A Study of Users and Non-Users of Internet Banking in Malaysia

A Study of Users nd Non-Users of Internet Bnking in Mlysi Jyrmn Munusmy, Snmugm Annmlh, nd Shnkr Chellih Abstrct This study ims to identify the perceptul differences between Internet Bnking Adopters nd Non-dopters especilly in the Mlysin Retil Bnking Sector. It investigtes whether the perception vries between dopters nd non-dopters on the doption fctors such s esier to operte, convenient to use, hssle free, relible, sfer to use nd requirement for good Internet connections. This study employs quntittive pproch using questionnire survey t selected bnks in Mlysi. The results indicte tht there re significnt differences in perception between internet bnking dopters nd non-dopters in terms of esier to operte, convenient, no hssle, relible, sfer to use nd requirement for good Internet connections. Therefore, the result suggests mngeril implictions for retil bnkers in Mlysi to minimize the risk perception of the internet bnking mong the non-dopters of the internet bnking. Index Terms Internet bnking, dopters, non-dopters, retil bnking, perceptions. I. INTRODUCTION With the emergence of new digitl technology, the bnking industry hs engged informtion technology (IT) to cquire, to process nd to deliver the informtion to bnking customers. Customers re becoming vlue-sensitive nd bnks need to constntly innovte nd updte to mtch customers expecttion nd to provide convenient, relible, nd expedient services. Driven by the competition mong retil bnkers, to cpture lrger shre of the bnking mrket, bnks hve strted introducing its distribution chnnel vi Internet. In Mlysi, the electronic revolution commenced in the 1970 s with the introduction of Automted Teller mchine s (ATM) followed by telebnking in the 1990 s nd finlly on 1st June 2000, Bnk Negr hs endorsed for loclly owned commercil bnks to offer Internet bnking (BNM 2000). Mlyn Bnking Berhd (Mybnk) becme the first bnk to offer Internet bnking services on 15th June 2000. The services include bnking enquiry functions, bill pyment, credit crd pyment, fund trnsfer, ccount summry nd trnsction history. At present ll domestic bnks, which hve been given the nchor bnk sttus hve their respective websites to perform Internet bnking [1]. The Internet, s n enbling technology, hs mde bnking products nd services vilble to more customers nd eliminted geogrphic nd proprietry systems brriers [2]. The success of internet bnking would gretly depend on the doption rte of this technology by bnk customers. Mnuscript received April 29, 2012; revised June 15, 2012. J. Munusmy is with the Msterskill University College Eduction Group (e-mil: dr.jyrmn@limkokwing.edu.my). Adoption of internet bnking is driven by rnge of vrious fctors such s those described in the reserch frmework by [3] on security, privcy nd trust issues; [4] on chrcteristics of diffusion of innovtion (e.g. reltive dvntge, complexity) nd [5] on doption of internet bnking model comprising other fctors such s demogrphics, consumer ttitude, service qulity nd computer knowledge. Knowledge on the drivers of doption of internet bnking serves n dvntge for bnks becuse it fcilittes the development of successful mrketing strtegies in order to cpture lrger internet bnking mrket shre [6]. In ddition, internet bnking hs led retil bnks to improve effectiveness nd efficiency of bnking opertions through reduction in trnsction cost nd increse in the speed of service [7]. II. PROBLEM STATEMENT Intensity of Internet use in privte households in Mlysi is on the increse s reveled by [8]. The survey determined tht there were 2,473,000 household Internet users in the country s t 1 December 2006, out of which 23.6% of the usge if for finncil ctivities (e-bnking). The survey indicted n increse of 9% s compred to the result recorded in Yer 2005, 14.6%. Despite the progress tht hs been chieved, Mlysins however, remin high users of currency notes nd coins (BNM, 2005). The positive growth in the trend of online finncil ctivities by retil consumers is lgging s compred to worldwide indictor nd there is still room for improvement. Bsed on survey tht ws crried out worldwide by [9], results indicted tht one third of Brzilins nd Portuguese (30%) bnk online dily, long with 28 percent of Poles nd 27 percent of Chilens. In Asi, significnt number of Kiwis (25%), Indins (20%) nd Hong Kongers (18%) climed to bnk online every dy, compred to globl verge of 14 percent. Studies on Internet bnking suggest tht n internet-bsed consumer bnking strtegy my be effective, with reports of more profitble, loyl nd committed consumers compred with trditionl bnking consumers [10] nd [11]. In Mlysi, with the rpid technologicl dvncements nd incresing consumer demnds for more efficient delivery services, the finncil lndscpe hs continued to trnsition towrds the incresed significnce of Internet Bnking s one of bnking distribution chnnels (BNM, 2005). The reltive success of internet bnking cn be guged by identifying the current nd nticipted users of Internet. Tble 1 summrizes the penetrtion rte of internet bnking dopters from 2006 to 3Q 2009 (MCMC, 2009). In Mlysi, the internet bnking doption rte is 25.9% in 3Q 2009, which is considered low to country which hs high number of Internet subscribers. 452

TABLE I: INTERNET BANKING SUBSCRIBERS As t end of period 2006 2007 2008 3Q 09 No. of subscribers (million) Of which: Individul subscribers Penetrtion to popultion (%) No of brodbnd subscribers ( 000) 3.2 4.6 6.2 7.5 3.2 4.5 6.1 7.3 11.9 16.6 21.8 25.9 897 1,116 1,714 2,116 Source: Centrl Bnk of Mlysi nd the Mlysin Communictions nd Multimedi Commission (MCMC), 2009 Bnking ctivities re esily digitised nd utomted nd, thus, from n opertionl perspective, lend themselves to Internet [12, 13, 14, 15 nd 16]. The potentil competitive dvntge of the Internet for bnks lies in the res of cost reduction nd stisfction of consumer needs [17] nd [18]. In reltion to costs, electronic trnsctions re frction of those conducted through the brnch or even telephone [19]. The internet lso offers bnks the opportunity to better meet customer needs through enhnced interction, dt mining nd customistion. Put together, the reduction of costs nd incresed customer stisfction mkes the logic of the Internet compelling [19]. The internet bnking is new type of informtion system tht uses the innovtive resources of the Internet nd WWW to enble customers to effect finncil ctivities in virtul spce [20] nd [21]. A study of US retil bnking sector showed tht the trnsction costs of telephone bnking re only 40 percent of those of providing the sme service vi physicl brnches [22]. In service industries in generl nd in the bnking industry, in prticulr, the Internet hs been explored nd exploited s mens of improving service provision. Bnks re not only competing in trditionl bnking services but lso hve expnded the scope of the competition to n e-environment with Internet bnking services. These bnks re introducing Internet bnking s n ssurnce to their customers tht they will be ble to mintin competitive qulity service in future, in efforts to void losing their customers to other bnks. Internet bnking helps bnks to build nd mintin close reltionships with their customers, reduces operting nd fixed costs [23], nd chieves more efficient nd enhnced finncil performnce [24]. A. Esier to Operte [25] found tht Internet bnking users hd positive views on ese of use of the internet s compred to the non-users of Internet bnking. They hve highlighted the significnt effect of computer self-efficcy on behviourl intention through perceived ese of use. From the customer perspective, the bove reserch shows tht the consumers benefit from internet bnking in respect to ese of use. The Internet my lso mke it esier for the consumers to serch nd compre the offerings of different firms. This mens the mrket will become more trnsprent, leding to incresed price competition in businesses which offer esily comprble services nd which re unble to build significnt switching brriers or close reltionships with the customers. Internet bnking increses competition mong bnks, nd llows bnks to penetrte new mrkets nd thus expnd their geogrphicl rech [26]. The incresed number of Internet bnking users will widen the rech of customers nd the entry brriers in bnking business will be reduced [27, 28, 29 nd 30]. B. Convenient to Use Internet bnking is extremely beneficil to customers becuse of the svings in cost, time nd spce it offers, its quick response to complints, nd its delivery of improved services, ll of which benefits mke internet convenient to use [42 nd 56]. The bnking industry, s service oriented business in prticulr, Internet hs been discovered nd deployed s mens of improving service qulity [20]. According to [23], the Internet offers new wy to distribute digitlizble services. A smll firm will be ble to interct with nd sell its services to the whole world without hving to mintin globl network of offices. Adopters of Internet bnking perceive the service to be more convenient, less complex, more comptible nd more suited to those who re tech svvy [19]. [31] survey suggested tht the bnks opertion mngement is the min fctor ffecting the success of utomted teller mchines (ATM s) C. Hssle Free Internet bnking is extremely beneficil to customers becuse it is hssle fee in terms of cost, time, spce it offers, response to complints nd other services [5, 32, 33, nd 34]. Internet bnking is hssle free nd flexible. Becuse it gives benefits like no queuing in bnk nd consumers would be ble to perform bnking trnsction nytime nd nywhere. These hssle free benefits include efficient, speedy trnsfer of funds with lower trnsction cost nd lso ble to check trnsction detils regulrly without ny hssle [35 nd 36]. D. Relible The significnt effect of computer self-efficcy s highlighted by [22] on behviourl intention through perceived credibility. These bnks re introducing Internet bnking s n ssurnce to their customers tht they will be ble to mintin competitive qulity service in future, in efforts to void losing their customers to the brnches of the foreign bnks. The benefits ttined by consumers from dopting internet bnking in respect to trnsction through enhnced control [12]. Erly dopters of Internet bnking seem to hve more confidence tht the system is more relible [37 nd 38]. As Internet bnking trnsctions do no experience fce-to-fce interction with bnk stff, customers expect bnks to provide vluble informtion through bnk web sites s well s to provide prompt nd relible services [39]. [40] hs developed number of mesures tht cn be used to mesure Relibility in Internet bnking services cross five dimensions, nmely, ccess, web site interfce, trust, ttention nd credibility. Consumer trust is n importnt fctor in prcticlly ll business-to-consumer interctions nd crucil spect of 453

electronic commerce [10]. E. Sfer to Use [25] found tht Internet bnking users hd positive views on sfer to use the internet s compred to the non-users of Internet bnking. [22] highlighted the significnt effect of computer self-efficcy on behviourl intention through perceived usefulness. [41] mentioned tht the issue of security ws found to be the most importnt fctor tht motivted Chinese consumer doption of Internet bnking. According to [12], Internet bnking customers service qulity, online informtion system qulity, bnking service product qulity, overll internet bnking service qulity nd customer stisfction were found to be significnt fctors ffecting doption of internet bnking. According to [42] consumers with Internet ccess from home, ctive interest in Finncil Services, consumers hving generl online purchsing experience tend to find this Internet bnking esy to use. [43] highlighted tht customer privte dt mngement is mjor concern in doption of Internet bnking. In ddition, [44] expressed security nd privcy of Internet bnking trnsctions nd confidentility were found to be mjor fctors ffecting Internet bnking doption. F. Requirement for Good Internet Connections Motivtion to use Internet bnking hs been intensified from slow nd expensive dil up connections to fster nd good qulity connections which hve been perceived to ttrcted new dopters of Internet bnking [45]. The findings of the [4] indicte tht the qulity of the Internet connection nd wreness is essentil nd hs significnt effects in the doption of Internet bnking. Few reserchers lso confirmed tht speed of internet connections been n importnt element in Internet bnking doption [1 nd 46]. Bnking customers re lwys on the move due to job tsk nd lso fmily commitment which hs mde them mobile. Therefore, it is crucil for them to ccess good nd universl connection from ny loction worldwide nd is universlly ccessible from ny internet linked computer [17, 47, 38 nd 48]. In ddition mobility people re connected to Internet through brodbnd connections s it perceives to be providing good connection to perform Internet bnking. This fct is supported by [49] tht there will be n dditionl increse of 13.5 pp occurs if the individul hs brodbnd internet connection. III. HYPOTHESIS H1: As compred to non-dopters, dopters perceive Internet bnking s Esier to Operte H2: As compred to non-dopters, dopters perceive Internet bnking s Convenient to Use H3: As compred to non-dopters, dopters perceive Internet bnking s Hssle Free H4: As compred to non-dopters, dopters perceive Internet bnking s Relible H5: As compred to non-dopters, dopters perceive Internet bnking s Sfer to Use H6: As compred to non-dopters, dopters perceive Internet bnking requires good Internet connections. IV. SAMPLING This reserch dopted convenient smpling to select respondents who were primrily the non dopters of Internet bnking. These non dopters were selected rndomly from brnch bnks in ten high density res in Mlysi. The survey trgeted totl of 300 individuls throughout Mlysi but the ctul number of questionnires collected represented 69 percent of the trget smple size. The dt ws obtined through the use of structured questionnires nd the questionnires were developed nd pre-tested in Mlysi on individuls from vrious bckgrounds. Informtion collected is to identify the motivting fctors influencing the doption of Internet bnking services. V. MEASUREMENT OF VARIABLES For this study, respondents re considered s dopters if they re currently using retil internet bnking to perform bnking trnsctions. The questions were mesured using five-point Likert scle nd respondents re required to indicte their responses using 1= Strongly Disgree to 5 = Strongly Agree. It ws found tht five point likert scle hs become the norm in mny reserch works probbly becuse it strikes compromise between the conflicting gols of offering sufficient choice s respondents find it esy nd convenient to respond to the questionnires. Reserch confirms tht dt from Likert items nd those with similr rting scles becomes significntly less ccurte when the number of scle points increses more thn five. In ddition, more thn five point likert scle confuses respondents in selecting the responses [50]. [51] reveled 80% give top rting in overll opinion survey on 5-point liker scle compred to only 62% on 7-point likert scle mesurement. VI. RESPOND RATE A totl of 300 questionnires were distributed t vrious bnking outlets in Mlysi nd mnged to receive 207 responses only. Though there were mny potentil respondents visited the bnk brnches for brnch bnking only 300 respondents volunteered to prticiptes in the survey given limited time. Out of 300 respondents, only 207 respondents dequtely nd completely nswered ll the questions in the survey questionnires. Another 93 questionnires were found to be incomplete in responses nd excluded from this survey. VII. RESULTS The test is commonly used lterntively to t-test [52]. It is powerful compres the number of times score of one of the smples rnked higher tht score from the other smple [53] irrespective of the shpes of distribution of dt [52]. The two tiled probbility ws used to find out if ny difference between dopters nd non dopters perceptions nd if the scores between twoi groups were sttisticlly significnt [54]. The results of the -test s shown in tble indicte tht out of 6 res ssessed ll re showing significnt differences 454

between dopters nd non dopter s perceptions. The Mnn-Whitney test, lso clled the rnk sum test, is nonprmetric test tht compres two unpired groups. Mnn-Whitney test rnks ll the vlues from low to high, pying no ttention to which group ech vlue belongs. If two vlues re the sme, then they both get the verge of the two rnks for which they tie. The smllest number gets rnk of 1. The lrgest number gets rnk of N, where N is the totl number of vlues in the two groups. Prism then sums the rnks in ech group, nd reports the two sums. If the sums of the rnks re very different, the P vlue will be smll. A. Esier to Operte In tble 2, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 2255.50; W = Sttistic = 4740.50; z = U trnsformed into normlly distributed z = -6.674; p = 0 < 0.001 levels The test terms of esier to operte mong Mlysin bnking customers. Therefore hypothesis H1 is ccepted. TABLE II: ANALYSES ON EASIER TO OPERATE. Test Sttistics Esier to operte 2255.500 4740.500-6.674 B. Convenient to Use In tble 3, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 2241.50; W = Sttistic = 4726.50; z = U trnsformed into normlly distributed z = -6.738; p = 0 < 0.001 levels The test terms of convenient to use mong Mlysin bnking customers. Therefore hypothesis H2 is ccepted. TABLE III: ANALYSIS ON CONVENIENT TO USE. Test Sttistics Convenient 2241.500 4726.500-6.738 C. Hssle Free In tble 4, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 3171.00; W = Sttistic = 5656.00; z = U trnsformed into normlly distributed z = -4.219; p = 0 < 0.001 levels The test terms of hssle free to use mong Mlysin bnking customers. Therefore hypothesis H3 is ccepted. TABLE IV: ANALYSES ON HASSLE FREE Test Sttistics No hssle 3171 5656-4.219. D. Relible In tble 5, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 2493.00; W = Sttistic = 4978.00; z = U trnsformed into normlly distributed z = -6.059; p = 0 < 0.001 levels The test terms of relible mong Mlysin bnking customers. Therefore hypothesis H4 is ccepted. TABLE V: ANALYSIS ON RELIABLE. Test Sttistics Relible 2493 4978-6.059 E. Sfer to use In tble 6, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 3347.50; W = Sttistic = 5832.50; z = U trnsformed into normlly distributed z = -3.707; p = 0 < 0.001 levels The test terms of sfer to use mong Mlysin bnking customers. Therefore hypothesis H5 is ccepted. TABLE VI: ANALYSIS ON SAFER TO USE. Test Sttistics Sfe to use 3347.500 5832.500-3.707 F. Requirement for Good Internet Connections In tble 7, Mnn Whitney-Wilcoxon result shows the Mnn-Whitney test sttistic = 2924.50; W = Sttistic = 5409.50; z = U trnsformed into normlly distributed z = -4.909; p = 0 < 0.001 levels The test 455

terms of requirement for good Internet connections mong Mlysin bnking customers. Therefore hypothesis H6 is ccepted. TABLE VII: ANALYSES ON REQUIREMENT FOR GOOD INTERNET. CONNECTIONS Test Sttistics Connections re good 2924.500 5409.500-4.909 VIII. RESULTS This study investigtes the perceptul differences between dopters nd non dopters mong Mlysin bnking customers in dopting Internet bnking services. The results indicte tht ll hypotheses regrding esier to operte, convenient, hssle free, relible, sfer to use nd requirement for good Internet connections were supported. Therefore it is confirmed tht the fctors of doption nlyzed in this study shows significnt differences in perception between dopters nd non dopters. This study supports the findings of previous reserch by [30, 29, 26, 27, 25 nd 55] on the significnt difference in esier to operte. Non dopters perceive Internet bnking s difficult to operte nd therefore they re reluctnt to switch from trditionl bnking to Internet bnking nd hence the probbility to dopt Internet bnking is low. Bnk Mngers should promote Internet bnking through trinings, workshops, dilogues to convince non dopters to dopt Internet bnking. [2, 19, 31, 56, 57, nd 58] on the significnt difference in convenient to use. Non dopters perceive Internet bnking s inconvenient nd therefore they re unwilling to chnge from brnch bnking to Internet bnking nd hence the likelihood to dopt Internet bnking is low. Bnk Mngement should encourge non Internet bnking dopters through trinings, workshops, dilogues to convince to dopt Internet bnking. [5, 32, 33, 34, 35 nd 36] on the significnt difference in Hssle Free. Non dopters perceive Internet bnking s hssle nd therefore they re unwilling to chnge from brick nd mortr bnking to Internet bnking nd hence the likelihood to dopt Internet bnking is low. Bnks should encourge non Internet bnking dopters through trinings, workshops, dilogues to convince to dopt Internet bnking. [10, 12, 39, 37, 38 nd 40] on the significnt difference in Relible. Non dopters perceive Internet bnking s no relible nd therefore they re unwilling to chnge from brnch bnking to Internet bnking nd hence the likelihood to dopt Internet bnking is low. Bnks should encourge non Internet bnking dopters through trinings, workshops, dilogues to convince to dopt Internet bnking. [12, 25, 42, 43 nd 59] on the significnt difference in Sfer to use Non dopters perceive Internet bnking s unsfe nd therefore they re unwilling to chnge from trditionl bnking to Internet bnking nd hence the likelihood to dopt Internet bnking is low. Bnks should encourge non Internet bnking dopters through trinings, workshops, dilogues to convince to dopt Internet bnking. [17, 38, 46, 47, 48, 49 nd 60] on the significnt difference in requirement for good Internet connections. Non dopters perceive tht Internet Connections re wek for dopting Internet bnking services nd therefore they re unwilling to chnge from brnch bnking to Internet bnking nd hence the likelihood to dopt Internet bnking is low. Bnks should encourge non Internet bnking dopters through trinings, workshops, dilogues to convince to dopt Internet bnking. It is importnt to hve cmpigns to promote internet bnking usge. Guidnce on how to use internet bnking should lso be provided on the web nd t physicl distribution centre to fcilitte the consumers. In ddition, ssuring the security of the internet trnsctions to consumers might positively ffect consumers ttitude towrds doption nd use of Internet bnking. IX. SUGGESTION FOR FUTURE RESEARCH Bnk mrketing reserchers will need to focus on customer's needs, ttitudes, vlues nd behviours in the doption of Internet bnking. It will help in understnding nd nticipting customer needs tht cn be incorported in product development nd bnking services differentition. Reserch in monitoring of customer stisfction with personl service nd with utomted service-delivery methods need to be improved in order to pinpoint res where service qulity cn be enhnced. Study in Internl mrketing nd usge of technology in bnking services need to be explored further to profile the customer segment tht will enhnce customer loylty nd customer reltionship. X. CONCLUSION This study ims to identify the perceptul differences between Internet Bnking Adopters nd Non-dopters especilly in the Mlysin Retil Bnking Sector. It investigtes whether the doption fctors such s esier to operte, convenient, hssle free, relible, sfer to use nd requirement for good Internet connections vries between dopters nd non-dopters. This study dopts quntittive pproch using questionnire survey t selected bnks in Mlysi. The results indicte tht there re significnt differences between internet bnking dopters nd non-dopters in terms of esier to operte, convenient, no 456

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Pretence Hll Interntionl Inc. [71] A. Wirekoon. (2010). Online bnking. [Online]. Avilble: http://www.docstoc.com/docs/2254 3071/Online-bnking. [72] A. Yuksel, Shopping experience evlution, cse of domestic nd interntionl visitors, Tourism Mngement, vol. 25, pp. 751-759, 2003. [73] C. Jywrdhen, Mesurement of service qulity in internet bnking: The development of n instrument, Journl of Mrketing Mngement, vol. 20, no. 1/2,185-207, 2004. [74] C. Flvin nd M.Guinliu, Consumer trust, perceived security nd privcy policy: Three bsicelements of loylty to web site, Industril Mngement nd Dt Systems, vol. 106, no. 5, 601-62, 2006. Dr. Jyrmn Munusmy is currently ttched to Msterskill University College Eduction Group s Professor cum Deputy Den of Fculty of Business & Lw. Previously, Dr. Jyrmn Munusmy served Limkokwing University of Cretive Technology s n Associte Professor in the Centre of Post-Grdute Studies. Prior to tht, he hd served University Tun Abdul Rzk s n Assistnt Professor in the Fculty of Business Administrtion. He strted his creer s trined techer in 70 s nd moved on to the privte sector working with Mlysin Compny s Mrketing Mnger for 6 yers in the re of Consumer Product Mrketing in 80 s. During 90 s, he served s n Industril Mrketing Mnger for Iked Bussn in its Mlysin opertion for 10 yers. He hs lso served Johnson Controls Automotive Holdings in its Mlysin plnt nd lter on to tke chrge of ledership in Six Sigm implementtion in Johnson Controls Plnts locted in the Asi-Pcific Region between 2000 nd 2006. He hs vst experience in Mrketing, Teching, Trining nd Consultncy which he hd cquired from Americn, Jpnese nd Mlysin Multintionl Compnies. He hs Bchelor Degree in Business Mngement, Msters in Business Administrtion nd Doctorte in Business Administrtion. He is lso Certified Blck Belt in Six Sigm Methodologies which ws wrded by Johnson Controls Incorportion, USA. 458