Customer experience of Mobile Banking and Technology
Customer experience of Mobile Banking and Technology
Introduction
Mobile banking is a system that allows the clients of a given financial institution to perform a financial transaction on a mobile device. These devices include mobile devices and personal digital assistants. The devices are imperative in the creation of an interface enabling the customers to conduct services such as checking account balances, transfer of funds, and withdrawal of money, financial lending and borrowings (Sanader, 2014).
Background to the Research
Many institutions of finance adopt mobile banking to offer the essential banking services to their respective customers. The financial practices have undergone drastic changes in the last decade with the most outstanding transformation being the adoption of the information communication technology (ICT) that adversely affected the banking arena.
This step ensured growth in the internet connection that catapulted the growth of the mobile banking. Similarly, other considerable factors such as the diffusion of the mobile devices, need for self-efficacy, financial security concerns also serve best in paving the way for the adoption of the mobile banking as the financial system to dispense some of the banking services.
This study critically examines how the adoption of the mobile banking assist in the creation of convenience, reduction of the client-facing employees, ensuring reduction of operational cost and efficient collection of data on the mobile-banking related transactions. Although the impacts of the study are relative, however, they provide an illustration of what is possible within the realms of the financial banking (Sangar and Rastari, 2015).
Research Questions
- How has the mobile banking contributed to the creation of convenience in the dispensation of the banking services?
- What is the achievement of the mobile banking on the reduction of the operational costs?
iii. How are the possible results of the mobile banking on the security of the financial transaction carried out on the mobile platform?
Aims and Objectives
The basic objective of the study was to critically examine the significant effects of innovation and the mobile banking in the enhancement of the quality of services offered by the financial institutions. Similarly, the objectives extends to include:
- To examine how the mobile banking facilitates the convenience in the dispensation of the integrated banking services.
- To find out how the mobile banking significantly reduces the number of client-facing employees in the financial institutions.
iii. To evaluate how the mobile banking has established secured financial transactions.
Hypothesis
The mobile device, technological advancement, and the internet connection are even distributed in the areas where the mobile banking is adopted.
The used sample of the mobile operators represents total population using the mobile banking.
The people interviewed gave the relevant information without any biasedness, reservation, or prejudice and information given to the best of their knowledge.
Summary of the Literature Review
Introduction
Mobile banking is loosely defined as the Electronic banking that employs the use of mobile technology to offer the banking services to the customers (Aggarwal and Lamba, 2012). The concept of mobile banking is taunted as a revolutionized method for the dispensation of the quality financial services by the financial institutions (). It is true that the mobile banking consolidates several banking functionalities such as checking account balance, direct deposits, and transfers of money, borrowing and lending (Cavus and Christina, 2016).
Factor Driving the Mobile Banking and Technology
Some factors have played critical roles in determining the success of the mobile banking. For instance, widespread diffusion of the personal assistants necessitated the evolution and penetration of the banking services (Lerner, 2013). Similarly, factor such as access to internet connection, task-technology fit, and financial security are the vital factor in
the development of the mobile banking which fully tap into the ability to enhance the customer services experience.
Consequences
Ensuring the Convenience
The technology employed in the mobile banking is a key in providing convenience with regards to the transaction. The customers can easily access the financial services at any time, the place with greater efficiency (Aggarwal, 2011). Besides, the customers can access the financial services such borrowing without engaging lengthy and tiresome procedures. Therefore, the mobile technology enhances the customer experiences by the introduction of the new mix into the services accorded by the financial institutions.
Reduction of the Operational Cost.
Most often the services are characterized by the employment of many client-facing employees that increase the cost of operations. The introduction of mobile banking technology has drastically reduced the number of client-facing employees the technological interface and apps serve the customers satisfactorily (Cumps and Viaene, 2015).
Efficient Collection and Arrangement of Data
Mobile banking and technology are imperative in data collection since the technological interface can conveniently and reliably generate data to the company’s server on request.
Justification for Methodology and Data Collection
The study will adopt the application of both the primary and secondary data. Therefore, data collection methodologies such as personal interviews, questionnaires, and the observations. The questionnaires will be structurally formatted to cover both closed and open question to ensure that candid opinions are substantiated (Lingfen et al., 2010). It will be portioned into two, one section seeking information about the participants while the other part will be recording information on the factor affecting the mobile banking.
Consequently, data will be subject to descriptive statistical for analysis. Firstly, the analysis will be aiming to classify and provide tabulations for the information collected. The information synthesized in the statistical analysis are obtained from the collection methods of mentioned. In essence, the descriptive statistics will be instrumental in the description of the data obtained from the research (Zarifopoulos and Economides, 2009).
Secondly, the descriptive statistics will help in determining some measures of central tendencies such as mean and the standard deviation that will be used to draw conclusions. Similarly, variability measures will be calculated from the obtained statistics to illustrate variance within in a population (Raheem, 2014). Additionally, the measures of central tendency will be used to provide description and summary of the data.
Time Plan
The empirical study will be carried within a span of time between two to three months. The study is manageable since the data collection involves the technological aspect that will help simplify the task of collection. Therefore, this step will assist in reducing the duration required. Bibliography
References
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esk, (2013). Mobile Banking App. Bankmagazin, 62(10), pp.51-51.
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