Masters Level Dissertation
(Course): finance
(Module):
add 9,000 words
5000 word literature review is done and will be give.
Customer's attitude and satisfaction of Internet Banking in China
INTRODUCTION
Background of RespondentsThe banking sector is one of the sectors which play a very important role in the economic management of the any country. The activities of banks have far reaching effects of the economic activities and it is most often seem in its absence. According to Bernanke (2000) the core operation of banks has to do with serving as a financial intermediary in which it brings investors who are looking for areas to invest as well as investors who need money to invest together in a harmonious relationship for the benefit of each one of them. When banks function effectively and efficiently in any economy that economy is bound to achieve a growth pattern which will be contribute significantly to transforming the economic life of the people. The same can also be said of countries of places where the banking services are not strong and reliable and effective, they have challenges to grow entrepreneurs and effective investment conditions that will propel their private sector development which is the engine of the economic growth. All of these are indicative of the important role that banks play in any enterprise.
It is the position of Kahn (2008) that banks as we know them today have changed over the years as a result of the things which society places value on. In the ancient times they were used as the storage of very important properties, like gold, jewelry, land titles, wills and other important document however time have changed and in most banks the services are relatively about loans services, investments funding, receipt and deposit of cash and other ancillary commercial contract advisory services. The retail component of banking which consists of individual consumers services such as payment and withdrawal services is the major component of the number of people who come to the banking hall in a day but it is not the largest component of banking services. The evidence is found in the work of Barnes (2010) who explains that in any bank, the long queues which are formed are usually by those who are seeking retail services rather than those who have come to ban k for wholesale purposes On the other hand because of the security implications of banking services, they don't always have the luxury of space to accommodate all of them. In countries like China where the population is very large retail banking services can be very challenging.
The automatic teller machines are among the many different types of technology which have been developed to easy pressure on frequent visit to the banking hall by consumer but this is only able to solve some of the problem. The advent of the internet has become a very important tool for banking services especially for most retail banking services. Through the internet banking services the banks have the opportunity to reduce the cost of security and other administrative charges since consumer can reach them and perform their task on the internet. Through the internet the customer has access his or accounts and get information on withdrawals and payment through the internet. Many enquires can be answered on the internet and other negotiations which including the opening of account can be done through the online technology. It is also the position of Kahn (2008) that the internet has become so relevant to the extent that it reduce the potential delays which human factor at the banking halls can bring to bear on transactions and also encourages confidentiality, security of information and unrestricted access to banking services within a day.
Indeed the convenience of banking which the internet has brought to bear on modern banking cannot be overemphasized and for that matter it is the expectation of the banking community that many customers will seize the opportunity quickly embraces this massive boost in technology. Significantly in 2009, Delloite and Touché concluded a study of internet usage for banking purposes in Beijing and came out with the conclusions that there are still less than 10 percent of banking customers who are on the internet banking platforms. Similarly in 2010 KPMG also did a survey in Shanghai and came out with the revelation that in that part of China only 7 percent of retail bankers make use of the internet facility.
The evidence which the two companies brought up was so surprising to a nation which has improved in the knowledge and the use of technology and has promoted its use over the last two decades with the greatest possible firmness. In the mist of such a situation it become increasing important to get hold of documents of evidential value to explain why consumers will choose to ignore a platform which seeks to increase their value in monitoring and managing their accounts with the greatest confidentiality. It is important to state that exiting literature is not ignorant or has not ignored some of the basic reason which customers have for why they are not using internet banking. The limitation there is that most of them have not come from an academic perspective where theories of consumer behavior have been used to explain exactly what is happening in the sector.
In this regard the focus of this research is on Shanghai bank customers and to find out how the exiting literature can explain the reasons why they are not patronizing the internet bank services. This research will be able to achieve this by empanelling an array of consumer behavior theories and then relating them to data which will be collected through primary research among retail banking consumer to find out how their responses can be interpreted within the concept of exiting literature.
Research ProblemConsumers and the behaviors which they exhibit has not been easily explained hence the consumer theories and proposal which have been developed to support the explanation of why the consumer will choose a particular way of doing things or not. One of the earliest attempts at explaining consumer behavior was by Bandura (1976) when he explained in his social cognitive theory that environmental factors affect the way the consumer behaves and at the same time the personality factors which is unique to each person. He explains that factors which prevail in the environment like political, economic, socio-cultural, technological and even geographical all contributes directly to the way the consumer behave in respect of the choice of products and services. Others such as Sheth et al (1991) have defined consumer behavior in what they call consumption values where they explain that consumers are almost always either influenced to either use or not a product or service by the social, emotional, functional, epistemic or the condition values which they get in each product.
In another breadth the economic concept of maximum utility has been used to explain the rational consumer who makes decisions absolutely on the basis of cost and benefit analysis. All of these have in one way or the other been used to explain the behavior of banking consumers in a number of places. Recently the Uses and Gratification theory has been used to give an exposition on why consumers have using certain product while other are ignored by the same people even though they may be serving the same purpose and then also in certain places they are not using internet. In like manner the use of internet services including banking and other forms of technology have been explained by using Rogers (1995) innovation adoption theory in which he explains five key issues which direct the consumers to make their choice of products.
Each of the above theories are able to present cogent arguments to explain consumer behavior to a larger extent but when it comes to the internet banking sector there are a lot more than the perception about technology and how consumers adapt to it. In China which Hofstede (2000) describes having a deep routed collectivist culture with a higher level uncertainty avoidance the issues of adoption of technology goes beyond the general attitude which the innovation adoption theories proposes as influencing the consumer decision making. This research has to do with a combination of theories and ideas which underline human behaviour and attitudes. In respect of the inherent factors and challenges which assail banks' customers when it come to accepting and using internet banking facilities for their own good.
Research Questiona. To what extent are consumer behavior theories applicable to consumers of internet banking services
b. What are the factors that acts as a constrain for retail customers from choosing to using the internet banking services which are offered by banks
c. In what way can bank improve their internet services in order to meet the expectation of the consumers
Research Aim and ObjectivesThe aim of the research is to find out the reasons behind the lack of patronage of internet banking services among retail bankers with particular emphasis on Shanghai retail banking consumers. The objectives of this research are:
a. The examine the existing literature on consume behaviour and to s find out how it explains behavior toward services like those provided by banks on the internet
b. To determine the deterrent factors for patronizing internet banking services
c. To suggest better and improved strategies for encouraging internet banking services
Relevance of ResearchThis research has a lot of usefulness for both industrial and academic purposes. Although it is not intended for the use of bankers, this research findings serve as useful tool for bankers to understand the trend and the consumer's appreciation with regard to the internet banking operations and then based on that align their services to suit their needs. This is the essence of the marketing concept that says that the consumers' need is those which must be solved by the product and services which organizations are offering. In the second place the research findings are relevant for academic purposes to the extent that it contributes substantially to the existing literature on consumer behavior in the internet banking sector.
In that way the research is useful for young researchers such as university student who may be looking for or will be doing research in the same area. They will find in it, good secondary information that can help them in their work. The aim of every researcher is to build on what others have done. In that same way it is the expected by this research that others will build upon this work. In that regard the findings of this research will be helpful for advance researchers when it comes to providing the basic issue or information that can allow them to set their studies into its proper context.
Chapter 1: IntroductionThis is the section where the research background is explained and the factors which in necessitating the research have been disclosed. The aim and the objectives of the research, the research problem and the relevance of the study are explained.
Chapter 2: Literature ReviewIn this chapter the focus is on the existing literature which has been collected. They are analysed to see what they are saying about the factors which affect the way consumers react with the use of technology and for that matter the internet
Chapter 3: MethodologyThis is the methodology chapter where the methodology is explained. The reason why a positivist research paradigm and a survey approach has been used is explained while the source of data, the data collection instruments and he analysis thereof has also been explained accordingly.
Chapter 4: Analysis of FindingsIn this section the analysis of the primary data has been presented in both qualitative and quantitative proportions. In terms of the qualitative data, excerpts of the interview transcripts is what has been used while frequency distribution tables and diagram have been used to analyze the quantitative data.
Chapter 5: ConclusionsIn this final chapter, some conclusions from the analyzed data have been drawn. The conclusions here are aimed at presenting what the data is saying about the research questions which have been presented. The limitations of the research and the areas for further studies have also been highlighted
Literature review :Introduction to the LiteratureThere are a number of converging reference domains and key theories that suggesting consumers can be influenced by numerous potential factors. These can be adapted to understand the choices which the internet banking customer also makes as to using the traditional banking method or the new and more simplified online marketing platforms. So far almost all the theories of consumer behaviour used to explain consumer preferences in the mass media and its use, the uses and gratification theories, the innovation diffusion theories, the theories of technology acceptance, online consumer behaviour, online service adoption, service switching costs theories, the theory of consumption value, the social cognitive theory, the utilitarian economic consumption model and other related once can all be used to give a better understanding of the adoption of internet banking by consumer.
In this chapter which is the literature review both theoretical and practical exposition which has been made in relation to how these theories fit into the analysis of the online consumer and how practical studies have pointed out at the consistence of these theories is summarized and extensively review below. It may not be possible to make use of all the theories which have been mentioned hence a representative sample of existing theories, approaches and influences that contribute to an understanding of the factors influencing consumer adoption of internet banking are what have been selected to shown. In the last chapter of the research the results which have been collected here in the literature review and related to the findings of secondary data and then based on that analysis will be done on the similarity and differences of their opinion.
Mass Media Theory and Internet BankingThe first theory which can be used to relate the behaviour and attitude to internet banking is a mass medium, mass media theories. Here the focus is about explaining the reason why Chinese and people in general people choose the internet for general message consumption. As indicted in the studies of Lin (1999), there is a significant empirical correlation that exit between the motives for accessing television and online media. The mass media theory of reception approaches proposed by Cunningham and Finn, although limited to offering an explanation of why people prefer certain media can be used to explain attitude to the internet because it is a media platform. With an understanding of the value of 'uses and gratification' of the media messages, the reception theory explains that media audiences have an awareness of their needs and meet them where possible by choosing appropriate media.
Further to this point of view Korgaonkar and Wolin found out that indeed for most individuals that make use of internet, their main motive or need are information, social escapism, interactive control, socialisation and sometimes economic motivations. In these same studies, there were concerns about security, privacy and trust which act as disincentives to using the traditional banking platform where there is physical contact between the banker and the customer. These views have been put to tests in a recent survey in both China and Russia which are two countries with similar political historical antecedents and in which certain entrepreneur have found out that their information has been leaked to agent of the sate and that has usually landed them into a lot of trouble although they may have genuinely gotten their wealth. The results confirmed the suspicion that in these countries many people than generally recognizes and believe that they do not need the traditional need to be physically present with their banker but rather they only need to have occasional encounter when there are serious consequences.
There is an explanation of this disinterest in the use of the traditional banking platforms in the theory of 'prospective gratification' (Larose et al., 2001) which highlights that positive or negative experience in use can motivate internet usage. Larose et al (2001() also identified habits strength, deficient self-regulation (when habit repeatedly leads to negative self-perception) and self-efficacy (the belief in one's capacity to organise and execute a particular course of action in an individual's decision to use the internet can be influenced by usage.
In summary what the theory of uses and gratification is saying is that for some people the only reason for which they use the internet as a media platform is that they derive some particular satisfaction form it or because they attain a level of gratification from the usage of the internet. The issues is not just about the use of internet for banking purpose but since the banking platforms is been run on an areas where they receive a lot of gratification then they are most interested in making use of this platforms. Though the theory in itself does not categorically state the gratification which they derive from the use of such facilities since they are personal and vary from one person to another, it is asserts with the greatest possible firmness that gratification in general usage can be a cause for which internet banking is been used.
There are many example of this in literature especially in the study of Zuboff, and Maxmin where they explain that among the respondents in a survey involving certain countries of people from certain parts of the world they consider the use of internet as part of their daily lives and they derive a lot of satisfaction form it. Indeed it has been pointed out in that same study that had it not been the fact that the strings of satisfaction which pull people to stay on the internet they will have all left. By that he was positing that gratification has some magnetic force on a person not because the person is not able to walk or has other thing to do and cannot go to the banking hall but is just in love with the internet as a platform for banking because of the gratification satisfaction
Sources of GratificationAspect of the Alfred Bandura's (1976) provide an answer to the question of the exact gratification or satisfaction which consumers are likely to be having from a particular media source or from consuming a particular product for which reason he will be equally yoked to it and then can hardly be separated. The renowned social psychologist (Bandura) explains that any of such elements must be a psychological factor because the psychological attribute or effects on a person is so strong that it is not easy for a person to deny that which is naturally inherent unless by an extreme force and occur over a long period of time. Borrowing from his earlier studies of the social learning theory, Bandura explains that personality factors dictates satisfaction and gratification and people are always looking for products and services which aligns with their desires or fills their own psychologically induced gaps or enforces the psychological believes. Further to this Heig, adds that and individual's unique traits gives shape to his or her perception of life and life values which is acquired. This in turn affects his emotional stability. Consumers including those who are internet banking user may find out that banking on the internet or the usage of its enforce their sense of belief, the self esteem and other critical factors which they cherish but in other that may not be the case at all.
Heig further explain that in a research which was conducted among middle age women in Japan which was one of the countries to have adopted internet banking very early, they noted that personality values such as the person's perception and attitude to what it is to have a comfortable life, a life of equality, a life of freedom and freedom and a life of fun are all very important consideration and satisfaction which they get by been seen as bankers on the internet. Further to this Zhu et al has also noted that in a research by in the United States of America (San Bernardo, California ) in 2009 they recorded responses of respondents who are using internet banking services simply because it enforces their concept of social acceptance exciting life and a life of happiness Other respondent in that study also disclosed that they were more drawn to the internet because using it enforce their desires for pleasure and security which ultimately gives them self-fulfilment. These responses are not the only ones which have been found out as constituting gratification sources for which people are making use of the internet. In another study by Wilson and D. Howcroft in Brazil, it came out that some respondent think that the internet and its usages gives them inner peace, self-respect and promotes a sense of belonging.
Finally it was also recorded that there are some people who have become yoked to the use of the internet and other material on the internet due to their perception of how it is to have wisdom, salvation, fear, rationality and humour while other also were there because of their disposition on how the internet enforces their attitude to, sex, emotions and scarcity. It was also note that there are sentiments and attitudes however unacceptable to another person) which have become so inherent in the consumers life and to the extent that they were unlikely to compromise on each of them. To them through the internet platforms they are always able to fill the gap which the lack of internet and internet product bring to their lives and always yearn for attachment to any opportunity to get enforcement for these values.
If the above evidence collected in the primary studies is analysed in relation to what Katz, Gurevitch and Haas describes them it is possible to say that there is consistency in literature about the fact that cognitive need which has to do with the acquisition of information, knowledge and understanding, affective needs which is about emotion, pleasure, feeling, personal integrative needs which is about seeking credibility, stability, status, social integrative needs which deals with family and friends and tension release needs which has to do with the human need for escape and diversion can all be seen a useful attributes or pulling strings which affect the affect s a person's gratifications
Rogers' theory of innovation diffusionRogers' theory of innovation diffusion can also be use d to explain the consumer attitude to internet banking considering the fact that is a relatively a new concept in banking service delivery. Here the aspect which is significant is the operative forces. Rogers explains that five innovations attributes enables an understanding of innovation and its rate of adoption with respect to relative advantage. The first attribute is compatibility which is a measure of the degree to which the internet banking service is consistent with the consumer's values, experiences and needs. This is followed by complexity and trial-ability which is the measure of the degree to which the internet banking service can be experimented prior to making the decisions whether to adopt. Finally the Rogers (1995) talks about 'observability' which is a measure of degree to which the service can be observed being successfully used.
Before the popularisation of the Rogers' theory of innovation diffusion there was the technology acceptance model (TAM) which was proposed by Davis (1989) and which has also been used to scan consumer choices in internet banking adoption. In this model the focus is on the 'perceived usefulness' and 'perceived ease of use' are of internet banking services. Consumer appreciation of the issue of internet banking comes from their perception of how uneasy or how easy it is to make use of an internet platforms Usually such a decision is arrived at after listening to people who have had their own encounter with the use and have spoken about it.
The reported experiences serve to influence their ability to adopt or not to the issue of technology. In modern studies a number of them have ignored the more recent Rogers' theory of innovation diffusion and have employed a TAM-base theoretical lens to interrogate consumer behaviour. For example in the study of Williamson he came out with the position that there are additional constructs that may be influential in internet service adoption. He noted in particular a holistic framework that incorporates complex social, psychological and economic elements was recently proposed.
Again Williamson also draws a correlation between aspects of Sheth et al's (1991) consumption value theory and the adoption of technology. In an explanation of what they called epistemic values which is a description of the early adopters in the sense that it relates to novelty or knowledge-searching behaviour. Here the point which is explained is that there are certain consumers who are motivated by the fact they want to be identifies with the latest technology. It has become almost certain that some consumers want to find out what it is that is new. They are always moving form product to product once it is the latest in town.
With technology that is fact moving consumers in the banking sector are likely to be affected by this drive in which case some people are on the internet banking because it is the latest. To such consumers their attitude is that everybody is getting associated with them and for that matter they also want to show that they are modern and appreciates contemporary technology. For such people they do not stay long because after a new technology emerges they abandon their love for such facilities and join the latest.
It will be recalled that the when the mobile phone revolution started, there were people who were looking for any phone, then it went to those who have the smallest of phones, it came to a time when the focus shifted to those who have a flip phone and then a slide phone. Within months the attention of consumers about phones went to those with radio facilities, then with Bluetooth, then with camera and then later with internet. Currently the focus is with the iphone or the latest smart phones. The changing trend in the banking industry and service profiles will mean that for such consumer if another opportunity comes to do banking by other mean, they will be prepared to jump into its.
Shergill and Li have found that among Chinese bankers there are people who are of this stock. In a student who were doing banking on the internet were doing this for the fact that it is the new way of life and that they were merely doing that to identify with the order of the day and not because of the fact that they agree getting many major benefits which they desire
Table 1: Potential influences on consumer adoption of internet banking.Approach Influences Source
Reception to mass - Social escapism, information seeking, interactive control, Cunningham and Finn, 1996;
media use: Uses and socialisation and economic motivations Korgaonkar and Wolin, 1999; Lin,
gratifications - Security, privacy and trust 1999; Ruggiero, 2000.
Reception to mass - Habit strength, deficient self-regulation, self-efficacy Bandura, 1997; LaRose et al. 2001;
media use: Prospective Limayem and Hurt, 2003.
gratification
Diffusion of innovation - Relative advantage, compatibility, complexity, trialability, Rogers, 1995.
observability
Technology acceptance - Perceived usefulness, perceived ease of use Davis (1989)
Online consumer - Channel knowledge, convenience, experience, perceived Li et al., 1999; Bellman et al., 1999;
behaviour and online accessibility and perceived utility Dellaert and Kahn, 1999; Huang, 2002;
service adoption - Time savings Miyazaki and Fernandez, 2001;
- Site waiting time Nissenbaum, 2004; Pew, 2005; Gefen
- Security, privacy and trust et al., 2003; Meuter et al., 2000.
- Cost
- Service quality
Service switching costs - Procedural, financial and relational Burnham et al., 2003
Adoption of internet - Convenience ACNielsen, 2005; Tan and Teo, 2000;
banking - Service quality Chung and Paynter, 2002; Gartner
- Perceived relative advantage, compatibility, trialability, Group, 2003b; Pew, 2003; Kolodinsky
complexity (after Rogers, 1995) et al., 2000; Sathye, 1999; Black et al.,
- Demographics, consumer attitudes and beliefs 2002; Ramsay and Smith, 1999;
- Security, privacy, trust, risk Thornton and White, 2001; Durkin
- Needs already satisfied, familiarity, habit (2004); Suh and Han, 2002; Zhu et al.,
- Lack of awareness 2002; Shergill and Li, 2005; Ilett, 2005;
- Consumer, product, organisation, channel characteristics Perumal and Shanmugam, 2005; Siu
- Convenience, adaptability, computer and technology and Mou, 2005; Wan et al., 2005; Waite
confidence, knowledge and Harrison, 2004
- High levels of internet use at work
- Gender
Service Quality and Internet Banking ServicesWhen it comes to consumer evaluation of service quality and other practical issues which they look out for in their choice of banking services in general and also of internet banking it has been noted that Sheth et al's (1991) call consumption value theory and Zeithaml et al (1990) service quality dimensions are very important models which can be used to explain the attitudes which the consumers have in getting loyal to their products and services. In the first place Sheth et al talks about the fact that consumers have values which they look out for in every product or service. These are social values, the emotional values, the epistemic values, the conditional value and the functional values.
The functional values are what are important in terms of service quality dimensions. Functionality deals with the ability of the facility to solve the banking need of the consumer in manner that is even more that the consumer is expecting. Here the focus is the efficacy of the products or services, the cost involved as well as other practical benefits which will make the consumer get attracted and become loyal to consuming the product and services. Sheth et al (1991) suggest that it is the responsibility of the bank to design its operation polices and the internet programs to ensure that the consumers are at home with t since they are also have their own elements which they use to judge the quality of the services.
It is for this reason that the bank need to define for itself a strategic research system that will track the changing values of the consumer and address them according in line with the marketing concept Zeithaml et al (1990) summarised service quality into five main dimensions. In the internet banking sector not all of them are perfectly adopted to suit but their relevance cannot be over emphasized For example in the first dimension of evaluation of services quality has to with an evaluation or attraction of consumer because of the fact that the appearance of the banks physical facilities, equipment, personnel and communication materials are very attractive and sustains consumers' interest and ensures their ease of use. Secondly Wang et alexplains that service quality is also essential in terms of the ability of the bank to perform the services which it has promised in a dependable and accurate manner while the third dimension encompass the ability of the bank to willingly help their customers and provide them with prompt services and innovative products Finally these last dimension is about the knowledge and courtesy which the banking staff or professes and which they employ to convey trust and confidence to the consuming public and then the quality of caring individual attention the bank provides its customers. In all of these there is no single way by which consumers can evaluate but there are varying items which they can consider before giving their consent to its continuous use. Walker et al explains that consumers as ration consumers who have to exercise purchasing decision among the many decision always posses certain questions to themselves as a basis for evaluating the efficacy of an organisation or a bank in providing all of these specific cultural dimensions. It is further explained by Wan et al (2005) that by and large consumers in the banking sector will want to compare between the different types of services and then make a choice.
Even among the banks there may be differences in the network which are provided. According to Tan and Teo every customer is aware that an excellent bank must have modern looking equipment and the physical facilities of the bank including its website will have to be visually appealing. Again consumers have in their mind when they are evaluating the services quality of a bank that employees at excellent banks must be neat in their appearance not only in the dress but also in their communication and organizations but these may not be directly applicable to the internet banking services. Again it has been pointed out that service quality evaluation of a bank must be done on the back of the information that the employees of excellent banks usually understand the specific needs of their customers and when they promise to do something by a certain time, they do it. Other questions which the consumer asks are in relation to the efforts which the bank makes when the customer has a problem. As much as they expect the banks to show a sincere interest in solving it, they are also looking for the banks to perform the service right the first time. Suh and Han has also noted that all excellent banks usually have as an objective the provision of services at the time they promise to do so and must of necessity insist on error free records.
Again the employees of such banks must be bold in telling customers exactly when services will be perform and not to take them for granted and indulge in hide and seek and the propagation of falsehood. Such an attitude diminishes the value which the consumers have for the bank. Again all consumers have estimation that an excellent bank must have employees that must give prompt service to customers and must always be willing to help customers even if the customers are at fault or they are not in the right. It is the sustained ability of banks to never to be too busy to respond to customers' requests and behaviour of employees in excellent banks is what usually instils confidence in customers.
According to Strauss and Corbin it is important for all excellent banks that want to continue its operation to know that customers will feel safe in transactions based on their past experiences and the assurances which they give to them while employees of excellent banks must be consistently courteous with customers and must have the knowledge to answer customers' questions. Finally excellent banks are expected to be measured by their ability to give customers individual attention and have operating hours convenient to all their customers. These are by no means an exhaustion of the requirements which the consumers expect of good bank because according to Sathye (1990) excellent banks ought to have employees who give customers personal service and also must have their customers' best interest at heart. Although it has not been a common ground for evaluation banking performances the latter think that for a bank that want to hold up interest in customers, the materials associated with the service (pamphlets or statements) must be visually appealing at an excellent bank.
As already indicated Sathye has posited although not all of them can be directly applied to the internet banking services most of them are the basis of which the consumer will want to find out before they decide to make any investments or make use of the internet platforms. Rogers has tested the efficacy of evaluating consumer attitude to banking services based on these evaluated values of the service quality and has found out that it is almost certain that its application is real only if it is deployed to suit peculiarities of the area of research. When he examined the internet business platform in Chinese industrialised town of Shanghai, he came out with the conclusions that most of the internet customers have use of the internet because they think that bank website is well designed. This he assigned to the epistemic or values or aesthetic features which organisations have.
By that he was pointing out the fact that sometimes one of the things which the companies do not place so much importance on can affect their evaluation of consumer. The use of colour, the creative design and other pictorial demonstrations which are used to attract the interest of the consumers are all very important in sustaining consumer interest. The above findings notwithstanding he also pointed out at the fact that most consumers also give careful consideration to the simplicity with which they can navigate the website of the bank and process their transaction without any major difficulty. To this end they do not expect that the company will have website that is continuously freeze requiring that they go to the banking hall all the times which they want to avoid.
Another Others which came out is the speed of the site is good and whether it is less time consuming using the internet banking than going to the bank branch while other want to find out if the internet platforms has all the product and services at the baking hall so that they can effectively do most of the services online just as effectively as using the branch. Some customers who make use of internet services also say they are careful about having error free records in the same manner as they can have access to their account and monitor it at their own conveniences.
The responses which other indicated that internet banking increases security due to the fact that they are able to monitor their accounts at anytime while for other their continuous use is that the cost of transacting business online is cheaper than using a branch. Apart from the fact that some internet banking staff say they are still on the internet because of the fact that they can interact with staff through online chat facilities, there some people who are of the view that because their bank informs them in advance whenever they have to interrupt their online service. By far the most important discovery which Siu and Mou (2005) pointed out was the fact that all the customers indicated that the website is active or available at all times.
It is important now to assert the position that for all of the above studies which have been examined a common understanding and perception which they bring to bear is with customer adoption of internet banking is convenience of service. Convenience has to do with a number of issues in terms of the ability to manipulate operation without having to make too much movement or too much effort but by a merely clicking of a button. Significantly these same issue about convenience which is identified by a number of studies including ACNielsen, 2005; Pew, 2003; Ramsay and Smith, 1999; Thornton and White, 2001 as an important adoption factor. In that survey in US they found out that the main motivator for internet banking is the fact that it is available on a 24/7 basis and it has an unrestricted access and time savings (Pew, 2003). The same issue about convenience is also presented by Chung and Paynter when he studied the case of internet banking in South Korea by noticing that many people who did not use internet banking believed they did not need high levels of convenience.
Summary of LiteratureFrom the literature which has been examined above, there are some clear issues which have come up and that must be highlighted to form the base of the next phase of the research. In the first place it has been made clear as it was indicated in the introduction that indeed the theoretical concepts which have been developed to interpret consumer behaviour can be used to explain the challenges of how and the factors which affect the consumer's choice of internet banking services. In practice the literature has found out that the main factors are attention, accessibility convenience, usability, self-efficacy, risks & costs, relative, advantage, knowledge & support, emotional and social value, conditional value and the effect of environmental factors are scattered with the theories of consumer behaviour that relates to the use of mass media and , the uses and gratification theories, the innovation diffusion theories, the theories of technology acceptance, online consumer behaviour, online service adoption, service switching costs theories, the theory of consumption value, the social cognitive theory, the utilitarian economic consumption model.
There is however an understanding of this analysis that given the fact that these contributing theories and factors identified has not specifically been designed to meet the growing needs and the peculiarities of the banking consumers, they appear to be insufficient and not full proof solid foundational basis from which to explore the intricacies of the contemporary banking environment more so when consumer's needs for adoption of internet banking is changing on a daily basis. The grounded theory is however able to compensate for this gap. In practice therefore the literature has indicated that many people have indicated that banking services are patronised on the basis of convenience. The dominance of this does not means that other factors do not influence the choice of internet banking at all. On the contrary convenience of use of banking facilities through the internet is only a dominant factor which was identified but the effect of the other factors like Convenience, Usability, Self-efficacy, Risks & Costs, Relative, Advantage, Knowledge & Support, emotional and social value, conditional value are also very strong especially among the young people most of whom have very little financial asset which they keep at the bank.
The literature also points to the fact that serious improvements in banking service delivery especially when it comes to internet banking application and environments of use. The literature paints a picture of the fact that organizations will be able to manage their consumer's attitudes to new internet service applications better if they seek to put in place measures and programs that will understand such experiences and then over time, and gradually adjust and not merely adopting new technology.
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