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Introduction Of Dissertation Aims And Objectives Business Essay

Customer satisfaction has always been a strong influence of organizational decision making. Webster (1988) suggested identifying and satisfying customer needs and wants would yield organizations competitive advantage over its rivals. Organizations should tailor their offerings with the changing requirements of the customers. Kandampully and Suhartanto (2000) suggested that the customers' loyalty is an important determinant of organizational success. They argued that satisfied customers would result in the sales or expansion of the business which yield a relatively higher market share.

The present global economy is characterized by underscoring the importance of modern information and communication technologies for day to day running of business affairs. It is an area which is quite fertile for academic and business research. In the global economy the banking sector occupies an essential position which has been effected by many external and internal forces in the countries (Gentle, 1993; Nellis, 1998). Technological change has lot of implications in the banking industry as internet is changing the whole competitive arena. These forces are dramatically transforming the banking sector. A rising trend in transactional Internet banking has been observed. Barwise (1997) estimated that in ten years time the online transaction will reach to 60 percent of total retail banking transactions.

1.2: Choice Rationale of the Thesis Research:

Banks are providing online banking internet services but the main issues lies in the adaptation of the services on the part of the customers. Continuous use of a product or service is called adoption. Before the readiness of the adoption of the product or service, consumers generally go through “a process of knowledge, persuasion, decision and confirmation” (Rogers and Shoemaker; 1971). At its basic level, the rapid penetration level of technology influences the productivity. This diffusion of technology, one way or the other, is an indicator of widespread adaptation of the same. Pilat and Lee (2001), Akhavein et al. (2001) and Sullivan and Wang (2005) regarded it as a major element for the growth of the economy.

Looking at these issues, it becomes imperative for the banks to take necessary measure to increase awareness about banks products and services to the consumers. Banks should also take steps so as to ensure that they are providing optimal value to the customers (Trethowan and Scullion, 1997). In comparison to tradition distribution channels, the additional values provided by internet banking are convenience, sales orientation and lower cost (Daniel, 1999). Similarly, Cooper (1997) exerted that good products cannot sell themselves on their own so we need to create awareness about those. Another aspect that is important for adoption of product or service by customer is ease of use (Wallis, 1997).

1.3: Main Issues of the Thesis Research:

In early 2001, the opportunities for the internet services firms have been gone astray which is the results of a lot of false speculations about the internet. Majority of the users adopt internet in order to improve their stability and chances of survival yet the phenomenon itself observed lot of problems by then. Moe and Fader (2001) suggested that people were not clear whether this technology is bringing any improvement in the society or it is an alternative to the traditional mode of communication. Brown (2001) suggested that electronic commerce is still not a fully mature phenomenon or at least is observing metaphorical changes so people are not taking very bold steps in its adaptation.

This dissertation focuses on investigating the relationship of importance granted to online banking industry with various factors and the future adaptability of the online-banking. The data will be collected from bank customers in Pakistan who are current users of internet banking for daily transactions and other related banking services.

1.4: Research Objectives and Research Questions of Dissertation:

The main objective of this dissertation is to investigate the association among various factors relevant to importance given to online banking and the relationship between valence of online banking and future adoptability.

Research Question 1: Is there any relation between perceived usefulness of online banking and valence granted to online banking?

Research Question 2: Is there any relation between perceived ease of use of online banking and valence granted to online banking?

Research Question 3: Is there any relation between reliability of online banking and valence granted to online banking?

Research Question 4: Is there any relation between clients' intentions to innovate and valence granted to online banking?

Research Question 5: Is there any relation between demographic characteristics of clients and valence granted to online banking?

Research Question 6: Is there any relation between valence granted to online banking and future adaptability of online banking.

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1.5: Nature of Research Output:

The final outcome of the dissertation will be an account of relationship between various variables as revealed in the previous section. These variables will be explored in the context of e-banking industry of Pakistan.

1.6: Structure of the Thesis:

This dissertation is divided into six chapters. Each chapter starts with the introduction and ends with the conclusion of whatever is being discussed in the chapter. A brief profile of each chapter is presented here under:

· Chapter One - Introduction of Dissertation: Aims and Objectives of Dissertation and Research Approach:This chapter shared a brief overview of the dissertation. It highlighted the importance of customer satisfaction and overview of banking sector. It also contributed the main area of dissertation research along with broad aims and research questions. It also revealed the main research output and structure of dissertation.

1-7: Chapter Summary:

Being the first chapter of dissertation, this chapter highlighted the overall aim and research objectives and research questions. It attempted to prove the importance of customer satisfaction in banking industry and also tried to highlight that banking industry must focus on findings the ways to improve. It is a critical issue for the banking sector as the sector is in the continuous state of transformation. The next chapter will contribute a review of academic and scholarly literature.

CHAPTER 2: REVIEW OF ACADEMIC AND SCHOLARLY LITERATURE

The last chapter gave the introduction of the dissertation. This chapter puts forward the importance of customer satisfaction along with an overview of importance of customer satisfaction for banking industry. This chapter, further, entails discussion on e-banking industry, banking industry of Pakistan, dynamism in banking industry and state of adaptation of e-banking. This chapter will extract factors that will form the basis of development of theoretical framework.

2.1: Customer Satisfaction- An Imperative issue for Businesses:

Customer is at the heart of every organization. While setting organizational direction for the future, a clear and strong reference should be made towards development of customer satisfaction (Ranaweera and Prabhu, 2003). The meta analysis conducted by Szymanski and Henard (2001) revealed that disconfirmation and equity are very strongly associated to customer satisfaction. In a highly competitive environment, customer would stay with their current organization if their satisfaction level is high (Yang and Peterson, 2004). Further to this, Anderson and Sullivan (1993) urged, based on review of academic and scholarly literature. Cronin Jr. et al. (2000) empirically investigated the relationship among quality of the offerings, customer satisfaction and customer perceived value with customers' behavioral intentions. Their work confirmed that all of these construct positive association with the customers' behavioral intentions. Similarly, Woodside et al. (1989) used script theory and service quality literature and built a framework to reveal interrelationship among customers' attitudinal dimensions, service quality and customer satisfaction. They used the context of healthcare industry and confirmed the positive interrelationship among these. Similarly, the work of McDougall and Levesque (2000) revealed that in order to improve customer satisfaction an organization must improve its service quality as well as customers' perceived value. Hallowell (1996) conducted a large scale investigation in financial service industry and explained the association between customers' satisfaction and loyalty. He, then, explained the relationship between customer loyalty and profitability. He employed a varied range of techniques in order to gauge organizational profitability, customer satisfaction with the current offerings and customer loyalty with the organization. His work put forth clear insights in an organization's capacity of improving its profitability through improving customer's loyalty where the later is an outcome of customer satisfaction.

2.2: Customer Satisfaction-Banking Industry Context:

The last decade can be embarked as an era of significant movements in the consumer financial industry (Roig et al., 2006). They further highlighted that the reason for such changes taking place in the industry is the rising competition. The competition was among the existing players and the situation was becoming more intense with the entry of new firms in the market. Edward et al. (1999) investigated the dimension of change in European environment specially United Kingdom. Their work reported that the industry was characterized by lot of regulations, mounting level of competition along with information technology penetration in the current players. These were among the imperative influences of the industry and had important bearings on the working of the members of the industry. Rust and Roland (1993) regarded that customer satisfaction programs should be given significant valence as it is the basis of success of a lot business and functional initiatives of the organization and enable it meeting its bottom line profit levels. They also argued that building customer loyalty and improving customer retention levels will boost the market worth of the business by improving market share. Dube and Renaghan (1994) suggested in the awake of escalating competition, the issue of customer satisfaction must be handled with due diligence. If it cannot be regarded with utmost certainty that a satisfied customer would not come back, one can always guarantee that a dissatisfied customer would not return to the organization. The organizational decision makers, thus, should look at the determinants of customer satisfaction so as to ensure repeat sale to the same customers . The idea of maintaining customer loyalty was also further by Jacoby and Chestnut (1978) who put forth that satisfied customers become loyal with the organization and maintain a long term relation with the organization.

Reidenbach (1996) highlighted that banks must analyze and maintain the consumer perceived value. This would enable organization survive in competitive era. Johnston (1997) provided decisions makers to help them evaluate the service quality endeavors. He put forth relation valence to factors associated with satisfaction and dissatisfaction. He further categorized these factors for their contribution in making customers happy or otherwise. His work involved analysis of more than 200 stories of banking customer along with around 100 interviews. His main contribution came in the form of a typology which separates the factors that increase customers' satisfaction from customers' dissatisfaction. For instance, he suggested that speed of customer services, particularly in information processing, is primarily a satisfier whereas factors associated with reliability of tangible artifacts is linked with reducing customers' dissatisfaction. He suggested that organizations should not only focus on improving customers satisfaction but at the same time must also focus on reduction of customers dissatisfaction.

Similarly, Loveman (1998) analyzed the relationship between employee satisfaction, customer loyalty and financial performance of an organization. The highlighted the idea of “service profit chain”. He used a panel date collected from number of branches of large bank and analysed the relationship between various elements of “service profit chain”. His work confirmed the relationship between the customer loyalty and financial performance of the organization. He further highlighted that a number of financial entities have made considerable investment in developing their customer relationship management programs along with data storage capabilities in the form of data warehouses. However, these entities have not yet done excellent in this area. There is still a lot that has to be accomplished. These financial institutions must strive hard to foster the customers perceived value.

The work of Woodruff (1997) highlighted that an organization, by creating a higher level of customer value, can gain competitive advantage over its rivals. It would enable them in surviving from their rivals yet it is importance envisage that such value endeavors have must not to be same among firms.

2.3 E-Banking Industry:

2.3.1 Introduction of E-Banking:

The word “e-banking” also referred as “online-banking” is used to refer to a situation where a bank provides the general day-to-day services through the world-wide-web. In the wake of upsurge of internet and communication technologies, the present e-banking involves wide-range usage of mobile phones, digital TVs, computers, television, telecommunication routers, and other ancillary equipments. Generally, in order to execute a business transaction, the account holder or prospective client visit the bank's website. The customer, then, browse the relevant portion of the website and render the requisite information to the bank. Depending on the nature of transactions, these transactions could be either synchronous or asynchronous. Similarly, depending on the nature of transaction, bank may allow or may not allow the website surfer to access certain parts of the website. Banks use their website for facilitating customers for timeless and location less operations. Furthermore, banks also regard the online banking system as an effective, efficient and economic way of conducting the banking business. Banks advertise on their websites, publishes information about new products and services offered by the bank. Presently, banks are offering both online and offline banking services. A number of banks provide both types of services. Use of Automated Teller Machine and telephone or cell phone banking is also regarded as an important e-banking component.

2.3.2 Importance of E-Banking Industry:

The present global economy is characterized by underscoring the importance of modern information and communication technologies for day to day running of business affairs. It is an area which is quite reap for academic and business research. In the global economy the banking sector occupies an essential position which has been effected by many external and internal forces in the countries (Gentle, 1993; Nellis, 1998). Technological change has lot of implications in the banking industry as internet is changing the whole competitive arena. These forces are dramatically transforming the banking sector.

Sayar and Wolfe (2007) regarded change in technology as a determinant of the current transformation in the retail banking industry. The current development has resulted in a drastic shift in the way businesses are conducted currently and in the last decade. Moreover, the development observed in the domain of world-wide-web and concurrent developments in e-banking has also brought a significant shift in the industry. The authors also argued that current transformation in banking industry was the result of changes taking place in business-to-consumer electronic commerce arena. These led to changed distribution methods resulting in easier distribution of products. The very nature of bank's offering (intangible) made this electronic distribution possible.

Sathye (1999b) highlighted that the routine day-to-day banking is growing very speedily. According to an estimate made by Barwise (1997), in a decade's time, more than half of all the banking transactions will be conducted through internet banking channels. In the same year, Booz et al. (1997) conducted a research to analyze the global potential of e-banking industry. Their work reported that by year 2003, around 20 percent of all retain banking transaction and around 30 percent of the corporate customers will be using e-banking one way or other. Other important insights arise from the work of Hagel and Eisenmann (1994) and Hagel and Lansing (1994). They highlighted that the giants from the other industry including software and telecom intend to enter the e-banking industry. So, in order to manage the competitive dynamics of the industry, the firms must initiate e-banking endeavor.

2.4 Banking System of Pakistan:

Prior to inception of Pakistan, the sub continent was dominated by the British banks. After the partition, the Government of Pakistan, launched State Bank of Pakistan (SBP) as the central bank of the country. It is the body charged with the regulation of banking industry in the country. Later, during 1960s and 70s, Government launched “Industrial Bank of Pakistan” and “Agriculture Development of Pakistan” respectively. The 1974 marked the darkest day in the history of Pakistani banking when all the banks were nationalized. In the same year, a new organization was established in the name of “Pakistan Banking Council”. It has got limited authority and it remained in force untill 1997. To date, SBP has the sole authority on financial and banking institutions of Pakistan.

Pakistani banks provide a multitude of services ranging from safe custody of money, valuables, loans, etc. to e-banking facilities. The instability of policies and economy has drastically influenced the banking industry (State Bank of Pakistan, 2006). Previously, a significant portion of the banks were under the influence of Government of Pakistan. However, the rapid involvement of private sector in banking industry resulted in industry becoming more competitive yet profitable (State Bank of Pakistan, 2009). Towards the end of 1980s and start of 1990s, Pakistan banking sector faced daunting situation due to political pressures in the day-to-day running of the banks (Baig, 2000). Banks were compelled to take decisions which were politically driven instead of being based on efficiency or economy rationales. During that era, five banks dominated Pakistani banking industry of Pakistan (Ahmad et al., 2010). Towards the end of the 1990s, 84 percent of all the assets in the banking system were owned by these five banks.

As compared to the start of 1990s, where banking sector did not show good performance as a result of lack of quality offerings, the present era observe a relatively better condition of the industry. The blossoming position of the industry was the courtesy of involvement of private sector in the industry. Akhtar (2006) noticed that earlier concentration of assets in the banking industry had been declining. Moreover, the change in industry's structure has also severely influenced the industry's profitability. Yet, the industry observed another state of transformation in which more and more banks were either privatized or being consolidated with others. Very recently, to State Bank of Pakistan (2009) embarked that 81 percent of the banking assets are in the ownership of private sector banks.

The present day success of banking Industry of Pakistan is because the courtesy of speed of transformation in the sector. Akhtar (2006) attributed that this success would add to the national growth and improve the state of economy. The recent changes have made it more responsive and efficient and it is now in better position to cope with economical downturns. The industry is reaping phenomenal growth and profitability. Starting from year 2000, the size of industry has tripled and total worth has reached to around PKR 4 trillion (Akhtar, 2006). Moreover, State Bank of Pakistan (2006) reported that the asset to GDP ratio of banking sector has reached to 55.6 percent in 2006. In 2000, it was reported at 47.2 percent. The sector has high growth potential.

The everyday banking industry is becoming more and more ardent and is playing a contributory role in service industry (Mishkin, 2001). The regulatory and technological changes has important bearings in shaping the present banking industry (Angur et al., 1999). Despite these pressures, Pakistani banks shined out of these crises even during severe economic crunch both nationally and internationally (Raza, 2009). The industry has observed strict regulatory pressures in the wake of elevated competition arouse out of concentration of local and foreign banks in Pakistan (Ahmad et al., 2010). They also argued that the current regulatory regime was triggered by the role of banks to maintain economic efficiency and financial stability in the industry. Moreover, the consolidated movements going on in the industry was another important factor.

Ahmad et al. (2010) reported the current state of Banking industry and highlighted that presently there are of 4 public sector commercial banks, 3 specialized scheduled banks, 25 private local banks, 6 foreign banks, 8 development financial institutions and 6 micro finance banks. These are in addition to the State Bank of Pakistan, which is the central bank of the industry. The present state is significantly high as compared to the same of 1990 and 1995 when the total number of banks were 31 and 45 respectively. Raza (2009) highlighted that the upsurge in technology has also influenced the banking industry of Pakistan. It has resulted in the increased usage of location-less banking and the trend is likely to accelerate in the time to come. He further referred that during October-December 2009 was PKR 4.1 trillion. He further highlighted that the current bank account holders number is significantly high (26 million account holders) which would also support the adaptation of e-banking in the time to come.

2.5 Dynamism in Banking Industry:

The work of Nellis et al. (2000) highlighted the dynamism in European Banks. They highlighted that the competition has an adverse influence of Bank's profits as they have to respond to changed circumstances. They argued Banks have to respond by changing their international operating strategies by changing from “pan-Europeanisation” to “European-Regionalisation”. Further to this, Jayawardhena and Foley (2000) highlighted that Banking Industry is a in state of transformation because of changes in variety o factors. These factors does not only include economic and economic factors, yet they also cover social and technological influencers. They further put forward that the industry, generally, shows incapacity in altering these factors yet the success of any individual member would depend on its competence to forecast and subsequently cope with these factors.

The work of Gandy (1998) drew a lot of attention towards the role of technology in influencing the banking sector of a country. He suggested that the previous decade can be safely marked with the role of technology as an important determinant of banking revolution. The marked progress in technology and growth in banking sector resulted in ever high cross border movement of capital as well as members of financial industry. Courtesy of technology, these organizations became capable of satisfying new needs and wants of their customers through development of new products and services. Another important driver of recent transformation of banking industry is deregulation (Nellis et al., 2000). Other researchers highlighted some other factors that proved to worth noting. For instance, the work of Llewellyn (1999) reported the influence of social and demographical factors in shaping the businesses. He argued that these factors will continue to escalate in the time to come. This trend will have important pressure on kind of products and services to be offered by businesses and banking sector is no exception to this. Another important change observed in the society was the preference, among workers, to work part-time and work from home. This could be another factor that could shape the banking industry. Further to this, Bednar et al. (Bednar et al., 1995) reported the change is level of technology can be safely regarded as among one of the top factors shaping banking industry.

Further to this, the demand of the bank's customer is also changing day by day. Today, the pressure on the banks to meet the requirements of its customers is ever higher as compared to the earlier situation (Jayawardhena and Foley, 2000). This is because in most parts of the world, the regulatory regimes became customer supportive. Porter (2001) suggested that because of technology, the customer are more aware as they have been earlier and they are now more powerful as their bargaining power has increased. The work of Mols (2000) and Hagel et al (1997) highlighted that internet will transform the living style of the people and the way they work. It would also bring a shift in their banking usage pattern. An important insight aroused of their work is that the current customers have increasingly become sophisticated. This is marked by increased usage of internet which would ultimately result in dissemination of ever higher level of information to the customers that may lead to altered buying decisions and hence mounted switching patterns. Tomiuk and Pinsonneault (2002) reviewed a lot of literature of marketing, social psychology along communication. This literature recounted customer loyalty and they suggested that electronic banking would be influence the customer loyalty yet the type of customer moderates this relationship. Putting in the perspective, the current preference level of internet among banking sector can mark the future where the account holders will access their accounts with a click of the mouse. Gonzalez et al. (2004) and Akamavi (2005) explored the issue of investment in equipment in the case of electronic banking. Notably, the former exerted that an the e-banking service provider faces additional challenges including investment in e-banking hardware and related software technologies. Hway-Boon and Yu (2007) furthered there idea.

2.6: Adaptation of E-Banking:

Acceptance of e-banking by the customers is a topical issue. Last few years has observed various studies taking place to improve the understanding in the area (Shah and Siddiqui, 2006, Sadiq Sohail and Shanmugham, 2003, Akinci et al., 2004, Poon, 2008, Liao and Cheung, 2002, Kolodinsky et al., 2004, Lassar et al., 2005). Banks are providing internet services but the main issues lies in the adaptation of the services from the customers. Continuous use of a product or service is called adoption. Before the readiness of the adoption of the product or service consumers go through “a process of knowledge, persuasion, decision and confirmation” (Rogers and Shoemaker; 1971).

The work of Kolodinsky et al. (2004) higlihted the state of adaptation of e-banking in the industry. They reported that in USA, a very significant majority are currently using the e-banking facilities. In the years to come, another very significant majority of the Americans would start using e-banking. Yet, it is important to highlight here that many of the peoples still did not use it and a very large majority of them would not use e-banking even in future. They further exerted that it is a very significant area to be studied. Their work revealed that age, gender, marital status, education level of the users, assets, level of income, complexity or simplicity of transaction, compatibility, risk avoidance, product involvement and observability are associated with the e-banking adaptation. Further to this, the work of Jayawardhena and Foley (2000) cited that among various reasons of adaptation of e-banking by the banks, cost rationale, larger customer base, flexibility in customizing services, ease of marketing communication are vital. They further regarded that in e-banking customers become more empowered as the transaction processing capability lies with them. In e-banking, a customer performs similar tasks which were previously carried out by a bank's officer.

At the micro level diffusion of new technology affects the productivity moderately as compared to a new generation of technologies. Diffusion means the adoption of technology in the firms. It is regarded as a major element for the growth of economy (Pilat and Lee, 2001; Akhavein et al.,; 2001; Sullivan and Wang, 2005). Looking at these issues, it becomes imperative for the banks to take necessary measure to increase awareness about banks products and services to the consumers. Banks should also take steps so as to ensure that they are providing optimal value to the customers (Trethowan and Silicone; 1999). In comparison to tradition distribution channels, the additional values provided by internet banking are convenience, sales orientation and lower cost (Daniel; 1999). Similarly, Cooper (1997) exerted that good products cannot sell themselves on their own so we need to create awareness about those. Another aspect that is important for adoption of product or service by customer is ease of use (Wallis; 1997).

2.6 Factors Influencing Adaptation of Internet Banking:

This section would encompass the factors which would form the basis of development of theoretical framework as well as the model for study.

2.6.1. Tendency to Innovate:

The literature in this domain of knowledge encompasses the factors that were either reasons why firms headed towards innovation or identification of patters of innovation among the firms (Bradley and Stewart, 2002). The organizations are compelled to innovate because of transformation in its environmental setting (Damanpour, 1991). The environment could be ranged from both internal and external environment. The work of Mansfield (1963) highlighted that entry of new competitors could also be a reason that compels organization to innovate. One of the most influential of all the works cited in the area of innovation include the work carried on by Rogers (1995). He regarded that, observability, tribility and complexity of an innovation influence the overall decision to adopt the technology.

With reference to whatever has been discussed in this section, this study takes the perspective from the viewpoint of users.

2.6.2 Perceived Usefulness:

The technology adaptation model proposed by Davis (1989) exerted importance of the customers' perception about any particular product as an important determinant of adaptation of that product. He named this factor as “perceived usefulness” and regarded it as the extent to which an individual maintains that a set of activities of a system can be instrumental in accomplishing his job. The concept was popularized by the work of Davis (1989) and has been extensively research since then (Adams et al., 1992, Larcker and Lessig, 2007, Fenech, 1998, Igbaria et al., 1994).

2.7.3 Perceived Ease of use:

The technology adaptation model proposed by Davis (1989), further, put forth the idea of perceived ease of use. Davis et al. (1989) exerted that it is a major determinant of adaptation of e-banking among masses. Davis (1989) suggested that the “perceived ease of use” is the extent or level of believing by an individual that using a particular type of system is not cumbersome or does not demand exertion of a lot of effort. The execution of transactions using world-wide-web should be considered lot easier. The idea has its roots in the work of Schultz and Slevin (1975). The concept is popularized by the work of Davis et al. (1989) and was later used by variety of researchers in lot of business settings (Segars and Grover, 1993, Venkatesh and Davis, 2007, Venkatesh, 2000, Subramanian, 1994, Doll et al., 2007)

2.7.4 Reliability:

Reliability has long been regarded as an important dimension of an organizational offering (Parasuraman et al., 1988, Van Gorder, 1990). The work of Khan et al. (2009) put forward various factors that were perceived important by users of e-banking. They exerted that reliability, accessibility, userfriendliness, privacy/security, efficiency, responsiveness and fulfillment. These factors were based on the work of Parasuraman et al. (1985) yet the only difference between the two models was that the later was a general model while the former was a revised version of Parasuraman et al. (1985). Similarly, Johnston (1995) also highlighted the importance of reliability in banking services. He suggested that if customers do not find reliability, they will regard it as a potential source of dissatisfaction. Yang and Peterson (2004) suggested that internet market has resulted in ever increased level of competition. In order to survive in this, the online service providers should focus on responsiveness, reliability, competence, access and security of their offerings. Similarly, Wolfinbarger and Gilly (2002) highlighted the importance of reliability in an e-commerce environment. The reliability factor was also present in Jun and Cai (2001) typology. The authors highlighted 17 dimensions of service quality for e-banking environment which they deem were important determinants. They argued that among other variables, reliability is important for both traditional and online banking environments. Other notable researchers who exerted the importance of reliability in include (Dabholkar, 1996, Floh and Treiblmaier, 2006, Lee and Lin, 2005, Bauer et al., 2005). Internet banking, besides having lot of advantages being advocated in the academic and research literature, has its associated challenges. In this regard, the work of Sathye (1999a) highlighted relevant challenges which include issues concerning security of internet transaction, lack of technology and complexity of the transaction which arises out of it. Similarly, Liao and Cheung (2002) highlighted relevant concerns of the clients which includes issues related to security and accuracy of the transactions.

2.7.5 Demographic Factors:

The demographics is the study of characteristics of population (Webster, 2010). Earlier research has shown that it is strongly associated with the purchase decisions of the buyers. Bellman et al. (1999) exerted that personal attributes of the purchasers are the determinants of their intentions to purchase online. The idea was also supported by many others researchers including Schmidt and Spreng (1996), Crompton Paul and John (1993), Kim et al. (1999), Williams and Slama (1995), O'Cass (2000)Crow and Lindquist (1985) and Girard et al. (2003). These researchers in their respective areas put forward the importance of Gender and Education level in making purchase decisions.

2.8 Conclusion:

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CHAPTER THREE: THEORETICAL FRAMEWORK OF THE DISSERTATION

This chapter will contribute the theoretical framework for this dissertation research. It would use the literature contributed in the preceding chapter and will put forward the model along with dissertation hypothesis for the research.

3.1 Theoretical Underpinnings - Rationale:

Internet banking has been used to serve as a platform for provision of banking related services. It was the matter of years, when this new technology gained prominence in not only developed and but also in developing countries of the world (Wan et al., 2005). Lewis and Pescetto (1996) regarded the adoption of e-banking as a response to fierce competition faced by US banks from the international counterparts. It resulted in the elimination of geographical boundaries of the banks. At its primitive level, internet banking embarks on provision of information about the banks' offerings. However, with the advent of sophisticated and reliable telecommunication means, the sphere of activities is extended to online access of customers' account, electronic transfer of money from one account to another, purchase of financial offerings by a client, etc. Sathye (1999a) regarded it as transactional e-banking. It would be the source of competitive advantage in the time to come.

Dube and Renaghan (1994) suggested in the awake of escalating competition, the issue of customer satisfaction must be handled with due diligence. If it cannot be regarded with utmost certainty that a satisfied customer would not come back, one can always guarantee that a dissatisfied customer would not return to the organization. The organizational decision makers, thus, should look at the determinants of customer satisfaction so as to ensure repeat sale to the same customers.

The online banking endeavor is becoming an imperative channel through which banking organizations are reaching their individual and businesses customers. This was possible as technology offers banks to attract and retain a large clientele base. This would be a pie from the current users of internet technologies (Suganthi et al., 2001). Furthermore, it was observed that banks are moving away from geographical specific banking location to online virtual organizations. This is the result of the rise in their internet capabilities. Further to this, this new advancement in banking sector has opened up new vistas of value for the customers (Laukkanen, 2007).

Over the period of time, the banking sector has observed fierce competition. This is both among online banking and non-banking financial institutions. This is because of increasing goodwill of the banking sector. Yakhlef (2001) regarded that the e-banking is considered both as an alternative as well as a complementary facility to the traditional banking channels. The advantages coming in the form of improved relations with the customers are particularly value able for the banks. Shostack (1985) elaborated the concept of service encounter and suggested that it is amount of time during which a customer actually receives service. Such service encounters are regarded as an important determinant of customers' perceived service quality and in turn satisfaction and retention. The work of Bitner (1990) highlighted the importance of HR resource, physical layout where service are actually delivered and associate tangible elements. He suggested that these factors, being imperative for effective service encounter, should be handled at top priority by the organization. Later, Bitner et al. (2000) shared their insights on inclusion of technology in service encounters. They, once again, urged on the importance of service encounters and suggested that these are relevant to all industries, even to those sectors which were not traditionally been regarded as a service provider. They highlighted that the rapid diffusion of technology in changing the way services are provided to the customers and suggested various means through which these experiences can be improved. They exerted that technology is a strategy enable and improves an organization's capability of customizing service offerings, recovering from service failure and instantaneously make customer delighted. Their findings were corroborated by Meuter et al. (2000) who argued that present customer interaction with the organization for the receipt of services is quite different from the traditional service encounters. The present era observes the use of self-service technologies for these things. In this regard, both human and non-human elements count towards effective service provision.

3.2 Hypothesis Development:

3.2.1 Background Discussion:

This section encompasses discussion on development of hypothesis. Rogers (1995) regarded that, observability, tribility and complexity of an innovation influence the overall decision to adopt the technology. This research takes the perspective of the individual in this regard and use it in the development of theoretical framework. It is regarded as the more the innovative behavior possessed by the individual, more would be the valence attributed to the online banking. Similarly, Davis (1989) put forward the concept of “perceived usefulness”. It is the extent to which an individual maintains that a set of activities of a system can be instrumental in accomplishing his job. It is envisaged that higher the perceived usefulness of internet banking, higher would be the valence given to the online banking by the clients. Furthermore, the work of Davis (1989) also contributed the idea of perceived ease of use which is the extent to which an individual assumes that a particular type of system is not easy or may require a lot of effort. It was regarded that perceived ease of use and valence granted to online banking are directly related to each other.

Reliability has long been regarded as an important dimension of an organizational offering (Parasuraman et al., 1988, Van Gorder, 1990). Wolfinbarger and Gilly (2002) highlighted the importance of reliability in an e-commerce environment. The reliability factor was also present in Jun and Cai (2001) typology. Other notable researchers who exerted the importance of reliability in include (Dabholkar, 1996, Floh and Treiblmaier, 2006, Lee and Lin, 2005, Bauer et al., 2005). It is envisaged that if the bank clients perceive online banking as a reliable medium of transaction then they would associate high valence to internet banking. Similarly, Bellman et al. (1999) exerted that personal attributes of the purchasers are the determinants of their intentions to purchase online. It was envisaged that Education level of the respondents and gender of the respondents are positively associated with the valence attributed to online banking.

3.2.2 Dissertation Hypothesis:

This section deals with the presentation of dissertation hypothesis. To facilitate readership, each hypothesis is linked with the relevant research objective.

Research Question 1: Is there any relation between perceived usefulness of online banking and valence granted to online banking?

Ho-1 = There is no relationship between perceived usefulness of online banking and valence granted to online banking.

h3-1 = There is a positive relationship between perceived usefulness of online banking and valence granted to online banking.

Research Question 2: Is there any relation between perceived ease of use of online banking and valence granted to online banking?

Ho-2 = There is no relationship between perceived ease of use of online banking and valence granted to online banking.

h3-2 = There is a positive relationship between perceived ease of use of online banking and valence granted to online banking.

Research Question 3: Is there any relation between reliability of online banking and valence granted to online banking?

Ho-3 = There is no relationship between reliability of online banking and valence granted to online banking.

h3-3 = There is a positive relationship between reliability of online banking and valence granted to online banking.

Research Question 4: Is there any relation between clients' intentions to innovate and valence granted to online banking?

Ho-4 = There is no relationship between intentions to innovate and valence granted to online banking.

h3-4 = There is a positive relationship between intentions to innovate and valence granted to online banking.

Research Question 5: Is there any relation between demographic characteristics of clients and valence granted to online banking?

Ho-5 - 1 = There is no relationship between education level of customer and valence granted to online banking.

h3-5 - 1 = There is a relationship between education level of customer and valence granted to online banking.

Ho-5 - 2 = There is no relationship between gender of the customer and valence granted to online banking.

h3-5 - 2 = There is a positive relationship between gender of the customer and valence granted to online banking.

Research Question 6: Is there any relation between valence granted to online banking and future adaptability of online banking.

Ho-6 = There is no relationship between valence granted to online banking and future adaptability of online banking.

h3-6 = There is a positive relationship between valence granted to online banking and future adaptability of online banking.

3.3.3 Dissertation Model:

These seven hypotheses and their interrelation with each other are given here under. In addition to these, there may be other hypothesis that may be incorporated in this dissertation yet the inclusion of these six hypotheses was deemed appropriate. The dissertation model is given here under:
This model tries to show the relationships between different variables which will be investigated through this dissertation research. This model aims to investigate the existence of positive relationship between perceived ease of use, perceived usefulness, reliability and innovativeness with valence given to banks. Moreover, it is also envisaged that there is a relationship between gender and education level of the respondents and valence given to online banking. Lastly, it was also deemed that there is a positive relationship between valence given to online banking and future adaptation of online banking.

3.4 Conclusion:

This chapter gave the theoretical framework of the dissertation. This chapter linked the research questions given in the previous chapter with the dissertation hypothesis. This was followed by the dissertation model. The next chapter will give methodology of dissertation.

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