A research report on benefits and challanges of internet banking for university students

International School of BusinessA Research Report on Benefits and challanges of internet banking for university students Teacher: Truong Thuy Anh Student: Nguyen Phuong Anh Class: F14H

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International School of Business

A Research Report

on

Benefits and challanges of internet banking for university students

Teacher: Truong Thuy Anh Student: Nguyen Phuong Anh Class: F14H

Course: Project 2

Hanoi, 19/7/2019

TIEU LUAN MOI download : skknchat@gmail.com

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Benefits and challanges of internet banking for university students

A primary research

onBenefits and challanges of internet banking for university students

Nguyen Phuong Anh _ F14020Class: F14H

Lecturer: Truong Thuy AnhCourse: Project 2

Mark:

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Students’ name: Nguyen Phuong Anh

Class: F14H

Student Number: F14020

Subject: Project 2

Lecturer: Truong Thuy Anh

Name of research paper:

BENEFITS AND CHALLANGES OF INTERNET BANKING FOR UNIVERSITY STUDENTS

Declaration

I declare that the work attached is Plagiarismentirelyy own, and that I have given due

acknowledgeBysigningtheasdeclaration,requiredbyyouInternationalarestatingSchoolthatyouofhaveBusinessotplagiarized(ISB)

I Use understand thefollowing that the as a work checklist submitted may be reproduced and/ or communicated for the

purpose of detect ng plagiarism

This work is entirely my own.

 I have not copied another student’s work.

Date: 19 th July, 2019

Signed _

 I have not copied or used in any way material from a text, journal, website or otherpublished source without acknowledgement (including non – English sources)

 I have cited and referenced fully and correctly as required by the ISB where applicable

 I have not reworded material from another source and presented it as my own

 I have not used this work in a previous class (self - plagiarism)

Abstract

The e-banking markets are currently under transition with a history of numerous tried and

failed solutions, and a future of promising but yet uncertain possibilities with potential new

technology innovations The purpose of this article is to learn and analyze the factors that

influence consumers' decisions about the benefits and difficulties students encounter when

using online banking To facilitate the analysis of literature, I have used mixed methods to

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satisfy the research problems The results demonstrate that most students use online banking, but that's a small percentage of people who don't use even the ignorant In addition, the factors of convenience, customer service, and making payments easily can determine whether to use online banking or not It also indicates the devices need to be connected to the network or the customer's certain knowledge of the smart device, failure and repeated maintenance, some banking services that cannot be provided via e-banking are 4 factors that influence the decision to use and are also the things that banks should improve As for the paper's significance, these findings not only reveal the benefits of digital technology in its development as well as the glitches in the technology, but they also show why the target users are university students who decided to use it so that banks could develop and limit these errors.

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Table of contents

Abstract 2

List of figures 4

1 Introduction 5

2 Literature review 6

3 Methodology 7

4 Results 8

5 Discussion of findings 11

5.1 The most concerning factors and difficulties to use banking services 11

5.2 The benefits of choosing internet banking 12

5.3 Satisfaction levels in consumption of ISBA students 13

6 Recommendation 13

7 Conclusion 14

References 16

Appendices 17

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List of figures

Figure 1: The most concerning factors to consumers in using internet banking 9

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1, Introduction

Internet banking or what often called e-banking is defined because the use of "service banks through the pc network, offering a platform to support many e-commerce applications” (Martins, Oliveira, Popovic, 2014) has been drawing people's attention for the convenience and their adoption of this application, and has been highly effective A digital bank may be a bank which will do most of the net banking transactions over the net, customers don't must attend a bank branch and reduce paperwork Besides, online banking also helps banks offer a potentially low-cost alternative to a standard branch bank As a result, e-banking has enjoyed an incredible growth in popularity through the growing spread of the web because it is now rapidly becoming an alternate channel to produce services and products of the bank Burnham noticed that while traditional banks’operating costs account for between 50% and 60% of revenues, running costs of Internet banking is estimated at between 15% and 20% of revenues (Allen & Hamilton 1997) This outbreak has generated concern among Vietnamese consumers generally during this topic especially among students at universities

in Vietnam.

This is thanks to the growing demand for convenience and services, including the accessibility and availability of knowledge technology in digital today Additionally, online banks also allow users to conduct financial transactions via the network like viewing account balances, receiving reports, checking recent transactions, transferring money between accounts, making payments and providing e-wallet services to raised meet customers' needs Therefore, many folks have chosen to use internet banking if it's not necessary for traditional banking Among the numerous consumers of various ages, there are an oversized number of school students who are more likely to adopt and access new applications while people are still inaccessible and may not access things of recent technology, such

a large amount of people still choose the old method to use However, some journalists who comprehend the recognition of those specific age groups decide whether to use this application regarding quality customer services, online system quality and translation quality of banking services.

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Despite promising results, these studies also present variety of limitations of the challenges and security threats moreover because the relationship between confidentiality to customer trust, and other factors that result in security issues, motivating factors and use intentions not only consumers but also students at universities can meet their needs or not Currently, most digital banks reduce some costs and cumbersome procedures However, this development still faces many difficulties like the habit of using banking services through traditional service channels of some customer segments and therefore the popularity and network don't seem to be popular among regions, backward and remote compared to the developed urban areas Therefore, this paper, because the results of our research, aims to answer three questions: “ What are the factors that influence students

in choosing an internet banking service?” ; “ What benefits has the IB service given users?” ; “ What are the determinants and outcomes of internet banking adoption?” Furthermore, there'll be highlights, benefits of using online banking for college kids relative to other age groups, and challenges in increasing the frequency of using and within the promotion of banks with potential customers.

2 Literature Review

Unfortunately, there has been little or no formal investigation into the advantages and challenges of using online banking for college kids thus far Admittedly, many journalists have tried to approach this issue, but it's also difficult to draw a particular conclusion or result with relevance customer acceptance of banking service A previous research suggested that customers don't use online banking because all of them have negative perceptions about service risks, while many reports that they need no have to use online banking (The Infocomm Development Authority of Singapore, 2002) consistent with Parasuraman et al (1988) “ it's believed that customers identified five quality- of-service decisions supported a series of focus group interviews including tangibles, reliability, responsiveness, assurance and empathy” Furthermore, within the 2000s, mobile payment services became a scorching topic and remained so even after the explosion of the net hype To facilitate the event of higher mobile payment services, it's important to grasp the teachings of this history by learning what previous studies have discovered about mobile payments and about the mobile payment services markets, likewise as what issues have remained unanswered (Carat, 2002).

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The improvement of online banking and its increased use by consumers worldwide has made this service a privileged target for cyber criminals although banks have founded security systems to confirm that transactions conducted online are shielded from internet security threats In fact, electronic banking involves several particular operational risks: one mainly associated with the protection of systems and transactions, including data confidentiality and authentication of the parties involved, and another concerning the continual availability of the web for financial transactions resulting in significant hazards, like hackers and computer viruses (Sokolov, 2007) Cyber crime, also referred to as computer crime or electronic crime, is an economic crime committed using computers and therefore the internet Typical samples of cybercrime are distributing viruses, illegally downloading files, phishing and pharming and stealing personal information like checking account details (PCW, 2014a)

3 Methodology

Along with the development of technology, internet banking is currently one of the most popular forms of self-service technology used in the banking industry Therefore, the methods of qualitative and quantitative research will discover the factors affecting the intentions of customers to use online banking serveral This study is particularly relevant for answering questions where quantitative research has not yet been done and can easily explain, describe, understand more about attitudes, behaviors, motivations, intentions and use purposes of consumers to satisfy the needs that customers offer Quantitative can also use different methods to quantify, measure, inflect and interpret the relationships between factors (variables) with each other in the form of measures and statistics From the collected data about the behavior and the reasons affecting the behavior of consumers, to better understand the needs, wants as well as the benefits and disadvantages that the bank’s services bring Now to be successful in data collection interviewing is the best approach, in fact, a problem interview refers to a controlled situation in which a particular person (interviewer) will ask some questions related to a particular problem to another person (respondent) Interviewing is a participatory process where the interviewees listen carefully and the Interviewer will listen to respondents' opinions on questions asked, thereby gaining insight into the issues mentioned by the above person This interview will not take too long and can be quickly retrieved from

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consumers Although it takes time to find the right audience and ask many questions at the same time, instead of doing that one should allocate time and choose the right questions for each object The intention of method is to build a scale of several factors that affect the intended use of customers using Internet banking services in Ha Noi, determine the impact of each factor on the intended use of the guest in the use of Internet banking services in Ha Noi and verifying the proposed research model with real data in Ha Noi City This in turn helps banks focus on the factors that increase their intentions and improve service performance using online banking services in Ha Noi City in particular and Vietnam in general The data used in this report will be collected from a survey carried out within Hanoi University At first, an interview consisted of 8 questions including

3 multiple choice questions, 2 closed questions and 2 graphic scale questions designed with respect

to our three research questions In the next step, choosing 200 students including students who study

at Banking Academy in Ha Noi compared to people some other universities in are using the internet and having transactions with banking with any type of service, studying away from home or living with family used online survey and send that link to the right people looking for, mean while, interviewer will take note of each person’s answer This method will save the interviewers time and money in moving around to find the subject In other words, it is the fastest way to get full answers from them Therefore, I believe that the data obtained is quite high level of fidelity and were more involved compared to conventional separated ones In addition, we conducted various in-depth interviews with my participants to clarify, confirm points in the results and draw the best conclusion.

4 Results

The participants of the project were classified according to their background information into one group: 200 students from Ha Noi universities, especially students studying at Banking Academy by broadcasting a survey via google forms Using 8 survey questions to answer 3 research questions about the factors affecting the decision to use as well as the benefits that it brings to users and outcomes when applying internet banking However, when most students have been using online banking, accounting for more than 90%, there were still about 8-8,5%

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of those who did not use or even know about online banking Besides, this article of minewould provide scientific charts, specifically about the datas that I have surveyed.

Figure 1: The most concerning factors to consumers in using internet banking

20.58%

27.03%

25.36%

ConvenienceCustomer servicesShipping factors (Time and Fee)Security (Guile, Reveal personal information, etc )

As shown in Figure 1, the above factors were all important to consumers and evenlydistributed, but their needs were mostly focused on the convenience and customer servicesthat online banks could provide to 27% After that the percentage of shipping factors abouttime and fee were 2% lower than that of convenience and consumer services and thesecurity factors accounted for 21%

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