Mobile Phone Applications and Financial Needs of Banks Project

This report investigates the intersection of mobile phone applications and the financial needs of banks, focusing on the UAE market. It employs a mixed-methods approach, combining quantitative and qualitative research techniques to provide a comprehensive analysis. The study begins by selecting appropriate research methods, highlighting the strengths and weaknesses of quantitative, qualitative, and mixed-method approaches, ultimately choosing the mixed-method for its triangulation capabilities. The methodology section details the data collection techniques, including questionnaire design for smartphone users and interviews with bank managers, alongside a literature review and regression analysis. The report explores the evolving landscape of digital finance, the impact of disruptive technologies, and changing consumer behavior, particularly the rise of smartphone usage. It examines macroeconomic data, such as mobile phone price levels and financial growth rates, to assess the broader market context. Data analysis techniques, including quantitative and qualitative methods, are outlined to derive meaningful insights. The report emphasizes the importance of digitalization, time and cost efficiency, and the creation of a database to connect consumers with various bank financial services, such as car, home, and personal loans.

Running head: MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Mobile phone applications and financial needs of banks
Name of the student:
Name of the university:
Author Note

1MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Abstract
The aim of the study is to deploy the service of smart phone financial platform that offers the
consumers and helps in accessing the various financial service of banks. The services involve
personal loans, home loans and car loans. In the following study, the various research methods are
selected that can be applied to understand how mobile applications can connect directly banks and
people. This is to evaluate the residual aspects of data collections. In this study, the quantitative,
qualitative and mixed-method approaches are discussed. Nonetheless, for the project, the mixed
method is chosen. Next, the different strengths and weaknesses of this mixed methods research are
discussed. After that, various data collection techniques are to be found out here along with a short
analysis of methodology.

2MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Table of Contents
Introduction............................................................................................................................................3
Quantitative Method, Qualitative Method and Mixed Methods Approach:..........................................4
The Strengths and Weaknesses of the Mixed Methods Research:........................................................5
The Strengths of the Mixed Methods Research:................................................................................5
The Weaknesses of the Mixed Methods Research:...........................................................................6
The Methodology:.................................................................................................................................6
Data Collection Techniques:..................................................................................................................7
Quantitative Data Collection:............................................................................................................7
Qualitative Data Collection:..............................................................................................................8
Data Analysis Techniques:....................................................................................................................9
Quantitative Data Analysis:...............................................................................................................9
Qualitative Data Analysis:...............................................................................................................10
Conclusion:..........................................................................................................................................11
References:..........................................................................................................................................13

3MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Introduction
The use of technology has changed people’s daily lifestyle, starting from small habits like
shopping; to every day, socializing activities and jumping to more sophisticated routines like the
financial service industry. As fine-tech emerged, technology was a tool to make it easy for people to
invest, make payments and take loans. According to Dubai statistics center, fifty percent of Dubai’s
population are millennials. People have been addicted to Smartphone’s and would appreciate
executing all financial transactions the same way they use other social service platforms. In the past,
underwriters had little information to rely on when assessing the risk factors to their customers. This
means that a lot of people got rejected or never had the chance to apply for such financial service.
Today, Fine-Tech is taking the lead by relying on diverse information compared to the old-fashioned
way banks used to have.
Our objective is to establish a smart phone financial platform service offering the consumers the
access to the bank’s financial services (example: Car loans, Home loans or Personal loans) in a
smarter and more efficient way than the traditional methods are providing giving 2 main advantages:
1) Digitalization the service: Time & Cost efficiency.
2) Database: Link the demand (customers /people) to the Supply (Different Banks) in one
database.
This paper will begin with selecting the research methods that will be applied to the project in
order to assess the remaining aspects of data collection

4MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Quantitative Method, Qualitative Method and Mixed Methods Approach:
There are various types of researches that are applicable for the present research such as
quantitative, qualitative and mixed method approaches. Firstly, quantitative research is seen as a
systematic investigation related to the phenomena through collecting quantifiable information
(Barnham 2015). Here, they have been performing computational, mathematical and statistical
techniques. Further, the data is collected from potential and existing customers. This is done through
sampling methods with various questionnaires, online polls and surveys. Besides, the outcomes can
be depicted in numerical format. As a careful analysis of the numbers is done for predicting the
product’s future or the service, changes can be made accordingly. Next, there is the qualitative
research. It is a naturalistic inquiry method seeking a detailed analysis of the social phenomenon
under the natural setting. They have been concentrating on “why” instead of “what” of the social
phenomenon and depending on direct experiences of human beings. Instead of statistical and logical
processes, Moreover, the researchers utilize different inquiry systems for studying the human
phenomenon. This involves case study analysis, discourse analysis, grounded theory and the
phenomenology (Jun and Palacios 2016).
Again, mixed-method research can be implemented for our chosen project. It is the process to
conduct research including collection, assessment and integration of the quantitative and qualitative
research. Again the approach to the research has been utilized as the integration delivers a smarter
understanding of the problem of the research. Through mixing the qualitative and quantitative data
and research, in the current situation the researchers can achieve detailed corroboration and
understanding through offsetting the weaknesses that are inherent to utilize every approach (Berger
2018).

5MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Nonetheless, for the current project, the mixed-method approach is chosen. This is beneficial
here due to its possibility of triangulation. This indicates the usage of various means for examining a
similar phenomenon. Further, it permits the identification of various elements of the phenomenon in
a more appropriate way through approaching that through various vantage points. This is through
various techniques and methods. Further, the successful triangulation needs an effective assessment
of the kind of data delivered by every process that involves weakness and strengths. Further, it is
applicable as one requires to use a method for informing another method. Again, it is applicable as
one needs to fetch the research questions from various angles constantly and there is a necessity of
clarification of results and potential contradictions (Kuncoro, Riadi and Luthfi 2017). Moreover, it
can be implemented as one needs to elaborate, make a clarification and create the findings from
additional methods. It can be deployed as one can develop the theory of the phenomenon of interest
and examine that. Furthermore it is seen that qualitative research is much more appropriate to
develop a theory. On the other hand, qualitative research is applicable as there is any necessity to
generalize the results.
The Strengths and Weaknesses of the Mixed Methods Research:
The Strengths of the Mixed Methods Research:
It has various benefits. It delivers the strengths offsetting the weaknesses of qualitative and
quantitative research. Again, the qualitative research can be regarded as deficient due to the potential
for biased interpretations that have been made researcher and complicated to generalize the
outcomes for a huge group (Owusu Kwateng, Osei Atiemo and Appiah 2019). However, quantitative
research has various kind of weaknesses. In this way, through utilizing both kinds of researches, the
strengths of every approach can be used for the other’s weakness. Moreover, the mixed method is
more useful for the comprehensive and complete investigation of the problems of the research than

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only just the qualitative and quantitative ones. Furthermore, it provides an approach to create better
and much context-specific instruments. Further, for example, through utilizing the qualitative
research, it has been possible to collect the data about a particular topic for developing the measures
having higher validity of the construct (Brannen 2017). Lastly, it is helpful to demonstrate different
findings and ways in which casual processes can work.
The Weaknesses of the Mixed Methods Research:
Nevertheless, there are various limitations to the methods. Additionally, the research design
has been highly complicated. Again, it has been taking much more time and resources for
implementing and planning this kind of research (McCusker and Gunaydin 2015). Though, it can be
complicated to implement and plan the method through drawing the outcomes of another. Besides, it
is still unclear how the discrepancies can be resolved that has been arising in the interpretations of
the results.
The Methodology:
For deriving the results of quantitative assessment, a questionnaire set is to be developed for
the various mobile phone users in UAE. The project focusses on various aspects. Firstly, it considers
the digital economy. Any efficacious innovation of digital transformation starts with the knowing of
the behavior of digital customers, choices, preferences, dislikes and likes, various necessities that are
stated or unstated, aspirations and many more. This transformation can lead to the important
modifications in the banks ranging from the product centric to the client-centric perspective.
Secondly, it is essential to evaluate how disruptive technology can bring about the innovations for
the banks. This involves unbundling of the banks at UAE through the providers of financial
technologies, widened ATM capabilities, latest payment technologies and peer-to-peer payments.
Further, the mobile apps of sharing economy, also known as collaborative consumption or peer

7MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
economy involves the renting out of anything that are not used by owners. For examples, bicycle,
house or cars to the strangers through peer-to-peer services can be considered here. This is helpful as
many people never require to buy as they are able to rent from other people. Apart from this, it is
also vital to understand how the consumer behavior is been altering in the present situation creating
new customer experience. One of the basic causes that the researches for the marketers have turned
complex for interpreting experience of the customers is the various behaviors is the development due
to the rise of usage of smartphones.
The mobile phones are giving rise to distinct kind of consumers for the banks. It is been
found to be reflected too the forecasts for worldwide revenues generated. It is seen that more than
one third of the purchase through Internet are done with the smartphone devices. On the other hand,
to analyze results according to the qualitative analysis, interviews must be conducted on various
chosen bank managers. Besides, a literature review must be done on different prior reviewed articles.
Apart from this, regression analysis must be deployed for analyzing the independent variables that
are related to the different dependent ones and evaluate their relationship kinds (Bernard 2017). The
regression or the predictive modelling techniques will be helpful to analyze the relationship between
the target or dependent and predictor of the independent variable. It can be utilized for time series
modelling, forecasting and seeking the cause-effect relation occurring between the variables.
Data Collection Techniques:
Quantitative Data Collection:
Here, a questionnaire set is to be designed for various smart phone users at UAEfound to be
interested in various financial need. These involve car loans, auto loans and mortgage loans. At first,
a simple grid is to be created for collating data that have been included in that questionnaire. Next, a

8MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
simple coding system is to be designed that must comprise of careful design of questions. This has
been relatively straightforward in coding those closed queries (Naeini, Chen and Ahmed Syed 2017).
Here, for instance, as the answers have been ranked as per numerical scale, one can possibly utilize a
similar scale as the code. For evaluating those open questions, the responses are to be reviewed and
then that is to be categorized under enough small set of wide categories that might be the coded.
Next, the data is to be entered on the grid. Next, the proportion of the respondents who are
answering to every category of the questions are to be answered (Chaouali, Souiden and Ladhari
2017). Apart from this, the responses can be pooled to the various related type of questions. At the
situation, the answers should be conforming to be consistent numerical code. This has been the best
simplification for summing the scopes over the questions instead of computing the average score.
Further, macro-economic data is to be retrieved from the study. The outcomes must have numerical
data. Here, the market systems of UAE n a large scale is to be found out. Here, the changes of
mobile phone price levels, inflation in smart phone industry, rate of financial growth of banks, GDP
of UAE are to be considered.
Qualitative Data Collection:
In the second stage, qualitative data will be collected through focus group discussions and in-
depth, semi-structured interviews with experts who understand the topic and the issues. The
discussions will be based on the result of the quantitative analysis and will address logistic issues
and legislative solutions as well as incentive schemes and technological development. There are
various benefits of utilizing the regression analysis. They are indicating the essential relationships
between the dependent and independent variables (Arcand et al. 2017). Besides, this indicates the
strengths of the effect of various dependent variables on different dependent variables. It helps the

9MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
data scientists, data analysts and market researchers to eradicate and analyze the best out of the
variables used to create the predictive models.
Data Analysis Techniques:
Quantitative Data Analysis:
The quantitative data would be retrieved in the format of statistical, mathematical, and
number formats of the numbers. This can lead to deploy the conclusive outcomes. Next, the surveys
are to be implemented, as mentioned above. Here, the closed-ended questions would be forming an
important part of the surveys. This is because they are efficient to collect the quantitative data. Then,
the survey has been including options that are most suitable for a specific cause (Bojjagani and
Sastry 2017). They are integral to gather the feedback from the audience having greater than the
traditional size. This critical factors regarding surveys have been the reactions gathered such they
can further be generalized for the complete population despite any notable discrepancies.

10MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
Figure 1: “Understanding quantitative data”
(Source: McCusker and Gunaydin 2015, pp.537-542)
Qualitative Data Analysis:
The interview conducted should include the probabilities to collect detailed data about the
research questions. Apart from this in this kind of primary data collections, there must be direct
control on the flow of the process and there should be chances of clarifying particular issues as the
process require. Nevertheless, it must also be reminded that this involves longer requirements and
complexities related to arranging with proper time with the view-point of the sample group members
of conduct interviews. While conducting the interviews on the bank managers, an open mind must
be maintained. Further, there must be refrainment from displaying the disagreements at any kinds as
the view-points are expressed through interviews contradicts with the individual ideas. Again, the
environment and timing for the interviews require to get scheduled efficiently. Interviews
particularly have been required to be conducted in a relaxed scenario that is free of any types of
pressure for the interviewees (Brannen 2017). On the other hand, for the literature review, at first,
the relevance of the topic from the articles must be considered. It should be estimated whether the
research methodology is demonstrated comprehensively. Then, the reliability is to be considered
regarding whether the source has been peer-reviewed and how reputable the source has been and
what are the impacts of the factors. Next, the provenance is to be considered related to the fact
whether the arguments are supported by the evidence. Further, there is the persuasiveness where it is
to be found that those arguments have been the least or most convincing. Then, the accuracy is to be
considered to see whether the data has been supporting the conclusions and opinions has been
convincing. Lastly, the value of the articles is to be taken into consideration to seek whether the
conclusions and opinions have been convincing. It should be properly found out that the work has

11MOBILE PHONE APPLICATIONS AND FINANCIAL NEEDS OF BANKS
been ultimately contributing in a notable manner to understand the subject (McCusker and Gunaydin
2015).
Figure 2: “Illustrating the idea of qualitative data”
(Source: Barnham 2015, pp.837-854)
Conclusion:
The above study helps to evaluate the expectations of the sample respondents regarding smart
phone platform eco system that connect directly demand with supply., the study of the issues of the
clients in smart phone mobile application is done and the factors influencing the customer’s adoption
for mobile apps for the bank is investigated. It has been understood from the study that because of
changing necessities of customers in UAE, new innovative solutions are to be adapted. Moreover,
the analysis helps in understanding that the applications and security are upgraded as per the
necessities. The outcomes of the assimilated mixed method approach of the literature review,