Foto
19Aug

Data collection for Mobile Banking dissertation

Chapter 4 – Data collection for Mobile Banking dissertation

This is fourth part of mobile banking dissertation, In this part Data collection for Mobile Banking dissertation discussed with key findings for enhance the adoption of mobile banking by customers. This dissertation covers the area of Saudi Arabia and United Kingdom.

4.1 Data collection

The Data collection process for the research would consist of the primary as well as secondary research. The Secondary data collection would be done with the help of the literature review. The Primary data collection process consists of questionnaire and personal interview process.

Data collection from questionnaire 

Section-A

The First section of the questionnaire enquires about the awareness and adaptability of the customers in mobile banking. The First question was about having a bank account in response to first question all of the respondents were having the bank account. Since the first question was a qualifier question since people those do not have the bank account are not qualified for answering the questionnaire hence the sample units which was referred for filling the questionnaire was well qualified for responding the questionnaire.

See the Introduction of Mobile Banking Dissertation

In response to the question about the use of mobile banking services the response from the respondents in the two countries i.e. UK and Saudi Arabia were as follows shown by pie chart:

usage and awareness of mobile banking is saudi arabia
Chart1: Showing the usage and awareness of mobile banking services in Saudi Arabia

As shown in the chart above that more than 55% of the customers are not aware about the mobile banking services in Saudi Arabia while 40% of the customers have not used the mobile banking services yet though they have the awareness about the mobile banking services. While only 5% of the customers in Saudi Arabia have used the mobile banking services.

The Usage of mobile banking services in UK though was quiet higher as compared to the usage in Saudi Arabia. The Usage of mobile banking services in UK is as shown by pie chart follows:

usage and awareness of mobile banking services in UK
Chart 2: usage and awareness of mobile banking services in UK

As shown in the pie chart above that the usage of mobile banking service in UK is much higher as compared to the Saudi Arabia. As more than 80% of the customers have awareness about the mobile banking services and out of them 20% customers have used the mobile banking services while just 20% of the customers in UK don’t have awareness about mobile banking services.

In response to the question about the accessing the mobile banking services through various mediums in UK, customers responses were as follows:

customer-response-in-UK
Chart3: Showing the customers response in UK for accessing banking services

Customers in UK have responded that 30% of the customers access the banking services through the physical access of bank. While 40% of the customers access the banking service access it through the online portal i.e e-banking services, and 20% of the customers access the banking services through the mobile banking services. Rest of the customers’ access the banking services through the banking agents and other banking services medium.

In response to banking service access the customers’ responses in Saudi Arabia were as shown in the chart below:

Showing the access of banking services in Saudi Arabia
Chart 4: Showing the access of banking services in Saudi Arabia

The Banking services which customers in Saudi Arabia access is mainly through the physical access of the banking services, while 25% of the customers access the banking services through online banking services and rest 20% of the customers access it through the mobile banking, bank agents and other banking mediums.

In response to question about providing mobile banking service by the banks, customers in UK and Saudi Arabia responded in a very different manner. For UK customers 70% of the customers responded that their banks provides the mobile banking services, while 20% of the customers in UK have responded that their banks do not provide the mobile banking services. Rest of the 10% customers are not aware that whether their banks provide the banking services or not.

For the Saudi Arabia customers 40% of the customers in the country have responded that their banks provide the mobile banking services and 30% of the customers have responded that their banks do not provide the mobile banking services and rest 30% of the customers are not aware about the banking services in their banks. In response to question about the technical knowledge about to operate the mobile banking services, respondents in UK have responded that more than 70% of the customers are aware about the technology to operate the mobile banking services. While in case of the Saudi Arabia respondents have responded that only 30% of the customers know how to operate the mobile banking services with the help of mobile devices.

When customers were asked about their preference for using the mobile banking services in UK and Saudi Arabia the customer responses in the two countries were as follows:

UK Saudi Arabia
Strongly agree 35% 10%
Agree 20% 10%
Somewhat agree 15% 20%
Disagree 20% 40%
Strongly disagree 10% 20%

Table2: Showing the comparative preference of UK and Saudi Arabia customers for using the mobile banking services

As shown in the chart above that the banking customers in UK prefers more to mobile banking service as compared to other forms of banking in comparison to the customers in Saudi Arabia. As more than 55% of the customers in UK agree to preference for the mobile banking services over the other forms of banking services while only 20% of the customers prefer to have mobile banking services in Saudi Arabia. So customers in Saudi Arabia are not very much confident in using the mobile banking service.

In response to the question about the safety of the mobile banking services customers in UK were having the high awareness about the safety factors in mobile banking services. As the customers in UK were having the proper knowledge about the use of secured payment gateways used in mobile banking service hence these services are assumed to be very safe in UK. The customers in Saudi Arabia were not assured about the safety of the mobile banking services. Lack of proper knowledge about technological domain have enforced them to stay away from the mobile banking services as customers thinks that the mobile banking services are not secured and can be easily attacked by hackers. So according to the Saudi Arabia customers there are lot of chances of fraud and misuse of the account information in case of the mobile banking services due to the lack of technology development.

Also in response to question about the profitability of operating with the mobile banking service, 80% respondents in UK has responded that, yes operating with mobile banking would be profitable for them as it would save the cost of contacting to bank physically and everywhere banking would also be very profitable for the customers. While customers in Saudi Arabia thinks that it would not be profitable for them to operate with the mobile banking services as they think that banks charges very high amount for providing mobile banking services.

Section-B

In response to question about the benefits which customers seek from getting physical access to banking services by going to retail bank outlet. Customers in Saudi Arabia has reported that they get assured about the fund they are having with the bank and also by going to the retail bank outlet customers get the security and privacy of the account information which according to them is not present into the mobile banking services. Another major feature of physical access to service is that it is much easier to operate than the mobile banking customers and even illiterate customers can also operate their account with the help of the retail outlet while it is not possible to operate banking account for illiterate people with mobile banking.

Customers in both UK as well as in Saudi Arabia have reported various problems in accessing their banking account by directly going to the bank. Some of the major issues confronted by the customers in accessing banking services direct through banks are: wastage of time, high cost to get direct banking services, restriction on operating time of banks and presence of the person is required there etc.

When customers were asked about the benefits they seek from accessing the mobile banking services in comparison to the internet and other banking medium various customers have responded the different reasons. Out of the total customers using the mobile banking services in Saudi Arabia and UK customers have reported that, 40% of the customers give their preference to use the mobile banking services for the benefits of anyplace access as business man needs to operate their account when they are travelling and also doing some other work.

20% of the customers have said that the anytime access of banking services help them to get rid of time limitations of the banks. While 20% of the customers think that mobile banking services provides them access to faster transactions as compared to the physical banking transactions. And 10% of the customers use mobile banking services for the benefit of lower cost which customers enjoy with the mobile banking services. Rest 10% of the customers use the mobile banking service for saving the physical efforts, to get rid of human error and are not happy from the behavior of the bank workers so they use the mobile banking services.

Section-C

This Section of the questionnaire investigates about the barriers which customers face in using the mobile banking services and motivation for the customers in order to use the mobile banking services. In response to question about the problem faced by the customers in using the mobile banking services more than 50% of the customers who have used the mobile banking services in Saudi Arabia have reported problems in using the mobile banking services. While only 10% of the customers in UK using the mobile banking services have reported any problem in usage of mobile banking services.

Some of the issues confronted by the customers in Saudi Arabia in usage of mobile banking services are feeling of insecurity, complexity of devices to handle mobile banking services and lack of awareness among users for using the mobile banking services. While for the customers in UK the major problem confronted by them was some technological issues faced by the customers in use of the mobile banking services.

In response to the question about whether security is a major threat to the use of mobile banking services, customers in Saudi Arabia have responded average rating of 4.2. The Rating of 4.2 shows that the customers have responded about agreeing about the security is a major threat for the mobile banking services. Hence the customer in Saudi Arabia accepts that they are afraid of losing their money in the financial transactions done through the mobile banking services. While the customers in UK are assured about the use of the mobile banking services and do not consider security as a major issue creating barrier in the use of mobile banking services.

In response to the question about the motivation due to which customers in UK and Saudi Arabia use the mobile banking services. The Response of customers in the two countries was about the benefits provided by the mobile banking services and the advancement of technology which provides them a kind of status symbol from the use of mobile banking services.

In response to the question about the suggestion of increasing the use of mobile banking services among the customers, customers have suggested various ways like spreading the awareness about use of the mobile devices, benefits of mobile banking and safety of mobile banking etc. SO in order to enhance the use of mobile banking services among the customers banks

Section-D

The Final section of the questionnaire was about the non users of the mobile banking services. Customers face various issues in use of the mobile banking for which they afraid of using the mobile banking services. These barriers in use of mobile banking services are lack of awareness, security issues for mobile banking and lack of knowledge about operating the mobile devices for using mobile banking services. Out of the various barriers reported by the customers the major barrier in use of the mobile banking service as reported by the customers in Saudi Arabia was the lack of knowledge about the use of mobile devices in order to use the mobile banking with the help of the mobile devices.

 4.1.2 Data collection through personal interviews

In order to collect the primary data about the research along with the questionnaire personal interviews with the respondents were also conducted in order to deeply enquire about the research topic. The Main aim of the personal interviews was to explore in detail the various barriers faced by customers in using the mobile banking services and to know from customers what motivation can be created in order to enhance the use of mobile banking services.

In order to collect the data with the help of personal interview in total 20 respondents were selected from both the countries. With these respondents personal interviews were conducted which was about 20 minutes each. In response to the question about the barriers faced by customers in using the mobile banking services, customers in Saudi Arabia has given various reasons which includes complexity in using the mobile banking services, unawareness among the customers about mobile banking services, lack of knowledge about using the mobile devices used to operate mobile banking services, lack of technological infrastructure, lack of popularity of mobile banking and efforts put by the banks in spreading the mobile banking services.

Further respondents in Saudi Arabia have divided the barriers of using the mobile banking services among three main categories which are: personal, bank and the technological system development supporting mobile banking. In personal barriers of mobile banking services includes the lack of educational qualification, habit of using the banking services with the help of retail bank outlet, lack of awareness, complexity encountered by the customers in using mobile banking services and perceived risk in using mobile banking service related with the loss of funds and frauds etc.

The Barriers offered from the bank in use of the mobile banking services are the barriers such as lack of campaigns in order to market their mobile banking services, spreading awareness about the benefits of mobile banking and facilitating technological instruments by partnering with technology developers in order to better customers service and good customer experience of using the mobile banking services.

Among the technological barriers faced by the customers include the lack of technology development for facilitating mobile devices capable of making the financial transactions, lack of secured payment gateways and security of online transactions. Customers feel that these are some of major technological barriers which are stopping customers for suing the mobile banking services.

When customers were asked about the motivation which banks can create so that use of mobile banking services can be increased among the customers then customers in both UK and Saudi Arabia has suggested various reasons such as: making it mandatory from banks to provide knowledge about mobile banking to each customer of the bank, use of mobile banking to increased on larger scale like in various payment options e.g. for payment of telephone bill etc. Also other motivation for mobile banking services can be created through spreading the awareness among customers about the benefits of mobile banking services such as anyplace banking, anywhere banking, faster transaction and low cost of operation.

4.2 Findings

Some of the major finding of the major findings which research have brought out with the help of the primary as well as secondary data collected in the research is as follows:

  • Customers in Saudi Arabia are having very less awareness about mobile banking services as compared to the customers in UK. As customers in Saudi Arabia are not aware about the benefits and motivations of the mobile banking services.
  • Usage of mobile banking services depends upon the demographic factors of the customers as these factor impacts the usage patterns of the customers. Various factors such as educational qualification, age, gender and income level of the customers also matters for the usage of the mobile banking services. As customers with the younger age prefers to have more usage of the mobile banking services as compared to the customers in older age segment. The customers having good educational qualification have more knowledge about the safety of mobile banking transactions so they can use the mobile banking services without any fear as compared to the customers having low educational qualification. Customers with high income level have high risk in using the mobile banking services hence are not ready to use the mobile banking services as compared to the customers having the less income level.
  • Past history of the customers also matter in the use of mobile banking services, as the customers who earlier have the experience of internet banking face more problems in use of mobile banking services as compared to the customers which do not have any past experience of internet banking.
  • The Barriers faced by customers for the use of mobile banking can be divided into three main categories which are: personal barriers, bank barriers and technological barriers. Personal barriers are offered by customers due to lack of awareness, lack of qualification, habit of using banking services with banks, complexity in using mobile banking services and high perceived risk among customers in order to use the mobile banking services. Bank barriers are due to the lack of efforts from banks in order to promote the mobile banking services. Technological barriers include the barriers due to the lack of development of mobile devices to access banking account, technological infrastructure and safety issues.
  • Various motivations can be created which can enhance the usage of mobile banking services such as making it compulsory for banks to impart knowledge about mobile banking services, to increase utility and use of mobile banking services.
  • Benefits of using the mobile banking services include the various factors such as anyplace banking, anywhere banking, faster transactions and low cost of business operation for using the mobile banking service.

see the previous chapter that is Research Methodology of Mobile Banking System awareness enhancement in Saudi Arabia and UK.