National Seminar on"CREATING AND DELIVERING VALUE FOR CUSTOMERS"

Organised bySchool of Management Studies

Cochin University of Science and TechnologyKochi – 682022, INDIA

March 27 - 28, 2009

CONSUMER AS CO-CREATOR OF VALUE: CROSSING THE TECHNOLOGY HURDLE

Prof. Chowdari PrasadProfessor of Finance & Registrar, Alliance Business School

Bangalore – 560 068, Email: Chowdari.p@absindia.org and

Vamshi Krishna ArumbakaPGP Student (Marketing), Alliance Business School

Bangalore – 560 068, Email: Vamshiavk@yahoo.com

Abstract

From transacting across benches in a market to offering the latest technology enabled services, banking world over has come a long way. Consumer is no longer a mere recipient of service, but has become the co-creator of value. Consumer has become the centre of service and experiences of helping a consumer realize full potential of the banking related services is the overall aim of banking in modern times. Marketing communiqué has changed and evolved into being consumer centered and the values and beliefs of traditional banking have become more responsive and interactive. Banking is no longer mere handling of financial assets but is all about how the customer’s needs and aspirations can be fulfilled. Banks have transformed into being provider of a simple product to a complex and competitive service through technology has enabled this to happen in modern times.

Financial Services are generally complex and need a lot of trust for the consumer to use technology. Banks have changed from paper-based banking solutions provider to the latest of the technologies like online-banking, mobile-banking, etc. It is surprising to know as to why most of the Indian customers have not welcomed this up gradation. Customers across the world, even technologically optimists, have refrained from using technology aided solutions. The paper looks at how banks are trying to overcome this situation and how this can be handled comparing this situation with the hurdles in adapting to other technologies and examine how consumer can be a co-creator of value.

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INTRODUCTION

Marketing of Financial Services is arguably one of the most fascinating sub-fields of the

marketing discipline. Financial Services have a significant role in the well-being of all

individuals in modern society. The result of an individual’s hard work often translates

into the accumulation of resources which are then used to sustain economic existence,

secure assets and control risks. A plan for the future and sustainability is dependant on

them. Inevitably, all these activities require the use of one form or another of a financial

service. Despite the critical role of financial services in the economy, consumers have

demonstrated limited ability to fully comprehend the financial marketing pitches being

presented to them. The result of this is evident in economic indicators such as the volume

of debt accumulated by consumers, growing rate of bankruptcies, rising delinquency rates

for credit products, and other related statistics. The practice of marketing financial

services is currently undergoing considerable change, especially in view of the economic

downturn. While some of these changes can be attributed to shifting demographic

structure of the population, a significant amount of change is attributed to the evolution

of financial regulations in most industrialized countries.

As in any other industry banking has been effected largely by the deployment of new

technologies to serve a market that is growing in its technical sophistication has resulted

in the introduction of new products across a range of financial services categories. The

emergence of new competitors and the introduction of new technologies to serve

consumers’ financial services needs have required that financial services providers seek

more flexible organizational structures. The growing complexity of the marketing

approaches used to attract and keep customers has significantly changed the pattern by

which new technologies are blending into the financial services environment. The

resulting marketing strategies aspire to provide a greater range of choices to consumers

and have made it essential for financial services marketers to develop an understanding of

consumers’ financial decision processes. Which means, technology assisted services like

Internet banking; Mobile banking, Phone banking and many other systems of banking

with foundations in the new technologies have come into existence. But most of them

have not been accepted as well as the ATM Banking solution all over the world. In India

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the banking penetration itself is very low and most of the target segment is hostile to the

modern technology-savvy banking concept. Most of the population even today believe in

traditional banking methods of account keeping and would like to interact with a human

over the counter rather than punching a few keys to transact their hard earned money.

There are many reasons why technology has not been able to ride the acceptance wave

and cross the hurdle and become an acceptable feature in banking. As today’s banking

has redefined itself as customer centric, it becomes more important that the customer is

happy with the services being provided. Unfortunately, the acceptance and adoption rates

are very low even in the case of educated customers. The paper looks at various factors

which explain why consumers are not using internet banking and other technologies in

banking. It would also try to suggest why people are not currently using internet banking

and try to suggest how to overcome this problem and increase the acceptance levels.

LITERATURE REVIEW

Several studies have been conducted and many have written on how technology can be

presented so that it could be adopted easily by people, some of which are discussed here.

Parasuraman illustrates that optimism and innovativeness are drivers of technology

readiness, while discomfort and insecurity are inhibitors. These findings suggest that, if

consumers are not “ready” to be internet banking users, they are likely to express

discomfort and insecurity about the service and feel less optimistic and innovative about

the technology.

Ostlund extended Rogers' seminal work on diffusion in identifying risk as influential to

adoption process. Diffusion studies, amongst other things, generally find that adopters are

more innovative, less risk averse, perceive an innovation as being less complex and

offers relative advantages. Perceptions of non-adopters about these factors are usually the

complete opposite (i.e. non-adopters are less innovative, more risk averse, etc.).

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Financial Services' researchers, such as Black et al. and Gerrard and Cunningham,

have more recently sought to appraise the theory of diffusion in the context of internet

banking and establish if there are grounds for extending the theory. Gerrard and

Cunningham (2003), for example, found that adopters perceived internet banking as

being more convenient and more compatible with the adopter's lifestyle. Non-adopters

perceived the service as being more complex and requiring a higher level of PC skills.

Mary Modahl, an analyst at Forrester Research, has spent the past several years

researching the impact of the Internet on business, using questionnaires, focus groups and

interviews. To make sense of the marketplace, she has developed a concept she calls

"Technographics," an approach that examines and ranks computer users by their comfort

level with technology and how likely they are to use the Internet. This scheme yields

three basic users: Early Adopters, Mainstream Users and Laggards. These groups can be

further broken down into such subgroups as "Handshakers, Successful Professionals with

low technology tolerance"; "Gadget Grabbers, lower-income consumers focused on tech-

based entertainment"; and "New-Age Nurturers, affluent believers in technology for

family and education." Understanding this segmentation model, argues Modahl, is vital

for companies eager to remain profitable.

Role of technology in customer-company interactions and the number of technology-

based products and services have been growing rapidly. Although these developments

have benefited customers, there is also evidence of increasing customer frustration  in

dealing with technology-based systems. 

TECHNOLOGY IN BANKING

Several technology based services have redefined how banking is seen and perceived.

Technologies like Internet banking, Mobile banking and Phone banking have helped

banking service evolve into a customer oriented and consumer driven process. The

customer is the cue and the centre of all the banking solutions. All the processes and

systems exist to make the consumer’s interaction better, simple and easy to his

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convenience and satisfaction. Internet banking, a service delivery method introduced in

1997, has been expensive to develop. Banks offering their financial services over the

internet are keen to accelerate the adoption process, knowing that the cost of delivering a

service over internet is much lesser than delivering the same service over-the-counter.

The Internet has leveled the playing field and afforded open access to customers in the

global marketplace. Internet banking is a cost-effective delivery channel for financial

institutions. Consumers are now embracing the many benefits of Internet banking. Access

to one's accounts at anytime and from any location via the World Wide Web is a

convenience unknown a few years ago. Internet banking enables the customer to access

information round-the-clock about his or her specific account relationship. The

advantages of Internet banking include:

Improved customer access, convenience

Facilitate the offering of more services

Increase customer satisfaction and loyalty

Attract new customers easily

Provide services offered by competitors

Reduce customer attrition

Reduces the time, cost and effort in the interaction

INTERNET BANKING IN INDIA

The financial reforms that were initiated in the early 1990s and the globalisation and

liberalisation measures brought in a completely new operating environment to the banks.

The bankers are now offering innovative and attractive technology-based services and

products such as ‘Anywhere Anytime Banking’, ‘Tele-Banking’, ‘Internet Banking’,

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‘Web Banking’, ‘Mobile Banking’, etc., to their customers to cope with the competition.

The process started in the early 1980s when Reserve Bank of India (RBI) set up two

committees in quick succession to accelerate the pace of automation of operations in the

banking sector. A high-level committee was formed under the chairmanship of Dr. C.

Rangarajan, then Deputy Governor of RBI, to draw up a phased plan for computerisation

and mechanisation in the banking industry over a five-year time frame of 1985–1989.

The focus then was on customer service and two models of branch automation were

developed and implemented. Having gained experience in the earlier mode of

computerisation, the second Rangarajan committee constituted in 1988 drew a detailed

perspective plan for computerisation of banks and for extension of automation to other

areas such as funds transfer, e-mail, BANKNET, SWIFT, ATMs, i-banking, etc. The

Government of India enacted the Information Technology Act, 2000 (generally known as

IT Act, 2000), with effect from 17 October 2000 to provide legal recognition to electronic

transactions and other means of electronic commerce.

Internet banking in India is currently at a nascent stage. While there are scores of

companies specialising in developing i-banking software, security software and website

designing and maintenance, there are few online financial service providers. ICICI bank

is the first one to have introduced i-banking during the nineties for a limited range of

services such as access to account information, correspondence and, recently, funds

transfer between its branches. ICICI is also into e-trading, thus offering a broader range

of integrated services to the customer. Utility Bill Payment Services (UBPS) has

revolutionaized how electricity and telephone bills are paid and virtually removed the

need for waiting in long queues for paying these bills every month. This has a greater

impact than the retail applications. The corporate sector is adequately computerised and

has already recognised the importance of e-commerce in future. Increasingly, companies

are setting up websites even where there are no immediate tangible benefits to them from

doing so just to be in the race and attract customers to their fold.

PROBLEMS

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The main problem is that the penetration of technology in terms of Internet in India is

very low. Its just 7.1% (as mentioned in Table 1) in India with just 81 million people

hooking to the online facility.

Table1. Internet Penetration in India

Year Population Users % penetration

1998 1,094,870,677 1,400,000 0.10%

1999 1,094,870,677 2,800,000 0.30%

2000 1,094,870,677 5,500,000 0.50%

2001 1,094,870,677 7,000,000 0.70%

2002 1,094,870,677 16,500,000 1.60%

2003 1,094,870,677 22,500,000 2.10%

2004 1,094,870,677 39,200,000 3.60%

2005 1,112,225,812 50,600,000 4.50%

2006 1,112,225,812 40,000,000 3.60%

2007 1,129,667,528 42,000,000 3.70%

2008 1,147,995,898 81,000,000 7.10%

Source: http://www.internetworldstats.com

A minor part of this segment knows and uses the Internet banking facility. Even in this

small segment there is a resistance towards adopting the technology based services like

banking on the Internet. The reason is based on few concerns.

The Technology Readiness Index (TRI) of Parasuraman contains four factors:

Optimism: the degree to which people with a positive view of technology believe

it offers increased control, flexibility and efficiency in their lives

Innovativeness: the degree to which people are technological pioneers and

thought leaders

Discomfort: the degree to which people perceive a lack of control over

technology and feel overwhelmed by it, and

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Insecurity: the degree to which people distrust technology and are skeptical of its

ability to work properly

Let’s see how each of these four factors acts as hurdles to using banking technologies and

how to overcome them.

OPTIMISM

Many people do not feel the need to use internet banking as they are very content with

the way they currently source their banking services. Most consumers also consider

themselves to be very active users of banking services, implying that, by becoming an

internet banking user, there would be few, if any, benefits for them. This leads them to

perceive the range of services offered over the internet was much narrower than the range

which could be sourced in traditional ways – in other words, the range of services was

perceived to be limited. Some consumers associate risks, especially security risks, with

using the internet. Privacy and the concern that internet-delivered instructions might not

yield a similar reaction from the bank when compared to that of the reaction evicted by

the human interaction makes them stay away. Optimism towards other technologies like

the TV, radio, transportation systems, and telephone do not reflect itself in the case of

banking as here the consumer initiates the process and mostly it is the case of self-

service. The interaction is one way and hence the level of optimism is very low. What

happened in the case of mobile is that the shift was from a traditional telephone to a

wireless one and the speed with which this was picked up was high as the younger

generation rode the wave of ‘mobil’ization. The quick dip in the price associated with the

service also made people switch to the mobile revolution. If this can be applied to

Internet banking services what needs to be done is that the risk associated should be

reduced, cost should be made visibly lower and use different strategies for the middle age

consumers to switch. Also there is a need to explain to each of these consumers that using

Internet banking would not only save time and cost but also make them more efficient

and capable.

INNOVATIVENESS

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Any new technology is usually picked up by the early adapters who use them and put in

efforts to find out about the technology, review it and gain satisfaction from being the

first one in the shift. There need not be an incentive for these ‘Early Adopters’ to use the

technology. The innovative spirit is inherent in them and keeps them going. The same

applies to Internet banking. Here the early adopters are the one who have Internet access

and knowledge about the facilities provided by the banking on the Internet as they put in

extra efforts to be ahead of the race of ‘Idea Diffusion.’ The young earners of the IT buzz

and the ITES industry have already moved on to the Internet banking platform as they

found it amusing and understood the nittigritties of the facility and latched on to it. Once

they understood the power of technology and the amazing comfort Internet banking

offers, they were lured to it. But there seems to be a huge gap when it comes to the early

majority and this should be addressed. There is a huge inertia when it comes to this group

of consumers. The reason might be lack of incentive and innovativeness is masked by

other concerns. Most consumers don’t know how to become an Internet banking user,

how to use it and hence feel vary of this facility. Some consumers do not have even the

required PC skills and facilities needed to operate as an internet banking customer. Banks

should realize that this group which should have picked up the innovation is not doing so

and devise ways how they would make this shift possible. Innovativeness is something

that cannot be pushed on a person so easily and faces the resistance. Hence the strategy

should be to make the person realize how his life would be different, how it would be

better once technology is adopted.

DISCOMFORT

Consumers perceive a lack of control over technology, not only in the case of Internet

banking but even with other technologies like WIFI, high end mobiles, etc., and feel

overwhelmed by it. What happens once I press this button? Once the request is given?

Once the mail is sent? These are the questions in many technology-repellant situations.

The reason is lack of communication as to what happens after the command is executed

and the request is placed online. Banks should ensure that the communication is clear and

loud to the consumer that Internet banking is only a change in the mode of

communication and the basic process of banking is the same as the human interaction

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model involved in the branch banking. This communication of operations should be

communicated to the consumer and ensure that the consumer is in track of his request

more prominently than in the case of branch banking. ICICI Bank does this by providing

a request number which gets generated once the request is placed. The request number is

given with a specific Turn Around Time (TAT) which the consumer can keep tack of on

his own online or by calling to the phone banking service department. This leaves the cue

in the consumer’s control which increases the trust and reduces the discomfort levels.

This goes a long way to increase the acceptance level.

INSECURITY

This is a two-pronged situation. Both should be cautious and responsible for the security

to be intact: Bank and Consumer. The bank should ensure that the facility is fool proof

and the technology is easy to use. The key components of security concerns are

Authentication: The assurance of identity of the person in a deal

Authorization: A party doing a transaction is authorized to do so

Privacy: The confidentiality of data and information relating to any deal

Data integrity: Assurance that the data has not been altered

Non-repudiation: A party to the deal cannot deny that it originated the

communication or data

If these areas are not addressed, the bank may suffer operational risk, reputational risk,

legal risk, money laundering risk, and strategic risk. Technology and security standards

for Internet banking talk about TCP/IP, the OSI Layers, and application architectures.

There are guidelines for backup and recovery, list of the different types of attacks and the

ways in which they can compromise a system, like sniffer attacks, DoS, and e-mail

bombs. Authentication techniques like tokens, biometrics, and smart cards are described.

The concepts of firewalls, proxy servers, cryptography, digital signatures, certification,

SSL, and PKI are explained in detail. Security tools like scanners, sniffers, and IDSs are

also described. Physical security is talked about and followed by guidelines of a security

policy and a number of recommendations. The recommendations talk about access

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control, isolation of application servers, security logs (audit trails), penetration testing,

backup and recovery practices, monitoring against threats, and education. ICICI Bank

keeps on communicating to the customer and general public through various

advertisements and the Internet about different types of frauds and how the user needs to

be cautious. All banks should follow this and RBI should also come out with stringent

policies and rules to prevent frauds from taking place.

The RBI guidelines are very exhaustive and extremely comprehensive. But are Indian

banks following the guidelines accordingly? Experts at Global E-Secure Limited, a

security solutions company say that none of the Indian banks which offer Internet

banking facilities have an IT security policy as stipulated by the RBI. While banks have

been asked to file monthly reports to show compliance to the guidelines, most of them

have sought time to satisfy the security policy criterion. RBI is insisting on a written

document, signed by the Board of Directors to make the banks aware that IT security is

not just an IT concern, but something that could affect overall business as well. The

company also says that while these banks do have security measures, there is no clear-cut

program which incorporates all the aspects of a comprehensive security policy. Also,

some banks do not have straight-through processing. There is manual intervention, which

poses a great security risk for the customer. In order to fill such gaps, the security policy

guidelines clearly lay out the areas which should be looked into. To provide a further

check, RBI is also empowered to audit the compliance to the policy.

SUGGESTIONS

All said and done, the case still remains if the consumers would accept the technology

invasion in the traditional banking services or not. The problem is not to find out whether

the technology would be accepted or not but is concerned with when and how. Here are a

few suggestions as to how this bridge can be built and increase the adoption of Internet

banking in the Indian consumer psyche.

1. The lack of human interaction when sourcing financial services over the internet

should be removed and more interactivity should be brought into the service. The

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customer shouldn’t feel the difference between a regular branch banking

interaction and the Internet banking interaction. In fact the second one should be

made more accurate, efficient and pleasant for the consumer to latch on to it. The

consumer should be made to realize how the new technology would be enabling

him to be more clear and convenient than the branch banking approach. This

having been done, there is a lot of scope for the consumer to accept the new

technology - either Internet banking or something else.

2. Pricing concerns like the cost of buying a PC, having an Internet connection

should be minimized. One option is to use the Hole-in-the-wall concept where

each of the ATMs will be modified to be used like computers. This would not

only reduce the cost of installation to the consumer but also increase the chances

of usage as the acceptability is now paired with the ATM technology which has

already achieved the popularity and matured as a part of the banking system. Even

in the case of consumers owning the technology and the facility, the need to

realize the uses of the interaction is important. This may be accompanied with an

incentive which might be a motivator for the usage of the technology.

3. The need to shift towards Internet banking is not felt among employees of the

banks and hence there is no need to push the customers to use it. Most of the

employees in the banks are themselves not aware as to what Internet banking is

and how to use it. They don’t realize the need to push the same to the customers.

Hence there is a clear need for the banks to educate and enable the employees to

use it. Only when the employees become technology users, it will be possible for

them to be advocates of Internet banking.

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4. Internet banking should be a strategic choice for the bank. It should understand

the need to move online. The cost structure should act as a motivator to the bank

in implementing the strategies as the interaction in online banking is cheaper, by

almost 100 times as per Table 2.

Table 2: Cost per Bank Transaction

Cost Per Transaction In The US: Money Transfer (units in US $)

Type Branch Cheque Phone ATM PC Internet

Cost Per

Transaction

1.07 0.95 0.45 0.27 0/015 0.01

Source: Furst, Lang & Nolle (1998)

This should be a management level decision where specific targets are set and

strictly followed to reach a certain membership in the usage of Internet banking.

Only when this is done religiously, will there be a change in the adoption levels of

the facility.

5. Increased consumer role in the service delivery is another solution as here the

consumer initiates the interaction and a stick with it to get what he wants to do.

The interaction is more meaningful and is centered around the consumer. Like the

IVR penetration and acceptability, technology is accepted faster when the

consumer gets to choose more and gets told less. The same applies to Internet

banking, which provides more interactivity, involves the consumer in the

designing process, asks for feedback, gets back with the revert, makes customized

features, provides personalization and encourages customer participation in the

process. The customer is more comfortable when he is involved in the process

right from the inception phase of the technology. Banks need to realize this and

encourage more participation by conducting camps to educate and take feedback

in all cities and start Internet banking drives. The customers have unique wants

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and needs, and if they are not given the offers they want, they are likely to switch

to another bank. Therefore, if the retail banks want loyal customers, they have to

adapt and customize their offerings. This may be done at the bank branches when

the customers interact face-to-face with their advisors, but it is also possible by

Internet banking and at significantly lower costs. Only when the ownership is

moved to the consumer, at least partly, will it be thrust upon them to move online.

CONCLUSION

The paper explores the problems of i-banking adoption in India from customer’s

perspective. I-banking is going to be very crucial for India, having increasing percentage

of younger generation population with computer literacy. Since research on challenges in

i-banking is still in its infancy and the relevant literature is scarce, therefore the insight

gained in this study may offer a foundation for future research on self-service technology

and provide useful recommendations to the bankers for improving the i-banking services

with the customer as the co-creator of value. Internet banking or mobile banking or any

other technology that improves the interaction and reduces the cost while being efficient

is a compulsion more than a show off. Banks should move to use it either willingly or by

compulsion, either now or later from the competition or the consumer expectation. The

faster this is done, the better. The need to cross the hurdles erected by the problems

discussed above is the need of the hour. With a little more push and enthusiasm at

different levels of the management and involving the customer in the implementation

process would not only help the transition but also encourage to set up a platform for

further change and improvement. Banking is now no longer confined to the traditional

brick and mortar branches, where one has to be at the branch in person, to withdraw cash

or deposit a cheque or request a statement of accounts.  There is need to scan and analyze

the market and respond to the needs of customers and to generate awareness regarding

advantages of internet banking. In true Internet banking, any inquiry or transaction is

processed online anywhere at any time.

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Modahl explains how companies should organize their Internet efforts; Modahl says the

answer "depends on a company's consumer Technographics, on the speed and nature of

business model changes in their industry, and on the ability of the organization to fund

Internet set-up costs. It is high time banks shift from being bricks-and-mortar companies

to online service. The reduced cost makes it feasible for the bank to concentrate on the

user experience and making it pleasant for the consumer. The difference between services

of various banking firms being negligible, the focus has shifted to the experience.

Consumers are becoming more critical and demanding about the services from the bank

as the switching costs are less and there are many players in the market. So any reduction

in the cost is welcomed eagerly. Banks aim and strive to move the customer from the

branch-banking to Internet-banking which is about 100 times cheaper and gain

competitive advantage.

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WEBSITES

1. www.internetworldstats.com

2. www.icicibank.com

3. www.emrald.com

4. www.infosys.com

5. www.rbi.org.in

6. www.news.google.co.in

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