Online Banking Services In The Uk

Attitudes And Expectations About Online Banking Services In The Uk

Abstract

The aim of this study was to investigate the market status for online banking in UK. Consumer behaviour, attitude, motivation and cultural influence were examined with regard to British adoption of these services. The paper includes reviews of consumer attitude and adoption of electronic banking literature, description of the research methodology, discussion of results and conclusions outlining the overall findings and scope for future investigation.

Determining factors affecting customer perception and attitude towards and satisfaction with internet banking is an essential part of a bank's strategy formulation process in an emerging economy like India. To gain this understanding in respect of British customers, the study was conducted on respondents taken from the Chester . The major findings depict that non customers and customers who are influenced in their usage of internet banking services by the kind of account they hold, their age and profession, attach highest degree of usefulness to balance enquiry service among internet banking services, consider security and trust most important in affecting their satisfaction level and find slow transaction speed the most frequently faced problem while using internet banking.

Table of Content

Abstract2

Table of Content3

Chapter 14

Introduction4

Background4

Research Objectives6

Chapter 27

Literature review7

Attitudes, drivers and motives towards online banking in UK12

National culture of UK13

Awareness and social influence14

Demographic influences on customer adaptation of technology15

Social influence17

Age and frequency of usage of e-banking18

Performance expectancy19

Factors affecting customer satisfaction level19

Research objectives23

Chapter324

Methodology24

Survey Questions29

Chapter430

Research findings30

Users/non-users' demographics30

Factors affecting attitudes and adoption of online banking in UK31

Attitudes towards online banking31

customers awareness towards Internet Banking In Chester32

Discussion and managerial implications42

Discussion and managerial implications42

Managerial implications45

Chapter 549

Conclusion49

Limitations of the present study50

References52

Appendix57

Chapter 1

Introduction

Background

In 1995, UK Merchants Bank was first to launch the internet payment system in UK and thereafter, the internet banking and telephone banking system spread rapidly within mainland UK (Li, 2002).Although the proficiency of using internet is relatively low and electronic banking is still in its infancy (AC Nielsen Consult, 2002), with the advantages of being convenient, safe, efficient and economical, British domestic banks are confident that electronic banking benefits would outweigh traditional banking services in the future and therefore, are eager to implement the new technology and services in order to grasp, penetrate the market and gain competitive advantage (Li, 2002).

Most retail banks in UK now provide online banking as add-on services to the existing branch activities while internet banking is in the initial stage of implementation. According to the latter, the largest internet banking network operator in UK collaborated with three leading banks - Bank of UK, Industrial and Commercial Bank of UK and UK Merchants Bank to implement this new service which has several advantages for customers - one, guarantee of safety of clients' funds. Two, the service can be accessed 24/7 and finally, a cheap going rate of 0.1 Yuan for every successful transaction plus no charges for unsuccessful transactions with the whole process taking a few seconds to complete after the user sends his message.

Since 1998, UK's information technology developments including internet access have been ...