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Theme 1: Impact of digital banking on transactions

Overview

Online banking and digitalisation has critically influenced the way in which the different customers are engaged in undertaking the services of the different banking enterprises. In this concern, it becomes critical that related to online banking and related usage has also increased. The study is focused on understanding the online and digital banking in the domain of user satisfaction in Ireland. Hence, based on the preliminary research, the given themes have been formulated which would focus on covering several aspects associated with the digital banking and usage alongside service and satisfaction relating to the same.

According to Lipton, Shrier  and Pentland  (2016), the digital banking can be identified as the key facilitation using which the customer may engage in the bank transactions from the convenience of their homes using a phone, laptop or a personal computer alongside an internet service. In this concern, just by logging in to their account, the customers would be able to engage in transferring money, withdrawing or depositing funds and keeping a track of their balance. However, Dermine  (2016) states that the popularity of the digital banking has increased considerably in the recent years whereby the customers of the bank have now become inclined towards taking advantage of the related technological advancements which help them in carrying out one tap banking service as a whole. In this concern, it is relatively crucial to note that as the millennials have been growing in number, the facilitations provided by the banking industry have recently shifted towards serving their needs and the technological advancements have been increasing considerably. Ahmed et al. (2020) opines that banks have been building upon their online banking infrastructures which will enable them to serve the customers in a better manner. The reason why the online banking has become considerably popular is due to the fact that it enables better service opportunities, brings about better quality of banking, encourages over all transparency in the domain of business relations and also contributes towards building the economy at large. The financial institutions and banking enterprises formulate the basis of any economy which is currently largely facilitated (Akkucuk and Teuman  2016). Although several studies have based their findings on the key manner in which the digital banking has improved customer relations and overall engagements, however, it becomes critically relevant to note that the digital banking has also assisted the different banking enterprises by ensuring that redundancies can be reduced and efficiency improves. Moreover, digital banking can be identified as a cost efficient method which would give way to ensuring better results in terms of traditional bank costing  (Mbama and Ezepue  2018).

Banu, Mohamed  and Parayitam  (2019) mentions that although traditional banking may be identified to have its own set of advantages and brings about better results and paperwork, however, opening a bank account in Ireland may not be identified as a simple process. In this concern, it is evident to note that several customers over the years have complained that verification of documents, the time to be taken to process the information and other such engagements often involve redundant procedures which may critically influence the overall banking procedure as a whole. Availing services such as maintaining a minimum balance, checking accounts, changing nominees, transfer of names and related concerns have become a critical concern. However, the customers according to Megargel, Shankararaman  and Reddy (2018) believe that engaging in online transactions is much cheaper than the traditional banking technique and procedures and hence, they have found to have appositive experience using this facilitation at large.  Damghanian,  Zarei  and Siahsarani Kojuri  (2016) have presented an argument that although online banking is found to be comparatively simpler as compared to the traditional banking and related engagements, there are several issues in the domain of online banking and related facilitations as well. These were identified to be privacy of information, related banking frauds, trouble with the internet connectivity, data protection, password maintenance and trouble with using the mobile applications and web browsers. Levy  (2022) mentions that although millennials have become the ultimate users of the online banking and related facilitations, however, it is critical to consider the fact that the other customers who are not used to making use of the online banking and related facilitations may find it to be complex and hence, may deter from adopting this technique over the traditional banking facilitations.  Moreover, the server and upgradation issues were also found to be quite common in the case of the mobile banking and related facilitations which would then lead to a delay in the overall banking transactions and cause concern to the customers at large (Huang 2017). Dianat et al. (2019) opines that ensuring solid security and protection against cyber crimes is required to be the need of the hour.  Hence, even though the best quality services may be provided by the banking enterprises, the customers are bound to face certain issues in the same domain.

Theme 2: Issues faced by customers while banking in Ireland

The debate of using online or offline banking has been a critical domain of discussion in the past few years. In this domain, it is critically relevant to underline the fact that the online banking facilitations have several advantages which make them a popular choice amongst the different users as present (Jansen  and Van Schaik  2018). In this concern, it is evident to understand the fact that online banking offers facilitations such as anytime login, easy to use interface, safety and security of the house, clarity in the transactions a faster speed (Huang 2017). Moreover, the online banking has also brought about better results in the domain of efficiency and pertaining to this, it becomes evidently important to note that online banking ensures that the different customers may not be required to stand in long queues and wait for the cashier or the teller to resolve their queries and instead they can contact the 24 hours services available and engage in better facilitations. Khan, Rahman  and Fatma  (2016) also underlines the fact that the online banking also provides the different customers the overall facility to pay their bills online, engage in suitable savings plan whereby they can check online the interests and related products invested in. Moreover, the technological disruptions have resulted in bringing about several facilities. These largely relate to facilitations such as the one click payments, message updates , engagement of customer service and other. Additionally, the entire process has become rather transparent in nature (Montazemi  and Qahri-Saremi  2015). Earlier, it can be also opined that if the customer was not adequately satisfied with the information available to them, then in such a consideration, they had the overall facilitation to ensure that they can visit the brand and get the overall details in concern with the same, however, at present this is not the case. The updates are available each time a transaction is engaged in. Kozak  and Golnik  (2020) argued that for the customers, the entire process of going to a bank has been mitigated and through a simple phone application, all engagements may be carried out in a simple manner.

Ong, Nguyen and Alwi (2017) critically mentions that although the millesimal customers are technological advanced and like to engage in online transfer and related facilitations, however, it becomes critically important to understand and note the fact that the other generations who also formulate a considerate share of customers have now adapted themselves to the online facilitations and have expressed their level of satisfaction in relation to the same. According to Ozatac, Saner  and Sen  (2016)  the introduction of several software’s and related facilities has been useful for the customers as they can now ensure that their banking transactions are rather secure in nature. In addition to this, data protection could be identified to be a serious concern amongst the different customers who were unsure of the overall way in which they could improve their transactions. Therefore, in this concern, it becomes critical to underline that, technology has helped them to adapt to tools and techniques which will help them in securing their personal information with a maximum security (Kozak  and Golnik  2020). In this concern, customers have now begun to trust the banks with their data and they have become smarter to ensure that although frauds have become a common aspect which came as a side effect of the technological advancements, the customers can safeguard themselves well by making use of tools and technologies and avoiding to share their personal information. In addition to this, customers of different nationalities often faced issues with the banking enterprises and were unable to maintain the right kind of approach, however, with the advent of online banking, the customers have now successfully been able to adopt the online banking and use the mobile phones (Levy  2022).  In order to ensure the customers of the safety of the online banking system, the different enterprises as present in the domain have been successfully able to interact with the customers and ensure them of an effective security system. This has helped in increasing the test of the customers within their banking and helped the different customers to excel their skills. Simon, Thomas and Senaji  (2016) also states that the transaction from the traditional banking to the online banking has not been very simple in nature but has instead given way to certain considerations such as the mobile banking and phone banking. In this concern, earlier, the different banking enterprises were able to avail the facility of online banking via phone which was a step towards ensuring better facilitations. However, currently, the internet banking and banking facilitations through the mobile phones have become considerably popular and have assisted the different clients in making se of the same (Szopi?ski  2016). Earlier, the attitude of the customers towards the banking enterprises was rather selective in nature, however, currency due to the advent of the mobile banking and related considerations, the customers have invested in unconventional banking systems and fintech enterprises as well. Hence, according to Mbama  and Ezepue  (2018), the perspectives of the customers towards the online banking system has changed considerably and this trend is further expected to grow. Moreover, to ensure adaptability and suitability, the younger generation has played a key role where they have influenced the other customers out of this age bracket, to engage in online transactions (Zhou  2018).

Theme 3: Use and perspective of online banking over offline banking

Li et al. (2021) mentions that just like all service enterprises, the banking enterprises also intend to ensure that they are successfully being able to avail the facilitations of customer service and increase satisfaction. According to Al-Dmour et al. (2019) opinion, customer satisfaction may be rightly identified as the overall facilities which the different customers engage by using a particular service. This is believed to have increased in the recent years. , Rahi, Ghani  and Ngah  (2020) states that the use of online banking has been facilitated by the existence of a large number of factors. These may be identified as the fact that it saves time, it is cost effective, it ensures an easy to use interface , it gives away to faster transfer and related engagements  at the same time it has minimised the need of visiting the bank to get the needs fulfilled. Hence, according to Kozak  and Golnik  (2020) several bankers and customers are likely to believe the fact that the online banking facility has allowed the different customers several advantages which has led to a shift in the overall banking endeavours. In this concern, it is critical to note that the customers have now begun to trust the banks in terms of maintaining their data and ensuring facilitations like service requests and security. Additionally, less fees and better investment options may also be identified as another facility which the online bank has to offer to the customers. In this concern, the customer satisfaction as provided by the online banking system has increased considerably and has brought about better engagements (Belás et al. 2016). Moreover, alongside regular servicing, it has become easier to open the bank accounts, engage in merchant services and check the balance which is one of the key reasons why customers are now satisfied with such facilitations.

Therefore, the literature review has highlighted several domains related to the online banking facilitations and pertaining to this, the ease of use, less costs involved and transparency alongside technology advancements may be identified to be the key reason this has become considerably popular.

References 

Ahmed, R.R., Romeika, G., Kauliene, R., Streimikis, J. and Dapkus, R., 2020. ES-QUAL model and customer satisfaction in online banking: evidence from multivariate analysis techniques. Oeconomia Copernicana, 11(1), pp.59-93.

Akkucuk, U. and Teuman, B., 2016. Assessing service quality in online banking services. Problems and perspectives in management, (14, Iss. 2 (contin. 1)), pp.183-191.

Al-Dmour, H.H., Ali, W.K. and Al-Dmour, R.H., 2019. The relationship between customer engagement, satisfaction, and loyalty. International Journal of Customer Relationship Marketing and Management (IJCRMM), 10(2), pp.35-60.

Banu, A.M., Mohamed, N.S. and Parayitam, S., 2019. Online banking and customer satisfaction: Evidence from India. Asia-Pacific Journal of Management Research and Innovation, 15(1-2), pp.68-80.

Belás, J., Korauš, M., Kombo, F. and Korauš, A., 2016. Electronic banking security and customer satisfaction in commercial banks. Journal of security and sustainability issues.

Carminati, M., Caron, R., Maggi, F., Epifani, I. and Zanero, S., 2015. BankSealer: A decision support system for online banking fraud analysis and investigation. computers & security, 53, pp.175-186.

Damghanian, H., Zarei, A. and Siahsarani Kojuri, M.A., 2016. Impact of perceived security on trust, perceived risk, and acceptance of online banking in Iran. Journal of Internet Commerce, 15(3), pp.214-238.

Dermine, J., 2016. Digital banking and market disruption: a sense of déjà vu?. Financial Stability Review, 20, pp.17-25.

Dianat, I., Adeli, P., Jafarabadi, M.A. and Karimi, M.A., 2019. User-centred web design, usability and user satisfaction: The case of online banking websites in Iran. Applied ergonomics, 81, p.102892.

Huang, L.K., 2017. A cultural model of online banking adoption: Long-term orientation perspective. Journal of Organizational and End User Computing (JOEUC), 29(1), pp.1-22.

Jansen, J. and Van Schaik, P., 2018. Testing a model of precautionary online behaviour: The case of online banking. Computers in Human Behavior, 87, pp.371-383.

Khan, I., Rahman, Z. and Fatma, M., 2016. The role of customer brand engagement and brand experience in online banking. International Journal of Bank Marketing.

Kozak, S. and Golnik, R., 2020. Migration of the banking sector to digital banking in Poland. Economic and Regional Studies, 13(3).

Levy, S., 2022. Brand bank attachment to loyalty in digital banking services: mediated by psychological engagement with service platforms and moderated by platform types. International Journal of Bank Marketing.

Li, F., Lu, H., Hou, M., Cui, K. and Darbandi, M., 2021. Customer satisfaction with bank services: The role of cloud services, security, e-learning and service quality. Technology in Society, 64, p.101487.

Lipton, A., Shrier, D. and Pentland, A., 2016. Digital banking manifesto: the end of banks?. USA: Massachusetts Institute of Technology.

Mbama, C.I. and Ezepue, P.O., 2018. Digital banking, customer experience and bank financial performance: UK customers’ perceptions. International Journal of Bank Marketing.

Megargel, A., Shankararaman, V. and Reddy, S.K., 2018. Real-time inbound marketing: A use case for digital banking. In Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1 (pp. 311-328). Academic Press.

Montazemi, A.R. and Qahri-Saremi, H., 2015. Factors affecting adoption of online banking: A meta-analytic structural equation modeling study. Information & management, 52(2), pp.210-226.

Ong, K.S., Nguyen, B. and Alwi, S.F.S., 2017. Consumer-based virtual brand personality (CBVBP), customer satisfaction and brand loyalty in the online banking industry. International journal of bank marketing.

Ozatac, N., Saner, T. and Sen, Z.S., 2016. Customer satisfaction in the banking sector: the case of North Cyprus. Procedia Economics and Finance, 39, pp.870-878.

Rahi, S., Ghani, M.A. and Ngah, A.H., 2020. Factors propelling the adoption of internet banking: the role of e-customer service, website design, brand image and customer satisfaction. International Journal of Business Information Systems, 33(4), pp.549-569.

Simon, V.T., Thomas, A.S.R. and Senaji, R., 2016. Effect of electronic banking on customer satisfaction in selected commercial banks, Kenya. International Academic Journal of Human Resource and Business Administration, 2(2), pp.41-63.

Szopi?ski, T.S., 2016. Factors affecting the adoption of online banking in Poland. Journal of business research, 69(11), pp.4763-4768.

Tharanikaran, V., Sritharan, S. and Thusyanthy, V., 2017. Service quality and customer satisfaction in the electronic banking. International Journal of Business and Management, 12(4), pp.67-83.

Zhou, T., 2018. Examining users' switch from online banking to mobile banking. International Journal of Networking and Virtual Organisations, 18(1), pp.51-66.

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