active and known member of the understudy group or organization. It entails the active involvement and co-operation of the people who the researcher normally work and associate with on a daily basis. In the research process, openness, cooperating and sharing are emphasized to control for bias.

As aforementioned, in this particular research perspective the researcher does not consider himself a participating member of the understudy group even though he belongs to the average group of customers those enlightened about electronic banking services. Consequently, the participative enquiry technique is not adopted for the research process.

3.7 RESEARCH INSTRUMENTS

Collection of the relevant data is imperative to any research and more importantly the technique employed in the data collection process. There are numerous means of collecting data for a research work but it is paramount that the method used is appropriate in generating quality data. This appropriateness is mainly determined by the nature of research question(s) understudy and the research methodology in use. Existing literature recognizes two main types of data, namely; primary and secondary data (Saunders et al 2007). Data collected for the specific purpose of a presently undertaken research project is categorized as primary data while secondary data are data collected through other means such as books, journals, scholarly articles, newspapers, company documents, internet, e-journals and data base among others (Bryman 2001; Saunders et al 2007). In most research works these two collection avenues are exploited which this study also employed. In assessing the required data, existing literature on customers' perceptions and adoption of E-banking as well as banks' adoption process of E-banking were explored. Furthermore, in gaining a first-hand perspective to the concern of the research questions particularly on the bearing of already established customers' perceptions on the adoption pattern of electronic services by the banks, questionnaire and interview were the primary instruments used in collecting data.

39

As previously stated, this research work is based on the phenomenological research philosophy and this research orientation commonly applies the qualitative research technique in data collection and analysis. In accordance and coupled with the explanatory nature of the research question, the researcher engaged the use of the qualitative data collection method. This, the researcher believes, will improve the diversity of approaches already employed in pre-existing literature on similar research ground. To this effect, a mixed-method design involving both (text) semi-structured interviews and (survey) questionnaires methods in a sequential order were used in order to achieve triangulated data, aimed at neutralising biases inherent in a single method (Creswell, 2003); both random and purposive sampling techniques employed where necessitated and the data collection was conducted among Barclays' customers and banks in specific locations. The employment of all these shall be discussed here subsequently.

3.7.1 QUESTIONNAIRES

Research literature does not present us with a singular acceptable definition of questionnaire, however, Payne and Payne (2004) asserted that the prevailing format in all questionnaires is of the structure within which members of a sampled group are provided the same questions, in the same order either through an interview or self-completing the questionnaire. Saunders et al. (2007) defined it to entails all the data collection techniques which involved the obligation of respondents to answer same set of questions in a pre-determined manner. Bryman and Bell (2007) argued further that this manner of pre-set questioning could be structured, semi-structured or unstructured. The choice of questionnaire style employed is mostly dictated by the nature of targeted population and research question, available resources (May, 2001), research technique adopted and the researcher's orientation towards the study. Undoubtedly, questionnaire as a method is an invaluable instrument in surveying a population's behaviour, attitude, values and experiences (Gilbert, 2001).

Based on the nature of research questions in focus and the philosophical orientation adopted for this study, the researcher considered a semi-structured questionnaire appropriate for the pursuit of the study. Some questions were

40

drawn in close-ended style with options comprising "don't know" or "other" to provide for all possible answers and thereby easier coding (Payne and Payne, 2004). The other questions were open-ended providing for respondents' own comments on issues probably not covered in the questionnaire (Bowling, 2005). The questionnaire focused on the two main research objectives; one, identifying factors influencing customers' adoption of electronic banking services and two, appraising the bearing of customers' acceptance on electronic banking deployment. The questionnaire so designed to obtain both the independent views of customers and bankers as regard the research objectives. In consideration of diverse educational background of targeted respondents, the questions were constructed in a simple, concise and without technical jargons (Lockey and Hart, 2003). As confirmed during the pilot testing, all respondents did have a singular understanding and interpretation of all questions allowing for comparing responses obtained (Payne and Payne, 2004). Also cognizance was taken of the time taken in completion and the appropriateness of wordings to avoid embarrassment and bias (Bell, 1999). The mode of administration is self-completion, a cheaper, and time and resource effective means (Bryman, 2001).

3.7.2 INTERVIEWS

An interview is a technique to collect qualitative data by mean of a discussion between two or more people, while in most instances the researcher is the interviewer. The focus of such interview is decided and guided by the researcher to obtain respondent's view of some behaviour or phenomena rather than making generalisations. This process can be carried out either face-to-face or via telephone communication (Bryman, 2001). An Interview can be structured, semi-structured or unstructured (Saunders et al., 2007). A semi-structure interview was employed in the data gathering process. The importance of this approach to the research method is that it affords flexibility in the subject matter discussion and robustness of collected data. The question set of the interview was pilot tested with three colleagues to check for ambiguity, inappropriateness and make sure it fits into the objectives of the study. Consequently, some few questions were re-framed while a few were eliminated as the length of time to be taken was put into consideration.

The interview questions and themes were constructed based on the review of literature and a preview of the results from the already administered

41

questionnaire. This was mainly in the domain of the two research objectives under investigation. One, identifying factors influencing customers' adoption of electronic banking services and, two, appraising the bearing customers' acceptance on electronic banking deployment was the third. A purposive sampling technique was used subject to those respondents who indicated their willingness to participate in a subsequent interview process. Five Barclays bank customers were interviewed and five of its bankers. Targeted respondents were notified beforehand, briefed about purpose and proposed content of the interview (White 2000). Before initiating any interview time length and respondent's choice to withdraw were discussed and agreed on. Breaks were observed where called for (Saunder et al., 2007). The research made effort to frame questions in similar manner in all the interviews to allow for comparability (Payne and Payne, 2004). Nevertheless, discussion of some matter did change as a different perspective on the study opens up (Collis and Hussey, 2003). The necessary ethical considerations were abided by.

At the end of each interview, a brief overview of each respondent’s answers was done to ensure responses are not adulterated and the researcher did capture information as intended by the each respondent. This did aid the exploratory nature of this research.

3.8 ETHICAL CONSIDERATIONS

Collis and Hussey (2003) advised that participants should be consulted and their voluntary consent sought throughout a research process, respondents to this study were enlisted in consonance with the above recommendation. Interviews like enquiries of similar nature where results and/or responses will be assessable by third parties consent and confidentiality are paramount in eliciting the relevant and reliable data needed. In the data gathering process, in order to guarantee adequate and reliable responses and obtain fair voluntary participation respondents were assured of strict confidentiality of their personal data such as names, age e.t.c. The importance of this was justified as respondents were more open and discussed matters as they are. The need to speak to the bank's employees as part of the sample further necessitated this in order to assure objectivity in their answers.

42

Time was taken to explain the purpose of this research to each individual respondent and his/her voluntary withdrawal at any point was to be welcomed. It should be noted that where any personal data of respondent(s) has been revealed it is done with the consent of such respondent(s). However, all respondents were assured that under no circumstance will their names be revealed, whether in the course of the data analysis or other areas such as informal discussion.

3.9 PILOT TEST

Envisaging unforeseen problems and oversights in the construction of the questionnaire and interview questions the researcher deemed it fit to implement a pilot testing prior to the main administration. The researcher is of the opinion that a pilot test will help provide for robust validity eventually and uncover flaws like ambiguity, inappropriateness and reactions of targeted subjects to some likely questions. In consonance with Saunders et al. (2007), researcher sees this as relevant in refining the questionnaire so that respondents will encounter no hitches in answering and recording answers to any given question. However, before the pilot test was conducted, the supervisor to this study edited and commented on the suitability of the questionnaire. Furthermore, data concerning any unforeseen problems were weighed on the recommendations of the layout proposed by Bell (1999). These include assessing:

1. The clarity of instructions;2. The length of time taken before completion 3. Which, if any, questions were unclear or ambiguous;4. Which, if any, respondent felt uneasy about answering the questions;5. Whether in their opinion there were any major topic omissions;6. Whether the layout was clear and attractive;7. Whether there are any other suggested comments.

Mitchell (1996) agreed that these types of considerations help in establishing content validity, while also affording the privilege of making relevant adjustments before the pilot testing. In carrying out a pilot test a selection can be made from the targeted population to undertake the questionnaire or a

43

different sample of similar population that shares same demographic and socio-economic characteristics (ASA, 1997). The second part of the suggestion was adopted in the pilot testing due to the constraint of time. Sample was taken from among colleagues on campus with informed insight into the subject matter of this research. This only necessitated minor adjustments later on which were appropriately made. The researcher opined that these taken steps in summation will go a long way in minimizing inadequacies and help ensure reliability of gathered data.

3.10 ALTERNATIVE DATA COLLECTION METHODS

Invariably, there exist some other reliable means of data gathering when employing qualitative method that is based on the phenomenological research philosophy. Space will be taken here to elucidate on the reasons why the researcher found them inappropriate for the proposed research.

3.10.1 PARTICIPANT AND STRUCTURED OBSERVATION

Observation is a principal tool of the post-positivist school, an arena where the research philosophy of this study is being borrowed. Though, an essential means of collecting data observation is seldom employed in research studies. Saunders et al. (2007) categorized observation into two types: participatory and structured. In their view both involve “the systematic observation, recording, description, analysis and interpretation of people’s behaviour” (p. 282). They described that participatory observation entails the entire involvement of the researcher in the lives and activities of the group, organization, or community understudy; in a sense becomes a member of the organization. This method provides more relevant insight into significant social processes while on the other hand gives room for bias in collected data. In explaining structured observation as systematic and predetermined, they held its advantage as the ability to tell how often things happen rather than why they happen. It is acknowledgeable that these methods yield more robust result based on its reliability but data gathering is slow and expensive therefore the researcher considered it unsuitable for the study, as the inherent limit of time and cost will not afford its use.

3.10.2 DOCUMENTARY ANALYSIS

44

May (2003) defined documentary analysis as involving a broad array of sources like official statistics, photographs, texts and visual data. Bryman (2004) highlighted that documents like books, government minutes, newspapers and magazines are among sources that may be exploited by the social researcher engaging this method. Invariably, the validity and reliability of data depend on the adequacy of the documents chosen for the phenomena understudy. Documentary analysis entails an extensive analysis of related literature most especially visual data. The researcher therefore jettisoned the use of this method based on the fact that it focuses more on investigation of the physical practice of an understudy phenomenon.

3.10.2 AUTHOBIOGRAPHY

Neville (2005, 10) affirmed that recently researchers has increasingly employ "the use autobiography as a means of collecting information from small groups of respondents to seek patterns, underlying issues and life concerns". He proposed that this technique is efficient in accounting for the influence of variables, such as social class, gender and educational experiences on career development and career progression, or lack of it, within an organisation. He, however, concluded that it is a time consuming method that needs both the researcher and the people considerable amount of trust to be built. Consequently, as previously explained this does not fit into the need of this research because of time limit demand.

3.11 SAMPLING METHOD

Bryman (2001) described sampling as taking any portion of a population or universe as a representative of that population or universe. The impracticability reality imposed on surveying an entire population is readily acknowledged mostly due to the constraint of limited time, budget or some other limitations (Saunders et al. 2007), this made the concept of sampling fundamental to the conduct of a research and the interpretation of results thereon. Unless in few cases where the population is fairly sizable, a research is carried out by means of taking a sample and applying generalizations to the whole population on the analysis of the sample base. Furthermore, Collis and Hussey (2003) argued that in the sampling process a sufficient number of elements from a population to represent the properties or characteristics of that population.

45

Selecting this sufficient number of properly representative elements has to be done systematically. This selection process is called sampling technique. There are two types of sampling techniques, namely; probability or representative sampling and non-probability or judgmental sampling (Saunders et al. 2007). They opined that probability sampling technique relates to survey-based research where the researcher can easily make inference from the sample about a population to answer the research questions while non-probability enables a targeted sampling in order to reach difficult-to-identify members of the population. Under probabilistic sampling technique individual element of the population are taken as fully representational of the required properties or characteristics inherent in any other single element but in judgmental sampling the needed information is obtainable from a selected specific element.

Based on the above note, and on the research philosophy and nature of this study, this research employed both techniques in administering the research instruments. While, the questionnaire was administered purely on a random probability sampling technique the interviews were conducted on the basis of a purposive sampling of non-probability sampling technique. In sampling customers and bankers opinion on the impact of customer perception on electronic banking adoption process by the bank, the researcher interviewed five customers and five bankers. The five customers included two senior citizens; one highly-educated and the other fairly, also a mid-age man and two young customers below 26 years of age. The bankers included three low-level staff and two higher management staff. It should be noted that this research involved a case study thereby the selection of most informative targets is imperative. The critical dimension employed in the judgmental selection of customers here above is based on hypothesized factors in pre-existing literature, where suggested factors of age, education, income level among others have been argued to influence customer adoption pattern for electronic transactions. In the case of the bankers, staffs dealing directly with electronic banking products and services were targeted and the junior level staffs were taken to be more because they have daily interactions with customers.

Though, a simple random sample was adopted in administering the questionnaire, in order to assure of a more relevant data collection the

46

researcher required an evident understanding and repository knowledge of the research's subject matter from selected respondents.

3.12 STRENGTHS OF THE METHODOLOGY

The merits of the adopted methodology underscore its employment in a research of this nature. This study is based on qualitative investigation made under the phenomenological research philosophy which is characterized by methodological eclecticism, a hypothesis-free orientation and an implicit acceptance of the natural scheme of things (Burns, 2000). The post-positivist approaches assume that reality is multiple, subjective, and mentally constructed by individuals of which phenomenological philosophy adopted in this work is one. Therefore, the ultimate aim of the phenomenological approach is in specific interpretation of the investigated behaviour from the participants' own subjective frames of reference (Crossan, 2002). Bryman and Burgess (2004) supported this methodology pointing out that it allows the researcher to see that things could be other than they are and thereby enabling the researcher to gain an insider’s view of the subject understudy. That is, the researcher has the privilege of capturing what people say and do as a subject of how they interpret the complexity of their world; to understand events from the viewpoints of the participants.

Consequently, it is agreeable that the adopted methodology affords a perspective to a more robust understanding of the context of the investigation by presenting the researcher multiple avenues of study (Burns 2000; Walsh 2001; Collis and Hussey 2003). Cook (1985 cited Crossan, 2002) defined this as multiplism; the idea that a research can be approached from several perspectives in defining research goals, choosing research questions, methods, analyses, and particularly in interpreting results. The flexibility here afforded thus provides the researcher an allowance to broader orientation and interpretation in data gathering and analysis. Therefore, it provides an escape from the many traditional narrower approaches of investigating social experiences mostly of the positivist school. It will be acknowledged that a research of this nature (The impact of customer perception on E-banking adoption) is a critical study of reality; the influence of certain human behaviours

47

on a particular subject matter. Human behaviours are not 'objects' governed by fixed natural laws but highly subjective to wider influences that positivists would consider irrelevant. Crossan (2002, 52) held that "objective reality as proposed by positivist philosophy can be seen as only one aspect or dimension of reality". In conclusion, Hughes stated that:

"For the post-positivist researcher reality is not a rigid thing, instead it is a creation of those individuals involved in the research. Reality does not exist within a vacuum, its composition is influenced by its context, and many constructions of reality are therefore possible (cited in Crossan, 2002)".

Indeed, most existing literature has investigated the two variables understudy in this research purely from a positivist perspective. The researcher believes the adopted methodology in this study will help contribute to a wider orientation on the subject matter.

3.13 LIMITATIONS OF THE METHODOLOGY

Though, the researcher has elucidated on the merits and strengths of case study research strategy, it should be noted that there are some shortcoming inherent in this technique. Some scholars, especially of the positivism school, have questioned the credibility of the method. Bryman (2001) queried the objectivity of the researcher in selecting evidence to justify or refute evidence, or his objectivity in choosing a particular explanation for the evidence found. Ozuem et al. (2008) claimed the researcher in this situation is influenced by ‘etic’ (values of the researcher) and ‘emic’ (values of the researched). They held that uniqueness and ‘contextuality’ of the case being studied are often lost due to the researcher invoking content analysis in converting qualitative data into quantitative ones. On this note Saunders et al (2007) observed that in qualitative methodology, contexts, situations, events, conditions and interactions cannot be replicated to any extent whereon generalization be made with any confidence to wider context than the one studied.

Needless to say that the contest of adequate validity and reliability is a major argument against the context of methodology employed in this study because of its highly subjective nature in data gathering. Invariably, it is difficult to apply conventional standard of reliability and validity demanded by the positivism

48

school of philosophy. The limitations inherent in this approach intrinsically relate to the interactive and participatory nature of such qualitative methods; an inevitable weakness due to the proximity o the research to the investigation (Parahoo, 1997). In summary, Mays and Pope (1995, 42-45) concluded:

‘Firstly, that qualitative research is merely an assembly of anecdote and personal impressions, strongly subject to researcher bias; secondly, it is argued that qualitative research lacks reproducibility– the research is so personal to the researcher that there is no guarantee that a different researcher would not come to radically different conclusions; and, finally, qualitative research is criticised for lacking generalizability’.

In addition to the above, due to the inevitable constraint of limited time within which this study is expected to be fully concluded, the researcher do admit that considerable amount of time was not spent in the research setting to holistically aggregate the actions, interactions and reactions of the subjects and variables understudy. Even, in circumstances where this is intended it will be noted that reality will impose its insurmountable limits. Also as noted by Collis and Hussey (2003), case studies are time consuming giving rise to a massive deluge of information which most often is impossible to adequately analysed, thereby increasing the tendency to selectivity and biasness.

Notwithstanding, the limits mentioned, the adopted research philosophy lend credence to this research pursuit and there is little doubt that case study research strategy is appropriately justified among other alternatives in achieving the aims of this study. Though post-positivist (phenomenologists) assumption that reality is multiple, subjective and mentally constructed by individual, Crossan (2002, 54) summed up on case study:

"The use of flexible and multiple methods is desirable as a way of studying a small sample in depth over time that can establish warranted assertibility as opposed to absolute truth. The researcher interacts with those being researched, and findings are the outcome of this interactive process with a focus on meaning and understanding the situation or phenomenon under examination."

49

3.14 SUMMARY

A critical and in-depth evaluation of the research methodology was done in this chapter. The link between the research aims and objectives, and the methodology adopted was presented. The chapter highlighted the research philosophy, approach, strategy and instrument employed in the data collection process. Thereon, the rationales and justifications for adopting these and rejecting other alternatives were discussed. Ethical considerations upheld and Sampling technique implemented in the research process were also discussed. The chapter ended with the overall overview of the strengths and limitations of the methodology.

50

CHAPTER FOUR

ANALYSIS AND FINDINGS

4.1 INTRODUCTION

With the preceding chapter outlaying the research methodology adopted for the research understudy, this chapter proceeds to analyse the huge data collected thereon. This is being done with the view to contribute valid and robust findings to the existing body of knowledge in this field of research. The qualitative data analytical method employed was first introduced. Justification for the selection was explained and afterwards reasons for the rejections of similar qualitative analytical tool were itemized. Thematic analysis is the method being employed and Braun and Clarke (2006) six-staged framework for this analysis was borrowed. Finally, the chapter present the understudy analysis in consonance with the dictates of this structure.

4.2 THE DATA ANALYTICAL METHOD: THEMATIC ANALYSIS AND JUSTIFICATION FOR ITS SELECTION

A thematic analytical framework was adapted in analysing collected data. Braun and Clarke (2006) defined thematic analysis as a method wherein the researcher seeks to identify, analyse and report patterns (themes) within gathered data; though sometimes on a further path interpretation of some area of the research subjected are involved (Boyatzis, 1998 cited in Braun and Clarke, 2006). Moreover, the researcher deemed this method appropriate considering its theoretical freedom and flexibility it affords towards providing a rich and detailed account of data, this is critical pertaining to the researcher's aim of an in-depth exploratory and explanatory analysis of gathered data which obviously were acquired from semi-structured instrument. It will be further acknowledged that it is not the primary concern of this research study to propound theories or test hypothesis which suggests that an analytical method that affords sifting, charting, sorting and explaining data as they identify with key issues and themes being discussed during the data collection process be adopted (Tuckett 2005). Bryman and Burgess (2004) upheld that the framework for this method of analysis is based on not only systematic and disciplined approach but essentially as well on detecting, defining, explaining and exploring issues of which are among the basic tenets of qualitative research.

Furthermore, discovering themes and concepts embedded throughout data is intrinsic in data analysis (Rubin and Rubin, 1995), it should be noted the researcher intends employing an inductive theoretical thematic approach in identifying these themes within collated data as opposed to theoretical thematic approach (Braun and Clarke, 2006). This is a data-driven form of thematic analysis (Patton, 1990). Bryman and Burgess (2004) claimed this framework enables the researcher to reconsider and rework on the unwieldy data collected

51

and ideas. Braun and Clarke (2006) suggested a six-phase systematic set-up of analytical process which includes; familiarization, initial coding, identifying themes, reviewing theme, defining and naming themes, and reporting/interpreting. This final stage is where the core objectives of the qualitative analysis are addressed.

4.3 DRAWBACKS OF THEMATIC ANALYSIS

In criticism to its flexibility, it is being queried in some instances as an 'anything goes' form of qualitative analysis where there is an absence of a clear and concise guideline to performing thematic analysis (Antaki et al., 2002). In evading the creating of such contraption in the process of analysis, the researcher adhered strictly to the six- step systematic framework suggested by Braun and Clarke (2006) a very similar structure to the five-stage system (of familiarization, identifying a thematic framework, indexing, charting, mapping and interpretation) recommended by Bryman and Burgess (2004). Boyatzis (1998) and, Ryan and Bernard (2000) also criticized that although thematic analysis is widely used it is not a specific qualitative analysis tool but one that is apply across and within major analytic methods. However, Braun and Clarke (2006) contested that this is because thematic analysis is poorly demarcated and rarely acknowledged and as a foundational qualitative analysis method should be seen as an approach in its own right.

4.4 WHY OTHER METHODS WERE NOT FOUND APPROPRIATE

Arguably, there exist some other applicable analytical methods fitting into the phenomenological philosophy the study has adopted. In this section, the researcher attempts to explain the reasons for their non-inclusion in the data analysis process. The aim of this analysis process employed is to describe patterns within collated data and a few other available methods can help accomplish this too, namely; grounded theory, narrative analysis, interpretative phenomenological analysis (IPA; eg, Smith and Osborn, 2003) and discourse analysis (DA; eg, Willig, 2003).

Grounded theory is an equally reliable qualitative analytical tool with main goal of establishing a plausible and relevant theory of the phenomena under investigation based in the data (McLeod, 2001). This is clearly not the intention of this study. Narrative analysis also a well-adapted tool of phenomenological epistemology, promotes highly detailed data collection process which gives priority to experience and subjectivity in investigating the understudy phenomenon (Smith and Osborn, 2003). The basic tenets of narrative analysis evidently placed it uses outside the time and cost limits of this research. Moreover, an experiential analysis in this form of the subject matter of this research might subject it to a researcher-participant bias conflict. In similar

52

fashion IPA was jettisoned because it provided for similar experience primacy and detailed analysis in understanding people's daily orientation of reality. The researcher dropped the implementation of discourse/template analysis because of the highly sophisticated skill largely involved (Potter, 1997) and because of usually unnecessary complications that arise during a combined deductive and inductive analysis of data the method employs (Bryman and Burgess, 2004). Besides, the present research pursues a purely inductive analysis.

In conclusion, thematic analysis is employable as a method that both distinctly image a phenomenon and critically dissect such phenomenon's superficiality and therefore it differs from this other analytical methods because:

"Thematic analysis is not wedded to any pre-existing theoretical framework, and therefore it can be used within different theoretical frameworks (although not all), and can be used to do different things within them. Thematic analysis can be an essentialist or realist method, which reports experiences, meanings and the reality of participants, or it can be a constructionist method, which examines the ways in which events, realities, meanings, experiences and so on are the effects of a range of discourses operating within society. It can also be a ‘contextualist’ method, sitting between the two poles of essentialism and constructionism, and characterized by theories, such as critical realism, which acknowledge the ways individuals make meaning of their experience, and, in turn, the ways the broader social context impinges on those meanings, while retaining focus on the material and other limits of ‘reality’". Braun and Clarke (2006, 81)

4.5 CATEGORIZING THE THEMES

After necessary transcription of interview data has been done and returned questionnaires has been properly classified the researcher initiated Braun and Clarke (2006) suggested six-stage framework of thematic analytical process. Initially, concrete efforts were geared towards getting an adequate hold of the length and breadth of the content of available data. The researcher immersed himself in reading and re-reading, and reviewing of the data while noting recurring key ideas and potential themes (Patton, 2002; Tuckett, 2005). The initial list of ideas generated echoes identifiable conclusions in related literature. This is the first step which is termed familiarizing. However, it will be acknowledged that the concept of customer adoption of internet banking is a converging reference in recent banking literature claiming various potential influence thereon with the deploying of theories like consumer behaviour in mass media choice and use, gratification theories, innovation diffusion, technology acceptance, online consumer behaviour, online service adoption and service switching costs (Lichtenstein and Williamson, 2006) in understanding this phenomenon. The researcher only acknowledge insufficient maturity of systematic research into the factors influencing banks to develop E-banking services (Daniel, 1999), which is the prime focus of this research.

53

Hence, as the subject matter of the investigation is still an evolving one, it was an herculean challenge sifting and sorting through the data and listed ideas. It would have been logical to assess the individual bearing or effect of already identified customer adoption factors on bank's deployment process of E-banking. But this is a pursuit in causality which is beyond the interest and orientation of this research. Afterwards, the researcher took upon the next step in Braun and Clarke (2006) adapted framework and proceeded to code the listed ideas. Two broad code categorizations were produced. In sifting and sorting through collated data, it was noted that from both customer and banker's perspectives everything about E-banking services were weighed on either challenge or benefit scale. Becoming awareness of new E-banking services, understanding the process of use, inherent bias about innovations, switching service cost among others are challenges customers addressed while speed, time saving, flexibility etc. were some of the perceived benefits of this new service channel. Similarly, on the banker's side challenges comes in form of cost of deploying and not deploying, re-orientating customers, redundancy of some initial capital etc. It is appreciable that these identified codes permeate the whole content of collected data when rematch with extracted data. These codes were further broken down into sub-divisions. For examples, challenges inherent in the product, challenges intrinsic in customers' orientation, challenges intrinsic in bank's product presentation, understood benefits, misconstrue benefits etc.

Hereafter, is the stage where the key themes in the analysis process were identified which deals with the understanding the interconnection between listed ideas, created codes, proposed overarching themes and sub-themes (Braun and Clarke, 2006). Collected extracted of data were categorized into three main themes and a few other extracts which fell into none of the three themes were labelled under miscellaneous. Hence, as suggested in the adapted framework, a critical refinement of these themes was done to assess the availability of sufficient support data. Subsequently, these major themes were called up as adequate associated data were referenced respectively (Bryman and Burgess 2004). Table 1 below presented the composition of these major themes.

TABLE 1

MAJOR THEMES PERCEIVED INFLUENCE

KEY ISSUES

Cost Anticipated cost of adoption on both parts of the customer and banker is a paramount decider

Switching cost Internet service

cost Deployment cost Cost efficiency

Customer’s Orientation Whether perceived or anticipated, the orientation of customers is a prime influence on E-banking deployment.

Awareness Misconceptions Understanding of

usability Socio-(cultural &

economic) bias and Demographic

54

biasCompetition This is fore-front driving

motivation for banks Customer

retention Wider market

share Branding

In continuation of the process, through a stage Braun and Clarke (2005) tagged 'define and refine' the fifth step of defining and naming themes, the researcher identified some more sub-themes but can only find data extracts to sufficiently defend two of such permeating theme. It is should be noted that these themes surfaced in different contentions by the respondents themselves throughout the entire process. These two permeating theme are itemized here below in Table 2 with relevant key issues respectively.

Table 2

PERMEATED THEMES PERCEIVED CONSIDERATIONS

KEY ISSUES

Security Customers acknowledge the concerns over inherent perceived risk in internet banking

Privacy Trust Assurance

Service Interface The generality of customers prefers a guided-service system to the prevalent self-service system in E-banking

Interactive User-friend

At this junction it is imperative to re-present the researcher's theoretical walk from research question through the research methodology employed to the data interpretation approach taken. As already noted this research draw upon case study strategy in its investigation of the understudy phenomenon employing multiple sources of evidence and information; detailed study of related literature, administering questionnaire and conducting semi-structured interviews. In its analysis, the research made use of an inductive thematic analysis which consists of identifying, analysing and reporting patterns or themes within data given by respondents. In this process, the original research questions served as guided in sieving necessary data, understanding the implicit correlations between collated data and extracting relevant data. Corroborated by data gathered from the questionnaire, the interviews were held as the main research instrument. Interviews of the ten participants were reported; five customers and five bankers. Effort was made that respondents' submissions were objectively reflected in data being analysed. Braun and Clarke (2006) six-step suggested framework for thematic analysis was stringently followed in order to forestall possible researcher's bias and give more validity to the universal credibility of the analysis.

55

Influences on the adoption of E-banking have been the prevailing spotlight in recent banking researches and generated significant controversies and conflicting conclusions in the last two decades. The analysis in this research work reflects on the impact of customers perceptions on E-banking adoption process of banks. It is an exploratory analysis of the bearings of customers' acceptance on the deployment of electronic services by the banks. It was identified during the data collation process that different electronic banking services have different customers' adoption pattern and different deployment pattern by banks. The interrelationship between these two patterns can be discussed under cost, customer's orientation and competition considerations of electronic banking services. Hence, the analysis is scheduled under these themes.

4.5.1 COST

The theme of cost as an impact on adoption pattern is a convoluted one. The intricacies of the perceptions of cost benefits and cost challenges on both sides were delicate to unravel. Even though, the sensitivity of the factor in the overall makeup of the phenomenon, a critical dissection of it has eluded the searchlight of most existing related researches. Customers weigh the cost implication of the accepting this new channel of distribution on far diverse levels. Switching cost is the most primary of all these considerations. The customer sees switching service channel requiring much time and effort; confirming the proposition of consumer behaviour theorists (Wu, 2007). On a similar scale, the other paramount cost challenge seen by this customer is of the associated cost of using this new channel; electronic banking. The customers apprehended the inherent cost of internet usage and online bank charges which are included in the normal transaction cost. While, some customers incorporated the cost of having internet ready devices like PC, mobile phone etc. A 66 year-old retired respondent upheld such reflections in his view:

We are made to believe internet banking services are cost saving but my son you get charged for the internet you use and you get charged for the transaction process online. How is that a cheaper alternative to face-to-face services? Even included is the fact that you have got to have either a PC or some other internet devices to do these transactions. This also is a cost. To make matters worse is their idea of discouraging us from the normal banking services we are used to as some services at the banks now comes with a premium charge.

The cost considerations for the younger, educated and relative high earning youth is slightly different, although, the low earners associated with the generality in this consideration. A typical customer of such background is a 31-year chemical engineer. In his view:

Of course, we all know about these charges and perhaps some other related charges but in my opinion they are minimal compared to the time and effort associated with visiting a branch and sometimes enduring some queues...and, for example, the cost you incur on you internet services aren’t only for internet banking.

56

However, for the banks the cost implications comes in a lot of dimensions. There is the initial cost of deploying the technology (facilities) to support this channel of distribution. The further related costs are quite huge and fundamental to this is the cost of re-orientating both staffs and customers, and this cost have been a continual and recurrent one in the face of ever changing technology and ever evolving bank electronic products. Connected with this is the marketing and advertisement costs, and other hidden competition costs. Although, all these cost challenges, the bankers can still lay claims to substantial cost efficiencies. These cost benefits, majorly emanating from increased speed in transaction processing, have come in form of lower overheads associated with branch and staff costs, lower unit cost per transaction, higher volume of transactions being processed while the others includes serving wider geographical reach at lower cost, efficient branding cost etc. In response to the question of costs bearing on E-banking adoption, a Barclays high management staff opined:

The emergence of electronic banking has introduced at new level of complexity in the overall banking cost-benefit analysis. The capital and recurrent costs associated with internet banking requires a fair degree of economic of scale as banks do not plan to recoup these costs in the short run. I think this attested to the reason why the average sized banks and building societies were at first reluctant to fully embrace this mode of banking...our overall view of technology cost is a long-run one. Our internet banking products and services are well categorized and the related costs are balance thereon respectively. It is an underlining fact that cost is critical to us in the development of any new electronic banking product or service. Development cost, marketing cost, staff training cost are some of the crucial considerations.

Certainly, being on the internet has helped banks to reduce transactions’ costs, improve their market image and better respond to market's demand (Kerem, 2003). Jeevan (2000, cited in Mia et al. 2007) agreed that this has helped banks to offer low-cost, high value-added financial services. However, Kerem (2003) held that in switching service channels customers demand a minimum relative advantage; a better perception over the pre-existing channel. Rayport and Sviokla (1994,1995 cited in Daniel 1999) argued that in bank's pricing of electronic services such charges should be based on value and not cost because most of these electronic services have little marginal cost.

4.5.2 CUSTOMERS’ ORIENTATION

Customer orientation of electronic banking can be viewed from four main perspectives. It can be argued in term of awareness i.e. knowing of the availability of not just electronic banking but of some individual services. Similarly, it can be of misconception or suggested public perception of some products, for example, the hot topic of hidden charges with credit cards. From another angle, it can be seen as customer individual prejudice born of soci0-cultural or socio-economic or demographical bias. Lastly, the issue of customer orientation can be assessed from the acknowledgement that some of these

57

electronic services demand effort to learn and employ by individual customers. This is highly prevalent on the part of senior citizens. The assertions of four respondents are sampled here enumerating these challenges.

A 47-year old teacher acknowledged:

I don't think this is a misconception. I believe all these banks have ways of pinching little, little pence out of us over and above related charges especially for using a lot of their credit services. I have not used one and I will not.

A 69-year old woman who claimed to have been a life-long customer submitted:

You go to the bank these days; they just push bouquets of products and services into your face and also on the internet. Honestly, i don't really know of any except for the ATM and doing some few transactions online; which are complicated to learn. I think for some of my friends it is harder (she laughed)It was my granddaughter who some few weeks ago was trying to explain to me how to assess my bank account on my phone.

A senior bank official commented on this:

First and foremost, a product is needless if the generality of customers do not understand its usability and can apply it. For us here consumer knowledge is vital...we have always been pretty aggressive in marketing our products and services so customer awareness is not a strong contention for us. Detailed information has always been provided along with packaging of such products and services. I believe all banks hold the trust to provide details 0f all required implications of acquiring a product or service. Customers should endeavour to read carefully all these details, once to0 often we throw away these details and they come back to hurt. Most of these public claims are unfounded.

A 33-year old mid-level staff experienced in customer services operations of Barclays online banking

In deploying most of these electronic services we have been a little more careful in respect of acceptance by different categories of customers. Some of the products and services were first tested with high earning customers while some are given youthful appeal being they are more sensitive to technological changes. Generally, I believe customers associate with different products for several reasons some can be as emphatic as youthful themes while the other as superficial as a belief system...the knowledge of these have helped guide our products and services development and deployment over the years.

Shoemaker (1971 cited in Alam et al.,2009) presented that before accepting a new service or product the customer go through “a series of process in knowledge, conviction, decision and confirmation” before they are ready to adopt a new product or service. Products simplicity or an innovation's ease of use have been upheld by many researchers as paramount in adoption process both for the customers and the banks (Cooper, 1997; Dover, 1998; Daniel, 1999; Mols, 2000). Summarily, Sathye (1999) held that most customers are really unaware of electronic banking services and the unique benefits they offer, and O'

58

Connell (1996) concluded that lack of knowledge about the availability of such internet services explains for the slow growth of internet banking.

4.5.3 COMPETITION

All other driving factors for internet banking adoption by the banks converged on the singular motivating factor of competition. This innovation has simply redefined the competing arena and brought along new tangible tools to propel this competition. We have seen internet-only banks arising because they believe this is a formidable niche in the market place. Banks have committed significant capital into enhancing their technological interface and infrastructure. Mishra (2001 cited in Mai et al., 2007) argued that internet has provided a levelled playing fields for the banks with increased customers' bargaining power, dropping switching cost and difficult in retaining customer loyalties. A high level management staff responding to this the question of primary force in driving internet banking adoption submitted:

Competition can be defined as the race to retain the loyalty of existing customers and gain the acceptance of new ones. Ever before the advent of internet banking, this has been the focus of our bank and I believe all banks. The internet only came to present us a more formidable tool to prosecute this pursuit and so far internet banking has redefined that quest and keeps redefining it. I believe Barclays will keep evolving with this ever-changing technology to stay ahead of the competition in providing the best products and services for our prestigious customers world-wide.

An average customer acknowledged he or she is the focus of this heated-competition but his or her concern is the cost of such competition which he or she (the customer) invariably pays for. A 24-year old student captured this concern when he posited:

I believe the banks keep deploying all these technological facilities in competition for your money and my money. Someone has got to pay for all these definitely you.

Mia et al. (2007) highlighted the main ingredients of the new competitive environment for banks as including changing consumer needs and perceptions, globalisation, technological innovations, and competition from non-banking entities. In final analysis, it is obvious that electronic banking affords banks the leverages of maintaining competition, saving costs, mass customization, and enhances marketing and communication activities in their pursuit to maintain and attract customers (Daniel and Storey, 1997; Mols, 2000). However, market-led innovations like E-banking require a deep understanding of "both current customer needs and behaviour, and the offerings of competitors"(Daniel, 1999 74).

4.6 PERMEATED THEMES

4.6.1 SECURITY

59

A recurring claim among respondent is the issue of erosion of privacy. The participants highlighted that the electronic channel of service has denied them significant level of privacy associated with the pre-existing face-to-face servicing. Customers conduct most of their electronic transaction on the internet within public domain. Most customers attested to using office internet majorly. Associated with their security concerns are the perceived risks of fraud, phishing among others. They are apprehensive of these risks when using these electronic banking products on other sites apart from the banks. They acknowledged high degree of safety with banks' sites. The 66-year pensioner summarized this fear:

Gone are the days of signatures, it is now all about pins and passes. Then all things are done in privacy; it is only you and your bankers and lots of papers. Those are documents containing your transactional information. But now all the information are held in one card with a pin code. A loss of the pin code and you are in crisis. These days the transactions can be done anywhere within public arena...If you use a PC outside the home you have got to be very careful to clear off your data before you leave who knows who will be using the PC next.

Consumer concern of security is also top priority for the banks in deploying these service channels. A high level manager submitted:

We are apprehensive of the fact that security is a prime consideration for most customers in adopting electronic transaction channels and for banks as well this is a priority in deploying all these online banking services. On the whole, a critical fraction of the investment made into implementing these electronic service channels goes into guaranteeing security of transaction. Banking is purely an information oriented service industry dealing in a whole lot of personal information and it is imperative that the data are well secured.

Cristina et al. (2002, 1540) held that "E-banking increases security risks, potentially exposing hitherto isolated systems to open and risky environments". Although, the critical customers’ concern about safety, trust and privacy ironically this is not a major deterrent in their use of electronic banking services. Lichtenstein and Williamson (2006, 58) asserted that users have taken it upon themselves to manage this risk " through a strategy of personal belief in improved institutional and technological information security levels, a sense of hope and risk acceptance, and a carefully developed personal protection strategy including vigilance and taking some responsibility for information security".

4.6.2 SERVICE INTERFACE

4.7 SUMMARY

This chapter opened with a detailed presentation of the data analytical tool employed and its justifications. Thematic analysis was the method used. Reasons

60

for dropping other methods were discussed. Hereafter, the framework for analysis was presented and the researcher proceeded accordingly. Major themes and permeated themes categorized during data coding process were the main focus of the chapter and therefore discussed. The next chapter present the conclusions here arising.

CHAPTER FIVE

CONCLUSION AND RECOMMENDATIONS

5.1 INTRODUCTION

This chapter discussed the finding, conclusions and recommendations consequent upon analysis made in the preceding chapter. Also, the researcher endeavour to represent the linkage between empirical data, and research aims and objectives. Implication the study holds for management and areas of further research were itemized.

5.2 EVALUATION OF THE FINDINGS

The critical impact of customer perception on bank's deployment of E-banking is much more an highly subjective phenomenon than an empirical one. A few decades ago banks that forayed into electronic bank mainly did so in anticipation of consumer demands and were taken as treading highly risky path. This was partly due to the huge initial cost outlay involved and partly due to the uncertainty about customer's willingness to conduct financial transactions in such an open manner. Irresistibly, consumers cannot deny the dynamic flexibility the internet has brought to bear on other sides of their living consequently the allures of E-commerce was taken as a practically exploitable one. Gradually, other complex electronic banking services evolve as customer acceptance grew, although at a low pace at first but the proliferation of financial products and services online since the turn of the century highlighted an increasing acceptance on the part of the customer. It is simple to view the whole of E-banking as one unit and thereon interpret the impact customers’ perception thereof. This research affirms that is a convoluted view; as electronic banking offers a broad array of products and customers react to each genre of product or service differently. Consequently, customers' attitudes dictate the length of such

61

product's life cycle. Holistically, this summed up to affect banks adoption pattern of electronic banking.

Existing literature has helped confirmed the factors influence customer's perception, investigating the bearing of this perception on bank's adoption of E-banking is the focus of this research. This researcher found that among other factors the customer's orientation about this innovation, his perception of cost and bank's competitive attitude are the three driving force in this adoption process. The cost of taking to this new service channel for the customer and the cost of deploying such distribution channel for the banks are key considerations. The customer's orientation about such products or services blatantly spells the success of such product or service. That the internet has redefined the market place is an incontestable fact and therefore the nature of competition. This has not only presented a level playing ground for existing competitors but as well lower the encumbrance for new entrants. In further considerations, security and service interface were found as factors influencing customer's taste for these products. Even in the face of this technological change they strongly dictate customer loyalty hence impacting the adoption process.

The findings on cost perspective buttressed Alam et al. (2009) submission of cost having a singular influence on E-banking adoption. The view of cost by both customer and the bank dictates both the development and adoption of electronic banking products and services. The price of switching to alternative channel of service was core the consumer's cost considerations. This cost is primarily seen in terms of time and effort taken in learning the use of new products or services. In this process, the learning curve for most customers is not really steep most especially for the less-literature and the senior citizens. This group of customers highlighted the complexity of most of these electronic banking products and services. Burnham et al. (2003) agreed to the strong influence of switching cost which they identified in three groups, namely; procedural, financial and relational. On a related hand, some of the respondents acknowledged the additional cost of internet service usage and online bank charges in performing these electronic transactions. A few of the respondents also considered that the huge cost of competition among banks is priced in on these services. On the part of the bank, the cost orientation is in the divisions of initial investment costs, operational costs and utilisation costs (Rothwell and Gardiner, 1984 cited in Wu,

62

2005). The enormous initial capital outlay is a hurdle that demands a long-term commitment before returns are recouped. This cost implications was once a barrier deterring smaller banks and building societies but the present redefinition of market place has enforced this on them. More importantly, banks' view is more of cost efficiency. Reduce branch network, sizeable number of staff, lower transactional unit cost, are a few of cost saving advantages for banks.

Rogers and Shoemaker (1971) pointed out that the customer passes through different phases in knowledge conviction and decision making prior to finally adopting a product or service. This is customer orientation. Customer orientation was also a strong influence the study found to have direct bearing on the adoption of electronic banking products. Customers' orientation determines the acceptance of E-banking products and services, and this begins from their aware of the availability and use of such products. Upon being aware of these products, customers' perspectives of them which are inherently prejudices play a bigger role. These biases originate from socio-cultural beliefs or socio-economic afflictions or demographic inclinations. While, a high earning, well-educated young man is an early adopter of such innovations like electronic banking, an old retired semi-literate woman of a minority orientation is a last stage adopter. Banks weigh the demarcations within and tendencies of customers' orientations in the deployment of various electronic banking products. Banks have always been known to test the acceptance of new electronic banking products with either their affluent customers or the youthful ones. This therefore determines the adoption of such products or services.

Competition is seen as the forefront and the war front of the adoption process. It is race to capture tangible influence on the new 'market space', to retain the loyalty of existing customers and gain the acceptance of new ones, and primarily to maintain their competitive edges. Electronic banking has gone from being within the exclusive domain of a privileged few into the arena for the common good. Banks that were late adopted have had to pay for this heavily in terms of loss of customers' patronage and loyalty. Banks accepted that they have to provide all necessary conveniences associated with E-banking for their customers in order to remain competitive (Daniel, 1999). The degree of competition internet banking has brought to bear on banks has rendered a level playing ground, an ease entry, volatile customer loyalty etc. although at a

63

relative high expense to smaller financial institutions but quite affordable for quasi- (or non-) financial institutions with interest to offer electronic banking products. Byoung-Min et al, (2005) concluded that financial institutions are exerting competitive power in the market place by affiliating with other financial companies, downsizing their physical facilities, and expanding their service scope.

Lastly, the issues of security of transactions and service interface were also strong considerations for customers in taking up internet banking services. The lack of privacy, the fear of fraud, issue of safety in conducting most of these transactions that are now done within public domain are innate concerns for customers. Customer information that were once filed away in the comfort of bank's cabinets, now exist in codes loaded on electronic cards and the internet with the customers now sharing the responsibility of safe-keeping. These concerns are fundamentally issues associated with the internet itself which is the backbone for these electronic banking products. While, customers easily perform online banking transactions like balance inquiries, viewing transaction report summaries and often assessing saving and current account facilities they are less inclined to perform more sensitive transactions like personal investment, loan and mortgage services (Ainin et al., 2005). Interactivity is also of concern to the customers most especially the senior citizens and less-literate customers. The quality of personal contact and being guided through a transaction process are attested as the singular relative advantages of traditional banking above electronic banking services. Customers demand a user-friendly service both on the internet and at the bank's bank. A bank with a user-friendly and highly interactive internet site has a considerable competitive advantage. Clearly, to keep growing customers' demands for electronic banking products, qualitative improvements are needed to be made by the banks to address these customers' concerns.

5.3 LINKING THE EMPIRICAL DATA TO THE RESEARCH AIMS AND OBJECTIVES

It is imperative herein to consider the findings of this research in the light of answers they have provided for the research questions raised and contributions to existing body of knowledge on the subject matter. The study set out with the following four objectives:

64

1. To review existing literature on customers' behaviour towards electronic banking adoption process.

2. To identify factors influencing customers' adoption of electronic banking services.3. To appraise customers' acceptance bearing on electronic banking deployment4. To suggest a better perspective to banks on understanding customers'

acceptance and their deployment of electronic banking services.Effort is made this section, to present the considerations for the first three objectives while the last objective will be summarily looked into separately under recommendations.

5.3.1 OBJECTIVE ONE: TO REVIEW EXISTING LITERATURE ON CUSTOMERS' BEHAVIOUR TOWARDS ELECTRONIC BANKING ADOPTION PROCESS

In chapter two concerted effort was made in critically reviewing existing literature on the subject matter of this research, it was evident that numerous studies on this course have concentrated on theories of customers' adoption and factors influencing solely customer adoption pattern. Theory of Reasoned Action (TRA) (Ajzen and Fishbein, 1975), theory of planned behaviour (TPB) (Ajzen, 1985), technology acceptance model (TAM) theory (Davis, 1989) and diffusion of innovation theory (Rogers, 1962) are among the most extensively employed in related literature (Al-Somali, 2008). Theories like consumer behaviour in mass media choice and use, gratification theories; online consumer behaviour, online service adoption and service switching costs have also been exploited in interpreting this phenomenon (Lichtenstein and Williamson, 2006). An array of customers’ attributes has been propounded either on individual consideration or corporate understanding to be influential as well. Awareness, accessibility, reluctant to change, service cost, ease of use and trust concerns (Alam et al., 2009) are a few of the factors permeating the findings of most literature. However, negligible investigation has paid to the impact of these factors on the bank's orientation in deploying electronic banking product. This is the angle this present study exploited in contributing to electronic banking literature. Mols et al. (1999) claimed that customer's acceptance is a greater determinant of the diffusion of electronic banking than by the seller offerings.

65

5.3.2 OBJECTIVE TWO: TO IDENTIFY FACTORS INFLUENCING CUSTOMERS' ADOPTION OF ELECTRONIC BANKING SERVICES.

The empirical materials generated from the questionnaire administered and interviews conducted shed more lights on the factors customers considered paramount in their adoption of electronic banking services. Within the compound of factors existing literature has highlighted respondents agreed that cost, security and service interface were priority in their considerations. Cost was found be of singular significance. Switching price, online service charges, internet usage charges, time and effort required to understand the application of these innovations are the critical cost concerns of customers in adopting electronic channel of service. The issue of privacy, trust and safety of transaction in a levelled and open world of internet were security considerations registered by participants. The investigation also revealed user-friendliness and interactivity that have replaced the personal contact advantage of traditional banking are influential in customers' acceptance of electronic banking.

5.3.3. OBJECTIVE THREE: TO APPRAISE CUSTOMERS' ACCEPTANCE BEARING ON ELECTRONIC BANKING DEPLOYMENT

The critical aim of this research is evaluation the impact of customers' acceptance on the deployment process of electronic services by the banks. The pivot drivers of bank's adoption pattern were found to be cost considerations by both customers and banks, customers' orientation of such electronic banking products and the quest to maintain competitive advantage in the 'market space'. Both customers and banks were found to employ a cost-benefit attitude in electronic banking adoption. Although, the encumbrance of the huge capital requirement in the deployment of electronic-banking technological infrastructure, cost efficiency offered by internet banking by increase service speed, high transaction turnover, lower transaction unit cost, lower overhead cost due to reduced needed branches and employees, wider geographical service were assessed as competitive advantages in banks' perception. Once banks can forecast the profitability of a new electronic banking product they are set to roll when they can assess customers' cost perceptions and orientation of such product or service. As aforementioned Switching price, online service charges, internet usage charges, time and effort were the critical consumer cost considerations.

66

Customers' orientations also spell their identifying with a product or not. The nature of this orientation can be demographic, socio-economic or socio-cultural. Youths, educated customers and high earning ones are acknowledged as early adopter and in essence their disapproval of any newly introduced electronic banking product spells failure of such product. Although, factors like minority affiliations, age are known influence in the adoption process they can be robustly qualified. Competition for customer loyalty in the redefined domain of internet market place is also found a paramount driver of electronic banking adoption process. And, it is evident that the electronic banking arena will remain competitive in the consideration of ever evolving technological appeals, customers’ tastes and orientation and liberalization of the financial sphere.

Finally, security concerns and service interface were found of lesser influence but equal consideration. The customers want guarantees of trust and safety, a guided assistance and user friendliness in conduct of transactions. Though, the advantage of privacy might be somewhat elusive this internet era yet the customer will prefer a degree of exclusivity as well as interactivity in service delivery. In a perspective, all these are prices the customer and bank associate with internet banking and for the acceptance of this innovation and subsequent products to be viable form customers' perception they must be reasonably priced relative to substitute channel of delivery or products (Willis Report, 1997 cited in Alam et al., 2009).

5.4 IMPLICATIONS TO MANAGEMENT

It will be acknowledged that Barclays bank was taken as the case study for this study. It is a bank with a strong brand presence online worldwide, known for pioneering a number of technological innovations in banking. Barclays' bank offers a large bouquet of online products and services which afford some robustness for this study in generalising for the electronic banking industry. Nevertheless, in the cause of investigation respondents highlighted some reservations, opinions and observations which the researcher endeavour to explain in this section in the light of the implications they hold for its management.

5.4.1

67

Though existing research has suggested that various factors influencing customers' perception it should be acknowledged that this researched focused on the impact of those factors in the banking deployment process of electronic banking. In this quest, this study found that the five key impact makers in this phenomenon ar cost, customer orientation, competition, security and service interface. The researcher is of the opinion that these five core considerations will invariably aid decision making process about the development and adoption of electronic banking products by management. Management should endeavour to focus on these factors as fundamentals.

5.4.2 SERVICE CHARGES

It is highly imperative for management to make explicit information about the cost and benefits of individual product and service clear to existing and potential customers. To existing customers because of the frequent cases of not having a prior thorough knowledge of the cost implications of some product or services they have used and to potential customers so as to clear some existing public and individual misconception about charges deductions for services used. It is known that the bank provide detail caveat information along with this products and services online or whereon they are assess. Customers see this usually long prose of product information as an epistle to excuse the bank in case of some liability charge. Effort should be made to provide this information in a precise and concise manner and to encourage customers to read up for their own good.

5.5 RECOMMENDATIONS

In the light of the findings of this research suggestion of feasible improvements that can be by banks in their adoption of electronic banking products or services are obvious. Here in this section, the fourth research objective is duly addressed which as aforementioned is to suggest a better perspective to banks on understanding customers' acceptance and their deployment of electronic banking services.

5.5.1 DEPLOYING NEW ELECTRONIC BANKING PRODUCTS ON THE TRIPOD OF COST, SECURITY AND SERVICE INTERFACE

68

There existing the inherent temptation to deploy a new electronic banking products ahead of the competition without due considerations to the prime factors driving customers' demand for a new innovation. The findings of this research held that the customers' primary perception about such products stem from their considerations of cost, security and service interface. Cost implication should be quantitatively weighed not only on the part of the banks but as well on view scale of the targeted individual customers. Customers also demand the guarantee that their personal information is secured as regard the product usability in the open world of the internet. It is acknowledgeable that in the era of internet both the organization and the customer share the responsibility for the protection of such information but the customer wants more covering like lock-and-key safekeeping traditional banking offers. Also, a number of these electronic transaction processes are viewed as complicated. In traditional banking most of steps required in such transaction are either done by a bank clerk or the customer is being guide by personal contact but in the modern arena of internet banking it has become a self-serviced process. Customers still itch for the sense of interactivity offered by traditional banking along with the welcoming service orientation. A few banks are trying to replicate this experience online but it is core consideration on the part of the customer.

5.5.2 QUALITATIVE CUSTOMER ORIENTATION

The flexibility provided by the internet makes it much easier for banks to develop, brand and market new products at a faster rate, and lesser effort and cost. This is majorly done without proper customer orientation about the new product. Awareness of the availability of a product differ strongly from the awareness of its usability, this later factor in most instances is lacking. Banks should beware that the customer has lots and lots of products splashed into their faces daily both on- and off-line and therefore should employ more of specific or target-oriented awareness campaign. In such campaigns, misconceptions about products and their benefits and costs should be adequately addressed.

5.5.3 PLACING CUSTOMER AND COST IMPLICATION TO CUSTOMERS AHEAD OF THE COMPETITION

69

The competition is fiery these days and it is even much weirder online most especially as traditionally non-banking institutions are entering the electronic banking sphere. Indeed, the race is for customer loyalty of which traditionally the interests and wants of the customer were placed in the forefront but recently the competition has been about gaining a relative advantage at all cost. The question is who bears this cost? These costs are shifted to the customers in the final analysis which is driving up the lower cost once associated with electronic transactions. It is imperative to the banks to fight fair at bearable cost because high price on electronic transactions might prove counterproductive to the competition for customer loyalty.

5.6 CONCLUSION

Existing related literature has propounded numbers factors influencing customer's perception of electronic banking product meanwhile this research has found cost perspective, customer orientation about these products and competition for customer loyalty has the core driving force behind the adoption of electronic banking both for the customer and bank. Customers seek to understand the cost implications of the products or service they are using and it alternative and on another hand seem not to be aware of the availability or usability of some services while the banks keep heating up the competitive grounds at higher cost consequences. As suggested by Dainel (1999) banks should attempt a fair value pricing of their electronic services as ordinarily electronic services incur a lower marginal cost.

Bank should also be aware that through their existing a holistic view of electronic banking as a whole but the underpinning element is an understanding of customer perceptions of individual electronic banking product or service. New electronic banking products and services should be deployed within this orientation while adequate provision is made for customers' concerns of security of transaction and interactivity of electronic services. Though, the latter two factors were not found to have robust validity but the researcher suggests that they might serve as less expensive relative advantage in the increasingly heated competition the banks are subjected to. Conclusively, this study confirms Daniel (1999) submission that banks' adoption of electronic banking is "led by a corporate vision of the future in which the banking market becomes even more

70

competitive, while consumers demand greater accessibility, functionality and service at a lower price".

5.7 FURTHER RESEARCH DIRECTIONS

It will be acknowledged that in the existing body of knowledge on this subject matter has focused mainly on the variable of customer perception in investigating this phenomenon. The objectives of this study tend towards the other variable of electronic banking adoption by the banks. The researcher would suggest further research into this direction of the nexus of customer-bank perceptions and adoption of electronic banking on a broader scale than a case-study approach. This research has borrowed a phenomenological perspective using a qualitative thematic analytical method in investigation. It will be appreciable to see the findings of other empirical investigations employing diverse research philosophy or analytical methods. Finally, as the study has found that adoption question in electronic banking should not viewed on the macro-level of internet banking as a whole but rather as a micro-question of individual products and services adoption, banks or interested person should endeavour to investigate on this level.

5.8 SUMMARY

The chapter opened with a concise evaluation of research findings and thereafter presented the linkage between research data, and research aims and objectives. Research implications to management were briefly explored and a detailed outlay of research recommendations and conclusions were discussed. The chapter closed with suggestions of further research directions.

71

REFERENCES

Adesina, A. A., Ayo C. K. & Uyinomen, O. E (2009) ‘an empirical investigation of the level of users’ acceptance of e-banking in nigeria: based on technology acceptance model’ Covenant University, Nigeria

Ajzen, I. (1991). The theory of planned behaviour. Organisational Behaviour and Human Decision Processes, vol.50, pp, 179-211.

Alagheband, P. (2006) Adoption of electronic banking Services by Iranian Customers. Master thesis. Sweden, Luleå University of technology.

Al-Ghamdi, A. (2009) ‘Investigating Factors Affecting Customers of Using Internet Banking: A Comparison study between Saudi Arabia and the UK’. Brunel Business School, Doctoral Symposium, May 23 & 24, 2009.

Alam, S.S., Musa, R. & Hassan, F. (2009) ‘Corporate Customers’ Adoption of Internet Banking: Case of Klang Valley Business Firm in Malaysia’. International Journal of Business and Management, vol.4, no.4, pp. 13-21

Al-Hajri, S. (2008) The Adoption of e-Banking: The Case of Omani Banks. International Review of Business Research Papers vol. 4 no. 5, 2008, pp. 120-128

Al-Somali, S. A., Gholami, R & Clegg, B. (2008) ‘Internet Banking Acceptance in the Context of Developing Countries: An Extension of the Technology Acceptance Model.’ Operations &Information Management Group, Aston Business School, Birmingham B47ET, UK

Azouzi, D. (2009). ‘The Adoption of Electronic Banking in Tunisia: An Exploratory Study’. Journal of Internet Banking and Commerce, December, vol. 14, no.3 (http://www.arraydev.com/commerce/jibc/)

72

Barclays Bank Case Study, Cisco (2007). Strategic E-Banking Refresh Prepares Barclays Bank for Next-Generation Web Technologies and Explosive Growth, Cisco Systems, Inc., IBSG http://www.cisco.com/go/ibsg [4 April, 2010]

Booz, Allen & Hamilton. (1996). Internet Banking: A Global Study of Potential, Booz, Allen and Hamilton Inc. New York, NY.

Boyatzis, R.E. (1998). Transforming qualitative information: Thematic analysis and code development. Thousand Oaks, CA: Sage Publications.

Braun, V., & Clarke, V. (2006). ‘Using thematic analysis in psychology’. Qualitative Research in Psychology, vol.3, pp 77-101

Collis, J. & Hussey, R. (2003) Business Research: a practical guide for undergraduate and postgraduate students, second edition. Basingstoke: Palgrave Macmillan.

Crossan, F. (2002) ‘Research philosophy: towards an understanding’. Nurse Researcher vol.11 no.1 pp.46-55

Daniel, E. (1999) ‘Provision of Electronic Banking in the UK and the Republic of Ireland’ The International Journal of Bank Marketing, vol.17, no.2 pp. 72-82, MCB University Press

Furst, K., Lang, W. W. & Nolle, E. D. (2000) ‘Internet Banking: Developments and Prospects’. Office of the Comptroller of the Currency Economic and Policy Analysis Working Paper 2000-9

Hunt, S. D. & Morgan, R. M. (1994) ‘The Commitment-Trust Theory of Relationship Marketing’. Journal of Marketing, vol.58, pp. 20-38.

Internet banking comptroller's handbook (October 1999), Comptroller of the Currency Administrator of National Banks

Kolodinsky, M.J., Hogarth, M.J. & Hilgert A. M. (2004), ‘The adoption of electronic banking technologies by US consumers’. The International Journal of Bank Marketing Vol. 22 No. 4, 2004 pp. 238-259, Emerald Group Publishing Limited

Lichtenstein, S. & Williamson, K. (2006) Understanding Consumer Adoption of Internet Banking: an interpretive study in the Australian banking context. Journal of Electronic Commerce Research, vol. 7, no.2, pp. 50-66

Mays N, & Pope C (1995) Researching the parts that other methods cannot reach; An introduction to qualitative methods in health and health services research. British Medical Journal. 311, 42-45.

Meyer, T. (2008) ‘Online banking: The young and well-educated extend their lead until 2010’. Deutsche Bank Research

Meyer, T. (2006) ‘Online banking: What we learn from the differences in Europe’. Deutsche Bank Research

73

Mia, H.A., Rahman, A. M. & Uddin, M., (2007) ‘E-Banking: Evolution, Status and Prospects’. Journal of The Cost and Management, vol.35, no.1, pp.36-48

Mols, N.P., Bukh, P. & Nielsen, J. (1999) 'Distribution channel Strategies in Danish retail Banking. International Journal of Bank Marketing', vol. 27, no. 1, pp. 37-47

Patton, M. Q. (1990). ‘Qualitative evaluation and research methods’ (2nd ed.). Newbury Park, CA: Sage.

Olga, L. (2004) Can e-banking services be profitable? PhD Thesis University of Tartu

Rogers, E. M. (1995) Diffusion of Innovations. 4th ed. The Free Press, 518 p.

Rubin, H., & Rubin, I. (1995). Qualitative interviewing: The art of hearing data. Thousand Oaks, CA: Sage.

Sathye, M. (1999) ‘Adoption of Internet banking by Australian consumers: An empirical investigation’. International Journal of Bank Marketing, vol. 17, no.7, pp. 565-577

Saunders, M, Lewis, P. & Thornhill, A. (2003) Research Methods for Business Students (3rd edition) Harlow: Prentice Hall.

Smith, J.A. & Osborn, M. (2003) Interpretative phenomenological analysis. In J.A. Smith (Ed.), Qualitative Psychology: A Practical Guide to Methods. London: Sage

Sulaiman, A., Lim, C. H. & Wee, A. (2005) ‘Prospects and Challenges of E-banking in Malaysia’. The Electronic Journal on Information Systems in Developing Countries. vol.22 no.1 pp.1-11. http://www.ejisdc.org [4 April, 2010]

Tan, M. & Teo, H. S. T. 2000. Factors Influencing the Adoption of Internet Banking. Journal of the Association for Information Systems, vol.1 Article 5

Tuckett, A. G (2005) ‘Applying thematic analysis theory to practice: A researcher’s experience’, Contemporary Nurse. vol. 19, no1-2, pp. 74-87

Wu, J., 2007 Factors that influence the adoption of internet banking by South Africans in the Ethekweni metropolitan region. M.Sc. Thesis, Durban Institute of Tec

74