Online Banking System (Enhancing every possible Online Services/options/facilities to the customers)

This document discusses the role of online banking options in attracting customers and influencing the growth of the banking industry. It also explores the importance of online banking in pandemic situations. The document provides a literature review on the banking industry of Malta and highlights the benefits of online banking for both banks and customers.

Online Banking System (Enhancing
every possible Online
Services/options/facilities to the
customers)
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Contents
INTRODUCTION...........................................................................................................................3
Title..............................................................................................................................................3
Overview of the topic..................................................................................................................3
Rationale for the business idea....................................................................................................3
Scenario chosen...........................................................................................................................4
Aim and objectives......................................................................................................................4
Background to the subject area....................................................................................................5
Structure of the report..................................................................................................................6
LITERATURE REVIEW................................................................................................................7
Range of literature on banking industry of Malta........................................................................7
Evaluation and review of Malta banking industry.....................................................................10
Explanation of business idea.....................................................................................................10
Market mix analysis...................................................................................................................11
Thorough knowledge and comprehension of banking industry................................................13
Understanding of relevant concepts and theories about business model...................................14
Discussion of conceptual and theoretical issue.........................................................................14
Conclusion and understanding of principal issues relevant to point.........................................15
METHODOLOGY........................................................................................................................16
Appropriate tools/models/concepts and theories for doing strategic analysis...........................16
Clear aim and objectives............................................................................................................17
Appropriate research methodology............................................................................................17
Theoretical and applied research method knowledge................................................................18
Secondary market research:.......................................................................................................18
Feasibility (Product/service/industry/market/organisational/financial feasibility issues).........18
Critically evaluation of secondary methodology.......................................................................20
Understanding of research limitations.......................................................................................20
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DATA/RESULTS ANALYSIS.....................................................................................................21
REFERENCES..............................................................................................................................31
INTRODUCTION
Title
“Online Banking System (Enhancing every possible Online Services/options/facilities to
the customers).
Overview of the topic
Online banking is also called web banking or internet banking. It refers as an electronic
system that allows customers or clients of a bank or many other financial associations to conduct
a range of financial transactions via the financial institution’s website. In addition to this, online
banking is the effective system that offers the facility or service to the client to conduct the non-
financial as well as financial transactions as of it his net banking account. The customer can
transfer capital from his account to the further accounts of the same or different bank by using
online application or a website (Arnold, 2019). There are different features of online banking
including, customer can view account statement, customer can pay any kind of bill, transfer
funds, recharge mobiles etc.
Along with this, by using online banking system, clients can easily book transport, medical
packages and travel package. Therefore, online banking is essential and important part for the
overall banking industry because it will support them in attraction of large number of customers
and also improvement of their entire growth and success. There are number of facilities of online
banking system to the customers such as its saves valuable time of the customers, immediate
capital transfer supports the client in time of urgent requirement, transaction of highly secure and
safe, users get payment access to their bank anytime and anywhere. In overall, online banking
system is essential part for business development within a banking industry (Banu, Mohamed
and Parayitam, 2019).
Rationale for the business idea
Online banking options or service is a business idea for this project that will be more
beneficial and essential for the customers as well as banking industry. Online banking is
convincing for the customers as well as industry which is a biggest reason for selecting this
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business idea. Basic banking transactions like transferring funds and paying bills between
accounts can more easily be completed in 24 hours a day, 7 days a week or whenever a clients
wishes. Another and biggest reason for selecting such kind of business idea as online banking is
an efficient and fast that will support banking industry in take caring of entire customers banking
life cycle through online. Users can also manage their accounts frequently closely, enabling them
to remain their accounts secure. Around-the-clock access to banking data gives early detection of
fraudulent activity, in that way acting as a guardrail alongside financial damage or loss.
Now a day bank offer additional service of online banking according to which potential
customer can conduct all its financial transaction through online medium. This is very useful at
the time of paramedic situation like currently whole world is facing due to COVID 19, as during
this time an individual can conduct all its financial transaction online by using internet. In online
or mobile banking a person not need to go outside or bank for conducting financial transactions
like transferring money, taking loan and so on (Gao, Melero-Polo and Sese, 2020).
Therefore, all these are major benefits or advantages of online banking system that will
support overall banking industry in development of its growth and success easily.
Scenario chosen
This project is based on the role of online banking services or options for customers as
well as banking industry in normal as well as paramedic situation. For example, COVID 19 is a
paramedic situation where customers are not able to go bank and fulfil their requirements. In
addition to dealing with the direct economic impact of the corona virus, banks need to have a
plan in place to shield employees and users from it spread. Large numbers of banks are already
beginning to promote remote working or online facility of some personnel. Customers, who're an
increasing number of cautious of spending time in crowded public areas, Bank will need to have
a manner to organise banking with no physical interaction. By developing completely digitized
and remote consumer transactions, banks can ensure that both everyday and top notch methods
might be done with restrained disruption. Therefore, in order to overcome impact of COVID 19
from customers within banking sector, development of online banking system is a most effective
and beneficial business idea (Kiplagat, Gesimba and Gichuhi, 2019).
Aim and objectives
Aim:
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Main aim of this project is to analyse the role of online banking options or services on
influencing the overall growth and success of banks. A study on banking industry.
Objectives:
 To determine the role of online banking options or services in attraction of large number
of customers.
 To determine the influence of online banking options over growth and success of banking
industry.
 To determine the importance of online banking options in pandemic situation for both
bank and customers.
 To analyse multiple ways by which banking industry can easily provide online banking
services to their customers.
Background to the subject area
Banking is considered as industry which handles credit, cash and other financial
transactions. Respective industry generally provides a safe place for storing extra cash as well as
credits. They offer several services or facilities such as saving accounts, checking accounts,
certificates of deposit and many more. In addition to this offer services related to the providing
loan to customers according to their requirement and need. There are several types of banks
which offer different services and facilities such as commercial bank, exchange bank, industrial
bank, agricultural or co operative bank, saving banks and so on. While the paramedic situation
such as COVID 19 is making the requirement for digital banking services more vital, users
increasing first choice for digitization or online banking options are nothing new. Neither is their
aggravation with the broken digital journeys they regularly encounter while attempting to done
an online process (Malar, Arvidsson and Holmstrom, 2019). Due to COVID 19, large number of
banks faced certain risks such as increased credit risk defaults and lower recoveries due to
inactive markets for collaterals, Reduced cash inflows from loan, repayment, Increased fraud,
cyber threats, etc. due to relaxed internal controls, Fair value losses because of increased credit
spreads, decreased profit levels and capital depletion, CAR may drop under the regulatory
threshold etc. All these are major risks that have negative effect on overall success and
performance of banking industry. In order to overcome these risks, there is requirement for all
banks within banking industry to implement online banking options. This will helps them in
saving their time as well as getting of better results within a limited time period.
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Structure of the report
This is an important section of the report because it includes entire structure of the report
apart from their purpose for doing research. There are different activities that have been needed
by researcher for conducting this research report. These will be explained as below:
Introduction: This is a first activity of report structure that will be essential in completing
full project effectively. This part of the report includes different sub-sections which are research
aim, research objectives, background to the subject area, rationale, overview etc. All these are
useful in doing of another chapter systematically.
Literature review: This is a main activity that will be required secondary data from number
of secondary sources such as books, journals, articles etc. Main purpose of literature review is to
identify gaps in previous study and after this, research questions will be followed for overcoming
research gaps effectively (Pakhnenko, Druhov and Druhova, 2019). There is different
information that will be included within literature review such as overview of the banking
industry, marketing mix analysis, segmentation, targeting etc.
Research methodology: This is another section which is important for investigator in
gathering of information about the topic from different methods. For this part of report structure,
secondary sources of data collection will be used i.e. books, articles, magazines, publication
research etc.
Data/ results and analysis: This is also a fundamental part of report that will help researcher
in analysing of results with the help of secondary data collected from the resources such as,
books, magazines etc. In order to analysis the secondary data, different themes will be developed
that will help in achieving of main purpose of the report.
Conclusion and recommendation: This is a last section that includes helps researcher in
analysing of aim and objectives are achieved or not. Conclusion is main because it includes
entire information about the report in short way (Park and Tran, 2020).
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LITERATURE REVIEW
Range of literature on banking industry of Malta
 What are the roles of online banking options or services in attraction of large
number of customers?
According to the view point of JUSTIN PRITCHARD, (2020), online banking provides
an ability to customers to manage their bank accounts by using internet on mobile or
computer device. It declines the visit rate of customers on bank as it is easy and
convenient to use even after the completion of banking hours. Moreover, online banking
system is less expensive and time consuming as compare to services given through
offline medium. Due to pandemic situation in the present scenario, people did not like to
prefer go outside and use services as they are in favour of online banking system, which
save them. In addition to this, online banking system provide all the services that is given
to customer while visiting bank such as account open, find transfer, apply for loans, bill
payments, deposit checks and so on. One of the major point that attract people towards
online banking system is lower fees. It is determining that visit a bank occur high cost
and time of people whereas using inline system did not occur cost and give access to
check account at any place and at anytime. In today’s world, people are more
technological friendly and prefer to consume those services that is innovative and new in
market. Online banking system is a new technology enter in market with improved
system and process of bank. Moreover, online applications of bank consist of all
information that is required for customers along with this, it include step by step process
about how to perform such things such as fund transfer, account opening and many more.
It attract large number of people due to which online banking system gain higher growth
and development in market effectively.
 What are the influence of online banking options over growth and success of
banking industry?
As per view point of ANDREW MEOLA, (2019), the usage of internet is increasing
rapidly and continuously that has positive influence on the growth as well as success of
baking industry. With the increase in rate of internet users, the use of mobile banking and
online baking is enhanced in an effective manner. The online banking gain growth across
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a wide demographic that involve income, age and companies as well. One of the aspect is
people are preferring to going paperless transactions, billings in order to save the
environment. This new trend increases the usage if inline banking that has positive
influence on the overall growth of baking industry. Earlier, the people did not like to
deposit money in banks as they are required to go banks for depositing and withdraw
money as well. Due to this, there are less number of people have their bank account.
Establishment of online banking system decline the number of people visit to banks as
they have the option to access account at any time and at aby place. The customers get
every service through this system that leads to increase in number of bank users. It is
determining that increase in number of bank accounts has positive impact on the
development and growth of banking industry. Online banking is becoming popular
nowadays due to the miss happenings take place in the country. In context to banking
industry of Malta, their youth is only preferring to use mobile applications and digital
technology in order to consume any bank services that directly leads to overall growth of
baking industry which in turn has positive impact on economy of country also.
Furthermore, banks offer all the information on its applications and also the usage of
services that is easy and convenient to understand for young age and sometime for elder
people also that has positive influence on growth and success of banking industry at
marketplace.
 What is the importance of online banking options in pandemic situation for both
bank and customers?
According to the view point of Ashwin Adarkar and Paul Hyde, (2020), Online banking
is defined as a service given by banks to customers to access their accounts by using
computer or mobile device. In addition to this, the main motive is to attract people to
consume services by providing account access at any place and at any time. It is analyzed
that online banking system decline the number of visitors in bank due to which managers
and bank staff is able to provide effective service to customers. Online banking plays
vital role in this pandemic situation(Coronavirus) for both the customers and bank as
well. By the assistance of online system, customers can use any services that they have
by visiting at banks. It is analyzed that people are not preferring to go outside because of
difficult situations but also did not avoid using banking services. If a customer visit bank
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them, it is dangerous for both bank and person also as it is a serious issue which may
leads someone to death. Using of online banking system occur less cost and time for
customers along with this, they have advantage to gain information repeatedly if not
easily understand once. Moreover, they can access accounts and perform all services that
has taken place while visiting banks. In context to banks, they also have advantage of
online banking system as they did not interact with customers face to face, there is
decline of paper use along with this, bank employers can also give online services to
customer from their place only and easily decline to go banks and perform their job. It is
determining that increase in the use of internet directly enhance the usage of online
banking system by people that is beneficial for both customers as well as banks also.
 What are the multiple ways by which banking industry can easily provide online
banking services to their customers?
As per the view point of Emily Pribanic, (2019), there are various wats by which banks can
provide online service to customers. One of the most effective way is development of its
own application that include all the information about bank in a proper manner. Nowadays,
most of the banks have their own application that they make it install in customer’s phone.
It is determining that such application involve service along with the steps of using such
services that is easy and convenient for customers. In addition to this, installing of
application is just a single click service for customers that save time as well as cost of a
user. In addition to this, another way is online website, where customer can reach and login
its account by entering ID and password provided by banks. It also involves all the
information about bank but if we compare it to online application then it is less effective
for customers as it takes time and take login at every reach of users. Moreover, application
allows to sae their transaction or see them at a single click whereas in website, users are
requiring to download their data in an appropriate manner. In relation to the banks present
in Malta, almost all the banks have their own application that attract large number of
people towards their service and also risen the level of competition prevailing at
marketplace. It is important for banks to update all the information on their applications in
order to make employees up-to-date about is modern facilities and engage them for longer
time period. Furthermore, all this way of providing online service to customer help
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banking industry to satisfy their customers and attain higher growth as well as success in
the market effectively.
Evaluation and review of Malta banking industry
 Industry size – Malta offers many domicile for international banking business. Along
with this, having a geographical location and benefiting from EU membership & Euro as
a currency, it is determining that country also enjoys efficient, accessible and prompt
regulator that is MFSA (Malta financial service authority). It is analysing that Malta
fiscal regime is also one of the major element in developing an attractive investment
environment. Moreover, The Maltese banking system has found to be top fifteen soundest
and strongest banking system in all over the world as per the World Economic Forum
Report.
 Growth rate – It is analysed that Malta’s economic freedom score is around 70 that make
its economy 42nd freest in 2020. In addition to this, Malta overall score is raised by 09.
Point because of government integrity score. It is ranked 22nd within the 45 countries in
Europe region. Moreover, its score is around equal to regional and above world average
that show how it gain growth in market.
 Major player or competitors – The major competitors of Malta Banking industry are
Bank of Valletta that offers personal banking services and established in year 1974.
Moreover, other competitors are FIM banks, Akbank TAS, IIG bank and many more. It is
important for banks in Malta to maintain good relationship with customers and provide
them quality and on-time service in order to maintain its higher position and strengthen
its market position effectively.
Explanation of business idea
The usage of online banking system is increases day to day and people are shifted towards
traditional approach to modern facilities. The aim of the research is to know how online banking
system enhance every possible online service to customers. It is determining that people prefer to
make use of inline banking system in order to go paperless and to save their time and cost as
well. It is determining that online banking system allows all the services that is given to a
customer while visiting bank. In addition to this, customers have the options to access their
account 24* 7 at any place and at any time by using electronic device such as mobile and
computer as well.
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Market mix analysis
Marketing mix is defined as a set of actions that is mainly used by companies in order to
promote goods as well as service in market. It is determining that marketing mix involve
multiple areas of marketing plan and focuses on relevant things that enable an entity to achieve
its desired objectives within stipulated time frame. The marketing mix includes 4 p’s of
marketing that is product, place, price and promotion as well. This classification was proposed
by E.Jerome McCarthy in the year 1960 and it is determine that all this elements are examined
independently but if we talking about practice then they are dependent on each other. These four
elements are defined below in context to Malta Banking industry:
 Product – It is defined as a commodity that is offered in market in order to develop value
for customers and to earn profit in an effective manner. It is important for an organisation
to offer those products as well as service in market, which is trendy and attractive as well.
In context to the banking industry, it offers secure and convenience online access through
banking applications and websites as well. The banks provide transaction and service at
physical locations or through phone or mail. The products and services that is consider
within the banking industry is account transactions, loan and bill payments, new account
applications, fund transfer, direct deposit, check orders, personal information, money
transactions, helpdesk and many more. Nowadays, banks are shifted to using mobile
application and website in order to provide effective and quality service to customers in a
proper manner. It will help company to give 24*7 assistance to customers and develop
good relationship with them. Providing service through mobile application help
customers to access their account at any place and at any time. At the present scenario,
due to pandemic situation, people are not able to visit bank and using online banking
system they can easily do transactions and get to know about their bank balance or any
other information they required.
 Price – It is defined as an amount that is charge from customers in return of service as
well as product provided to them. It is essential for companies to set price of their product
and service by analysing factors such as competitors price, customer willingness and
many more. In context to Banking sector, pricing and interest rates are mainly governed
by regulatory bodies. In addition to this, the pricing strategy & equation of banks is
varying as per the country and region and the approach of public. Moreover, it is
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analysing that pricing of banking industry is also getting change according to internal as
well as external factors. For example, changes in finance market has direct influence on
pricing policies of bank. Furthermore, it is determining that banks offer various financial
services in order to maintain balance on its value-added pricing policies. Online baking is
considering as an additional free service that is given to customers of bank. Any of the
individual can easily apply to be a client and excising customers sign up their account
that did not occur any additional cost.
 Place – Banking industry is wide and if it is talking about banks under Malta, it has 39
banks that is currently operating. It is essential for companies to choose those place
where customers reach is easy and convenient as well. Moreover, banks have various
ATMs that is located in the Porsche areas and on the places where there is high gathering.
In relation to online banking system, the customers can access website and application at
any place and the only think that they required is good internet connection and well
equipped device also.
 Promotion – It is defined as a way by which companies aware about their goods as well
as services in market. There are various promotional tools that is used by entity for
promotion such as advertising, direct selling, social media applications, public relations
and many more, Nowadays, banking industry is mainly using online applications such as
Facebook, YouTube, Instagram in order to make people educate about its services. It
helps banks to attract large number of people within short span of time and enhance their
customer base level in an effective manner. In context to online banking system, online
services are presumably communicating to customers when they are newly signup for
being a customer. In addition to this, nowadays online banking is also considering as
main focus of homepages of bank. In Malta, most of the banks are using online
applications and print media in order to promote its services and to grab opportunity in
market. The advertisement of banks mainly involve the modern facilities provided along
with positive approach that attract people to use its services in an effective manner.
STP approach: This approach is mainly used by companies in order to segment the whole
market and to decide target market in order to enhance profitability in an effective manner.
Segmentation: It is defined as process of categorising the whole market on the basis of
factors such as demographics, behaviour, geographic and so on. In context to baking industry
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and mainly online banking system, its segment its market on the basis of demographic and
geographic. In addition to this, individuals seeking financial advice and help is considering by
banks for segmentation.
Target Market: Herein, companies used approach in order to target right and potential
customers in an effective manner. It is determined that if an entity did not able to target right
customers then it would not be able to sustain in market for longer time. In context to online
banking system, the bank’s target market people who are qualified and professionals. In addition
to this, their target market is people who belongs from age group of 25-40 as they are the people
who uses mobile devices mostly and is consider to take fast services.
Positioning: It is defined as developing positive image in the mind set of customers
towards brand. With reference to banks, it makes use of advertisement in order to make people
about its effective services and make them aware about usage of online service. In addition to
this, banks started providing 24*7 service to customers by their website in order to attract them
and gain their trust over brands in an effective manner.
Thorough knowledge and comprehension of banking industry
Banking industry is mainly an enormous sector of finance, which has existed in some
forms for many years. In today’s scenario, banking industry plays vital role in financial dealings,
and its major functions is borrowing, investing and storing as well as saving money. The Banks
existed in all over the country and are regulated by government. The overall scenario of
providing banking industry is change now due to digital technology. The banks were shifted
from traditional methods to the modern facilities that is online banking system. By the assistance
of online system, customers can easily access their account and get every service on just one
click that is consume by customers while visiting to the bank physically. In addition to this, it is
determining that sue to pandemic situation in the world, the use of online banking system is
increased as people did not prefer to go out and use such services at their own place only.
Moreover, online banking system leads banking industry to attain higher growth and
development in an effective manner.
Understanding of relevant concepts and theories about business model
There are various concepts as well as theories associated with business model. One of the
theory is disruptive innovation. It is defined as an innovation which develop a new market &
value network and after them moving in market that leads to displacing of competitors. In order
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to sustain in market and create a unique image in mind set of customers, it is important for an
organisation come up with the new idea and innovation at marketplace. If it is talking about
banking industry, all the banks now offer online banking system but to be different from
competitors, it is essential for Malta banking industry to make use of disruptive innovation
theory in order to offer unique feature in market and develop their value effectively.
Discussion of conceptual and theoretical issue
 Business model canvas: A business model is defined as a plan of successful activities as
well as operations of business that help in targeting right customers, offering right
products and so on. Business canvas model is flexible and is customer focused and it
involve strategies that is easy to communicate. This model consists of eight building
blocks in canvas that is defined below in context to Malta banking industry.
1. Customer segment: Herein, an entity enters different customer segments that is
target or serve by company. It states that customer did not exist for companies,
but they are existing because of customers. In context to Banking industry, it
mainly focusses on financial searches and focus on business people.
2. Value proposition: It is defining as value that an entity delivers to its customer
segment. It mainly answers why a person consume or purchase service. In relation
to Banking industry, it offers value such as quality and on time service, high
performance, innovation, convenience, risk reduction and so on.
3. Channels: It is defined as how a product as well as service is sell to customers. In
relation to banking industry, most of the banks use social media application in
order to promote its modern facilities in market and uses face to face interaction
with potential customers in order to sell their service in an appropriate manner.
4. Customer relationship: This building block of Canvas model answer how an
organisation keeps and grow their number of customers. If it is talking about
Banking industry, it offers online service to customers in order to attract large
number and also ensure that they get quality and on time service properly.
5. Revenue streams: It state that how a company can generate revenue and it is
determining that targeting right customer at right time help company to earn
profits and enhance their revenue level. Most of the Banks target professional
people and large organisation in order to generate revenue in a proper manner.
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6. Key Resources: It is analysed that key resources of an entity to get success in
market is human resource, finance, intellectual property and so on. If it is talking
about Banking industry, one of the major asset of this sector is employees who
provide quality and on time service to customer and develop brand image in
market.
7. Key activities: It is defined as most essential strategic thing that is involve in
business model and associated with value proposition. The key activities of
banking industry are online system, networking, customer service and so on.
8. Cost structure: Herein, all the cost of activities is map that ensure the cost is
aligned with value propositions. It is important for Banking industry to determine
cost and expenses occur for performing key activities in a proper manner.
Conclusion and understanding of principal issues relevant to point
From the above study, it has been summarised that banking industry is getting higher growth
and success in market due to online banking system. The banks are providing online banking
system to customers by their application and website as well. This allow customers to access or
login their account at any point of time and solve their queries at any place and time as well.
Moreover, online banking service help banking industry to attract large number of people and
gain success at marketplace. Furthermore, business canvas model is used by large organisation
that involves strategies, plan of action that leads to attainment of objectives within given time
frame.
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METHODOLOGY
Methodology is an important and essential part of business project because it will help in
collecting and analisation of accurate and reliable information about the topic or business ides.
Main propose of this section within business development plan is to provide valid information
about the topic to researcher or business (Prasad, 2019). There are different numbers of methods,
tools and techniques that will be useful for conducting business development plan over online
banking system. All these methods have been explained as below:
Appropriate tools/models/concepts and theories for doing strategic analysis
Strategic analysis refers to the process that involves investigating an organization's
business environment in which it operates. Strategic analysis is important for new business
development because it will help business manger to formulate strategic planning for decision
making as well as smooth working of organization. Porter’s five force analysis is a best tool,
model, concept and theory that will be essential in identifying of effectiveness of online banking
system within an industry. This model will be explained as below:
Bargaining power of suppliers: The number of suppliers is significant in banking
industry that able to provide online banking services. This clearly depicts that the power of
supplier is low as compared to the different banks. This is so because they able to switch over
other supplier with least amount of expense (Salem, Baidoun and Walsh, 2019).
Bargaining power of buyers: The numbers of consumers are high in banking industry
that uses online banking services. This clearly depicts that the power with consumer is low
because leaving of any one not going to impact the operations of bank. This is so because the
numbers of banks are also high in industry that provides online banking services. This is the need
in current period of time and the one who not able to provide such services then not possible for
same to survive in market. So, the online banking service is must in accordance to the current
period of time, otherwise not able to hold existing consumers along with attraction of the new
potential one’s.
Threat of substitutes: There are number of banks that provide online banking service in
market. This depicts that the power of substitutes is high in market. In this regard, any bank that
wants to sustain in market or improve their business activities through attraction of new
16

consumers needed to provide online banking service. This is the only way through which able to
grab the market share and trust of parties in market.
Threat of new entrants: There is less threat of new entrants. This depicts that the power
of banking organisations is high industry. The power of new entrants is low because it is not
possible for the everyone to fulfil the regulations and investing high amount of money in setting
of operations. This provides an opportunity to existing players that focus over adoption of online
banking systems and enhance their business operations (Sahu and Kavita, 2020).
Industry Rivalry: The level of rivalry is high in market. This depicts the power of
banking organisations is low. They have to get rid of the situation through focus over application
of trendy aspects like providence of online banking activities.
Clear aim and objectives
Aim:
Main aim of this project is to analyse the role of online banking options or services on
influencing the overall growth and success of banks. A study on banking industry.
Objectives:
 To determine the role of online banking options or services in attraction of large number
of customers.
 To determine the influence of online banking options over growth and success of banking
industry.
 To determine the importance of online banking options in pandemic situation for both
bank and customers.
 To analyse multiple ways by which banking industry can easily provide online banking
services to their customers.
Appropriate research methodology
Research methodology refers to the process of collecting data about the topic. There are
basically two types of research methodology which are qualitative and quantitative. Both
methodologies are essential in collecting and analysing of data regarding any topic of business
development plan. In order to develop business plan over the topic of online banking system,
quantitative research methodology will be applied by researcher. This is an effective and
important type of methodology that helps researcher in collecting of reliable and valid
information about the effectiveness of online banking systems within pandemic situation such as
17

COVID19. On the hand, qualitative is another type of research methodology but according to the
current business idea, it is not more appropriate because it takes more time and also not helps in
concluding of valid outcomes (Rawwash and et. al., 2020).
Theoretical and applied research method knowledge
Applied research within a business develops plan helps in tacking a real world question
and also attempts to solve an issue. Theoretical research attempts to collect knowledge regarding
an idea or phenomenon whose conclusions might not have any instant real-world application.
There are different methods of applied research such as action research, case study, experiments,
interview, survey, statistical data analysis, systematic literature review, participant observation
etc. All these are effective methods that will be useful for researcher in collection of appropriate
data about the topic. In order to carry out current project systematic literature review and survey
has been applied by investigator because these will support in gathering of reliable and accurate
in-depth information about the study (Sahu and Kavita, 2020). Systematic literature review is
another method of Theoretical and applied research that was used by researcher for collecting
secondary data about the business idea. Therefore, both methods of Theoretical and applied
research are useful for doing current project effectively and systematically.
Secondary market research:
Secondary market research is important and useful for identifying the market opportunities
for new venture. There are different sources of collecting secondary information about the online
banking. These sources are books, articles, magazines, publication research etc. All these are
major sources that would be beneficial and effective for investigator in attaining of all objectives
successful and within minimum period of time. These sources are important and useful for
researcher in collecting of secondary data in accurate and in-depth manner.
Feasibility (Product/service/industry/market/organisational/financial feasibility issues)
Feasibility analysis introduces to the effective process that will be used within a business
development plan for determining the whether a business idea is viable. There are different types
of feasibilities that will be suitable for new business idea of online banking system. These
facilities will be explained as below:
Product/service feasibility: Product or service feasibility analysis introduces as a first step
within the procedure of feasibility analysis for a business development plan. In this pace the
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feasibility of a product or services is being measured on the basis of its demand and desirability
in the market place. Online banking additionally lets in business to monitor their account
regularly so they can spot unusual activity quick. While on-line banking is most popular with
more youthful generations, even older ones are beginning to opt for it
Industry feasibility: A good industry analysis is a fundamental and essential important
element of feasibility study and will support an organisation to determine the attractiveness of
their product or service. Malta’s banking machine stays liquid, properly-capitalised and
profitable; then again, banks’ hazard appetite has come to be ever extra conservative, which
means that the island is an increasing number of turning to fintech players for the subsequent
tiers of increase (Sharma and Sharma, 2019).
Market feasibility: It refers to the process of findings the market for determining the
situation as well as capability of a specific market for analysing the chances present that assist in
development process which an enterprise is seeking. Malta is a best place for banking industry to
launch inline banking systems. Malta could be very nicely incorporated into the Europe-huge
structures for transaction processing and ATM cash withdrawals. Malta development bank
released the COVID-19 Guarantee Scheme aimed at making sure loans granted through banks to
meet new running capital requirements of groups. It is a best opportunity for banking industry to
launch online banking system in Malta.
Organisational feasibility: Organizational feasibility analysis is performed to decide
whether a proposed business plan has enough management capability, organizational
competence, as well as resources to launch new business idea successfully. Malta provides
different advantages as a abode for international banking commercial enterprise. Apart from
having a really perfect geographical place, in addition to taking advantage of EU membership
and the Euro as a unmarried forex, the united states of America also enjoys a spark off, efficient
and handy Regulator – the Malta Financial Services Authority (MFSA). As UK agencies are
searching for put up-Brexit solutions as those based totally within the UK will not be capable of
preserve running as they achieve this today, Malta gives numerous attractive opportunities inside
the Banking Sector. This will be beneficial for an organisation in development of its business
idea successfully in Malta (Suutarinen, 2019).
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Critically evaluation of secondary methodology
Secondary methodology is essential type of methodology because it facilitates investigator
in gathering of in-depth and accurate information regarding the topic. There are some advantages
and disadvantages of secondary research methodology, which will be explained as below:
Advantages: Secondary data helps researcher to enhance the understanding of the issues.
This will also facilitate in providence of basic comparison for the information gathered by the
investigator.
Disadvantages: Sometimes secondary information not accurate and proper because sources
of secondary information are out of dated.
Evaluation of the secondary data
 Availability: Secondary is available anytime and anywhere, researcher wants for their
study. This is an effective and essential source of data collection because it will help
investigator in attaining of all objectives successfully.
 Sufficiency: Literature review helps investigator in providing sufficient information
about the topic. This is important for investigator in attaining of each objective of the
business plan in successful manner.
Understanding of research limitations
There are different limitations of research faced by researcher while conducting business
development plan on the role of online banking system in increasing growth of overall banking
industry. These limitations are lack of time, lack of resources, lack of capital; data may be oil and
out of date, improper behaviour of respondents etc. All these are major limitations that have
negative effect over investigator for doing this investigation.
There are also some limitations related to the topic such as it requires knowledgeable and
experienced researcher who have idea about the banking industry and application of online
banking system that results in higher cost. For this, banking industry will require to train
researcher that take maximum amount of capital (Zeng and Wu, 2020).
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DATA/RESULTS ANALYSIS
Presentation of results based on the strategic analysis
Strategic analysis is mainly a process which include identification of business environment
that company operates in. It is essential for new business to conduct analysis as it help in
formulating plans and better decision making in an effective manner (Chernev, 2018). In the
present research, porter’s five force model is used that is describe above.
As a result, it is determining that in banking industry the power of suppliers is low as there
are many suppliers prevailing that give online banking services in a proper manner. The banks
have the advantage to shift other suppliers that offer low prices, it directly impacts positively on
the revenue level of banking industry. If it is talking about buying power of buyers, there are lot
of people using online services and shifting of people towards other banking service does not
highly impact on operations and performance of particular banks. In the present time period,
online banking service is necessary and providing it in effective manner to customers help in
attaining success as well as growth at marketplace. It is important for banking industry to ensure
that their websites are working properly and application consist of proper information, which
leads to customer satisfaction and customer retention as well (Zhylinska and Sitnitskiy, 2018). In
case of threat of substitutes, it is analysed that there are many banks that offer online service in
market and also provide many benefits to customer in order to attract them and enhance their
customer base level. The threat of substitutes in banking industry is high so it is important for
banks to offer quality service and maintain good relationship with them that help in gaining
attention of people and increase market share of banking industry. It is determining through
strategic analysis that opening a bank occurs high investment and it is not easy to fulfil all the
laws and regulations associated with it. This sates that threat of new entrants is low for banking
industry and is consider as an opportunity for existing players to strengthen its market position
by providing online service in an effective manner. Moreover, there are millions of people using
online service as it easy and convenient to operate as well. Most of the banks provide online
service that enhance level of competition in this industry and to sustain in such competitive
environment, it is important to focus on fulfilment of requirements of customer and improve
operations of banking industry. The trends in market is change as people like to prefer those
services that is new and innovative in market. providing of any new service by banks create a
competition in the industry and might impact on performance of other banks in aa negative
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manner. Furthermore, it is gaining out from strategic analysis of banking industry is threat of
rivalry is high and the power of operations of bank is low as well. Therefore, it is significant for
banks to deal with situations in an effective manner by developing effective strategies and plans
as well (Ansoff, 2019). Along with this, it is required to emphasis on providing quality online
banking service to customer in order to remain in competition at marketplace.
Appropriate analytical interpretation of results
This is an important and essential part of business plan because it helps investigator in
interpreting of secondary information collected from books, articles, publication research and
many more. Online banking refers to the system through which customers of the bank can do
financial transactions with the websites or applications of the financial institution. The online
banking is connected to the core banking system and it is operated by the bank only. It is the
totally new and advanced method to do financial transactions (Bratu and Petria, 2018). It is the
opposite method to traditional banking that is branch banking. In order to analysis secondary
data, different themes will be developed that result in accomplishment of all objectives in
successful manner. Thematic analysis is an analytical technique that will be essential in
interpreting of results successfully and systematically. These themes will be described as below:
Theme 1: Roles of online banking options or services in attraction of large number of
customers.
From the above mentioned secondary information gathered for literature review, it has been
interpreted that online banking attracts large number of customers through different roles, some
of them are:
Free- Customers get attracted towards the online banking because the online services can be
availed freely or with no charges (Chang and et. al., 2018). It provides free checking of the
accounts without charging any charges for maintenance of the accounts with the bank. Some
banks also pay interest if customer uses the online banking.
Higher interest rates- Online banking gives advantage to customers by providing higher
interest rates to their savings account and the various fixed deposits. Branch provides this facility
to its customers so that customer can move to modern banking methods from the traditional
methods.
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Less travelling- Online banking transactions save the time of the customer of visiting the
branch. Even customer does not need to be limited to working hours of the branch and bank can
provide good customer service through online banking.
Latest technology- Online banking provided by the banks give access to the latest technology
to its customers. Banks focus on advancing their technology so they can attract more and more
customers. So they can target the competitive bank's customer with the new advantages of the
technology.
Theme 2: Influence of online banking options over growth and success of banking industry.
It has been determined from the literature review is online banking also helps in the growth
and success of the banking industry by following ways-
Large customer base- Online banking influences the growth of the banks by providing large
number of customers. Large number of customers increase the business of the banks by opening
more and more accounts when they found out that particular bank is providing online banking to
its customers (Vezzoso, 2018).
Higher profits- The banks can get higher returns or profits when banks provide online
banking services to its customers there will be more current accounts because current holders are
the busy businessman and they want their transactions should be done with a single click. When
the numbers of current accounts will be more the banks do not need to pay interests on the
current accounts. And the banks can earn high interests on the amount in the current accounts.
Cost reduction- Online banking helps in reducing the cost of the banks which helps in the
growth of the business. When there is reduction in cost of the banks the saved amount can be
used for the other investment by the banks, it can be expansion etc.
Less manual- With the use of online banking the banks do not need to appoint new
employees because the system will automatically do its work there will be no need of manpower
(Ristolainen, 2018). The employees who are working in the banks can concentrate on connecting
the new people from the market and can make strategies to attract customers from the
competitors.
Theme 3: Importance of online banking options in pandemic situation for both bank and
customers.
From the above mentioned information, it has been determined that online banking has
created its importance in this pandemic because people were dependent on online services
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provided by the bank. People were unable to visit branches and even employees were unable to
visit customer's house. Importance of online banking for banks:
The banks provided online banking services to the customers helped in making stronger
connection with the customers. And the banks have also gained the customer from the
competitive bank even in this pandemic situation.
Online banking services in this pandemic situation increased the brand image of the banks in
the market. It has raised the goodwill of the bank and it helped in leaving a good impression
among the customers (Liao, Huang and Hsieh, 2016).
Online banking helped the bank in engaging with the customers even in the pandemic
situation. With the online banking the banks did not lose touch with the customers. So it helped
in increasing the balance of the banks in the pandemic also.
Importance of online banking for customers-
 Customers had 24/7 banking services at their home even in the hard times like pandemic.
The pandemic did not stop the customer's work related to the bank. It was continuous and
smooth.
 Online banking helped the customer to do their transactions with their convenience and
without any problems occurring to the customers.
 Online banking provides safe and secure transactions to its customers and customers
expect the safe and secure transactions from the banks and banks have successfully
provided this facility even in the pandemic situation.
Theme 4: Multiple ways by which banking industry can easily provide online banking
services to their customers.
It has been find out from the above mentioned secondary information that banks can provide
online banking service to its customers through different ways some of them are-
The banks can come up with the applications of their banks. Banks can have their own
applications of the bank from which customers can do their transactions or can avail any services
they can do through from the banks (Banu, Mohamed and Parayitam, 2019). These are the
applications which work in the mobile phones and tablets. Every bank should have their own
applications and should have advance features that can attract the customers. The banks can also
give online services by developing own websites of the bank through which customer can do all
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the transactions. The banks have to generate the unique username for their customers and the
customers can avail online banking services through simply login from the websites of the banks.
Application of results to research objectives and literature
Sources of competitive advantages and sustainability
There are various sources that help a company to attain competitive advantage and
sustain in market for longer time period. If it is taking about banking industry, it is important for
them to use such sources as it help in remaining at such competitive market in an appropriate
manner. The sources are given below:
Technology: It is considered as one of the most effective source that help banking
industry to offer something new in market and attract large number of customers to use its
services. In addition to this, due to innovative technology banks are providing online services in
a systematic and easy manner in market (Liu, 2019). It is important for sectors such as banking
to make use of upgraded technology so that fast and smart solutions as well as service is given to
customers and satisfy them in an effective manner. The banking industry of Malta make use of
new and innovative technologies as people belong from there prefer to consume convenient and
innovative services properly.
Human resource: It is determined that human resource help organisations to reach on
higher position and attain success as well. It is important for companies to focus on fulfilling
requirements of customer so that they can work with full zeal in order to meet targets. In case of
banking industry, most of the banks provide various benefits to its employees so that they
motivate and encourage them in an effective manner (Anwar, 2018). The banks are also
providing training to its employees in order to enhance skills and capabilities that help in
providing quality and satisfying service to customer. It helps banks to attain competitive
advantage and retain in market for longer time effectively.
Products and intellectual property: It is determined that innovation and quality of
products offered by banking industry can be consider as a source of competitive advantage and
sustainability as well. It is analysed that it is easy for rivals to replicate it and offer same product
in market. For this, industry using intellectual property laws that can protect rights to process
designs, product and technology as well. Using such competitive force help banks to save their
unique services and process from rivals and attract more customers that help in retain in market
for longer time period.
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Organisation culture and structure: Organisation culture is defined as shared beliefs,
values, mission, norms, symbols and behaviour of an organisation. It is important for banking
industry to have a mission that is clear to all the staff members so that it can retain in an effective
manner. in addition to this, it is determining that organisation culture also help in attaining
competitive advantage and it is essential for banking industries to use such structure that allow
all the employees to participate and share their thoughts (Kuncoro and Suriani, 2018). An
effective organisation cultures a structure help in encouraging staff members due to which it can
develop positive mind set of staff members that ha positive influence on performance as well as
profitability of company.
Selection of strategies for success
It is important for company to make use of one strategy by considering its advantages and
limitations as well. It helps an entity to attain growth intensively and gain success at
marketplace. One of the strategies that help banking industries to make gain success is porter’s
generic strategies. This strategy was formulated by Michael porter and it state method that an
industry adopts to attain long-term advantage and attain success in market in marketplace. The
strategy consists of three main generic strategies that is given below in relation to banking
industry:
Cost leadership: This strategy states that there are mainly two ways of achieving success
in market that is raise profits by declining cost and by enhancing market share by offering
products as well as services at lower prices (Julita Julita, 2019). It might develop a reasonable
profit but help industries to attract large number of people that leads to achievement of growth as
well as success at marketplace. It is important for a company to consider factors such as labour
charges, production cost and many more so that it strategy is implemented effectively and attain
success in market as well.
Differentiation strategy: It is considering as second strategy of porter’s that sates that
offering unique and different products as well as service assist an entity to attain success at
marketplace and fight with the rivals in an effective manner. it involves functionality, features,
durability, support & brand image that develop value for customers. in order to make
differentiation, industries are required development and innovation, good research and
development of effective strategies as well. This strategy helps an entity to attract more number
26

of people and increase sales and profit that leads to attainment of growth and success in market
(Cavaleri and Shabana, 2018).
Focus strategy: It is determining that entity, which make use of such strategy focus on
specific niche market by understanding requirements of customers and dynamics of market as
well. After selecting the focus strategy, it is important to decide to choose using cost leadership
& differentiation strategy as well (Doherty and Curran, 2019). In addition to this, it is important
to consider elements such as cost, resources available to company. Moreover, customer
requirements and market trends is also considering in using focus strategy in an effective
manner.
By analysing the porter’s strategies, it is determining that suitable and beneficial strategy
for banks to gain success is cost leadership strategy that is providing services at lower prices and
enhance market share in an effective manner (Zaitseva, 2020). The competition within the
banking industry is increasing day-to-day and banks are shift services from offline to online as it
is analysed that using of online service is more by customers instead of online service (Firoz
Suleman, Rashidirad and Firoz Suleman, 2019). Online banking service saves time of users and
allow easily access to account at any period of time as well. Acquisition of cost leadership
strategy help banking industry to enhance its customer base level and attain higher growth and
success at marketplace appropriately.
Development of appropriate business model for the business
For the new business development plan or developing the new concept, there has been
disruptive innovation model used. Disruptive innovation is advancement that introduces new
market and network of values and ultimately disrupts existing network of market and value by
replacing established leading companies, goods and alliances (Hoque, 2019). If the banking
industry is concerned, all banks now suggest a unique online banking system than competitors
and in order to give a unique characteristic in market, it is vitally important that the Malta
banking industry uses the theory of disruptive innovation to efficiently develop its value.
Appropriate synthesis and evaluation of research results, inferences and implication
It is evaluated from the present investigation that online banking services is taking place
rapidly in market and its consumption increases day-to-day. Online banking service allow a
person to easily access account and gain every information that is get by reaching to banks. In
addition to this, due to the pandemic crises in economy, millions of people using such services as
27

they are not able to go banks and use it services effectively (Golden and Regi, 2019). Moreover,
it is important for banks to provide updates to its customers about services given to them as it
decline the footfall in banks and easy functioning of activities as well as operations. There are
various sources that help banks to attain competitive advantage and sustain in market for longer
is using of advanced technology, skill and talented employees, organisational culture and many
more. In the present investigation, secondary method is used in order to collect data in a proper
manner and to draw a valid and appropriate conclusion. For secondary data, online articles,
journal papers, websites, books are used that help in assessing data in an effective manner. This
study sates that banking industry face various issues and challenges due to increase in
competition take place at marketplace. It is determining that by using porter’s five force model,
an entity can gain understanding about level of competition prevailing at marketplace that help in
developing of effective strategies and attainment of competitive edge at marketplace. It is
evaluated from the business canvas model that choosing of appropriate customer segment is
important in order to gain better results and achievement of growth in an appropriate manner.
The success strategy that is cost leadership help such industry to increase its market share that
leads to growth as well as success effectively (Rathi, 2016). The implication of the overall study
of online banking service is beneficial for both the customers and banks as well. In case of
customer, it saves time and convenience for them and for banks, it helps in development and
growth of industry in an economy. In addition to this, it is analysed that innovation plays vital
role in the overall development of banking industry as it helps in offering new service to
customer, which grab the attention of people and enhance performance as well as profitability of
banking industry. The overall implementation of strategy will help in gaining better results and
draws a valid conclusion as well. Furthermore, online banking service develop a boom in market
due to crises occur in world and it has positive impact on the usability and consumption of online
services in an effective manner.
DISCUSSION, CONCLUSION AND RECOMMENDATIONS
Discussion
From the above mentioned secondary information, it has been discussed that online
banking is an important and useful ways of attracting larger customer base during Covid 19
situation. From the above collection of secondary data by the method literature review, it has
been concluded that online banking services plays vital role for an organisation to gain success
28

and growth. Literature review sates the influence of online banking options over growth and
success of banking industry and from primary data, it is concluding that online banking system
decline operational cost, enhance number of loyal customers and improve banking services.
Further, through secondary source that is Literature review the importance of online banking
options in pandemic situation for both bank and customers and it is analysed that it has positive
impact on customers as they are not required to go banks, it save their time and cost and people
have no fear of having COVID 19 (Tiwari, Tiwari and Singh, 2017). It has been interpreting that,
there are several methods through which banking industry provide service to customer and these
are use of internet facilities, development of mobile application and hiring of third party
agencies. Along with this, it has been determined that, online banking. There are different
advantages of online banking such as higher customer base, increased sales, improved brand
image etc. These are major advantages that are essential and effective for banking industry in
attainment of competitive advantages within minimum period of time and in successful manner.
Recommendations
By analysing the above study, some of the recommendations is given below:
 It is suggested to the organisations that opening an online banking service in Malta has
wide scope as it help them to gain higher growth and success in market. In Malta, the
online banking services is quiet less as compare to other countries and opening such
service will attract large number of people due to which an entity can enhance its
performance level and earn higher profits as well.
 Moreover, it is recommended that while establishing new service in Malta, it is important
for companies to know the statistics and growth rate of Malta so that it can gain
acceptance in market and retain for longer-time period.
 In addition to this, it is suggested to companies to analysed the market trends and do a
depth study about the new banking services as it help them to offer something unique in
market and gain attention of people in an effective manner (Liao, Huang and Hsieh,
2016)
 Further, it is recommended to companies to analyse the level of risk by using risk
analysis tool as it help them to develop an effective strategy that decline risk and raise the
possibility of success of online banking service in Malta.
29

 It is suggested to companies to analyse level of competition prevailing in the Malta
Banking industry by making use of effective tools as it will help in developing more
effective strategies and also assist in attaining success in the new market effectively.
Conclusion
From the above study, it has been concluded that using of online banking system is
increasing day to day as it is convenient for customers and easy to use as well. Most of the banks
are providing online banking services as it helps them to properly function out activities and
providing quality service to customers. There are various facilities provided through online
banking system to the customers such as rapidly capital transfer, saves time of customers, get
payment at any time and many more. The use of online banking system is increased more in
nowadays due to COVID 19 as in this pandemic situation people are prefer to not go banks.
Secondary sources are collected through online websites, Journals, magazines, articles and many
more. Research methodology plays an important part in the research project as it assists in
collecting and analysing reliable and accurate data about topic or an idea. Marketing mix is
defined as set of actions which is adopt by an entity to promote its product and service in the
marketplace. The marketing mix consist of 4P’s of marketing that is product, price, place and
promotion as well. STP approach is used by companies in order to categorise the whole market
into different segments, target the right market and develop a positive brand image in the mind of
customers. The important role that is played by online banking system is it decline the rate of
number of visitors of bank, as it is convenient for customers to use such system in an effective
manner. It is determining that the impact of online banking system has positively influence on
the growth as well as success of banking industry. Moreover, people nowadays prefer to go
paperless in order to save environment. There are different ways through which banking industry
can easily provide online banking services and these are development of own application, online
website and so on. Business Canvas model is basically a plan of activities which assist in
targeting right customers in a proper manner. At last, it is analysed that cost leadership strategy
of Porter’s assist in gaining success and growth in the marketplace. (500)
30

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