Title page Contents page List of tables

Title page
Contents page
List of tables, figures, illustrations and abbreviation used in research
Abstract
Introduction
Project management plan
Literature review
Methodology
Findings
Analysis
Recommendations
Limitations of research
Future research
Reference list
Appendices (including learning experience/ performance review and weekly log)
Abstract
With the rapid growth of internet, a lot of industries have been forced to change the way they operate, one of the industries that has been drastically affected is banking sector. Many have brought changes to meet customer requirements and to keep up with the technology. Internet banking is becoming highly popular among the customers because of the convenience and flexibility of the service it provides. Customers are able to perform transactions at anytime from anywhere without having to visit the bank and waiting in the queue. Although most of it customers have adopted in using the service and are highly satisfied with it, researches have proved that there are users who find the service not very convenient either because of lack of knowledge or too complicated or because they don’t find the service very secure . The purpose of this research paper is to understand perception on usage of internet banking in Bank of Maldives. Samples of 30 customers who use BML internet banking service were selected. To evaluate the research objectives, quantitative method was selected. Through descriptive analysis of the findings, it has been evaluated that most of the customers are satisfied with the service and they find the service very useful. However, there are some customer who are not very comfortable with security of the service.

Introduction

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Digital transformation is the application of digital technology into all areas of a business which results changing business operations and the way they deliver value to customers. Businesses usually go through digital transformations when they are left with no choice or in other words to survive. According to Howards King, businesses don’t transform willingly as its expensive and risky, they do so, when they have failed to evolve CITATION Thend1 l 1033 (The enterprisers project, n.d.)With the development and changes in digital technologies, major changes have been made to the banking sectors all around the world. Technologies have changed the ways bank sectors provide their services and customers fulfill their banking needs. One of the services that have become increasingly popular among its customers is internet banking. Internet banking or online banking is the process of performing banking activity with the aid of internet CITATION Dar174 l 1033 (Meyer, 2017)
Unlike the traditional method of banking where users have to be physically present at bank to perform most of its banking activity, with the introduction of internet banking, it has allowed the customers to perform banking activity from anywhere in the world, at any time. The service allows customers to perform most of its banking activities from their home. Transferring funds is one of the popular uses of the service among the customers which allows the customers to transfer money to or from their account to the respective party’s account. The service also allows customers to access their account and check balances, pay bills and many other services.

Technology keeps on changing and developing and is continuously affecting on the ways businesses operate and also customers attitudes towards businesses. Banking sector also has gone through drastic changes to keep up with the technology and customer expectations. Therefore, it’s important to know how customers deal with the advancements that are brought to the banking sector such as internet banking. CITATION Mas14 l 1033 (Mukhtar, 2014)If a company is looking to improve in a world where customer expectations are high and competitors are always looking for new ways to stay ahead, it’s important to know whether customers are satisfied with the product or whether they have any issues with the product
About BML
Bank of Maldives known locally as the national bank is the leading financial institution in Maldives. The bank was established on November 1982 and is a public limited company with majority ownership held by the government of Maldives. The company has 29 branches, including 4 in Male’. The main business of the bank is retail banking and handling development banking activities in all the atolls. The main services provided by the bank include electronic banking, loan facilities, credit cards and debit cards
Aim of study
The aim of the research is “to understand customer’s views on usage of BML internet banking”
Objectives
To investigate the satisfaction level of customers with BML internet banking service
To examine challenges faced by customers while using BML internet banking service
Research questions
Are customers satisfied with internet banking in BML?
What are the challenges customers faces with the service?

Literature review
This chapter is about previous researches on customer perception towards internet banking. The literature review is mainly focused on the customer satisfaction and positive outcomes regarding IB and the challenges customers face while using service.

The success of any new change to a product highly depends on customer acceptance and customer satisfaction. Customer satisfaction is an important issue in the context of internet banking for creating long term customer relationships and to enhance loyalty. Customer satisfaction is how customers feel about experience of the brand. It is a measurement used to identify to which extent the customers are satisfied. Identifying customer satisfaction is important because it help the company to identify the errors, make changes to the product and improve business performances. CITATION Sop181 l 1033 (Bernazzani, 2018)There are several studies regarding customer satisfaction and challenges towards using internet banking in the world and these studies are mostly based on questionnaires that analyze a particular country or a city.

Mehta (2015) Studied the satisfaction level of customers who use internet banking in private and public banks in India, the study stated that most of the customers, especially the young generation are satisfied with the internet banking and they prefer internet banking rather than going to the branch for services.

White ( 2004) Attempted to find out whether there were any problems customers faced towards internet banking, particularly about security. 56 customers who use internet banking in the UK were interviewed and the results stated that one group of people were most concerned about security related issues and the other group were more concerned with the convenience, speed and the timeliness of the service. A similar study was conducted by Josefsson, (n.d.) on challenges customers face with internet banking in Sweden, the finding states that although customers found the service easy to use, fast and accessible, safety was a major issue customers had with internet banking which needs to be researched and discussed more.
Conducted a study about customer’s perception towards internet banking in India in 2008. One of the questions was focused on finding whether customer satisfaction was related to the convenience and flexibility. 81% of the people responded that internet banking is very convenient and flexible banking. The reason they gave was because it gave them benefits like no queuing in the bank and also allowed them to perform transactions from anywhere at any time.
Omar, et al. (n.d.) conducted a study to examine customer perception, preferences, problems and suggestions about online banking in Pakistan. The study results shows that customers are satisfied with internet banking services mostly because they found IB more reliable, user-friendly ,safe and secure than branch banking and also because it saves a lot of time from their busy lives. In contrast the parallel finding showed that some of them were not very satisfied with the service because lack of knowledge, security problems and lack of trust. A similar study conducted by CITATION Mou17 l 1033 (Ahmed, 2017) in UAE found that customers had possitive attitudes towards reliablility and security of the service, but they showed dissatisfaction regarding the effiency of the service and resposiblity as they didn’t find the website very effective
Pace (2016) attempted on studying customer perception towards internet banking Malta. The study was based on several questions which gave an insight to what customers think of internet banking. One of the question was based on the years of experience the customers had with the using IB service, the response showed that most of the users have been using the service for more than 3 years which proves their satisfaction level on the service. The study also focused on finding whether customers would recommend the service to others, out of 465 participants only 5 of them said they would not recommend the service to others as they found the service too expensive and complicated. The participants were also asked whether they intent to continue using the service in the future, 98% responded positively which proves that as long as the service remains as it is, the majority of them will continue using the service.

Mukhtar (2014) conducted a study to examine customer perception towards internet banking in UK. The results stated that most of the participants found the service convenient, secure and reliable. However, some of the participant’s did not find the service very convenient especially the older people as they may not have enough knowledge to use the internet that make them difficult to use the service. Some of them also had concerns over reliability and security over the service. Most of the respondent’s stated that they will continue using the service in the future and also would recommend it their family and friends.

Yang, Cheng , & Luo ( 2009) did a comparative study about the issues in the e-banking services among the customers between two countries, China and USA. The data about the customers internet banking experiences stated that a relatively high number of participants have IB experiences over a year in USA while in China very less around 25% have the experiences for more than a year. Also the study state that 70 % of the respondents in USA use IB services once a week while in China its only 10% of the respondents. The participants of both the nation were also asked to rate their banks IB service on 5 point scale. US participants were more satisfied as their rating was much higher (3.5) than Chinese sample which was below 3.

CITATION ASLnd l 1033 (Mermod, n.d.) Studied customer’s perspectives and risk issues on IB in Turkey. The study findings shows that 60% of the users believe that IB is safe. The participants were also asked whether using IB is complicated for them, more 90% disagreed with the statement. The results also stated that most of the participants found the service understandable.

Bishnoi & Kumar (2017) examined the problems faces by customers while using internet banking in Inida. Study concluded that the major problems faced by customers were, taking a lot of time for transection completion, posssibility of making fraud or password being hacked and connectivity problems.
Methodology
This research has been conducted to understand the customers perception on usage of internet banking in BML. In this chapter, the methodology used has been discussed and justified. The chapter also focuses on the research aproach, strategy and the data collection methods, validity and reliability of the research and also the details of the limitations of the research.

Research strategy
The research can be conducted through different research methods such as qualitative, quatitative and mixed methods. Qualitative research is the method used to understand people’s thoughts, ideas, opinions and reasons. The methods allows to go in depth of a problem or helps to get more detailed outcome of a research, some common methods of qualitative include focus groups, individual interviews and observations. Whereas quantitative research is the method of obtaining data by measurment of quantity or amount which can be expressed in terms of quantity by using data collection methods such as surveys, interviews, longitudinal studies etc. CITATION Suz11 l 1033 (DeFranzo, 2011). Mixed methods involve a mixture of both quantitative and qualitative methods inorder to get a more detailed understanding of the research.
The purpose of this study is to understand customers perception on usage of internet banking in Bank of Maldives. For the results to be reliable it’s important to get as many participents as posisble and quantitative method seems to be the easiest way to get number of responses. Accordind to Urban Wallace (as cited in Pace, 2016) the important reason behind conducting quantitative research is to know how many people share a particular idea in a population. By conducting such research, it can produce accurate and reliable result that can permit staistical results. Also to conduct a qualitative research, it will need a lot time and since this research is to be done within a limited time, choosing quantitative method will be a bit challenging . Hense, quantitative method is chosen inorder to conduct this study.

Sampling
Sample is the number of people who participate in the survey. Sampling is the process of selecting people from the population to participate in the survey. There are different method of sampling and for the convenience of this research, I have chosen opportunity sampling or convenience sampling which is obtained by asking people if they are intrested in participating the survey. I disrtibuted the quistionnaire mainly through the internet and also by hand. The aim of this research to understand customer perception on usage of internet banking and hence, the target populations consist of people who use bank of Maldives internet banking services. The expected sample size was 100 because the larger the sample size, the more accurate will be the result and also the risk of sampling errors will be less, but I only managed to get 50 samples.

Data collection methods
Data collection plays a very important role in statistical data analysis. In research, there are two methods for data collection, primaray data and secondary data. Primary data is the data that is obtained for the first time by the researcher. The data is also named as first hand or raw data. There are various methods for collecting primary data such as surveys, observations, questionairres etc.CITATION Sur16 l 1033 (Surbhi, 2016) For the purpose of this study, survey is the chosen method as it is less expensive, it does not require to interct with the participents and also because through a single questionairre, data can be collected from a number of people within a short time period.

Secondary data is the data that is collected and recorded by another researcher for a different purpose. It is the data that is collected from various sources like census, governement publications, reports, books, journal articles, websites etc. In this research secondary data is included that dicusses about online banking in other areas of the world. The literature review contains data mainly from the website.

Ethical consideration
Ethics means the moral values which defines what is wrong and what is right. It is the extent to which the researcher followed honesty and the rules with the collection of data, data analysis and representation of the findings. When collecting the primary data no one was pressurized or harmed in anyway to participate the research.The participents were also assured that the informations they provided will be confidencial and would only be used for the purpose of the research. The appropriate methods has also been selected for analysing the primary data
Limitations
In order to complete the research one and half month duration was given and within such short time period, its difficult to conduct an effective and a comprehensive research inorder to meet the research objectives. The limited time period is also not enough to do an in-depth analysis and prepare a final report. Also due to lack of experience in conducting research, some difficulties were faced.The sample size that is selected may also be not effective in getting proper results.

CHAPTER 4: ANALYSIS
This chapter involves analyzing and evaluating the findings of the study with regard to the objectives. The data has been collected from 50 customers of BML who use internet banking. The analysis was done according to the order of the questions in the survey. In this chapter, the primary findings has also been compared with the secondary findings.

Questionnaire findings
Gender of participants
Data was collected from both male and female respondents. Among them 55% of the participants were males whereas 45% were females.

Age of participants
The results showed that 43% of the people were in the range 18-29. 43 % were in the range 30- 40. 7 % people were between the range 41- 50 and the rest 7% were above 50 years. The purpose of asking about the age group was to find the perception of different age group people towards using internet banking.

How long have you been using BML internet banking?
This question attempted to find the number of years the customers had experience with internet banking. It was found that most of the participants, which is 47% has been using the service for more than 3 years, followed by 23% of the respondents having experience with the service for 2 years. 17% of the respondents for 2-3 years and only 13% had experience with the service for less than 1 year.

How did you come to know about the internet banking service?
This questions explores the sources from which the customers came to know about the service. From the figure we can see that majority (30%) of the respondents came to know about the service from family while 27 % of them came to know about the service from the bank. The results also shows that 23% of the respondents came to know about the service from advertisements and the remaining 20% found out about the service from friends

How often do you use the service?
This question was designed to know the frequency of using online banking by the respondents. The results revealed 47% of the respondents use the service once a week. It was closely followed by 30% of the customers using the service twice a week. On the other hand 13% of the respondents use the service once a month and only 10% of them use the service daily

What is your major concern regarding the service?
This questions was asked to find if there were any problems customers face with the internet banking service and the results showed that 53% of the respondents found security to be the major concern towards the service. One the other hand 30% of them had no concern with the service. It was also explored that 10% of them were most concerned with the delay in delivery of the service and only 7% of the respondents found the service to be too complicated

What is your overall satisfaction with internet banking?
This study reveals the overall customer satisfaction with internet banking. A relatively higher percentage (63%) of people showed to be highly satisfied with the service. And the rest showed to be satisfied with the service. No participant found to be dissatisfied nor highly dissatisfied with the internet banking service.

I find internet banking useful
When asked whether the respondents find internet banking useful, almost half (53 %) of the respondents agreed that they find the service useful while the rest (47%) respondents strongly agreed on the statement. And non- of the participants disagreed nor strongly disagreed on the statement

The IB service provide quick confirmation of transections
The question regarding quick confirmation of transection revealed that 66% agreed with the statement and 20% strongly agreed with the statement. On the other hand, 16% of the participants disagreed that the IB service provide quick confirmation of transections. None of the participant strongly disagreed or were neutral with statement

I think online banking is a safe and secure process
When participants were asked about whether they think online banking is a safe and secure process, half (50% ) of the participants agreed on the statement while 40% of them disagreed. And the 10 % remained undecided or neutral

I think the IB service provided by the bank is simple and understandable
When participants were asked whether they think the IB service provided by the bank is simple and understandable, 70% of the participants agreed on the statement and 27% strongly agreed that the service is simple and understandable. Only 3 % disagreed with the statement

I will continue using the service in the future
Finally, the participants were asked whether they will continue using the service in the future. 57% of the participants strongly agreed and 43 % Agreed on the statement.

None of the participant disagreed nor strongly disagreed with the statement

I recommend others to use the service
And finally, the participants were also asked whether they will recommend others to use the service, the results showed that no one responded negatively towards this question. 53% of the participants strongly agreed with the statement and 47% of the participants agreed with the statement

Findings compared with literature
Research question 1
Are customers satisfied with internet banking?
From the findings of (question number 3) it shows that majority of the respondents has been using the internet banking service for more than 2 years. This indicates that once people start using the service they continue to use it in the long run as they find the service beneficial which shows that the customers are quite satisfied with the service.
Question number 12 was designed to know if customers are willing to continue using the service in the future. More than half strongly agreed and the rest agreed on the statement. This shows that no participant were willing to stop using the service And finally the last question results also shows that everyone who participated in the survey agreed that they would recommend the service to others. This again proves high customer satisfaction towards in internet banking. When we compare these results with what pace (2016) study shows, we can see the study which is already presented in the literature shows the similar results. The results also shows that most of the customers have been using the service for a long period and most of them will also continue to use the service in the future and as well recommend other to use the service
From findings of question number 5 shows that most common usage of internet banking service is once a week and twice a week which shows how dependable customers are on the service and how much they are in need of the service. Question number 4 findings shows that half of the respondents came to know about the IB service from friends or family. This again proves how much customers are satisfied with the service as they influence others to use the service because high satisfaction. And finally question number 6 was designed directly to find customers satisfaction level on the service and the results show that all the participants are satisfied with the service. When we compare these results with the study of Yang, Cheng , & Luo (2009) who did a comparative study between two countries, China and USA on the same questions, we can see that the results they found in USA was very much similar to results of this study but the results they found to the similar question in China were quite opposite to what the results of primary research study shows as the study they conducted in China showed that the customers were not very satisfied with the service
Research question 2
What are the challenges customers face towards internet banking?
Question number 6 was designed to know that if there were any concerns the respondents had with the service, the results shows that most respondents found security to be the major concern towards the service and a relatively higher number of people also had no concern with the service. Only a very few people were concerned with the delay in deliver of the service and found the service to be too complicated. In order to get more reliable answer to the research question, the respondents were also provided with questions in the form of statements where the respondents had to choose from the range agree to strongly disagree. Question number 9 results shows that most of the respondents think that the service provide quick confirmation of transection. Another question (number 10) findings shows that most of the customers think that the service provided by the bank is simple and understandable. And finally question number 11 was designed to know if the respondents think the service is safe and secure. Even though half of the participants agreed with the statement the other (almost half) disagreed with the statement which means close to half of the respondents did not feel that IB is a safe and secure process.

We can see similar results from the study by Josefsson, (n.d.) on challenges customers face with internet banking which showed that although customers found the service easy to use, fast and accessible, safety was a major issue customers had with the service. When we compare the results with study in UAE by Ahmed, (2017), we can see some differences with this study results as in his study showed that customers had positive attitudes towards the security of the service but dissatisfaction towards the efficiency of the service. On the other hand a study by White (2014) to find if there were any problems customers faced towards internet banking concluded that one group of the people were most concerned with security while the other group were more concerned with convenience, speed and the timelines of the service.
The most influential aspect is security, which is the major inhibitor for customers in using internet banking. Hacker attacks and fraud are obstacles which banks have to constantly try to overcome in order to assure customers that their personal details are protected

A study was conducted by IAMAI in 2006, which evaluated customer response towards internet banking. The study stated clear views of customers towards internet banking. The study concluded that 43% online users have not started using the service because of security issues with internet banking.

While discussing perceptions of customers towards internet banking, Chin et al (2008) reveal that customers do not trust internet banking services because of two factors; reliability and security. Security is considered to be the most important and common factor which may turn on the perceptions of customers about unwillingness to adopt internet banking services. Kim et al (2010) found that most of the customers do not trust the web because of holes in its security mechanism. In this regard, resolving security concerns is the most crucial factor in future for the development of internet banking services because customers perceive high risk in using internet for completing the financial transactions (Lee, 2009). While discussing about the perceptions of customers, Chang and Chen (2009) have revealed that the potential adopters of internet banking services perceive that the technological solutions are not secure and safe and can cause mistakes and errors in accomplishing the transactions. Therefore, there are more likely not to adopt the internet banking
services.

The survey results have been analyzed through descriptive analysis techniques. Through critical analysis of the survey results, it was found that most of the respondents perceived internet banking a secure, convenient and reliable mode of transactions. The survey results revealed that most of the respondents agreed that the internet banking is convenient for them. However, some respondents (compared older) disagreed regarding convenience factor. It has been concluded that these respondents might not have enough knowledge to use the internet that creates difficulty for them to use internet banking. It was also found that most of the respondents perceived security while transferring money through internet banking. In addition, privacy and reliability in internet banking were also perceived by most of the respondents. The results of the survey also revealed by most of the respondents that banks need to keep their commitments and promises while delivering services through internet. In the last, most of the respondents suggested that they will continue to avail the internet banking services in the future and will also recommend their peer groups to avail internet services. All these findings suggest that customers perceive internet banking positively.

General perception about internet banking was gauged by 18 items. Out of which seven items were related with convenience and flexibility and 8 items were related with transaction related benefits. All items were measured on a scale of 1to 5. From the questionnaire convenience and flexibility related items clubbed together and average score taken to gauge the respondents’ perception about convenience factor. Out of total respondents 81 % respondents felt that internet banking is very convenient and flexible banking. And same percentage i.e. 81% from total users agrees or strongly agrees that internet banking is convenient. They felt that it gives benefits like no queuing in bank and one can do anytime and anywhere banking. Approx 69 percent of total respondent agreed that internet banking has transaction related benefits. These benefits include efficient and speedy transfer of funds with lower transaction cost. And, with internet banking one can check transaction details
n this paper attempted to identify whether or not specific problem areas exist for UK banks in achieving satisfactory performance on key attributes of service quality, particularly security, as perceived by a sample of UK internet banking customers. Using trade-off analysis to interview 56 internet banking customers, five key service quality attributes were identified and ranked. Cluster analysis was then adopted and revealed two groups of respondents. One group was most concerned about securityrelated issues while the other group was more interested in the convenience, speed and timeliness of the service. Overall, the internet banks were rated as being good on the five attributes except for the attribute ‘product variety/diverse features’.

Sanchez and Gallie (2010) investigated the factors determining the usage of online banking in France. The authors compared the internet banking users of Mexican and French banks. They used the data of available Mexican study and survey analysis from 398 French bank users. The results of the survey revealed that there are six common factors affecting the usage of internet banking that are difficulty, compatibility, trust, third-party concerns and group influence
CS has become a major area of marketing that has received considerable publications from practitioners and scholars in the last two decades. ?Satisfaction is a person’s feeling of pleasure or disappointment resulting from comparing a product’s performance (outcome) in relation to his or her expectation.? 37 p.144. CS has been recognized as an important element that drives customer retention, loyalty and post-purchase behavior of customers 9, 37, 3
Since firms exist to satisfy customers by meeting their requirements, it is crucial for banks that offer internet banking services to periodically and consistently measure the satisfaction of their customers. As customers use the banking internet services, it might be that they are not satisfied, to some extent, with certain dimensions of the service quality

There are several studies about the customer perception or customer satisfaction towards internet banking services and adoption of internet banking in the world including Turkey as well. Most studies are based on questionnaires that analyze relevant country or city.

Technology in the outer world is not static. It keeps on changing and developing. At the same time, this developing technology is impacting continuously on the ways of doing businesses and also about the perceptions of customers towards organizations and businesses. In this respect, valuation of the customer perceptions on a continuous basis is also important. Internet banking is also not in static state where it has fully developed rather it has been going through several changes over the times. Therefore, it is crucial to know that how changing world of internet banking is influencing perceptions of customers.

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Internet banking 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 mortgages and purchasing financial instruments and certificates of deposits (Haque et al, 2009). I
In short, electronic banking is the process of completing transactions and sending or receiving money through electronic means. It streamlines and speeds up the banking process. It also eliminates any period of time where “the check is in the mail.”
EFT
One of the most popular uses of electronic banking is electronic fund transfers (EFTs), in which the customer initiates the transfer of money to or from her

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