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Investigating the Factors influencing the Consumers to Utilize and Adopt and
adapt Internet Banking: Situation of Saudi Arabia
Introduction
Internet has now been utilized globally and like any other country, Saudi Arabia
has also been able to utilize and adopt and adapt it in their society through Saudi Arabia
through King Abdulaziz City for Science and Technology (KACST). Conversely, it caters
to only a few utilizes and most of them are researchers. Prior to this restricted internet
access, the Saudi MOPTT has been able to host a service called Alwaseet that is a
packet switched national data network. Various individuals utilized this network access
in the earlier times through connection to their ISPs abroad. Such can be
accomplished, provided which they have existing accounts; if not, they will have to
request some joint service from Alwaseet. However, such joint services which they
provide were so costly and also the connection speed was so slow and low, which many
started to dial in into their ISP by calling internationally to Bahrain.
Nowadays, there are 10,000 Saudi Arabians which call Bahrain for internet
access. But in 1997, KSA have announced which the internet would available in the
locality. . This declaration came from KACST after months of anticipation by the people
of KSA. The city of science and technology city has set up a special unit that would
supervise the entire process of linking and connecting Saudi Arabia with the rest of the
world through Internet services.
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In the commercial area banking and financial firms and banking institutions were
the first to adapt information technology and utilize it through the internet banking. Just
like what the National Commercial Bank and Arab National Bank which adapted the
concept of Internet Banking. Saudi Arabian banks are attempting to be the first to have
their services online. The race is being driven, as stated by KSA bank officials, with the
fear of not being able to consider online banking services which may result on clients
lost. Consequently, financial firms and banking institutions the country have seen online
banking as a modern trend in the industry, due to the improving numbers of clients who
are utilizing online banking (Mathai, 2001).
With the clients’ positive acceptance of the online banking in the entire region of
KSA, it is then significant and essential to investigate the factors influencing clients to
utilize and adapt intern banking. Primarily, the main goal of this research proposal is to
conduct an investigation to determine the factors or aspects which make Saudi Arabian
clients utilized or adopt and adapt the internet banking. In this proposed research and
dissertation, the background of the study; the objectives as well as the research
statements of the problem are given. Here, vital contexts, questions and assumptions
are being stated. Lastly, overview of the methodology to be considered as well as the
significance of the research is discussed. Further, this paper will include the analysis of
the study.
Background of the Study
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The consideration of the internet approach as part of this information technology
has revolutionized the market environment. The utilization of the Internet is changing
high-tech marketing overnight while various companies have been attempting to utilize it
as part of their marketing approach. It does not only reconfigured the way various
companies as well as the way the consumers buy goods and services but it also
become instrumental in changing the value chain from manufacturers to retailers to end
consumers, which generates new retail distribution channel (Donthu & Garcia, 1999).
Because of these technological changes, product and service development became
faster as well as better and business approaches are more organized and systematized.
Indeed, the consideration of the internet to several companies has paved the way for
greater profitability in the future. With this, more and more firms and companies are
attempting to develop an innovative information system or information technology which
would ensure their competitiveness in this stiff competition (Kalakota & Winston, 1999).
It is said that one of the firms and companies which adopt and adapted and use new
technology is the financial institution, particularly banking firms. The increasing
competition among bank has driven them to develop new information technology and
tools to enable them to stay competitive or even survive in the marketplace and to serve
the changing demand of their clients. One of the examples of this new approach is the
so-called internet banking or online banking.
Online banking has emerged for at least two critical reasons. Firstly, it serves as
a new substitute and optional channel other than conventional branch network for
clients to contact banks. Presently, more and more clients, specifically younger ones
who are quicker to accept new technology, are using remote channels-telephone
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banking; computer banking as well as other virtual banking-to transact their financial
transactions. These on-line clients demand even more control over their personal
accounts and finances and value “anytime, anyplace, anywhere” personalized access to
financial services (Jordan & Katz, 1999).
The other reason for the emergence of online banking is the increase of
electronic commerce that produces a corresponding demand of electronic payment
processes which has been offered by financial firms and banking institutions. In addition
to that, , other follow-up activities such as viewing account balances as well as viewing
transaction records, bill payments, transferring funds between accounts, and also credit
card soled transactions need to be processed online (Bielsi, 2001). Online banking is
not the same as banking via online service. Online banking permits clients to conduct
banking transactions directly from their Web-enabled computers. By maintaining a direct
relationship with end clients through the Web, banks can offer additional services as
well as provide a personal feeling to the interface without trying to seek the cooperation
of a software company. Online services entailed and compel clients to purchase
proprietary software, store data on their computers, and back up needed information for
specific services (Winter, 2001).
Many more banks are moving to or developing online banking since they foresee
many benefits. Major advantages of this channel include: economic advantage from
lower cost, development and improvement of clients satisfaction, online banking as a
tool for mass customization and personalization, development of non-core business.
The first benefit or advantages of online banking to banks is it enables economic
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advantage from lower cost (Bielski, 2001). This also enables banks to offer low-cost,
high value-added financial service to their clients.
Another advantage of online banking is it develops client’s satisfaction. Online
banking can remove the conventional branch limitation by permitting clients to access
their banks 24 hours and 7 days a week with little or no waiting time regardless of the
location of the client. This can create convenience for clients, thus their satisfaction
toward banking services.
In Saudi Arabia, it is believed that online banking is the latest e-buzzword. It can
be seen that, banks in various parts of the region are rushing to provide their service
through electronic means. In KSA, each bank is now looking forward to make utilize of
the internet technology in order to gain clients. Online banking is gaining good
reputation and fame in the region in two sectors, the retail and the corporate sectors.
Saudi Banks has expanded. There are a number of banks across the region with fully
operational e- banking facilities and many others are in the process of jumping on to the
bandwagon.
In 2002, the firms and companies which utilizes online banking includes, Arab
National Bank, National Commercial Bank, Saudi British Bank, Saudi American Bank
and the Riyadh Bank (Moores, 2002) with functions such as account information, money
transfers, bill payment services, FX and mutual funds trading. The growing numbers of
clients of internet banking had made the banking institution in Saudi to become more
salient in giving quality service and provide a state of the art infrastructure to gain more
clients among its competitors. With the growth of banking industries that considered
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online banking, it is also important to analyze the factors that influences the behavior of
the consumer with regards to using online or internet banking.
Purpose of the Study
The purpose of this research is to determine the factors that influence the behavior of
clients in Saudi Arabia in terms of using or considering online or internet banking. In this
study, the consumption pattern with regards to their baking transaction will be given
emphasis as well as identify how culture and religion affects decision of the consumers.
As markets are becoming increasingly globalize, the need for understanding consumers
in different markets is gaining increasing importance. This research attempts to analyze
the factors influencing the consumer’s decision-making process within the context of
Saudi Arabia.
Saudi Arabia has a different and unique set of characteristics that are associated withits dynamics and other variables. Some of these are listed as below:
- Firstly, the fact remains that Saudi Arabia with c.5.5 million expatriates (CIA:
World Fact book, 2005) on absolute basis has arguably the largest expatriate
population in the GCC, and they have strong affiliation with their nations, as they
cannot gain the citizenship status therewith.
- Secondly, Saudi Arabian nationals are not isolated from globalization and travel
overseas with varying lengths of stay (depending on leisure, work or academic
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pursuits) thereby interacting with individuals from various customs, backgrounds,
religions, cultures, norms, etc.
- Thirdly, arguably as home to the twin holy cities, Islamic pilgrimage and
associated trade over the past 1300 years has been a factor in influencing the
resident population of particularly the Saudi west coast (Jeddah, Makkah).
- Fourthly, with the advent and increased acceptance of the ICT media such as
the Internet, satellite television is further acting as a catalyst in impregnating
foreign influences, further accelerating multi-culturalism both in the local and
expatriate population.
- Another point of consideration is the tremendous growth that is currently taking
place in Saudi Arabia, with a myriad of factors boosting consumer expenditure (c.
SAR 341 Billion p.a.) in a relatively high per capita wealth; it remains a key
geography for marketers in a regional context, both in scale and scope, the
following support the argument:
o Increase in personal income raises consumer spending: Saudi government
increased salaries of all government and quasi-government employees by
15% in 2006, with a further 5% in 2007. (Euromonitor, 2008)
o Borrowing on rise due to ease of consumer credit: consumer loans grew
from SAR 40.6 Billion in 2001 to SAR 414.6B in 2007 (Euromonitor, 2008).
o The unique demographic balance in Saudi Arabia where a large portion
(c.48%) of the total population is under the age of 20 (Euromonitor, 2008).
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All in all, this illustrates the fact that Saudi Arabia has been under influence of variouscultures that has molded the character, customs and traditions of various individuals,which unconsciously influences the consumption decisions of individuals.
Research Hypothesis
This paper will work on the following hypothesis:
“The Clients look at the high technological ability of the internet
banking.”
The Clients look at the positive benefits of using online banking in
terms of time.”
“Saudi Arabian Clients adopt and adapt online banking due it
satisfies them to have fast transaction.”
Saudi Arabian decision to consider online banking were affected by
their culture and religion.
Statement of the Problem
The study will investigate the factors which influence the clients of Saudi Arabia
to utilize and adopt and adapt internet banking. Specifically, the researcher will answer
the following questions.
1. Do Saudi Arabian clients aware of the existence of online banking in
the region?
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2. Do Saudi Arabian clients have tried to utilize online banking in their
banking transactions?
3. What are the possible factors which influence the clients to utilize
internet banking?
4. What are the possible factors which influence the clients not to utilize
internet banking?
5. Do their religion and culture play a crucial role in their decisions on
considering internet banking?
6.
What is the overall perception of the Saudi Arabian Clients regarding
internet banking?
Scope and Delimitation
Online banking is definitely new in the contemporary Saudi Arabia. And this
concept has been utilized by various banking institutions in order to gain clients from
various parts of the region. Hence, this study will be conducted to determine the factors
which influence the clients of Saudi Arabia to utilize or adopt and adapt the internet
banking. The outcome of this study will be limited only to the information gathered from
books and journals and from the primary data gathered from the result of the
questionnaire survey and interview which will be conducted by the researcher. As the
research was completed in a relatively short period of time other factors and variables
are not considered. This might have an impact on the results of the study.
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Personal Learning Objectives
For this research study, the key motivation is to gain a deeper understanding of
consumer behaviour to help business establishments to retain or gain loyal consumers.
Through this study, the researcher will be able to determine the latest trends in
marketing environment, specifically in internet banking regarding the consumption
patterns of the clients and how the banking institutions attempted to meet these
patterns.
This may have wider learning outcomes both from a topical perspective (which may
lead to practical implication on work related aspects) and procedural perspective
wherein through the scope of this project I expect to test and further develop my
understanding of various tools such as data analysis, project management, analysing
and framing the problem and conducting efficient exploratory research.
Furthermore, through the scope of this project I wish to further build on the conceptual
knowledge acquired over the term of the study and build on my knowledge through the
project process and a deeper understanding of what motivates consumers and translate
that into building and delivering incremental value to consumers in my current work role
(business development).
Sources of Data
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The information mainly required will be to assess the total quantum of consumer
spend and the major product categories that it comprises of in Saudi Arabia.
In addition with a view to resolve the research question(s) primary data collection
will attempt to
· Identify main influences on consumer behavior in adapting or using online
banking
· Identify which aspects dominate in which buying situations.
· Identify main socio-cultural influences that dominate consumer behavior.
· Effect of marketing strategies on Consumers.
Primary Data
The key quantitative methods that will be used will be interviews, focus groups
and questionnaire developed, within that it is intentioned that more than one focus
group may be needed that may be organized around age group, length of stay, country
of origin and gender (in consideration of the conservative culture of Saudi Arabia).
In addition it is also being considered to interview select marketers who have a
long association with Saudi consumer markets to fill knowledge gaps from a
practitioner’s perspective.
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Secondary Data
1. Government Sources/Publications:
a. Saudi Arabian monetary authority; economic release
b. Saudi Arabian Market information resource and directory
(SAMIRAD)
c. Central Department of statistics: Ministry of Economy and planning
d. Saudi Press Agency.
e. Saudi Arabian General Investment Authority (SAGIA)
f. King Fahad University of petroleum and minerals. Research
institute
g. Riyadh Chamber of commerce.
2. Non-Government /Consumer research services
a. Economist Intelligence unit: Country profile and reports
b. Nationsmaster.com
c. Global market information database (Euromonitor)
d. Business insight reports
3. Annual report of key Industry players in the Saudi FMCG sector (for retail
trend analyze
8 Proposed Methodology
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The study intends to determine the factors that influence Saudi Arabian customers inbuying products or availing services. For this study, primary research and secondary
research will be used. Primary research will be conducted using the data that comesfrom consumers. The data will be analyzed and compiled for the correlation of thehypothesis. The data about the respondents’ perception regarding internet banking willthen be presented by means of graphical representations and illustration. Primaryresearch is conducted using questionnaire surveys that will be sent to the Saudi Arabiancustomers. Here, the questionnaires will be used to collect quantitative data and theinterviews will be used to provide qualitative insights into the data collected.
As stated above, this research will partially base its findings through quantitativeresearch methods because this permits a flexible and iterative approach. During datagathering the choice and design of methods are constantly modified, based on ongoing
analysis. This study will also employ qualitative research method because it will try tofind and build theories that will explain the relationship of one variable with another variable through qualitative elements in research. Through this method, qualitativeelements that do not have standard measures such as behavior, attitudes, opinions,and beliefs about internet banking will be analyzed.
Research Plan
For this research design, the researcher will:
A) Gather data pertaining to demographics, consumption criteria, collate publishedstudies from different local and foreign universities and articles from academic
journals; and make a content analysis of the collected documentary and verbalmaterial related to the factors that might influence customer behavior, as well asthe overall definition and perception about marketing strategy and consumption.
B) Questionnaire Survey: Primary data will be collected from 100-150 consumersbetween the ages of 18-30, 30-45 who uses online banking or internet banking
The next stage is empirical where propositions from preliminary stages are tested andthe range of methodologies is utilized, the researcher will summarize all the information,make a conclusion based on the null hypotheses posited and provide insightfulrecommendations on the possible things that must be consider by the Saudi Arabianbanking industries. The quantitative and qualitative research techniques that will beemployed in this present study are discussed in detail below.
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Respondents of the Study
The research will target persons who live in key metropolitan areas of Riyadh, Jeddah
and Al-Khobar in Saudi Arabia and using online banking. The sample will be randomly
selected and a self-administered questionnaire (please refer to anticipated problems)
will be used to measure the theoretical constructs of consumers’ attitudes, preferences
and choices. A 5 point scale with end points like "strongly agree", "strongly disagree",
"very important", "not important at all", "absolutely right" and "absolutely wrong" will be
used to measure the items. On the scale, number 1 indicates the absolute positive
response and number 5 indicates the opposite extreme.
The main purpose of this research is to investigate the factors that affect the consumer
behavior in Saudi Arabia. Hence, the respondents of this study include 100-150
consumers, specifically shoppers between the ages of 18-30, 30-45. The consumers
are chosen because the respondents find them more reliable for this study. The true
identity of the respondents may not be revealed in consideration of the customs in
Saudi Arabia (particularly in context of Saudi Women).
After selecting the appropriate population, the researcher will use inferential statistics in
order to draw a concrete conclusion. Inferential statistics will be used to be able to
know a population’s attribution through a direct observation of the chosen population or
simply the sample. This is because it is easier to observe a portion or a part than
observe the whole population. However using a sample has also its own
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disadvantages; hence, the need to choose the most suitable sample from any
population is recognized at the outset.
The quantitative approach is currently envisaged to be iterative with feedback loops
from the pilot, exploratory research phase and theoretical review to make the overall
process more robust with the aim of achieving quality and managing issues such as
sampling error.
9 Anticipated Problems
To provide a backdrop and further frame certain challenges in gaining access to
information Tunclap (1988) while studying the marketing research scene in Saudi
Arabia indicated that lack of market research was largely attributed to a production
oriented economy with monopolistic manufacturing and lack of competitive activity in the
past.
Since then fast paced evolution coupled with a strategic intent to diversify economic
activity, as evidenced by SAGIA 10/10 vision (to position Saudi Arabia amongst the top
10 most competitive economies by 2010) compared to a historic basis has vastly
improved the availability of data.
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Given the scope of the project and the changes in the Saudi Arabian Landscape a
considerable amount of macro-economic data exists in the secondary data space for
estimation of market size, key product category consumption etc.
Conservative culture inertia can hinder effectively carrying out focus group discussions,
data collection this can be limitedly overcome by
· For each focus group session keeping a homogenous group (cultural
background, age etc) by and large mixed gender environment are deemed
acceptable by most expatriates, for the representation of Saudi female
views select respondents known will be used, should it materially hinder
the empirical process seeking research assistance from females will be
considered.
·
To draw meaningful conclusions of the interview process careful selection
of interviewees those are experts on the subject area, opinion leaders.
· To pursue an iterative process both in survey design and the spread of
measurable for more robust analysis, a more thorough understanding of
the empirical methods will have to be developed, knowledge gaps to be
addressed by revisiting relevant theory.
· The challenge of having a sample size that is representative of the
geographical context and the research issues means that innovative ways
for speedier questionnaire distribution and maximization of response rates
will have to be considered and may include distribution through graduate
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students (it is currently being explored with the king Fahad university of
petroleum management).
10 Outline of Chapters
1. Introduction:
a. Background,
b. Analyzing the Problem
c. Research purpose and question,
d. Outline of the geographic environment, demographics, size of the
market etc.
2. Literature Review:
a. Evaluation of relevant past literature and contemporary/emergent
thoughts on the subject area, studies around the subject area in a
regional context.
b. Generic Factors Influencing Consumption (Perceived Service quality
and value, Customer satisfaction, Trust, Product Image and Brand
reputation, Service attributes etc).
c. Project Specific factors influencing consumption (e.g. nationality,
religion, language, country of origin etc)
d. Theoretical Conclusions, critique.
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3. Methodology Review:
a. Overview
b. Research philosophy and approach design (exploratory research,),
c. Data collection and translation (analysis),
d. Pilot study, Choice of questionnaire, sample, Issues (Validity,
Reliability).
4. Findings:
a. Overview,
b.
Discussion and conclusion of findings (Consequence for the
hypothesis)
c. Implications
5. Limitations:
a. Limitations, critique
b. Suggestions for further research.
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