Effect of the Internet on Banking Today

To evaluate the importance of Internet to enhance the today’s banking in order to create and deliver value for the customers.

Provisional Working Title:

The Internet usage has increased in the current generation due to the change in the astounding rates with the advancements in the technology. The studies carrying out ion the impact of the technological advancements have revealed that the technology has been impringed in all aspects of the common people’s life. The electronically handling capability for all the complicated works are increased in this situation. The Internet is treated as the global trend which can reduce the time and distance to perform the important transactions. The change emerged to the internet banking from the conventional banking is termed to be leap transformation.

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The banking sector in the current days is able to provide with the novel services to the consumers through effective exploitation of the internet. This has given the advantages in two folds that are for bank as well as for the customers. The banks have emerged in to hi – tech service providers and to develop the services to eliminate the banking concerns with better focus on the needs and requirements of clients. The current banking sector is implementing novel technologies and expertises to make the complication and concerns of original banking plan to much easier and easily accessible by the consumers. The commencement of the electronic banking initiated with the ATMs. And at present the trend has emerged to carry out the transactions through mobile phone, through internet, direct bill payment, electronic fund transfer and the I – banking. The augmentation in the E – commerce and the utilization of the internet banking has been supporting the transactions in the banking with better security options with confidentiality in transaction has led to the importance of Internet banking in the current day.

Thus the current project is aimed carry out a thorough study on the concept of Internet and the applicability of the same in the highly service oriented sector like banking. Thus the project is able to reveal the benefits that will improve the customer loyalty which is very much necessary in the banking sector further the project will explain the extent of applicability of internet in banking sector. Thus the importance of internet in the current banking sector is analyzed through this. For this study both qualitative approach and the qualitative approach (or primary research) and the secondary research such as Literature review in order to accomplish the study.

Aims and the Objectives:

In order to accomplish the theme of the project, the researcher has framed several aims and objectives.

Aim:

The main aim of the project is to determine the importance of the internet in the today’s banking sector.

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In order to accomplish this aim the following objectives are framed that should be met:

To analyze the concept of the conventional banking sector

To evaluate the major issues and concerns of conventional banking sector through literature review.

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The conduct the primary study to evaluate the importance of internet in today’s banking

To carry out analysis to assess the benefits of internet for banking.

To recommend viable suggestions to improve the customer loyalty through the internet in banking sector.

Preliminary literature review:

The literature review describes the theories and the models from various sources such as books, articles, white papers, web references, journals etc that will be able to reply the research queries.

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The internet has now become the universal exploitation in day to day life. Banking being a highly service oriented sector has to grow further as the competence is augmenting and only quality work will increase the growth.

Conventional banking sector:

[Mabid Ali Al-Jarhi and Munawar Iqbal] For every developing financial system, banking system is considered as one of the important characteristics. An efficient banking system helps to improve the society. The conventional banking system provides different functions. The transfer of assets from those who have surplus to those that require extra assets to run their various business activities is facilitated by banking. The conventional banking is based on the principle of “the more you have, the more you get�. The conventional banking is based upon the security, and makes all efforts to recover the money. [Naveed Azeem Khattak] Unless a specific exception is made on a default loan, the charge interest does not stop in conventional banking. Depending on the length of loan period, the interest is charged. The risks are eliminated in the conventional banking during the transactions. In conventional banking sector legal responsibility is not taken by the banks during the transaction with the customer. In the conventional banking, interest on the capital amount is charged based on the time value. Even if the organization suffers losses, the interest is charged by the banking system and there is no concept of sharing the losses. No agreement is made while distributing working capital finance, cash finance and the running finance for the exchange of goods and services. The conventional banking is a time consuming process. To process a simple transaction like clearing a cheque it takes several hours. This problem is avoided by the internet banking. The transactions done through the internet banking consumes very less time and makes the banking convenient and faster.

Major Issues and Concerns of Conventional Banking:

[Dr. Kashif-Ur-Rehman] the major issue in the conventional banking is the online transactions are not possible. The conventional banking is a time consuming process. To process a simple transaction like clearing a cheque it takes several hours. Here the administrator has a lot of work and the efforts required are more. The conventional banking consumes a lot of time since the banking activities should be performed at the particular bank branches. The conventional banking makes the financial transactions slower. The customers do not get satisfied by the conventional banking systems since the transactions are done at a slower rate. The customers can perform the bank activities, payments of bills and many other services of bank only during the bank timings. Unless a specific exception is made on a non-payment loan, the charge on interest does not stop in conventional banking. In conventional banking sector legal responsibility is not taken by the banks during the transaction with the customer. The e banking service which makes the transactions faster and simpler cannot be provided by the conventional banking system.

The major issues in the conventional banking approaches are the more waiting time for the exploitation of services, complicated process, issues in bouncing of the checks and other credit transactions, unavailability of full data of clients bother personal and transaction details, no process to check the account details in between, more costs of transaction in the view of consumer. The issues are also faced by the banks due to lack of technology such as complicated process execution, more costs of process, no insight about the consumers, and lesser availability of skilled employees, more chance for frauds, lower growth rate, lower retention and loyalty of consumers. The major drawback of the conventional or usual banking is that there is no chance for the development and implementation of the innovative products and services to attract customers.

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Importance of internet in banking:

[Olga & Tartu 2003] The banking offered to the users which includes the services such as enquiry about the balance in their financial statement, about account dealings, account statement, payments of bills and many other services of bank is termed as Internet in Banking. Internet in the banking enables the consumers to manage their savings and save their time. The internet banking requires the active bank account with the balance in it for the transactions, credit card or debit card number, bank account number, internet banking PIN number and a pc with internet connection. The e-banking i.e. electronic banking is provided by the internet banking which allows the customers to carry out the banking activities online. Accessing of any information regarding account and transactions can be done by the internet banking at any time of the day. The customers of the bank can appeal permission and can execute banking activities through computer, television or cell phone. The financial transaction can be done through the e-banking; the e-banking can be defined as the electronic connection between the user and the manager of the bank. The internet in banking provides many services like online dealings and it allows them to control their financial accounts at any time. The internet in banking permits the clients to perform all the activities using a secured website that is managed by the banks.

Benefits of internet for banking:

Few benefits of the internet for providing the banking services lie in its cost effectiveness, transactional service as well as information of consumers can be exploited by employing internet, 360 degree insight, lesser waiting time, reduced time for transactions and usage of services, reduced distance, reliability and better user interface etc.

[Suganthi, B., & Balachandran, G. (2001)] The various benefits provided by the internet banking are as follows:

The people can access their personal business account information online.

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By the internet banking the services offered by the different banks can be compared.

It allows online applying and buying the financial products.

The main advantage provided by the internet banking is that it is cost effective. By the use of internet banking, the administrator work gets significantly reduced.

The internet banking makes the financial transactions faster, and provides flexibility in performing financial transactions.

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The time require for processing the transactions of bank is reduced by the internet banking.

Accessing of any information regarding account and transactions can be done by the internet banking at any time of the day.

No need to visit the bank for applying loan, it can be done online through the internet banking.

The services provided by the internet banking have made banking much easier and faster for the customers as well as bankers.

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The internet banking permits the clients to perform all the activities using a secured website that is managed by the banks.

24 hours service is available through the internet banking.

Recommendations to improve the customer loyalty through the internet in banking sector:

[Kotler and keller, 2006] The internet banking has provided many advantages to the customers. Understanding the customer needs is an important factor to be considered. The customers are able to access more information and wide range of services through the internet banking. Since the internet banking reduces the time required to access the accounts, the customers are satisfied and resulted in the increased loyalty. The success of any business depends on the customer satisfaction. The service quality is the important factor in achieving the satisfaction of customer. The major issue in the internet banking is the security. The privacy of the customer, the danger of getting hacked by the hackers and the issues relating to the banking activities are the main issues that occur in the internet banking. These issues in the internet banking can be reduced by the proper planning. The banks should make their customers to believe that the services provided by that bank are secured. The website through which the online transactions are performed should be managed and controlled properly. Since the internet does not provide the secured means of communication, the proper measures are to be taken while designing the website. When the user gives the personal information like the credit card number or the account number, privacy issue arises. The internet does not provide privacy for the user’s information that is being shared through the emails. The various services that are offered by the internet like social networking sites, email facilities, online shopping and also browsing of other websites should be done in such a way that hacking of user’s private data is not possible. The website should be planned carefully so that the customers satisfy and improves the loyalty. The services provided by the internet banking like online dealings should be managed effectively by the bank administrator.

Why is this work important? (What contribution to knowledge / originality is involved?)

The conventional banking sector holds several concerns and issues regarding speed of service delivery and much waiting time for the consumers due to the inability to have soft copy about the details of consumers and proper coordination. The distance of the bank and complicated process is another major concern that has been reduced and eliminated completely by providing faster services and elimination of the major concerns of conventional banking services through the Internet deployment. This has reduced the distance and waiting time of the consumers’ ultimately aiming to improve the level of satisfaction. Thus the loyalty of the customers will be increased by retention and thus the growth of banking will augment.

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Thus, the current research will be beneficial for the banks trying to upgrade the technology of internet for providing the banking services with latest expertises such as E – banking, Mobile – Banking etc to improve the retention of the customers and allow growth of the banks.

Methodology & Sources of data:

Research Methodology is used to realize the concept of the project. By the research method one can know the products of analysis and also the total process of the project. Various research methods are explained by the researcher in the research methodology to find the aims and objectives of the research. For completing the project effectively a variety of research methods are discussed. For collecting the data that helps in completing the project successfully Primary research and secondary research methods are used. The data is analyzed and then results are made after analyzing the collected data. Some of the research methods are commonly used for any research process. The various research processes are

Experiment methods

Survey methods

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Observation methods

Case studies method

Literature review

The research methods used for the successful completion of this project are Qualitative research and quantitative research or Primary research and the Secondary research or literature review has been employed as the major methods to collect the data required to accomplish the project.

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Primary Research:

The primary research is the method of collection of the information for some particular purpose. Te data can be collected through his method is very eminent to accomplish the project theme. The data through this method can be obtained by 2 different methods such as interviews conducted on a personal basis and the individual observations. The primary research in the current project both qualitative research and the quantitative research has been exercised in the form of personal interviews and the questionnaire survey. This approach also ascertains various benefits such as congregation of in – depth solutions for the queries, applicable for relatively small sample size, accurate analysis of the study, lesser fraction of the refusals compared to other practices. This approach has fewer demerits such as it is costly process, can be biased with the interviewer, time taking and slow process, privacy issues etc may indulge in the process.

In the current research project, a direct interview has been commenced by involving the managers and other experts of major banks like ICICI, Citi bank etc. The questionnaire survey has been instigated by employees, consumers to understand the importance of internet in the today’s banking sector.

Qualitative Research Method:

[Marshall PA. 2003]Qualitative research method is a type of logical research. The approach of gathering in–depth information during questioning the participants is done in the Qualitative Research. Qualitative research methods are more flexible when compared to quantitative research methods. The indefinable factors can be recognized by the qualitative research methods. Participant research, in-depth interviews and focus groups are the three types of qualitative research methods. The participant observation is used for collecting the data based on the behaviors. To obtain the group data, focus groups are used. For collecting individual data in depth interviews are used. Qualitative research contains very smaller sample size. In the qualitative research mainly the interviews and group discussions are carried out. In this type of research the customer response forms, information or media clips are provided. The current study has employed the direct interview sessions with the managers and experts of banking sector like ICICI, Citi groups to congregate the change of banking from conventional banking to high speed baking and its applicability in current situations.

Merits of Qualitative research:

It helps in building new theories

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It uses subjective information

Explore new areas of research

The questions which are complex to evaluate in the quantitative methods can be examined by the qualitative research method.

Demerits of qualitative research:

It is expensive

Time consuming process

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The information gathered is limited to questionnaires and interviews.

Quantitative Research Method:

[Rosnow, R.L. and Rosenthal, R. (2005)]By the quantitative research identifying the relationship among the different variables things, time and performance etc is accomplished. From positivism the data is extracted. For answering a specific research question the quantitative research methods involve a group of statistical data. To establish the occurrence and quantity of their reactions a systematically calculated sample of participants is asked a set of questions on a survey. In the Quantitative research method evaluation of the suitable events is done by the examiner. This procedure of the quantitative method is primarily determined on the number of the features and associated relationships of the several variables. Sampling methods are utilized for the quantitative research which makes the consumer surveys. In this study, questionnaire survey has been commenced by involving the employees and the consumers who are major banking service users to provide with the valuable solutions in descriptive questions.

Merits of quantitative research:

Provides high reliability

Effective utilization of sampling techniques

Demerits of quantitative research method:

The exact information is not provided

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Inability to control the situation where respondents provide the response to the questions in the survey

Secondary Research:

The secondary research is the process of collection of the data from varied sources that is, it is the process of gathering the data from previously published form of data. The various sources that will involve in the collection of the data are books, journals, magazines, web sites, periodicals, trade stats, white papers etc. the secondary research can be again divided as external research and the internal research. In the current project literature review has been employed as the major secondary research that will work out to know the opinions and views of various authors and experts along with the initial ground work applicable with the identical theme of the project from root. This type technique has several merits such as in depth study from base, availability of large pool of resources etc. the demerits of this approach is that the information collected may be in general form, in – accuracy of the collected data, older and outdated data will be available sometimes, novel concept will have lower material.

Anticipated outcomes:

The following are the anticipations of the current study:

A literature study that will reveal the importance of the internet in the today’s banking sector in the view of various author that has been collected from a variety of sources such as journals, white papers, books, web sites, magazines, texts and the documents etc.

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To draw the probable conclusions from the study based on the above approach.

To accomplish the quantitative research and the qualitative research as primary research that will help to draw the views on the theme of the project from experts, management gurus and other participants.

To analyze the results in comparison with secondary research.

To suggest viable recommendations for better process of banking.

Ethical issues of this work:

The ethics are very prominent aspect that has to be considered wile accomplishing the project and especially during the qualitative and quantitative study. In general the ethics shall be validating to all the parts of the project right from planning to completion of the project.

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The study shall thus be carried without the ethical issues such as unnecessary interruption of the property and ecology or surroundings or the harmful actions towards to partake in the project. The individuals and participants in order to partake shall admit the conveyance to participate by acknowledging the letter of consent as agreement. Thus the ethical issues can be avoided along with the confidentiality concerns and privacy aspects. The research f the current project shall thus be carried out by keeping the ethical issues in view and has to deliver the results without any major concerns and shall be able to forecast the probable issues in prior.

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