The.Impact and Importance of Online Banking With Respect to Bank Muscat
Undergraduate Studies Department
Submitted by
STUDENT NAME : Aseel Hamood Al Wadhahi
ID ST07923
in partial fulfilment of the requirements of RESEARCH PROJECT Module (UG102)
Proposal Supervisor: Dr_____________
Project Supervisor: Dr___________
College of Banking and Financial Studies, Oman
Fall 2020- 2021
Learner Declaration
I, certify that this assignment is my own work and not copied or plagiarized. It has not previously been submitted as part of any assessment for this qualification. All the sources, from which information has been obtained for this assignment, have been referenced. (Ace my homework – Write my essay – Harvard format).
I further certify that I have read and understood the College of Banking and Financial Studies rules and regulations about plagiarism and I agree to be bound by them.
Student signature: ___________________________ Date:—————————————–
Supervisor Name and Signature Assessor Name and Signature
Date Date
Code of Ethics
(A statement that it is your own research and you are not infringing into copyright, ethics or confidentiality issues, health safety and environmental issues, governmental policies, etc.)
Acknowledgements
First of all, I would like to thank all the distinguished professors for helping me complete this report. I also present to the employees and clients of Bank Muscat to allocate some of their time and complete the questionnaire and all the lecturers who helped me gain the skills that I have now. In addition, I thank my family and friends for their help in completing the research project, and thank them for their faith in it and for showing support that never ends.
ABSTRACT
The aim of this project is to analyze the importance of banking services via the Internet and its impact on society and the economic field in Amman. I chose Bank Muscat in this project due to the spread of Bank Muscat throughout the Sultanate of Oman. This research will be to collect data in a quantitative form. I will use charts to analyze the required results. In this paper, I will focus on distributing questionnaires to several people between bank muscat employees and bank muscat clients. I will randomly distribute the questionnaires in order to have all the different points of view. The sample that I will use in the research will be 35 people, 15 employees of Bank Muscat and 20 customers of Bank Muscat. The paper will explain the advantages and disadvantages of online banking services offered by bank muscat. I will use in the research various types of data collection such as questionnaire, interviews and the Internet. In order to analyze the information I have obtained, I will use graphs and tables to facilitate the analysis of the information. The results of the research show whether online banking services are satisfactory to customers and employees or not, and whether banking services via the Internet are considered easy and safe.
TABLE OF CONTENTS
Section Title Page No
Code of Ethics 3
ACKNOWLEDGEMENTS 4
ABSTRACT 5
TABLE OF CONTENTS 6
1 Introduction & Background
8
1.1 General Introduction 8
1.2 Significance of Study 8
1.3 Objectives of Research 9
1.4 Research Questions 9
1.5 Research Hypothesis
9
1.6 Scope and Limitations
9
2 Literature Review
10
3 Research Methodology
3.1 Introduction
3.2 Study Area
3.3 Research Design
3.4 Sample Frame
3.5 Sample Size
3.6 Sample Procedure
3.7 Research Timeline
3.8 Data Collection Methods
3.9 Data Analysis Method and Techniques
3.10 Research Structure
4 Research Data Analysis and Findings
4.1 Introduction
4.2 questionnaire analyse
5 Conclusion (and Recommendation)
5.1 Conclusion
5.2 Recommendation
6 References (Ace my homework – Write my essay – Harvard Reference Style)
7 Appendices
7.1 Survey Questionnaire
7.2 Interview Questions
7.3 PowerPoint Slides
Section 1
Introduction and Background
1.1 General Introduction :
Online banking services allow customers to conduct some financial transactions, including transfers, payments and deposits, and also provide some information that the customer sometimes needs, such as an account statement. In our time, banks perform some services through the Internet through banking applications on mobile phones.
Through online banking services, the customer can clear some simple transactions without the need to go to one of the bank’s branches. He can make financial transactions at any time of the day and any day of the week. It is not required that it be during the working hours of the bank. In order to use banking services on the Internet, the customer must register in the bank application and create his own password, after which the customer can use the application and the available services knowing that the services differ from one bank to another. Banks provide basic services to their customers, such as paying bills, transfers, and requesting a check book.
1.2 Significance of Study:
The purpose of this research is to uncover the goals, restrictions and impacts that face banking services via the Internet and to show the different views of the customer and financial institutions.
1.3 Objectives of Research :
• Identification of Bank Muscat’s online banking achievement .
• Pointing out the limitations faced by online banking clients at Bank Muscat .
• Assessing the consequences and benefits of online banking on Bank Muscat output
1.4 Research Questions :
• What are online banking achievement ?
• What are the drawbacks faced by online banking customers ?
• What are the benefits of banking online ?
• What are the priorities of online banking ?
1.5 Research Hypothesis
H1: online banking has a positive relationship with banks growth
H2: the chances of diversification have been improved by online banking meaning it has a beneficial relationship with diversification .
1.6 Scope and Limitations
Research limitations include dishonesty because the information gathered from the questionnaires may be wrong or inaccurate because the individuals who filled out the questionnaire were responding without carefully reading the information provided.
Section 2
Literature Review
In recent years, with the advent of the Internet more broadly for people, banking technology has advanced. Banks have created new methods via the Internet that contribute to the customer’s handling of his banking transactions via the Internet. Whereas, in the last five years, customers have increased their use of banking applications to clear their transactions by 60%. As the banking applications facilitate some services for the customer that prevent the customer from going to bank branches. The banking industry is working to further develop its banking services over the Internet to give the customer fast and reliable services. Banks in general have created Internet applications for them in order to provide their services on the Internet to customers and have also promoted customers to use their applications for banking services. Banks must enhance customer and user confidence in services internet banking by improving the privacy and security of its sites. Banks seek, through online banking services, to attract customers by adding online services with the traditional services provided by the bank. As the online banking services are one of the most developed services in the banking industry and also one of the most used services in the year 2020, banks have prevented the reception of customers in the branches due to Covid 19, and the services were limited to banking applications (banking services via the Internet). (Qureshi and others, 2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers) he said that technology is affecting our lives today. Internet banking is one of the factors that is increasingly appreciated around the world. Clients around the world have a great acceptance for this technology and it is being adopted very quickly in countries like Pakistan. Most banks offer such facilities to their clients. (Benamati et al., 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer) points out that banks around the globe are looking at alternatives to reduce costs and main their customer services, they claim that online banking technology will improve the banks’ ability to reach their objectives, since online banking has low costs, it will help developing nations to acquire new customers. (Williamson, 2006 – Write a paper; Professional research paper writing service – Best essay writers) said that online banking is a profitable method for banks. It gives customer the ability to flexibly choose their transactions One of the most important advantages of online banking services for banks in online banking services is that it reduced operating costs, as the bank increased or retained customers, and also reduced congestion on bank branches in the past and reduced the number of employees. The bank does not need employees as before, because customers use the bank’s sites to clear their transactions. As for the positive aspects of the customers, the customer can finish his transactions from home or work without the need to go to the branches and wait for hours in order to clear his transaction, and he does not need to go to withdraw money from the ATM because of his ability to pay or transfer money online. As for the negatives, in recent times some problems have appeared in online banking services, such as the bank’s inability to operate their site due to their lack of staff who can keep up internet banking services. In addition to the legal problems and also the lack of personal communication between the customer and the bank, and through personal communication, the customer’s confidence in the bank increases. Through the pros and cons of banking services via the Internet, it is clear that the advantages of banking services via the Internet outweigh the negatives for both customers and financial institutions.
Most of the research related to the impact and importance of online banking in Oman considering the Bank Muscat product, the customer is widely accepting and insisting on using the online banking product irrespective of the age groups. Most Bank Muscat customer is using the online baking product to avoid to visit the banks. By using a mobile device and the internet, the customers can be used the banking product online. The banking products are like transferring money from one account to another, payment of utility bills like electricity, water and telephone bills, payment and top-up of mobile phone, payment of credit cards, and donate to charity. The online product acceptance from the customers of Bank Muscat is very high and providing a lot of service to the customers. Based on the survey conducted with 300 customers of Bank Muscat who uses the online service, most customers are accepted. They rejected using conventional type banking because of the inconvenience of traditional banking. The study indicated a high tendency to accept and utilise online products, and they opposed the conventional banking method (Al-Sabbagh and Molla, 2020).
Investigating the importance of the online service in the Bank Muscat during the current circumstance, the customers are not interested in going to the bank to get the banking service. Using the internet and electronic device, the customer is doing all type of transaction from a remote place like home or office. Nowadays the Bank Muscat are providing all type of online service to customers. The implementation and usage of the internet banking service have been increased drastically due to the penetration of internet service inside the Sultanate of Oman. Both the conventional banks and Islamic banking windows are providing all type of online service to the customers. Internet penetration is transforming banking and financial institutions in terms of online product and service. The Bank Muscat has introduced Internet banking is from June 2002 (Echchabi, Al-Hajri and Nazier Tanas, 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers).
Oman Banking industries are giving a significant role in the country economy. Considering internet banking Sultanate is having good growth in the technological level in banking sectors. Usually, the customers of Bank Muscat in the early stage are not much the initiative to use the internet usage. By providing awareness about the online service by the banks, the customer widely accepts the online service, and most of the customers are not visiting the banks. This indicates the acceptance of online banking. The banking staffs are taking more initiative to motivate the customer to use the online service by providing proper education about the product and training. This move improves the performance of the banks in terms of organisation goal, and the flow of the customer to the bank reduced so that the staff can concentrate on other dedicated jobs to improve customer satisfaction (Kolluru, 2020).
After introducing the online banking service in June 2002, the bank has taken more effort to implement the banking product online. Due to the banking strategy, the Bank Muscat is one of the best banking services in Sultanate. To serve the customer better, Bank Muscat sets new standards and commitments related to its online products. The individual customer and corporate customers can avail themselves of the online service to perform the banking service. This is the reason Bank Muscat is one of the leading banks in Oman. The Bank Muscat is the pioneer to develop and implement digital banking solution. The important benefit of digital banking or online banking provides improved efficiency, economic benefits, reduction of cost, speed, accountability and scalability (Observer, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online).
The customer service and quality of the banking service can be defined based on customer satisfaction. Based on different research shows that the online banking products of Bank Muscat are showing a very high percentage in the Oman market. Implementation of the online product the number of customer rate is increased significantly in Bank Muscat. During the different survey, the Bank Muscat customers are very happy with the online products of the banks. The bank has taken a secure and fast e-service window from the customer regarding online and mobile banking apps. The main threat in online banking is online fraud; to avoid the fraud, the bank is taking more initiative to study the malpractice and updating the banking software in a particular period. They are aware that the customer uses a strong password and avoids sharing personnel information with other peoples (AL Shekaili, Karim and Farhana, 2020).
The important factor in the banking service is that the service quality of banks in terms of online banking service. The Bank Muscat reviews the customer service and quality strategy of online banking and implements the update regularly. Considering the banking sector, many elements influence the banking sector to review the quality strategy like competition in the field, highly educated customers, and increased living standards. The banks are required to retain the existing customer and required to attract new customer to the banks by providing quality online products and service to their customers. Here the Bank Muscat is taking more initiative to implement more product and updating the e-service product regularly to retain the customer as well as to influence the new customers to banking products. To measure customer satisfaction, the Muscat Banks conduct a survey online and offline to improve their service and products (Bank Muscat, 2020).
Bank Muscat focuses on different service areas like investment banks, retail banking, commercial banking, corporate banking, wholesale banking and online banking etc. The researches show that the customers are more cultured and educated to use modern technology to execute the customer need or requirements. Considering the online service, the human role is taking very less discerning in the quality of service or products. Customers are very important for the banking industry; electronic service and products are very predominated for customer satisfaction in the banking sector (Mehmood and Ul Sabeeh, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online).
Based on the different study and survey on the adoption of the internet service of Bank Muscat, most of the customers are using a different type of service. Considering the number of customers, the majority of the peoples are using the internet banking option. Most of them are using to transfer the money from one to other accounts. The customers frequently used internet banking service are bank statement inquiries, utility payment, loan application, paying school fees, fund transfer, bill payments and debit and credit card-related inquiries, and complaints. Most of them are frequently used to check the statement, money transfer and utility payment. Most of the customers are responding based on the usage. Based on the survey, it indicated that the customer is using daily basis online banking service. The people who are using the mobile service related to banking products are from home. Some of them are using even from the office. The most important benefit of the online service is we can perform transaction irrespective of banking timing (The Arabian Stories News, 2020).
Bank Muscat is having both conventional banking and Islamic banking window. The Islamic banking window is known as Meethaq Banking. Bank Muscat is providing online service and products to both bank customers. Due to the current situation of spreading virus and authority is insisting on reducing the movement and social distancing, most individual and corporate customers use the online baking service. Both banking windows are providing mobile banking and online banking website for their customers. Both online services are different from each other, and it is working on a different platform. The most important factor in the online service is that it will work 24/7 irrespective of the banking time. The customers can perform their transaction at any time from any were. They required only an electronic device like a mobile phone or computer and an internet connection (bank muscat, n.d.)
Bank Muscat e-channel product and service range are more. They are providing different type of service. The product range is like ATM Automatic teller machine, Cash deposit machine (CDM), corporate and online personnel banking, Mobile banking, BM remittance, BM offers, BM wallets, Business cash deposit machines and statement printing kiosk. Customer can avail all of the facility from the bank Muscat. It is not required to go to the bank to do any transaction. The BM wallet offers a lot of services, and transferring money from one account to another has become very easy. Nowadays, it is not required to add the beneficiary account number using the debit card number or by telephone number; it is easy to transfer the money to another account easily. To pay to the merchant also easy by scanning the QR code. Due to the development of information technology and innovations in banking software development, the online service has been improved well. Some of them are not having mobile banking or net banking; the money transfer or money deposit can perform by using the ATM or CDM. Bank Muscat is providing the ATM and CDM service in every major place of Oman. The bank started its operation in even remote area of the Sultanate of Oman (Meethaq, 2020).
Consumer behaviour is one of the most important parts of the industry to be considered. There are a lot of studies available related to consumer behaviour. Consumer behaviour is the active process that leads a person to purchase things. Consumer’s activity while deciding the product depends upon many factors. For marketers, it is very important to study consumer behaviour. Because marketers can easily analyse customers’ behaviour, this is important to understand the kind of products that required for customers. Also related to banks, the services and facilities as per the customer’s expectations can be facilitated in the bank products. This is essential for the improvement of the service of banks. Customers are the running element towards success for any organisation, especially in banks. Online products and services can be provided to customers as per their requirements. The answer to many questions together forms the study of consumer behaviour. Why they purchase the product, how they purchase the product, what they like most in the product etc., are the main questions asked by the marketers to decide the improvements.
Before the launching of new products, it is important to understand consumer behaviour. If the company does not know the relationship between the product and customer, then the chance of failure of the product is high. For avoiding this matter, it is important to find out consumer behaviour. Consumer differentiation is the way that makes the differentiation from other customers. Consumer differentiation will be easy by analysing consumer behaviour. In the research, consumer behaviour is the important part. The study of customer satisfaction is available in all industry. Many studies are telling that online banking services improve customers satisfaction. Many countries are introduced online banking facility for attracting their customers. Some studies tell that there is a particular percentage of people in every country where they are not willing to do online transactions. This research is asking the reason for this problem. Internet issues are one of the most important reasons for this result. People are not getting proper internet services to use banking application. Also, poor people do not have money to spend on the internet and smartphones. This is also another reason for this issue.
The development in the information technology industry is vast in recent years. So, most industries adopted online applications. Most banks adopted online banking method to attract their customers. This is not only to provide customer satisfaction but also to make easy services in all departments. An essential part of the online banking service is time saving ability. A lot of time can be saved if the customer is using an online banking facility. They can do all types of transactions in their own places without travelling anywhere. In today’s world, all world is in the covid-19 pandemic. People are suffering from different difficult situations. A travelling ban is there in most countries. So, the importance of online banking is very high.
Section 3
Research Methodology
3.1 Introduction
In this section I will explain how I researched the project and what it depends on. Also, I will explain how to collect the information and what methods are used for that.
3.2 Study Area :
The place to conduct the research is the bank muscat branches in the governorate of Muscat.
3.3 Research Design :
There are two forms of conveying a research. The first type is the quantitative form, which relies on digital data, such as polls, interviews, and other methods. The second type is the qualitative form and it is based on understanding. The qualitative format includes interviews, individual interviews, and many methods. The design of the research will be quantitatively in order to obtain the required results, and the focus will be on distributing questions to different individuals in order to understand the different points of view and to know whether Internet banking services are taken into consideration. Positive and negative for the target group.
3.4 Sample Frame :
It will involve taking samples from 15 bank muscat employees and 20 customers using online banking services, and the selection will be random.
3.5 Sample Size :
One of the methods that I will rely on to collect information in the interviews. I will work with 6 people, 3 of whom are clients and 3 are bank muscat employees, and the interview will consist of 10 questions. The interviews will help me gather information for research .
3.6 Sample Procedure :
The method of collecting data will be through questionnaires, where 15 questions will be asked to 35 people, and the people will be divided into two parts, the first are customers and their number is 20 people, and the second are the 15 employees of Bank Muscat. Also, other information is collected through the Internet, magazines, and articles
3.7 Research Timeline :
3.8 Data Collection Methods :
The method of collecting data will be through questionnaires, where 10 questions will be asked to 50 people, and the people will be divided into two parts, the first are customers and their number is 35 people, and the second are the 15 employees of Bank Muscat. Also, other information is collected through the Internet, magazines, and articles.
3.9 Data Analysis Method and Techniques :
Various methods of visualization will be used in the research to gather information. Some of the methods that the collected data will be used will be used in the questionnaires and the methods to be used will be charts, tables and charts.
3.10 Research Structure
• Section 1: Introduction and Background
• Section 2: literature review
• Section 3: research methodology
• Section 4: Research Data Analysis and Findings
• Section 5:conclusion and recommendation
• Section 6: reference
• Section 7: Appendices
Section 4
Research Data Analysis and Findings
4.1 Introduction :
I collected data for my own research in several ways, the most important of which is the questionnaire. In this part of the research I will analyze the questionnaire, where I will analyze the question in the questionnaire. Note that the questionnaire consists of 15 questions.
4.2 questionnaire analyse :
Question 1 : gender
Frequency %
Male 32 63%
Female 18 37%
Total 50 100%
Analyze:
The above graph shows that 63% of those who participated in the research were men, while 37% were women .
Question 2 : AGE
Age Frequency %
Under 25 11 22.8%
25 – 34 18 37.1%
35- 44 10 20%
45 – 54 8 14.4%
Above 54 3 5.7%
Total 50 100%
Analyze:
In the above chart, it shows that 22.8% of the respondents were under the age of 25, 37.1% were between 25 years and 34 years old, 20% were between 35 and 44 years old, and 14.4% were from 45 years old To 54 years and 5.7% of them are over 54 years old.
Question 3: Marital Status:
Frequency %
Single 20 40%
Married 30 60%
Total 50 100%
Analyze:
The above graph shows that 60% of those who participated in the research were married, while 40% were single .
Question 4: working experience :
Experience Frequency %
Under 2 years 6 11.4%
2- 4 years 10 20%
5-7 years 19 37.2%
Above 7 years 15 31.4%
Total 50 100%
Analyze:
who The above graph shows that 11.4% of those participated in the research had experience of less than two years and 20% had experience of between 2 to 4 years. 37.2% have experience of 5 to 7 years and 31.4% have experience of more than 7 years.
Question 5 : Bank Muscat customers are pleased with the online banking services you offer?
Frequency %
Strongly agree 9 17.2%
Agree 11 22.8%
Normal 14 28.6%
Disagree 10 20%
Strongly disagree 6 11.4%
Total 50 100%
Analyze:
The above graph shows that 17.2% are very happy with the banking services provided to them via the Internet from Bank Muscat, while 22.8% are only happy, and those who consider the services to be normal, they represent 28.6%. There are clients who are unhappy with the online banking services provided to them by Bank Muscat and they represent 20% and those who are not very happy with it, they represent 11.4% of the customers.
Question 6 : Do you think Bank Muscat provides all of their customers with online banking services?
Frequency %
Strongly agree 6 11.4%
Agree 12 25.7%
Normal 20 40%
Disagree 9 17.2%
Strongly disagree 3 5.7%
Total 50 100%
Analyze:
The graph above shows that 11.4% of customers strongly agree with the online banking services provided by Bank Muscat and 25.7% agree, as for 40% consider the services provided as normal, and there are some customers of 17.2% who do not agree with the online banking services provided by Bank Muscat. And 5.7% of clients strongly disagree.
Question 7: Do you think online banking is the most efficient way to save time?
Frequency %
Strongly agree 10 20%
Agree 21 42.9%
Normal 9 17.2%
Disagree 6 11.4%
Strongly disagree 4 8.5%
Total 50 100%
Analyse:
The above graph shows that 20% of customers strongly agree with the online banking services provided by Bank Muscat that saves them time and 43% of customers agree with this thing, while 17% of customers believe that the time they spend in teams is the same while using banking services. Online . There are some customers who account for 11.4% who believe that they save time while visiting branches and 8.5% who strongly reject the idea that using banking services via the Internet saves time.
Question 8: Banking services are easy and not complicated
Frequency %
Strongly agree 9 17.2%
Agree 19 37.2%
Normal 12 25.7%
Disagree 7 14.2%
Strongly disagree 3 5.7%
Total 50 100%
Analyse:
In the above graph, it shows that 17.2% of customers strongly agree that banking services are easy and not complicated, and 37.2% agree with that. As for 25.7%, they believe it is normal. There are 14.2% who do not agree that transactions through Internet banking are easy and not complicated, and another 5.7% strongly reject.
Question 9 : Websites that provide internet banking services are safe.
Frequency %
Strongly agree 6 11.4%
Agree 15 31.5%
Normal 20 40%
Disagree 3 5.7%
Strongly disagree 6 11.4%
Total 50 100%
Analyse:
In the above graph, it shows that 11.4% of customers strongly agree that websites that provide online banking services are safe and 31.5% agree with that, but 40% of customers consider it normal. There are some customers who reject websites. It is considered safe for online banking services, and they constitute 5.7% and 11.4% strongly reject it.
Question 10 : When it comes to time savings, online banking outperforms branch banking?
Frequency %
Strongly agree 9 17.2%
Agree 14 28.6%
Normal 20 40%
Disagree 4 8.5%
Strongly disagree 3 5.7%
Total 50 100%
Analyse:
In the above graph, it shows that 17.2% of customers strongly agree that online banking services outperform the services of other groups in terms of saving time, and 28.6% agree with that, but 40% of customers consider it normal. There are some customers who refuse Internet banking services are better than branches services in terms of saving time, and they constitute 8.5%, and also 5.7% strongly reject.
Question 11 : I have knowledge of internet banking transactions.
Frequency %
Strongly agree 7 14.2%
Agree 13 25.7%
Normal 14 28.8%
Disagree 12 22.8%
Strongly disagree 4 8.5%
Total 50 100%
Analyse:
In the above chart, it appears that 14.2% of customers strongly agree that they have knowledge of online banking and 25.7% also agree. 28.8% of customers think they are normal, 22.8% of customers reject it and 8.5% strongly disagree.
Question 12 : During the procedure, I entered my personal information, which is safe.
Frequency %
Strongly agree 7 14.2%
Agree 10 20%
Normal 14 28.8%
Disagree 13 25.7%
Strongly disagree 6 11.3%
Total 50 100%
Analyse:
In the above chart, it appears that 14.2% of customers strongly agree that their personal data is protected while conducting online banking transactions and 20% also agree. 28.8% of clients think they are normal, 25.7% of clients reject and 11.3% strongly reject.
Question 12: If I have an issue with my internet banking service, the banks will assist me.
Frequency %
Strongly agree 9 18%
Agree 13 26%
Normal 14 28%
Disagree 8 16%
Strongly disagree 6 12%
Total 50 100%
Analyse:
In the above chart, it appears that 18% of customers strongly agree that the bank helps them in the event that they have a problem, as it is the Internet during their online banking transactions, and 26% also agree. 28% of clients consider themselves normal, 16% of clients reject and 12% strongly reject.
Question 13: Banks’ online systems assist people in setting and achieving meaningful goals.
Frequency %
Strongly agree 10 20%
Agree 21 42.9%
Normal 13 25.7%
Disagree 4 8.5%
Strongly disagree 2 2.9%
Total 50 100%
Analyse:
In the above graph, it appears that 20% of customers strongly agree that internet banking services will help them achieve their goals and 42.9% also agree. 25.7% of clients think they are normal, 8.5% of clients reject and 2.9% strongly reject .
Question 14: It is practical because it reduces the risk of having to carry currency.
Frequency %
Strongly agree 7 14.2%
Agree 19 37.3%
Normal 13 25.7%
Disagree 7 14.2%
Strongly disagree 4 8.5%
Total 50 100%
Analyse:
In the above chart, it appears that 14.2% of customers strongly agree that online banking services eliminate the risk of carrying cash, and 37.3% also agree. 25.7% of customers think they are normal, 14.2% of clients reject and 8.5% strongly reject .
Question 15: All banks must use the online banking system.
Frequency %
Strongly agree 7 14.2%
Agree 15 31.6%
Normal 12 22.8%
Disagree 10 20%
Strongly disagree 6 11.4%
Total 50 100%
Analyse:
In the above chart, it appears that 14.2% of customers strongly agree that all banks should adopt online banking services and 31.6% also agree. 22.8% of clients consider themselves normal, 20% of clients reject and 11.4% strongly reject.
Section 5
Conclusion (and Recommendation)
5.1 Conclusion
This research aims to analyze the online banking services provided by Bank Muscat and the extent of customer satisfaction with the online banking services provided by Bank Muscat, as with the growth of the economy, banks play a decisive role in this growth through the services provided by them. Through the role of banks in the growth of the economy, banks need better experiences than previous experiences in order to be in line with the rapid changes in the world of economy as it prefers the owners of companies and establishments to use banking services via the Internet because it saves them time, so the traditional services provided by the bank are not Feasible for companies or individuals. Through the research that I conducted, it became clear to me that customers prefer banks that provide their services over the Internet for the ease of completing their transactions and saving time, and in addition to that, it increases customers’ confidence in the bank. As customers look positively at banks that provide banking services via the Internet. Through the research, it was found that those who reject the idea of banking services via the Internet reject it because of their fear that the transactions will be unsafe, and this is one of the reasons that banks should focus on while providing banking services via the Internet is safety. Security must be increased to increase customer confidence in the bank and in banking services via the Internet . The employees and customers believe that it is time for Internet banking services to be available to all banks in Oman.
5.2 Recommendation
• The study came up with a number of important recommendations, including taking into account the culture of online transactions among customers who use banking services.
• It is recommended that bank officials receive sufficient training in order to recognize and correct online mistakes, as well as to provide suitable solutions and repairs.
• Banks must earn the confidence of customers, individuals, and businesses, despite the fact that online transactions are perceived to be high-risk.
• Furthermore, to encourage those who are affected to participate in panel discussions and workshops aimed at gaining experience with emerging technologies focused on online banking services.
• Furthermore, it is suggested and recommended that the online banking system management team in banks direct and provide sufficient training to those customers who do not understand the definition of online banking and are unable to use the advanced system.
• It is also recommended that an online team provide their customers with a safe and secure system so that they can feel safe and secure about their data.
• As a result of the bank’s online banking system, consumers face a slew of concerns and challenges that management must address on a regular basis.
• As a result, bank managers should strengthen the system of credit risk screening and monitoring in order to reduce these issues, which will boost the efficiency of earnings.
• As far as I’m concerned, it’s my most critical advice that everyone should obey, as we all know that Covid-19 has spread across the world, wreaking havoc on the economy and human health. As a result, banks should follow the online business transaction method, which is the most secure option.
Section 6
References
• Gholami, R., 2020. [online] science direct. Available at:
• Emerald.com. 2020. Consumer Acceptance Of Online Banking: An Extension Of The Technology Acceptance Model | Emerald Insight. [online] Available at:
• Qureshi, T., Zafar, M. and Khan, M., 2020. Customer Acceptance Of Online Banking In Developing Economies. [online] Icommercecentral.com. Available at:
• Bura.brunel.ac.uk. 2020. [online] Available at:
• Taylor & Francis. 2020. Trust And Distrust In Online Banking: Their Role In Developing Countries. [online] Available at:
• AL Shekaili, A.S., Karim, A.M. and Farhana, N. (2020). A Study on the Customer Services and Quality for the Banking Sector in the Sultanate of Oman. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(1).
• Al-Sabbagh, I. and Molla, A. (2020). Adoption and Use of Internet Banking in the Sultanate of Oman: An Exploratory Study. [online] . Available at: https://www.icommercecentral.com/open-access/adoption-and-use-of-internet-banking-in-the-sultanate-of-oman.pdf.
• Bank Muscat (2020). Bank Muscat – FAQ. [online] www.bankmuscatonline.com. Available at: https://www.bankmuscatonline.com/corp/L001/bankmuscat/helpfiles/faq.html [Accessed 23 Apr. 2021].
• bank muscat (n.d.). bank muscat. [online] www.bankmuscat.com. Available at: https://www.bankmuscat.com/en/bankingchannels/Pages/default.aspx [Accessed 24 Apr. 2021].
• Echchabi, A., Al-Hajri, S. and Nazier Tanas, I. (2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers). Analysis of E-Banking Acceptance in Oman: The Case of Islamic Banks’ Customers. International Journal of Islamic Economics and Finance (IJIEF), [online] 1(2). Available at: http://journal.umy.ac.id/index.php/ijief/article/view/128 [Accessed 7 Dec. 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers].
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•
Section 7
Appendices
7.1 Research Questionnaire
Question 1 : gender:
• Male
• Female
Question 2: AGE :
• Under 25 years
• 25 – 34 years
• 35- 44 years
• 45 – 54 years
• Above 54 years
Question 3: Marital Status:
• Single
• Married
Question 4: working experience :
• Under 2 years
• 2-4 years
• 5-7 years
• Above 7 years
Question 5 : Bank Muscat customers are pleased with the online banking services you offer?
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 6 : Do you think Bank Muscat provides all of their customers with online banking services?
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 7: Do you think online banking is the most efficient way to save time?
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 8: Banking services are easy and not complicated
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 9 : Websites that provide internet banking services are safe.
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 10 : When it comes to time savings, online banking outperforms branch banking?
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 11 : I have knowledge of internet banking transactions.
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 12: If I have an issue with my internet banking service, the banks will assist me.
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 13: Banks’ online systems assist people in setting and achieving meaningful goals.
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 14: It is practical because it reduces the risk of having to carry currency
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
Question 15: All banks must use the online banking system.
• Strongly agree
• Agree
• Normal
• Disagree
• Strongly disagree
7.2 Interview Questions
• Have you used online banking services before ?
• Do you prefer online banking services or traditional services provided in branches ?
• Do you think that online banking services are better than traditional services?
• Do online banking services save time ?
• Do you think that online banking services are safe ?
• Do you think you have sufficient knowledge of transactions through online banking services ?
• Are online banking services easy and not complicated or vice versa ?
• Does the bank help you in the event of a problem arising in dealing with online banking service ?
• Do you think that online banking services reduce the risk of money theft ?
• Do you think that all banks should use online banking services ?
7.3 PowerPoint Slides of Presentation
College of Banking and Financial Studies
Undergraduate Studies Department
Supervisor Log Book
