Turing North India into Digitalization: Internet Banking Problems and User satisfaction

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International Journal of Emerging Technology and Advanced Engineering

Website: www.ijetae.com (ISSN 2250-2459, ISO 9001:2008 Certified Journal, Volume 7, Issue 11, November 2017)

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Turing North India into Digitalization: Internet Banking

Problems and User satisfaction

Shweta Sankhwar

1

, Dhirendra Pandey

2

1, 2_{Department of Information Technology, Babasaheb Bhimrao Ambedkar University, Lucknow, India}

Abstract— Digitalization is bringing radical changes in

India in all aspect of life. Internet banking or online banking are ways to promote Cashless India which made people life easy and time saving. Internet banking is the current trend among internet users in North India. To define it in simple terms, it is the process of banking transaction(s), done through the usage of the internet, without appearing in person at the bank. This survey is conducted in a state of North India i.e., Uttar Pradesh. This survey paper is based on the questionnaire which covers the problems of Internet banking and Satisfaction & dissatisfaction level toward internet banking. This survey states that the internet banking is not entirely sheltered and it is vulnerable. There are as many negative points to it as there are positive. There are many users who are satisfied with it, but, simultaneously, there are many users who are dissatisfied with it. The reasons behind them are numerous, with one of them being that ‘internet banking is prone to being tampered with’; and it requires robust security protocols and implementation.

Keywords— Internet Banking, E-payment, Problems of

Internet banking in North India, Internet banking services, Reliability, Digitalization.

I. INTRODUCTION

India is turning towards digitalisation and cashless economy which leads growth of Internet. People have taken to the usage Internet more than earlier. When it first appeared, it was primarily used in government and corporate enterprises [1]. Now though, it has reached our homes. With the reception of the internet in the homes of the hoi-polloi, its usages have grown multifaceted. Among its many uses is also included internet banking. It is also known as online banking, virtual banking, or e-banking, and is the process of using the website of a financial institution for conducting a range transaction, from making fee-payments, to purchasing economic goods and making payments for services, et al.

It is the opposite of the branch banking, in which customers make an array of financial transactions, but in person [2]. Through the usage of passwords and other credentials, previously lodged in the bank concerned herewith, the secure website of the bank is visited; and a range of financial transactions, like payment of fee, bill payments, transfer of funds between accounts, etc., are made. Financial statements, stopping cheque payments of the concerned customer can also be made known through internet banking.

However, with the growth of Internet banking, not only the facilities but also the problems have grown along with it. This paper analyses the satisfaction levels of the customers or user of internet banking and also the various problems they face while engaging with internet banking through a survey. This paper is organized as: Section II states the research methodology; Section III gives the results of the survey i.e., problems of Internet banking and the user satisfaction achieved; Section IV- shows the findings of the survey; and at last VI concludes the paper.

II. RESEARCH METHODOLOGY

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Graph 1: Problems occurs in Internet Banking

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III. RESULT AND DISCUSSION

Result of the survey is divided in two parts, given below:

A. Problems occurs in Internet Banking

A quick glance at the survey data results in Graph 1, one comes to know that the problem faced by greater than a third (37%) of the respondents was ―adding beneficiary(s) facilities‖ that takes 1 working days. The 2nd most prominent problem was ―waiting for a long time for conducting transaction(s), (35%)‖, which often results because of the internet traffic directed towards a specific direction (in this case, the concerned bank’s original website), many people opening the same website at the same time. The problems of ―unfinished operations, (29%)‖ and ―too long transaction process, (30%)‖ proved to be almost equally troublesome to the consumers of the internet banking facility. The problem faced least (or never) by the consumers of the facility of internet banking was ―tampering, (32%)‖, which means personal, sensitive data being used for malicious purposes by others than those concerned; the other problem, least faced by the consumers, was ―unfinished operations, (30%).‖ The problem rarely faced was ―due instalment enquiry, (63%)‖ referring to the fact that the users were considerably successful in obtaining the information on their outstanding instalments.

B. Users Satisfaction with Internet

The subsequent graph diagram presents an analysis of the respondents based on their satisfaction levels achieved through the usage of internet banking:

One can clearly account from analysing the above graph diagram that a considerably large majority (60%) of the respondents were satisfied with e-payments achieved through the use of internet banking. Account to account money transfer came in a close 2nd at 52% of the respondents satisfied with it, and statement request was the 2nd runner-up with 42% of the respondents being satisfies with it.

IV. OBSERVATION AND FINDINGS

The Survey data when observed and analysed also give rise to contradictions (see Graph1. & Graph.2 and Table.1). When compared to physical processes required for monetary transactions, the respondents seemed content; but while comparing on an intra-factorial basis, they were not at ease with waiting for long hours and hence left transactions unfinished.

This presents a paradoxical relationship between the data; like, while 29% of the respondents never faced the problem of unfinished financial transactions, 30% of the respondents faced the exact opposite, i.e., frequently (Graph.1 and Graph.2). This might be attributed to factors, both relative and independent. While transactions done in person might be left unfinished due to a large variety of person (like banks being closed etc.), transactions transacted through internet banking might be left unfinished due to problems from the client’s internet connectivity or the bank’s server.

Table.1

User Satisfaction in Internet Banking

Overall, the respondents, on an average, were most content (satisfied and extremely satisfied) with:

1. E-Payments 42%

2. Account to Account Money Transfer

38.5%

3. Statement Request 29.5%

While on the other hand, the respondents, on an average,

were most discontent (dissatisfied and extremely

dissatisfied) with:

1. Statement Request 4.5%

2. Account to Account Money Transfer

4%

3. E-Payments 2%

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About usability– much of those in the rural areas have had to face concerns, primarily because to prescribe to digital transactions, one needs access to light, and, more importantly, the internet. While those in the rural north India areas have had to face their problems, those living in the urban north India also had to do the same, because Indian digital economy was at spark while demonetization. It is a plain and simple enough fact that people here are not used to deal in terms of digital money but will have to be made to do so. Also, the parameters (Internet banking problems) faced by the users will need to be diagnosed and treated properly and to be brought to as low a number as possible.

There are many cybercrimes launched for Internet banking like Phishing or Email phishing; steals sensitive information i.e. usernames, passwords, account details- CVV, PIN no. (Primary Identification Numbers) needs to be reduced to the least possible – with the certainty that it doesn’t recur [5]. These fraudulent activities results loss of money and user’s trust [6]. Enhancing security measures will help improve peoples’ satisfaction and confidence in adopting to intangible measures of transacting business and other ends. Until and unless safety and security measures are enhanced, and comfortable usability ensured, satisfaction from the users’ end will not yield fruitful and beneficial results. [7]. Internet banking could be more reliable if robust security and secure interface is built as shown in Figure.1

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This survey show light towards problems of internet banking determined by the users. Satisfaction & dissatisfaction level toward internet banking is identified. Therefore, it is recommended through the analysis of survey that researcher should step up to enhance the security of internet banking and should eradicate the problems faced by users by innovating solutions.

Figure 1. Internet Banking Reliability Factors

V. CONCLUSION

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Until and unless safety and security measures are enhanced, and comfortable usability ensured, satisfaction from the users’ end will not yield fruitful and beneficial results. Thus, it is clear enough that it has to increase. It can be done through provision of multifaceted environment to the people free, or at least in a diminished number, of the problems faced by the respondents and mentioned in this paper.

REFERENCES

[1] Survey Questionnaire-A Survey on alternate Delivery Channels Online Available [https://goo.gl/forms/itne2GU1QyezqIIS2] [2] Akinci, S., Aksoy, Ş. and Atilgan, E. (2004) ―Adoption of Internet

banking among sophisticated consumer segments in an advanced developing country‖, International Journal of Bank Marketing, 22(3), pp. 212–232.

[3] Tan, Margaret, and Thompson SH Teo. "Factors influencing the adoption of Internet banking." Journal of the AIS 1.1es (2000): 5. [4] Kim, Kyu, and Bipin Prabhakar. "Initial trust, perceived risk, and the

adoption of internet banking." Proceedings of the twenty first international conferences on Information systems. Association for Information Systems, 2000.

[5] Sankhwar, S., & Pandey, D. (2016, February). A Safeguard against ATM Fraud. In Advanced Computing (IACC), 2016 IEEE 6th International Conference on (pp. 701-705). IEEE.

[6] Sankhwar, S., & Pandey, D. (2017). A Comparative Analysis of Anti-Phishing Mechanisms: Email Phishing. International Journal of Advanced Research in Computer Science, 8(3).