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Building Trust, Perception and Confidence in Online Banking in Sri Lanka

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Added on  2019-09-23

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This research aims to investigate the factors that impact the customer confidence in order to use online banking in Sri Lanka. The research questions focus on the factors that affect online banking in Sri Lanka banking industry and how these factors affect the banking sector and improve the economic condition of Sri Lanka. The literature review highlights the importance of service quality, trust, confidence, safety, security, and convenience in online banking. The study emphasizes the need for the banking sector to provide reliable principles that form trust with customers and engage with the e-commerce activities of the business. The research concludes that building trust, perception, and confidence in online banking is crucial for the growth of the banking sector and the economic condition of Sri Lanka.
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Building trust, perception and confidence in online banking in Sri Lanka
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Introduction Technology advancement has potentially confronted the banking sector as a primary economicfactor that impacts the growth of the company and economic condition of the country. There isfierce competition that decides the acceptance level of banking by customers in order to comparethe demand and supply components in the banking industry. While there are further challengesthat seem to have an impact towards the economic downturn and this is in response towards theconcern that the banking sector takes into consideration. Consumers perception, trust andconfidence are the major factors that impact the online banking system in Sri Lanka. Due toadvanced technology and latest communication tools used by the banks, consumers have trustand confidence with the banking industry. Internet banking seems to be a phenomenon whilethere are pre requisite factors that the banking sector deals along so as to envision the mode ofstrategies for future banking. Service quality is the determinant that tends to decide the success of e commerce and electroniccommerce system. In today’s world, the banking sector has accounted as a significant level ofimprovement for economic condition. There are productive measures that are taken by bankingindustry and by governments so as to sell the products and service to the customers in aneconomic way. There are top priorities that are made by customers in order to sustain in themarket. Customer attraction is not only the goal of banking, but to gain trust, confidence andknow the perception of customers is an important way to have banking sector at the top.Important services are to be provided by Sri Lankan banking sector so that customer feel an easeto coordinate their online transactions. The massive competition in Sri Lanka has simplified thelevel of persuading for customers. The research is about the factors that affect the online bankingsuccess. Research aims, objectives and Research question The research aims at finding out the factors that impact the online banking. The major elementsof the research are been considered with the online banking opportunity. The purpose of the research is to investigate the major factors that majorly affect the customerconfidence in order to use online banking. Research objectives need to be considered with thecustomer satisfaction rate. The factors like trust and confidence are the main aims that online
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banking has to gain so as to have growth in the banking sector through an online bankingopportunity (Munusamy, Chelliah & Mun, 2010). Customer confidence is the main think that canbe perceived with the major element for gaining trust for the company. With the customerconfidence and trust factors, online banking sector in Sri Lanka can be improved. Customersneed confidence for the services and the security that banks can give so as to use the e bankingopportunity. While banking sector should give a proper explanation regarding the use of ebanking and its advantages and benefits that can be provided by the banking sector (Sekaran &Bougie, 2010). Customer confidence has to be created for the benevolence effects that thebanking sector can give with confidence and willingness. These are the objectives of the researchin order to gain confidence about the e banking service provided by Sri Lankan banking sector. Research questions have the main purpose to fill that seems what are the factors that affect onlinebanking in Sri Lanka banking industry? Does these factor affect the banking sector and improve the economic condition of Sri Lanka?These factors are mentioned in order to have a major tendency of growth in the banking sector.Appropriate things should be considered within the research in order to gain confidence, trustand positive response of banking sector. While these factors affect the perceived benevolenceand perceived capability of the business in order to have the banking sector use the latest andadvanced technology in the country. Sri Lanka needs its banking industry to grow while it isimportant that e banking is an important criterion so as to improve the economic condition asmajor transactions are based on the individual willingness. Literature review Globalization has made the banking sector to be strong enough for improving the services that isgiven to customers in order to attempt the growth of the sector. While there are attempts made toconsider the banking sector and provide a reliable principles that form the trust to the customers.Electronic banking may be difficult to be accepted by the customers as trust and confidence isneeded for engaging into e commerce. Banking sector should provide these initiatives in order toengage while gaining trust and confidence of customers (Samutthana, & Roche, 2014). Theprinciples and conclusion for online banking is to deal with more and more studies for electroniccommerce acceptance and enage with the banking process to solve the demands of the
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customers. There are results in which the pre requisites sugges that the confidence of e bankingcan be built with the electronic banking services. Confidence with the banking sector is generated with the multi dimensional approach that thebnaks can provide. The baking sector has ability to proceed with the benevolence and theintegrated approach so as to raise the pre requisites that are important in online banking (Yap,2010). There is a study in which the primary factors are been engaged such as electronic sellerswillingness, electronic seller’s ability so as to deliver the service to the customers and policies tobe framed so as to help customers engage with the personal information while making this as aconfidential agreement with the banks and not engaging with the websites and other sources.This will help customer to gain interst and customer perception would tend to increase with theconfidence in the online banking sector. A survey has a major consideration which was conducted so as to make the stressing of impactof online banking. The medium of electronic banking has pointed out the factors in which theinternet marketer and the reliability factors are considered. These are the mediums that seem tohave an impact towards the banking sector. The factors such as medium of shopping,infrastructural confidence and others were highlighted in the research (Hair, 2010). With thereliability of the companies and banking sector themes, the size effects the level of perceptionand the trust of the consumers. The account factors are generally been ignored with the quality ofservices. The legality issues and the laws are been framed considerably so as to have an impact towardsthe customer confidence (Rawashdeh, 2015). The strategies are confronted in order to build theconfidence of the customers while this is an element which has to be emphasized with the onlinebanking sector. The research has been directly considered with the electronic commerceelements (Ma, 2012). There is a recounteres approach with the foundations of elements such asservice quality and confidence with the online banking services. The reputation of the companyand the control over the factors tend to have an impact with the customers confidence and thisrecounts with the foundations and the effective online banking sector. There are civil laws thatare engrossed with the strategies and tend to build confidence with the customer satisfactionwhile the electronic commerce trends to encounter with the reliability aprpaoch in the business.
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