The internet banking

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Does the network information technology improve the banking services and reduce cost?

What are the customer's reaction and perception of internet banking system and what will the future of banking system be?

Why choose this title?

A feature of the banking industry across the globe has becoming turbulent and competitive, characterized by an increasing trend towards internationalization, mergers, takeovers and consolidation of the banking industry. Internet banking is an outgrowth of PC banking. It uses the internet as the delivery channel by which to conduct banking activity, for example, transferring funds, paying bills, viewing, checking and savings account balances, paying housing loan and purchasing financial instruments and certificates of deposits. Internet banking is a result of explored possibility to use internet application in one of the various domains of commerce.

Author selected this topic because he is one of those practicing the internet banking services and so familiar with those transactions of internet banking services. Further, he has cousins who studying abroad and internet banking is needed to assist his uncle or auntie to do online transfer of money from their account to their children. In addition, Author enjoys buying products online. All those online transactions are fast, effective and efficient. That's the reason came out with this title.

Most of the information obtain for the approach and method of course are not so reliable because they are provided from many kind of sources such as internet or magazine, they take no responsibility for what they said. Therefore it is difficult to infer whether the internet tool has been applied for the customer's convenience and whether customers' behaviors related issues would affect the consumer preference and loyalty towards adoption of internet banking.

To ensure the genuineness of information, the author will collect the research information from newspapers, Bank Negara annual report, magazines, journals, reference book, and internet resource. He will evaluate research information related to the customers' feedback regarding the reliability, assurance, tangible, empathy, and responsive toward internet banking services.

In conclusion, the author will analyze whether the various electronic delivery channels can improve the banking services, reduce cost and the preference from the customer towards internet banking system. From there, author can see the future of the banking system. The various electronic delivery channels are definitely improving the banking services and reducing cost. In order to provide and receive prompt service and achieve work efficiency, the customer would prefer online internet banking system. So, the development of internet banking will and shall continuously develop and most of the banks will conduct online in the future.

Summary

As a response and aided by technological developments, banks are always attempt to build customer satisfaction by providing some better products and services and at the same time trying to reduce operating costs. Therefore the banking industry has been constantly innovating and with the advent of technological developments, especially in the area of telecommunications and information technology.

The usage of information technology (IT) is broadly referring to computers and peripheral equipment, has seen tremendous growth in service industries in the recent past. The most obvious example is perhaps the banking industry, where through the introduction of IT related products in internet banking, electronic payments, security investments, information exchanges, banks can now provides more diverse services to customers with less manpower. Seeing this pattern of growth, it is obvious that IT can bring about equivalent contribution to profits.

In general, there are two positive effects regarding the relations between IT and banks' performance. Firstly, IT can reduce banks' operational costs (the cost advantage). For example, internet helps banks to conduct standardized, low value-added transactions (such as bill payments, balance inquiries, account transfer) through the online channel, while focusing their resources into specialized, high-value added transactions (such as small business lending, personal trust services, investment banking) through branches. Secondly, IT can facilitate transactions among customers within the same network such as automated teller machines -ATM, internet banking and etc. (Haque et al, 2009)

Correspondingly, the banking industry is now Internet to offer its flexible services to the customers with ease and convenience. This system of reciprocal interactions between the customer and the banking industries is widely known as internet banking. Internet banking is particularly well-practiced in US, UK, Austria, Korea, Japan, Singapore, Spain, and Switzerland, where estimated more than 75% of all banks offer such service. (N. Richard , & J.S. Arora A2 ,2009) Yet the development and increasing role of the Internet as a service channel and also breaching geographical, industrial, and regulatory barriers, creating new products, services, market opportunities, and developing more information and system-oriented business and management processes.

As a result, analysis the changing consumer behavior and keep update consumers' needs are very imperative in the banking industry. As prospect of Internet banking depends on customer's preferences, therefore, specific understanding on customers' perceived requirements and meeting their demands and expectations are becoming multifaceted challenge. (Hiltunen et al., 2002) However, with the growth of Internet and the E-Economy, the customers should be in control and it is not difficult for them to move to a competitor's site.

Why information technology important at banking industry?

The Importance of IT at banking industry

The author understands that with a new commercial revolution by providing a direct way to customer and banking to exchanging information, to sell or buy products and services such as payment system. (Christopher et al., 2006) With the new revolution, banking sector can be attributed to increasing deregulation and globalization, the major stimulus for rationalization, consolidation, and an increasing focus on costs saving. The implementation of internet banking system which was holds several apparent advantages for the banks as the key outcome of revolutionary technologies.

In line with global trends, the author also highlight that financial institutions in Malaysia have been undergo incredible changes since the 1970's and follow by introducing of Automated Teller Machine (ATM) in 1980's. ATM is well thought-out as the most visible piece of evidence of the emerging electronic banking in Malaysia. Besides, Tele-banking and PC-banking also introduce to the market in the 1990's. With the technology grow and the demand from the market, Malaysia Banking institute introduce Internet-banking in the 2000's. (Bank Negara Annual Report, 2003)

After author elaborated the importance of the technology information for banking industry, he also highlights the most important step that the banking industry needs to know how recognize technology as an increasingly powerful change driver in the year's ahead beacsue:-
  1. Technology will further reduce processing cost - As competitive pressures continue to narrow interest margins, the reduction of processing cost has become an important issue. Banks which ignore new technology will end up with outdated systems which result in higher costs and market disadvantages. (Williamson, 2006)
  2. Technology will continue to improve productivity - Technology can improve productivity which is not only in operations but also in accounting, planning and control. The productivity of management can be improved through better management information. With computerization, management information systems will report risks and performance more accurately and on timely basis. (Srivastava, 2009) The top management's effectiveness will be improved and control over operations facilitated.
  3. Technology will evolve new products or services - Local banks are now beginning to use technology as a tool to improve or create new banking products and service.
  4. Technology will increasingly be utilized as an important marketing tool - Banks are also utilizing technology such as advanced processing and delivery system to gain a marketing advantage.
  5. Technology will provide a competitive advantage -The main objective of adopting new technology in banking is to create a competitive advantage through lower transaction costs, better product quality, greater product differentiation and higher overall productivity. (Suganthi et. al, 2001)

What is the impact of global internet banking in Malaysia?

The Electronic Revolution in the Malaysia Banking Sector

The author realized the importance of the information technology impact of the Malaysia banking industry. Thus, he went further for the research of the electronic revaluation in the Malaysia banking sector.

In recent years, the Malaysian commercial banking scene had witnessed the introduction of numerous innovations. Those are telephone banking, banking kiosks, internet banking, desktop banking and increasing numbers of ATMs being installed within branch and at off-site locations. With rapid advancement in technology one can expect to see greater automation in the commercial banking sector in Malaysia in the future as commercial banks seek to reduce costs through a cheaper and more efficient delivery system.

Type of Electronic banking services launched in Malaysia

Following the author will go through the different types of electronic banking services launched in Malaysia banks which can helps the banking industry to increase competency by improve the productivity and reduce cost. One significant factor propelling structural change in the Malaysia banking industry today is the development of new and advanced banking technology.

Automated Teller Machine

Since then technology has made significant inroads into the local banking industry. There are now over 5000 ATMs with three main shared networks in Malaysia. (Bank Negara Malaysia Annual Report 2006). The introduction of ATMs provides flexibility to the customer for several types of service such as transfer fund, cash withdrawal, pay housing, personal or car loan, balance inquiry for saving and credit card account, bill payments, making cash and check deposit in 24 hours. Due to computerization has changed the way people do banking, thus most of us have taken for granted convenience banking where there is no longer the need to queue up in the banking hall to deposit or withdraw their money.

By further improve the ATM demand from consumers and reduce the ATM installation cost, ATM cardholders would be able to carry out transactions at the terminal of any of the other participating banks or financial institute. As a result, most of the local banking institutes in Malaysia join members of the Malaysian Electronic Payment System (MEPS) Sdn. Bhd., so that member banks' customers can have access to their accounts via any ATM belonging to the MEPS network. After launched the MEPS which help to reduce the bank expenditure to located the new ATM machine and also can convenient their customer to withdrawal at any MEPS ATM machines.

Tele-banking service

Tele-banking started in Malaysia in 1990 as another alternative for customer to perform the banking transaction. It almost same functions available on the ATM except withdrawal and deposit of cash, thus demand from customer. The main facilities available are checking balance inquiry, funds transfer, credit card payment, checking the information e.g. Foreign exchange rate, bill payments, redeem credit reward gift & etc. Below is the sample of HSBC Tele banking webpage:

Internet Banking

Recognizing the importance of IT to create and develop an innovative and competitive banking sector, Bank Negara Malaysia was announced at the Conference of Financial Institutions that with effect from June 2000, domestic banking institutions will be allowed to offer the full range of banking products and services over the internet while locally incorporated foreign banks may offer transactional internet banking services from January 1, 2002. (Bank Negara Annual Report, 2003/04) Further there is a World Wide Web, a collection of pages stored on computers joined by links. With a web browser application program, one can practically finds menus that take you from one site to another. It is the easiest way to 'surf' through the Net because information is organized into topics. Sometimes, you can also specify your search criteria and get to the topics that you are interested in it.

In May 1995, Wells Fargo one of the largest bank in US and also first bank in the world offer customer access their account over internet. With rapid growth of internet development throughout the world, Bank of East Asia (Hong Kong) first launched Internet banking services in September 1999. (K.G. Balachandher, 2000) Internet banking is the ability to do your banking via the Internet or World Wide Web (WWW). Internet banking works on an open system concept. All that the potential customers need to do with their banking is a browser. Customers dial in and use the bank's software which can be updated and upgraded at anytime without affecting the customer in any way. (Williamson, 2006) Internet banking services cover a whole range of transactions such as : accessing accounts and checking account balances, paying bills, transferring funds between accounts, applying for loans, checking when the cheques are cleared, online statement, stop payments of cheque and cheque book re-ordering. (Srivastava,2008)

With the Multimedia Super Corridor (MSC) as a trump card and supported by focused government initiatives, internet banking can provide enormous advantage for Malaysia to improve flexibility, speed and reduce cost of business transactions. Hence, Malaysian companies, financial institutions in particular, have a unique opportunity to gain significant advantages over their international competitors.

As comment from author, nowadays revolution in technology, banking can soon be transacted instantly with just a click of the mouse. (Williamson, 2006) Internet banking will radically change our lifestyles - the way we live and work. No more standing in long queues at the banking hall or having to squeeze a visit during your lunch break. Wherever we are, whether at home, at the office or on vacation, "virtual bank" will be right there with us. You just need to have a PC or notebook, plug and access the internet to experience the ultimate banking convenience. Just point and click - your money or your banking needs are managed from anywhere and anytime. Internet banking is specially designed for those with frantic lifestyles, providing both freedom and cost saving.

The Internet banking in the Malaysia: current landscape

According to IDC Malaysia, a research and consultancy firm, the number of internet users in Malaysia has crossed the 16 million marks as at 2009 and estimate to reach 20.4 million by 2012.

Further, among the Asia country, Malaysia social networking penetration rate was 66.6% in December 2008. (Malaysian Media Congress Survey 2009-Appendix A) This show how widespread is the use of internet banking in Malaysia and also lead to an increase the number of banks offering internet banking. From the past few years, the local bankers were developed and promoted the advantages of internet banking services in order to attract more customers and improve their services. However, the most important is to compete with the international banks in order to survive in the banking industry. There are some local banks offering internet banking such as Maybank have launched their internet banking called Maybank2U at their website: www.maybank2u.com. CIMB Bank launched their internet banking called CIMBClicks at their website: www.cimbclicks.com.my while Hong Leong Bank Bhd launch their internet banking called internet banking which is accessible at www.hlb.com.my.

From the analyses of the information retrieve form various tools, the author noticed that the growth of the development of Internet banking in Malaysia banking industry; it is because internet banking can benefit both consumer and bankers. Other than that, it is also convenience for consumers to access their account at anytime and any place; it is able to facilitate banks in their cross-selling of financial products more effectively and to reach out to a wider pool of potential customers. This will place the bank in a more competitive position as well. Internet banking is also providing a new way of marketing and promoting banking products and services. It creates opportunity for banks to offer new products and services that will make banking more convenient.

Why is Internet banking is Important?

Understanding internet banking is important for several stakeholders, not least of which is management of banking related organizations, since it helps them to derive benefits from it. The Internet as a channel for services delivery is fundamentally different from other channels such as branch networks, telephone banking or Automated Teller Machines (ATMs). Therefore, it brings up unique types of challenges and requires innovative solutions. (Beer, 2006)

After review some of the finance journals, author noticed that many banks and other organizations have already implementing internet banking because of the numerous potential benefits associated with it. Thus, author was briefly described some of the major benefit of using the Internet banking as following.

Choice and Convenience for Customers

Offering extra service delivery channels means wider choice and convenience for customers, which itself is an improvement in customer service. Internet banking can be made available 24 hours a day throughout the year, and a widespread availability of the Internet, even on mobile phones, which means that customers can conduct many of their financial tasks virtually anywhere and anytime. (Williamson, 2006)

Attracting High Value Customers

Online banking often attracts high profit customers with higher than average income and education levels, which helps to increase the size of revenue streams. (Beer, 2006) For a retail bank, online banking customers are therefore of particular interest, and such customers are likely to have a higher demand for banking products. Most of them are using online channels regularly for a variety of purposes, and for some there is no need for regular personal contacts with the bank's branch network, which is an expensive channel for banks to run. These extra revenues mainly come from increases in non interest income from service charges on deposit/current accounts. These customers also tend to be of high income earners with greater profit potential

Enhanced Image

Online banking helps to enhance the image of the organization as a customer focused innovative organization. This was especially true in early days when only the most innovative organizations were implementing this channel. Despite its common availability today, an attractive banking website with a large portfolio of innovative products still enhances a bank's image. This image also helps in becoming effective at e-marketing and attracting young or professional customer base. (IAMAI's, 2006)

Increased Revenues

Increased revenues as a result of offering e-channels are often reported, because of possible increases in the number of customers, retention of existing customers, and cross selling opportunities. Internet banking has changed the traditional retail banking business model in many ways, for example by making it possible for banks to allow the production and delivery of financial services to be separated into different businesses. This means that banks can sell and manage services offered by other banks (often foreign banks) to increase their revenues. Brodie et. al (2007)

This can attract smaller banks with a limited product range. Internet banking has also resulted in increased credit card lending as it is a sort of transactional loan that is most easily deliverable over the Internet.

Easier Expansion

Traditionally, when a bank wanted to expand geographically it had to open new branches, thereby incurring high start up and maintenance costs. E-channels, such as the Internet, have made this unnecessary in many circumstances. Now banks with a traditional customer base in one part of the country or world can attract customers from other parts, as most of the financial transactions do not require a physical presence near customers living/working place. (Sadique et al, 2009) In many countries banks share their resources such as ATMs or use post offices as their main interaction points, with customers for services such as cash and cheques deposits.

Load Reduction on Other Channels

Online banking is largely automatic, and most of the routine activity such as account checking or bill payment may be carried out using these channels. This usually results in load reduction on other delivery channels, such as branches or call centers.

This trend is likely to continue as more sophisticated services such as mortgages or asset finance are offered using internet banking channels. In some countries, routine branch transactions such as cash/cheque deposit related activities are also being automated, further reducing the workload of branch staff, and enabling the time to be used for providing better quality customer services. (Jun and Cai, 2001)

Cost Reduction

The financial crisis of 2008-2009 contributed to the failure of key businesses, declines in consumer wealth, substantial financial commitments incurred by governments, and a significant decline in economic activity.The main economic argument of internet banking is basically about the reduction of overhead costs of other channels such as branches, which require expensive buildings and a staff presence. It also seems that the cost per transaction of internet banking often falls more rapidly than that of traditional banks once a critical mass of customers is achieved. The general consensus is that fixed costs of internet banking are much greater than variable costs, so the larger the customer base of a bank, the lower the cost per transaction would be. (Suganthi et. al, 2001)

Internet banking is able to eliminate manual processing costs across the entire banking process through automation thereby lowering costs and boosting efficiency. The costs superiority is achieved through the elimination of overheads often associated with traditional banking practices, such as paperwork and processing' fees.

Organizational Efficiency

To implement internet banking, organizations are usually have to re-engineer their business processes, integrate systems and promote agile working practices. These steps, which are often pushed to the top of the agenda by the desire to achieve internet banking, often result in greater efficiency and agility in organizations. However, radical organizational changes are also often linked to risks such as low employee morale, the collapse of traditional services or the customer base.

What is the factors affecting the demand of internet banking?

The author had noticed that internet banking offers a higher level of convenience for managing owes's finances from anywhere and anytime. Therefore, he needs to analyze further the factor that continues to present challenges to the financial security, safety and individual privacy. Many people have their account details access or use by other, as a result of internet banking. Thus, if one is going to register online banking, he/she should be aware of the type of risks involved. Understanding of the risks and problems ahead will enables him/her to take precautions for a more secured internet banking experience. Following are some of the internet banking problems which the bankers have to take note.

Online Banking require of the Internet

The major problems of using of internet banking from customer should have access to the Internet. Thus, online baking user shall own a desktop, notebook, blackberry or PDA device, and an Internet connection. According to IAMAI 2006 report's, the reason of limit the usage of internet banking, it is because the customers hard to have an Internet connection sometimes, and the expensive internet charges that will impact the ratio of customer using online banking. The most serious complaint highlighted from the customer refuse to use online banking was internet connectivity breaks down during an ongoing transaction and they worry the lost of information may caused the level of traceability if they found out any account imbalance issue. For some customer whoever no internet access at home, he or she may process bank transaction by accessing it in a cyber café, which may cause eavesdrop his user name and password by hacker.

Bank Customer Services

After launching online banking there are many instances where the customer might needs help of a representative from the bank. Although, banks have set up customer service counter which provide customer care but the customer will find it is difficult to get their problems solved more than 24 hours. Sometimes there is network down and they have to wait long period of time to talk to the bank's representative at the other end while customer have urgent clarification or request. As a result, most of the customers refuse to use the online banking due to security concern and dissatisfy of the customer service provided from bank. (IAMAI report, 2006)

Security Issues

Customer concerns of computer hacking and fraudulent case could be leading to this decline in consumer confidence. A skill hacker enables to penetrate the accounts of online banking and spend their money. Thus, the high risk involve to bank customer, due to availability of confidential information which is just secured by a user name and password makes it vulnerable to such threats. Most of the banks try to make their sites secured by implementing latest network security software. However, there have been a lot of cases in which web surfers were accidentally exposed to the financial details of online bankers. (McCall, T. 2005)

Attacks that Target Internet banking

Nowadays, the nature of attacks is more active rather than passive. Previously, the threats were all passive such as password guessing, dumpster dives and shoulder surfing. Here are some of the techniques used by the attackers today. Figure 4 is showing how the information being compromised by hackers.

Phishing attacks

Phishing attacks will use fake email messages from an agency or individual pretending to represent your bank or financial institution. The content of that particular email is basically asking you to provide sensitive information such as name, password, account number, and provides links to a counterfeit web site. Once you go on to follow the link and disclosed the requested information, intruders can access your personal account information and finances. The Author has provided an example of the phishing email that not really sent out by Maybank (according to the record) showed Figure 5 and Figure 6.

Malware

Malware is the term for maliciously crafted software code. Special computer programs now exist that enable intruders to fool you into believing that traditional security is protecting you during internet banking transactions. Attacks involving malware are a factor in online financial. In fact, it is possible for this type of malicious software to perform the following operations:

  1. Account information theft - Malware can capture the keystrokes of your login information. Malware can also monitor and capture other data which you use to authenticate your identity. For example, special images that you selected or "magic words" you chose.
  2. Fake web site substitution - Malware can generate a web page that appears legitimate but in fact it was illegitimate. They are able to replace your bank's legitimate web site with a page that is look identical, except that the web address will vary in some way. Such a "man-in the middle attack" site enables an attacker to intercept your user information. The attacker adds additional fields to the copy of the web page opened in your browser. While you submitting your information, it will then send to both the bank and the malicious attacker without your knowledge.
  3. Account hijacking - Malware can hijack your browser and transfer funds without your knowledge. When you attempt to login to a bank web site, the software launches a hidden browser window on your computer, logon to your bank account, reads your account balance, and creates a secret fund transfer to the intruder-owned account.

Pharming

Pharming attacks involve the installation of malicious code on your computer; however, they can take place without any conscious action on your part. A particular type of pharming attack occur while you click to read an email, or an email attachment, the malicious code will install in your computer. You will then go to a fake web site that closely resembles your bank or financial institution. Thereafter, any information you provide during the visit to the fake site is made available to the malicious users.

What is the methodology to retain and attract new customers for future growth?

Although millions of customers engage in internet banking activities everyday, new customers' enrollments in internet banking are expected to increase going forward. However, base on the author's analysis from various research information are showing negative feedback from respondents with reasons of - 1) slow of internet connectivity, 2) lack of information and 3) security and privacy which may impact the growing competition internet banking in future, it is because the success of the internet banking is heavy depend on the acceptance from the customer.

In order to increase the internet banking customers, banks are require to modify their customer service metrology in order to enhance customer satisfaction - the most important prerequisite for customer retention.

The first step to enhance customer satisfaction is to understand that every internet banking users' interests are different. Further, in order to maintain existing customers, some critical aspects need to be focused on such as age differences and customer attitudes towards internet banking and the internet itself. Paying attention to these details will also enable the Bank to drive down costs and improve its overall rating.

Analyzing the Online Customer

When it comes to analyze the behaviors and attitudes of the internet banking customer, there are several categories that can be used to describe him/her. These categories include the confident explorer, the consolidator, the time seeker, the unmoving traditionalist and the security cautious customer. For any bank to grow its internet banking clientele in the future, carefully addressing the demands of each and every customers, either through specific marketing approaches or through more modified products and services, is a key to its Internet banking survival.

Customers in these categories are typically fall into two types - firstly are those Internet-active, have used internet banking in the past and are considering of using it again in the future and secondly are those who are cautious, have either used internet banking and gone through a negative experience, and/or have no intentions of using it in the future.

Implementing Change

The author suggest that the step that a bank can takes in accommodating everyone's needs while simultaneously retaining and gaining customers is to effectively manage its internet banking customers while paying close attention to the various customer categories. Even though it is not possible to place every customer perfectly into a category, it is a good practice for banks to evaluate their database of customers and determine which groups are generating more bank profit. However, there are many universal ways that a bank can make the internet banking experience more appealing to its varying customer base.

Customer Satisfaction and Security

Customer service is key component to developing an effective internet banking site. Without superior customer service, the bank loses credibility, resulting in a significant decrease in both online and offline banking customers. Customer survey is an excellent way to find out what is the most important to internet banking customers.

Tailoring the internet banking experience to each customer is vital to customer satisfaction, which in turn, increases bank profitability. Customers who have positive experiences or whose issues are resolved quickly are much more likely to recommend the Bank to their family and friends, this indirectly is creating a potentially endless supply of new customers.

For most of the banking customers, their greatest hindrance to use the internet banking is due to security of account information and identity theft. Banks can ease their customers' worries by creating secure and reliable internet banking sites that utilize unique user names and passwords to thwart potential criminals.

It is essential for the banks to provide their customers with superior, fast and dependable customer service across all areas to alleviate the anxiety that often comes with entering their private information online. If a customer has given excellent services from the Bank for an incident which is unrelated to Internet banking, he/she is much more likely to have trust in banking online and will definitely feel more assured if an incident involving his/her online account information does occur.

Accessibility

One of the main reasons that customers stop using internet banking is because they cannot find the information that they are looking for while log on to their Bank's website. To prevent this, banks should ensure that the links to various products and services on their websites are easily accessible.

Banks should always remember to keep things simple and allow customers quick and easy access to their account balances, statements and etc. Satisfaction will translates into loyalty, which can bring in large profits for the Bank. Thereafter, customers who are using internet banking services are less likely to leave the banks that are more involved in their financial lives.

Increasing Value

Having a widespread, understandable and user-friendly internet banking system has a massive impact a bank's business value. By creating new customer insights, allowing new suggestions and ideas to be given and received, opening new customer and market opportunities and providing low cost and high value multi-channel interactions, banks can increase customer satisfaction - ultimately encouraging retention and attracting new customer interest.

Government Support internet banking

Government plays an important role in influencing the Internet banking adoption level in a country. In order to reduce the gap between the adopters and the non-adopters, government should put more effort in establishing Internet banking campaign. Government should also improve the competitiveness among the Internet banking providers by setting a procedural standard in the service delivery and security system, which should subsequently be established as a benchmarking method nationwide. Below is the regulation of internet banking set up from different country in order to protect consumer and to enhance the confident level to accept the internet banking services (Refer to Appendix C)

Conclusion

The author concludes that the perception and attitude of the society towards Internet banking is the primary issue that should be improved in order to increase the adoption of Internet banking in Malaysia. Technology needs extensive learning before it can be adopted. It is just like a new product where the early adopter willing to give tries and feels it first before they adopt it. In order for the adoption in Internet banking to be rationally progress with the advancement, the adopters should also experience, learn, and educate themselves with the Internet banking.

Other than that, some significant benefits that the customers require from the internet banking in addition to convenience and efficiency are guaranteed security, the ability to ask questions, high quality financial services, personal advice and contact, detailed information on financial services and a wide selection of products and services. Maintaining and gaining internet banking customers begins from inside of the Bank - this is why it is vital to provide some adequate customer service trainings to every bank's employees. By training employees to best serve the needs of all customers, both face-to-face and online, a bank can succeed now and far into the future.

Reflection:

The most difficult part in this project was at beginning stage. The author did spent a lot of time for research and understands the details of the topics and from those he planned to select. After determined the project title, the author started to search the information from internet, journals from online library, and reviews gathered to deliver clearer fact findings for the report. The findings or research results from the journal published online were helped to specify the important areas in his subject.

It was an identified problem during the research by the author. The author was unable to construct a group survey or questionnaires to gather more accurate data for the report. It was due to the time constraint for the author to arrange an interview with the banker and design questionnaire for the survey. Other than that, the author also received poor feedbacks from respondents while the pre-survey activities.

As a conclusion, the author is satisfied with the report. From this report, the author understands the importance of internet banking and also able to identify the advantage and disadvantages of the implementation of internet banking in banking industry. Besides that, the author will like to thanks the lecture form University of Bolton and local lecturer to review and provide some useful comments and additional points that author is needed to add in to the project.

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