Mobile Banking Dissertation conclusion

Mobile Banking Dissertation conclusion

This is final part of dissertation i.e. mobile banking dissertation conclusion. In this partMobile Banking usage and awareness, benefits are described with user advantages to adopt mobile banking in Saudi Arabia and United Kingdom.

Chapter-5 Discussion and analysis

5.1 Mobile banking usage and awareness

The Penetration of mobile banking services in the two countries i.e. UK and Saudi Arabia is as observed from the responses given by respondents. The Following table shows the results of the mobile banking service usage and awareness in the two countries.

CountryAwareness of mobile bankingUsage of mobile banking services
UK80%20%
Saudi Arabia45%5%

 Table1: Showing comparative study of usage and awareness of mobile banking services in UK and Saudi Arabia

As shown in the table above that the usage and awareness for mobile banking services in UK are much higher as compared to the Saudi Arabia. The Higher awareness and usage of the mobile banking services in UK can be attributed to the faster development of technology in mobile device usage and banking service as compared to the technology development in Saudi Arabia. Also another reason for low usage in Saudi Arabia can be the low awareness in Saudi Arabia (Laukkanen et al, 2008). So the banks need to spread higher amount of awareness among the banking customers about the mobile banking service by telling them about the benefits of mobile banking services. {seeintroduction of mobile banking disseratation}  

The Access of banking services by the customers in UK and Saudi Arabia were entirely different. The Customers in Saudi Arabia were lacking the accessing banking services through various technological accesses and due to that most of the customers in Saudi Arabia access it through physical access to the bank. While in UK technology is much advance hence customers access the banking services with the help of internet and mobile banking services.  Customers in UK give more preference for accessing banking service via online banking, physical banking and mobile banking services.

While customers in Saudi Arabia give more preference to accessing the banking services with the help of physical access to bank while other 25% of the customers access it through the online banking services and rest of the customers access it through the mobile banking services and through the bank agents and other mediums. Hence the customers in Saudi Arabia are not accessing the banking services through technological services.

Customers in Saudi Arabia are not having the technical knowledge about how to operate the mobile banking services and these customers are worried about the security issues of using the online banking services with the help of mobile. Also since these customers do not have the proper knowledge about operating the mobile devices hence the complexity is much more as compared to the accessing banking services with the help of internet. Hence the various security concerns worry the customers in Saudi Arabia for operating their account due to lack of technological advances (Pedersen, 2005). So the bank in Saudi Arabia needs to resolve the issue of technological awareness in order to enhance the use of mobile banking services in Saudi Arabia. {See literature Review of dissertation on mobile banking}

Customers’ preference for a particular banking service depends upon various factors such as demographic, psychographic etc. So as the preferences of the customers in UK and Saudi Arabia depends upon the demographic and other variables in the country. So there is a big difference in the preference for mobile banking services in two countries due to difference in demographic factors. The customers in Saudi Arabia are not very confident about the mobile banking services as the customers do not have full confidence in the technological advancement for accessing banking services. This is due to the lack of technological infrastructure development in Saudi Arabia while the development of technological infrastructure for mobile banking services have helped the banking customers to gain confidence in mobile banking services.

So for the enhancement in the usage of mobile banking services among the customers in Saudi Arabia banks would have to play a vital role. The Main role of the banks would be to aware the customers for the mobile banking services and would also have to facilitates the mobile technology for the customers by partnering with the technological companies who can provide the digital mobile devices on which customers can rely upon in order to operate their banking accounts with help of the mobile devices.

The One of the main reason for not using the mobile banking services among the Saudi Arabian customers is lack of the proper knowledge about the security issues which mobile banking services are having. Since customers do not know that the financial transactions done by them in mobile banking have to pass through multiple security checks and there are very less chances of theft of information from them. Hence this lack of awareness have created barriers for the use of mobile banking services in the customers in Saudi Arabia while customers in UK are much more educated and know about the various security issues and are quite confident about the security of their financial transactions. More than the customers using the mobile banking services banks also have prominent role in spreading the awareness about the safety of the mobile banking services. Hence we can infer that the banks in UK have played crucial role in building awareness among the people while banks in Saudi Arabia are yet to do that.

Customers in Saudi Arabia think that mobile banking services would be costlier for them hence the charges for using the mobile banking services is one of the prime reason in Saudi Arabia for not using the services, While customers in UK knows that it is quiet profitable for them to operate with the mobile banking services as customers save lot of money by operating their account from anywhere, any time and by saving the cost of physically approaching the bank for any transaction.

5.2 Benefits and barriers of mobile banking 

Customers who do not have much awareness about the use of mobile banking services seek benefits in the retail banking outlet. As the customers in Saudi Arabia perceives it beneficial for them to operate banking account by going to bank since they do not know or not assured that the financial transactions done with the help of banking websites are very much secured (Lin, 2003). Though some customers in Saudi Arabia have reported that it is much easier to operate banking account by direct access to bank but if customers know how to operate the mobile devices then it’s much easier for them to operate it with the help of the mobile banking platform.

Customers in both UK and Saudi Arabia face lots of problems in accessing their banking account directly from the bank. Major problems which customers faces in physical access of banking services are wastage of time, presence required and cost etc. These problems faced by the customers can be solved easily with the usage of the mobile banking services as the mobile banking services doesn’t require the physical presence of the person operating the account and also it takes very less time and cost to operate the account with the help of the mobile devices.

Due to lack of technological infrastructure investment and development of complex mobile devices in Saudi Arabia customers are very much conscious about the security threats for their financial accounting and transactions (Herzberg, 2007). But customers in UK are very much aware about the use of the technological devices and hence are not feared about the use of mobile banking services.

As the mobile banking is the technology of the future so some of the customers understand it necessary to use the mobile banking services as the use of mobile banking services is increasing day by day in various services as telephone bills, third party payments and fund transfers etc. So customers are seeing it as the future mode of banking. Hence it is one of the most important motivations among the customers to use the mobile banking services.

See the Research methodology of Mobile banking dissertation

Chapter-6 Recommendations

The Present research regarding the penetration of mobile banking in UK and Saudi Arabia has highlighted various important factors regarding the usage, awareness, benefits, barriers and motivation for using the mobile banking services. Though in some countries the awareness about the mobile banking services is up to the mark but in the countries like Saudi Arabia these services are yet to be developed much more as compared to UK. Hence banks and customers need to put their efforts in order to make the best use of the mobile banking services. Banks needs to create the motivation factor for the customers, while customers needs to have more awareness about the mobile banking services in order to enjoy the better way of banking. Following recommendations can be given based on the research:

  • Banks in Saudi Arabia needs to spread more awareness among the customers about the mobile banking services. For spreading the awareness among the customer banks need to come up with more integrated communication programmes for their customers.
  • Banks needs to motivate their customers with the help of highlighting the benefits of using the mobile banking services. In their marketing communication programme they need to showcase the various benefits such as anyplace and anywhere banking services provided by the bank to customers.
  • Banks need to understand the demographic factors of the customers in order to enhance the use of mobile banking services. Customers having the high educational qualification and younger age would be able to accept the mobile banking services easily as compared to the customers who are not well educated and are into older age. So banks need to try to enhance the use of mobile banking first among customers who are qualified and young, and after that word of mouth publicity can be used for spreading awareness among other users.
  • In order to remove barrier in mobile banking services banks needs to aware its customers about the banking services first and then need to partner with some technology provider so that customers can use the mobile devices in order to access the mobile banking services with the help of these devices.
  • One of the major barriers for customers in using mobile banking services is the safety issues as the customers are not sure about the reliability of the financial transactions done by them through mobile banking services. So banks need to provide various authentication gateways in order to assure their customers about the reliability and safety of the customers. When customers would be assured about the security of their funds then they would be comfortable in using the mobile banking services.
  • Banks should develop such online platform which can provide complete information about the mobile banking services of the bank. Since it is easier for the banks to spread the information about the mobile banking services through online platform as the internet has good penetration among the customer base of the bank.
  • Banks should facilitates various payments options with the help of mobile banking services so that customers get more motivated for the use of mobile banking services. As if the customers will feel mobile banking of outmost important then they will have to use the mobile banking services.
  • Banks should direct their branches in cities to have some definite number of mobile banking accounts so that usage for mobile banking service can be enhanced.
  • Cost for making the financial transaction through the mobile banking services should be reduced since it also reduces burden from the retail bank outlets. So if the cost for making transactions would be reduced then more number of customers would be able to make their transactions.
  • Banks should develop the online mobile banking platform which is very user friendly and easy to handle so that customers can easily operate their account with the help of mobile banking services.
see previous part - Data collection for Mobile Banking dissertation

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