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International Journal of Bank Marketing
Consumer attitude and the usage and adoption of home-based banking in the United Kingdom
Barry Howcroft Robert Hamilton Paul Hewer
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Barry Howcroft Robert Hamilton Paul Hewer, (2002),"Consumer attitude and the usage and adoption of home-based
banking in the United Kingdom", International Journal of Bank Marketing, Vol. 20 Iss 3 pp. 111 - 121
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Consumerattitudeandtheusageandadoptionof
home-basedbankingintheUnitedKingdom
BarryHowcroft
LoughboroughUniversityBankingCentre,LoughboroughUniversity,
Loughborough,UK
RobertHamilton
BusinessSchool,LoughboroughUniversity,Loughborough,UK
PaulHewer
UniversityofStirling,Stirling,UK
Introduction
Thispaperexploresconsumers'existing
financialservicesbehaviourandassesses
theirattitudestowardshome-basedservices
i.e.telephoneandInternetbanking.The
importanceofresearchintoconsumer
attitudesstemsfromthepossibilitythatit
playsanimportantroleinpurchasing
decisions.Althoughsomestudieshave
showndiscrepanciesbetweenattitudesand
behaviour(Kerlinger, 1979;Runyonand
Stewart, 1987), thereisabodyofliterature
whichdemonstratesthatthereisacausal
linkbetweenbeliefs, attitudesandbehaviour
(FishbeinandSteiner, 1965;Fishbeinand
Ajzen, 1975).Thelatterschoolofthought
holdstheviewthatattitudesareconcerned
withthepredispositionofindividualsto
respondeitherfavourablyorunfavourablyto
particularobjects.Moreover, theliterature
suggeststhatpredispositionsarelearned
overtimeeitherbyindividualsusingan
objectandgainingexperienceorbythem
receivinginformationabouttheobject.
Researchintoconsumerattitudesis,
therefore, importantbecauseitformsthe
basisfornotonlyunderstandingconsumer
behaviourbutalsopredictingand
influencingit.
Thefocusonhome-basedbanking
emanatesfromthefactthattheappealof
suchservicesappearstobeincontestable,
withreportsfromtheUKsuggestingthat
telephonebankingisattracting125,000
customersperday(Weever, 1996).First
Direct, forexample, increaseditscustomer
basefrom650,000customersin1996to800,000
by1998(Weever, 1996;LakeandWoolfson,
1998)andBarclaycall, launchedinOctober
1994, had280, 000customerswithinoneyear
ofitsstart, withareported20, 000new
customersjoiningeachmonth(Weever,
1996).AMORI(1998)studyforFirstDirect
foundthat2millionpeopleintheUK, i.e.
6percentofthepopulation, claimedthatthey
nowdid``all''oftheirbankingbytelephone.
Moreover, theMORIstudyclaimedthat20
percentofthepopulationbelievedthat
withintenyearstheywouldbedoingallof
theirbankingbytelephone.Similarly
Barclays, thelargestInternetbankintheUK,
reportedthatithad2.7millioncustomersin
June2001, anincreaseof780, 000sincethe
beginningoftheyear(FinancialTimes, 2001).
Tounderstandthefactorsaffecting
consumeracceptanceofhome-basedbanking,
thepaperreviewstheacademicliteratureon
consumerattitudestowardsnewand
recentlyemergedbankdeliverychannels.On
thebasisofthisliteraturereviewanda
numberoffocusdiscussiongroups, a
questionnairewasdesigned.Theoverall
objectiveofthisquestionnairewastoobtain
abetterunderstandingofconsumerattitudes
towardshome-basedbanking.Specifically,
thequestionnaireexamines:
.consumer'sactualandpreferreddelivery
channelusagewhenpurchasingarangeof
selectedfinancialservices;and
.thefactorswhichconsumersconsider
importantinencouragingand
discouragingtheadoptionoftelephone
andInternetbanking.
Duringthecourseofthediscussion, an
analysisofthesocio-demographic
characteristicsoftherespondentsprovides
greaterinsightintoconsumerattitudes
towardshome-basedbanking.
Thepaperisdividedintofoursections:the
firstsectioncomprisesaliteraturereview
andanalysesthecontributionofprevious
researchinthisarea.Thesecondsection
outlinestheresearchmethodologyadoptedin
theresearchandthethirdpresentsthe
researchresultswhichareanalysedin
Theresearchregisterforthisjournalisavailableat
http://www.emeraldinsight.com/researchregisters
Thecurrentissueandfulltextarchiveofthisjournalisavailableat
http://www.emeraldinsight.com/0265-2323.htm
[ 111 ]
International Journal of Bank
Marketing
20/3 [2002] 111±121
#MCB UP Limited
[ISSN 0265-2323]
[DOI 10.1108/02652320210424205]
Keywords
Consumer attitudes, Banks,
Delivery, Strategy
Abstract
This paper seeks to develop our
understanding of consumer
attitudes towards bank delivery
channels. Accordingly, a
questionnaire was designed to
obtain information about which
delivery channels consumers had
used when acquiring four types of
financial service. This information
was then contrasted with data on
how these consumers would
acquire the same services if they
had to purchase them again at
some time in the future. The
questionnaire also obtained
information about the factors
which consumers believed to be
important in encouraging and
discouraging the adoption of
home-based banking. In
concluding, the paper discusses
and assesses some of the
strategic implications of the
study's findings for financial
service providers.
The authors gratefully
acknowledge the financial
assistance provided by
NCR's Knowledge
Laboratory in conducting
this research.
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
relation to the central research questions of
the study. Finally, the conclusion assesses
some of the strategic implications of the
study's findings for financial services
providers.
Literature review
O'Shaughnessy (1988) defined a distribution
system as: ``the network of people,
institutions or agencies involved in the
flow of a product to the customer, together
with the informational, financial,
promotional and other services associated
with making the product convenient and
attractive to buy and rebuy''. This definition
raises a number of important considerations.
For example, in the financial services sector,
there is clearly a wide range of networks
and services which would fit comfortably
within O'Shaughnessy's definition,
including branch networks, direct mail,
intermediaries, direct sales forces, etc.
(Ennew et al., 1989; Easingwood and Storey,
1996). Moreover, this array of channels has
increased with the introduction of telephone
and Internet banking and this trend appears
set to continue with the introduction of
digital television and people-to-people (P2P)
services. In order to ensure that research
into bank delivery channels is manageable it
is, therefore, not unusual to limit the range of
channels under examination. This paper,
accordingly, concentrates primarily on
home-based banking, i.e. telephone and
Internet banking. Insights will, however, be
provided on consumer usage and attitudes
towards ATMs, branch networks, home visits
by direct sales forces and direct mail.
O'Shaughnessy's definition also makes it
clear that in addition to having a marketing
and an initial delivery role, delivery
channels within the financial services sector
also have a long term continuing
maintenance role, which is fairly unique to
the sector.
This consideration raises a number of
important strategic questions.
For example, will effective management of
this relationship necessitate relying on one
dominant delivery channel or a
complimentary mix of channels? Moreover, if
a mix of delivery channels is required, what
is the optimum mix (Moriarty and Moran,
1990) and can it be accommodated within
realistic cost structures? Alternatively, will
consumers have to be encouraged and
re-educated to use the least expensive and
most appropriate delivery channels for their
particular needs? (Gandy and
Chapman, 1996).
A useful starting point in attempting to
resolve strategic problems of this nature is to
obtain information on consumer attitudes
towards new and emerging technology-based
delivery channels. A significant body of
research has identified the factors affecting
consumers' attitudes and acceptance of new
technology in the financial services industry
and the sort of consumers most likely to use
it (Zeithaml and Gilly, 1987; Lafferty Business
Research, 1987; Marshall and Heslop, 1988;
Kwan, 1991; Barczak et al., 1997; Lockett and
Littler, 1997; Daniel, 1998; Frambach et al.,
1998; Mols, 1998). Initially, the research
focused on consumers' attitudes to the use of
automated teller machines (ATMs) (Zeithaml
and Gilly, 1987; Lafferty Business Research,
1987; Marshall and Heslop, 1988; Kwan, 1991).
A more recent body of literature, however,
has sought to analyse the implications for
consumers and financial providers of the
development of telephone banking (Barczak
et al., 1997; Lockett and Littler, 1997), PC/
computer banking (Daniel, 1998; Frambach
et al., 1998; Mols, 1998) and internet banking
(Sathye, 1999).
The early research on technology in
financial services, which focused on the
adoption of ATMs, revealed that a significant
factor for non-use, especially amongst older
consumers, was the preference for
conducting financial affairs through a
human teller (Zeithaml and Gilly, 1987;
Kwan, 1991). Likewise, Lafferty Business
Research (1987) studied comparisons between
ATM usage in different European countries
and found that the main concern of users
included fears over its security, the
possibility of machine breakdown and
running out of money.
Marshall and Heslop (1988) found
consumers' motives for the use of technology
and their responses to such technology useful
for predicting subsequent usage. They
revealed that an orientation towards
convenience shopping was positively
correlated with ATM usage, whereas more
socially-oriented shoppers were less likely to
use ATMs. In addition, positive attitudes and
familiarity with technology in general were
also related to usage. Marshall and Heslop
(1988) also attempted to explore the
demographic variables which could explain
ATM usage. They found that higher
educational levels and employment status
were positively related and that age was
negatively related to ATM usage. Leblanc
(1990) found that the main consumer
motivation for using ATMs was related to
accessibility benefits. He also found that
users tended to be more highly educated and
believed that such technology improved
[ 112 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
service quality, presented no security risk
and was compatible with their need for
simple and fast transactions. However, as
with earlier studies, Leblanc found that non-
users preferred interacting with human
tellers, and perceived using the ATM as too
complex and too risky. Likewise, Rugimbana
(1995) revealed that the most significant
variables determining customer usage of
ATM technology were those of convenience,
ease of use and compatibility with people's
lifestyles.
A subsequent study by Lewis (1991) found
that the main use of ATMs related to the
withdrawal of cash and obtaining account
balances. The study also found that a
significant minority of the sample, 42 per
cent of respondents, identified negative
aspects of ATM usage. These included
concerns over personal safety, lack of
privacy and operational problems, such as
machines being regularly out of cash or out
of order and cards not being returned. In
addition, Lewis identified a number of ``gaps''
between consumers' perceptions of service
delivery in branches compared with ATMs.
These included the slow speed of service in
branches, inconvenient branch opening
hours and the small number of branch staff
available to serve customers. Marr and
Prendergast (1993) similarly found that the
main factors affecting the adoption of self
service technology in financial services were
those of time and place utility; whereas the
main factor discouraging adoption was the
consumers' preference for dealing with
human beings.
In the search to understand consumers'
adoption of technology, many studies have
typically employed Rogers' (1983) diffusion
model. Lockett and Littler (1997), for
example, analysed consumers' attitudes
towards direct banking and found that its
availability 24 hours per day was the main
advantage. The main disadvantages
associated with direct banking, however,
included its complexity and the security
risks involved in using it. The study also
revealed that adopters of new technology
generally earned higher incomes, worked
longer hours, moved house more frequently
and also possessed more favourable attitudes
towards change than non-adopters. Daniel
(1998) analysed the adoption of computer
banking through in-depth interviews with
the bank personnel responsible for its
implementation and development. The main
factors influencing adoption included the
convenience aspects of the service, ease of
use and its compatibility with consumers'
existing lifestyles.
Moutinho and Meidan (1989) analysed
consumers' perceptions of new banking
technologies and distinguished four types of
banking consumer: first, ``on the move''
customers, for whom convenience is a
priority and who tended to be heavy users of
ATMs; second, ``hi-tech value/cost-
orientated'' consumers, who placed most
importance upon the development of new
banking technology; third, consumers who
wanted to see improvements in the existing
range of services, that is ``better of the same'';
and finally, ``price-sensitive'' consumers, who
placed most priority upon the interest rates
charged by the banks.
Barczak et al. (1997) similarly developed a
typology of consumer motives for the
adoption of technology-based banking
services which included four consumer
motivational clusters: ``security conscious'',
``maximisers'', ``instant gratification'' and
``hassle avoiders''. In particular, their study
revealed that the main benefits of using
technology-based services, especially for
``hassle avoiders'', were those of convenience,
time-savings and ease of access to their
money.
Research methodology
From the literature review it was possible to
identify the following factors which influence
consumer attitudes towards technology-
based bank delivery channels: improved
service quality, i.e. an error free service,
convenience and accessibility to delivery
channels (Rogers, 1983; Moutinho and
Meidan, 1989; Leblanc, 1990; Rugimbana,
1995; Lewis, 1991; Lockett and Littler, 1997);
social interaction, which is concerned with
human interface and the importance of face-
to-face contact (Leblanc, 1990; Kwan, 1991;
Marr and Prendergast, 1993); the
comparative costs of alternative delivery
channels (Rogers, 1983; Lockett and Littler,
1997); perceived risk, which focuses upon the
importance of trust and the security of
different delivery channels (Sathye, 1999;
Lockett and Littler, 1997); and, finally, the
personal characteristics of the consumers
(Marshall and Heslop, 1988; Lockett and
Littler, 1997).
A questionnaire was developed partly on
the basis of these factors and partly from a
number of focus discussion groups (Beckett
et al., 2000). It was then piloted through a
convenience sample of university personnel
and a number of revisions were made. The
questionnaire was fairly comprehensive,
consisting of 44 questions, covering a wide
range of issues relating to consumer attitudes
[ 113 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
towards financial services and delivery
channels. However, in order to provide this
paper with focus only part of this
questionnaire has been used. Accordingly,
the paper has two primary objectives. The
first was to obtain information about the
respondents changing attitudes towards
bank delivery channels. This was
accomplished by obtaining data on the types
of delivery channel ``actually used'' by the
respondents in the acquisition of four generic
groups of financial service. These groups
were broadly based on Storbaka's (1994)
typology and consisted of ``primary'' current
accounts, i.e. for those consumers who have
more than one current account, the one they
use most often; insurance-based services,
such as house contents, buildings and motor
insurance; credit-based services, such as
personal loans and mortgages; and finally,
investment-based services, such as PEPS,
TESSAs, Stocks and Shares and Pensions.
This information was compared with the
respondents ``preferred'' delivery channel by
asking them which channels they would use
if they had to make the same purchases of
financial services again. The research also
provided an opportunity to examine whether
the choice of delivery channel was influenced
by the generic nature of the service being
purchased.
The second objective was to ascertain the
important factors in encouraging and
discouraging respondents' use of telephone
and Internet banking. In order to do this, the
questionnaire focused on the following
considerations: the respondents' access to the
channels, the comparative costs of home
banking; the perceived quality of the service
and closely related to this, the potential for
errors and savings in time associated with
each of the channels. Other factors included
the respondents security concerns; the
importance of having no face-to-face contact;
difficulties associated with using the
technology; and the convenience of having a
24 hour home banking service.
The questionnaire was sent to a cross
section of 4,000 UK consumers aged 18 years
and above. This resulted in 351 responses of
which 286 were usable, i.e. a usable response
rate of 7.5 per cent. The low response rate was
attributable to a number of factors, inter alia,
the length, subject matter and personal
nature of the questionnaire and perhaps, just
as important, the financial constraints on the
project which did not allow a follow-up in the
form of either a telephone call or a
subsequent reminder.
The small size of the study sample, does,
however, raise the issue of non-respondent
bias. To address the issue of the
representativeness of the sample, the socio-
economic descriptors of the sample
population were compared with recent
figures for the UK (The Stationery Office,
1999; Advertising Association, 1998). Table I
presents a comparison of the sample of
respondents with national averages for the
UK. From this comparison, we can conclude
that the sample was over-representative of
middle age groups (between 35-54 years) and
under-representative of younger groups
(between 18-24 years). The sample was also
biased towards higher income groups and
those with an extensive range of financial
services. This bias can be partly attributed to
the fact that older age groups are generally
more affluent and typically have more
experience and a greater interest in financial
affairs than their younger counterparts. In
terms of ownership of the financial services
under consideration (see Table I), the
respondents also had higher possession rates
than the national average. Higher than
average national rates were similarly
exhibited for access to information
technology products such as computers, the
Internet, mobile phones and cable television
(see Table I).
The questionnaire was analysed using
frequencies, cross-tabulations and chi-
squares tests of statistical significance. The
next section outlines the main research
findings of the study, prior to a discussion of
their strategic implications in the
conclusion. The findings are presented under
two main headings:
1 changing consumer attitudes towards
traditional and new delivery channels;
and
2 factors most important in encouraging
and discouraging the adoption of home-
based banking.
Analysis of research findings
Changing consumer attitudes towards
traditional and new delivery channels
Consumer attitudes towards traditional and
new delivery channels were examined by
analysing how they had ``actually'' acquired
four distinct categories of financial service:
current accounts, insurance-based services,
credit-based services and investment-based
services (see Table II). This acquisitional
data was then compared with information on
how consumers would have ``preferred to
have acquired'' these services (see Table III).
Table II reveals that 54.7 per cent of
respondents used the branch network in the
acquisition of all four financial services,
making it the overall dominant delivery
[ 114 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
channel. However, the most commonly used
channel in the acquisition of insurance-based
services was the telephone with a usage rate
of 54.2 per cent (see Table III). Although not
shown in Table II, the branch network was
also the most commonly used channel for
transaction banking, i.e. paying either
cheques or cash into a current account.
However, when withdrawing cash or
obtaining balances on their accounts,
consumers expressed a preference for using
automated teller machines (ATMs).
Analysis of the consumers' acquisition
behaviour in relation to the use of Internet
banking indicates that it was not a
significant channel. At the time of the survey
(October 1998), five financial providers
offered an Internet banking service
(Barclays, First Direct, Nationwide, the
Royal Bank of Scotland and the Co-operative
Bank). Only one respondent had, however,
used the Internet and this was to purchase an
investment based service. This result is even
more significant because although 39.5 per
cent of the sample population had direct
access to the Internet, only 6.2 per cent
expressed a preference for acquiring
financial services over the Internet (see
Table III). It would be unwise, however, to
dismiss Internet banking simply because a
high proportion of respondents with access to
the Internet did not use it or express a strong
preference for it. Nevertheless, it is
interesting to note that Internet banking has
had little or no discernable affect on bank
profit margins to date (Financial Times,
2001).
With regard to telephone banking, at the
time of the survey, eight major players
offered a telephone banking service (Natwest,
Lloyds TSB, Midland, Barclays, First Direct,
Alliance and Leicester, the Royal Bank of
Scotland and the Co-operative Bank). Table II
reveals that the telephone and also a
combination of the telephone and post were
the second most popular delivery channels.
In acquiring insurance based services,
however, it was the most commonly used
channel, accounting for 66.8 per cent of
insurance purchases. In terms of ``managing
the relationship'' with the financial service
provider and this is not shown in Table II, the
telephone was also dominant, accounting for
62.3 per cent of enquiries and just over 50 per
cent of complaints.
The consumers' preference profile, as
shown in Table III, is broadly in line with
their actual behaviour. Overall the branch
network remains the most important
channel with 58.8 per cent of respondents
expressing a future preference for it.
However, a significant 33.3 per cent of
respondents, i.e. an increase of 11.2 per cent
compared with their actual behaviour,
would prefer to purchase all four financial
services over the telephone. The only
exception in this respect were insurance-
based services which are already dominated
by telephone banking. The results indicate
that telephone banking might well peak at
Table I
Profile of respondents compared with national average for the UK
Socio-economic
and demographic
characteristics
Respondents
frequency %
UK national
average
%
Gender
Male 142 49.5 49.1
Female 144 50.5 50.9
Total 286 100 100
Age (years)
Under 16
a
- - 21.0
18-24 14 4.9 11.0
25-34 89 31.1 16.00
35-44 72 25.1 14.0
45-54 67 23.4 13.00
55-64 30 10.5 10.0
Over 65 14 4.9 15.0
Total 286 100 100
Annual household income (£)
Less than 9,999 31 10.7 D-E 28.6
10,000-19,999 41 14.3 C
2
22.4
20,000-29,999 77 27.1 C
1
27.8
30,000-49,999 92 32.3 B 18.1
Over 50,000 45 15.6 A 3.1
Level of education
Professional qual. 106 36.9
Postgraduate 30 10.6
First degree 38 13.2
A-levels 40 13.9
O-levels 55 19.4
No qualifications 17 6.0
Total 286 100
Ownership of selected financial products
Current accounts 280 98.0 77
Insurance based
Buildings insurance 221 77.1 23
Household contents insurance 237 82.7 36
Motor insurance 227 79.4 55
Credit based
Mortgage 175 61.1 46
Personal loan 60 20.9 11
Investment based
TESSA/ISA 114 39.9 10
Unit trust 45 15.9 2
Stocks and shares 78 27.2 13
Personal pensions 119 41.5 9
Ownership of selected IT products
Computer 196 68.4 30.1
Internet 113 39.5 16.0
Mobile phone 152 53.2 43
Cable television 95 33.2 n/a
Note:
a
The questionnaire was sent out to adults aged 18 years old upwards.
Sources: The Stationery Office (1999), Advertising Association (1998, 2000)
[ 115 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
54-55 per cent of the insurance market, with
almost 39 per cent preferring the branch
network and just over 7 per cent preferring
the Internet. The data, nevertheless,
indicate an increasing consumer
willingness to purchase financial services
through an ``arms length'' channel,
especially, the telephone, if given the option.
The overall results for the Internet
indicate that 6.2 per cent of respondents, i.e.
an increase of 6.1 per cent compared with
their actual behaviour, would have a
preference for using it when purchasing all
four financial services. This is interesting
because Internet banking has, to date, been
primarily concerned with transaction
banking, rather than with the purchase of a
wide range of financial services (see for
example, Mattila, 2001). The evidence in
Table III, however, suggests that Internet
banking might well be conducive to
retailing a comprehensive range of financial
services to a significant minority of
customers.
In general, therefore, the evidence on
consumer's preferred acquisition channels
indicates that branch networks will remain
the most important delivery channel for the
immediate future. However, the branch
networks' future dominance appears to be
less obvious as consumers place
proportionately greater emphasis on
telephone and, to some extent, Internet
banking. Table III also reveals that
consumers have no preference for home
visits and the post when purchasing financial
services. What remains to be seen, however,
is whether a single delivery channel, such as
the telephone, will emerge as the most
dominant channel in the future. Certainly,
the evidence in Table III suggests that
consumers have a preference for continuing
to use a mix of delivery channels when
acquiring financial services.
Consumers' channel preferences were also
analysed in relation to a number of key socio-
economic and demographic factors. With
regard to gender, a number of interesting
differences were apparent, for example males
expressed a higher preference for acquiring
current accounts and investment-based
services over the Internet than females. With
credit-based services, however, the opposite
was the case, with females expressing a
higher preference for the telephone and
males expressing a higher preference for the
branch. These results could be indicating
that females feel less confident than males
when dealing with financial services. The
``arms length'' nature of the telephone might,
therefore, be preferred by females when
negotiating credit because it is perceived as
less confrontational.
A number of differences were also
apparent in relation to age and the
acquisition of current accounts. For example,
the lowest preference for branch usage was
amongst those consumers aged 26-35 years
old, who expressed the highest preference for
using the telephone. In contrast, consumers
Table II
Consumers' acquisitions of financial services by type of delivery channel
Current account Insurance based Credit based Investment based Total
Type of delivery channel Frequency % Frequency % Frequency % Frequency % Frequency %
Branch/office 202 85.6 53 21.7 124 70.0 83 43.9 462 54.7
Home visit 5 2.1 28 11.5 13 7.3 44 23.3 90 10.6
Telephone 17 7.2 134 54.9 23 13.0 13 6.9 187 22.1
Internet 00 00 00 10.510.1
Post 12 5.1 29 11.9 17 9.7 48 25.4 106 12.5
Responses 236 100 244 100 177 100 189 100 846 100
Table III
Consumers' preferred acquisition channel
Current account Insurance based Credit based Investment based Total
Type of delivery channel Frequency % Frequency % Frequency % Frequency % Frequency %
Branch/office 204 68.2 107 38.6 164 62.8 171 65.2 646 58.8
ATM 16 5.3 0 0 3 1.1 0 0 19 17
Telephone 64 21.4 150 54.2 79 30.3 73 27.9 366 33.3
Internet 15 5.1 20 7.2 15 5.8 18 6.9 68 6.2
Responses 299 100 277 100 261 100 262 100 1099 100
Notes:
Chi-square = 112.135; Df. = 9; Assymp. Sig. (two-sided) = 0.000; No. of valid responses = 1,099
[ 116 ]
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20/3 [2002] 111±121
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aged 56-65 years old expressed the least
preference for telephone usage. Age was also
a significant factor with regard to the
Internet, with consumers aged 18-25
expressing the highest preference for this
channel. This suggests that delivery channel
usage is to some extent generation driven.
This does not necessarily mean that branch
networks will eventually move into terminal
decline, but once again, it might be
indicating that Internet banking has a
definite future.
The most significant finding in relation to
income was that high income consumers (i.e.
those earning in excess of £50,000) expressed
far less preference than low income
consumers (i.e. those earning less than
£9,999) for branch networks in the
acquisition of current accounts and
insurance-based services, and a far greater
preference for telephone banking. In
contrast, however, high income consumers
expressed a greater preference for branch
networks in the acquisition of investment-
based services compared with the low income
group. To some extent, the profile might be
reflecting the greater sophistication of high
income consumers or it might be indicative
of the greater time pressures which this
group experience. Certainly with regard to
investment-based services, their greater
experience of this sort of service compared
with less affluent groups suggests that face-
to-face contact and possibly having a
relationship with a financial provider are
important when making investment
decisions which ceteris paribus are more
complicated than current account and
insurance-based services.
Factors most important in encouraging and
discouraging adoption of telephone and
Internet banking
Understanding consumers' attitudes to
alternative delivery channels was analysed
further by examining those factors which
respondents perceived as important in
encouraging and discouraging them from
using either a telephone or an Internet
banking service (see Tables IV and V).
The most important factors in encouraging
the use of a telephone banking service (see
Table IV) were lower fees and improved
levels of service, i.e. an error free service,
whereas the least significant factor was peer
pressure either as a recommendation from
friends and family or from a newspaper.
Significant numbers also suggested that time
savings and the ability to bank at any time of
the day (24 hours) were important in
encouraging the adoption of a telephone
banking service.
These same considerations were equally
applicable to the adoption of an Internet
banking service. That is to say, lower fees
and improved levels of service etc. were the
most important factors; and a
recommendation by either friends and family
or from a newspaper was the least important.
An analysis of the factors most important
in discouraging the adoption of telephone
and Internet banking services revealed
concerns over security and fears over the
likelihood of errors (see Table V). This was,
especially, the case for the Internet with
almost 50 per cent of respondents citing
security and 41 per cent errors, as being
``extremely important'' in discouraging
adoption. As expected, access to equipment
and the complexity of the service were
perceived as more significant for Internet
than telephone banking. The lack of face-to-
face contact was, however, perceived as ``not
important'' in the adoption of both Internet
and telephone banking for over 40 per cent of
respondents. This is potentially significant
considering the strong suggestion in focus
discussion groups that it is important to talk
to somebody face-to-face when selecting
financial products.
Closer scrutiny of the importance of face-
to-face contact revealed some interesting
facts. For example, wealthier and older
respondents placed particular emphasis on
face-to-face contact. Similarly, older
consumers were also less inclined to use the
telephone or Internet banking, and wealthy
consumers preferred to conduct their
investment-based business at branch
networks. The lack of emphasis on the
importance of face-to-face contact with
respect to telephone and Internet banking
might, therefore, be suggesting that these
delivery channels are more likely to be
adopted by younger consumers and that they
are perceived as being more conducive to
transaction banking, i.e. those banking
activities relating to current accounts.
In terms of analysing the important socio-
demographic factors for encouraging and
discouraging the adoption of telephone and
Internet banking, a number of significant
differences were identified in terms of the
gender of respondents. For telephone
banking, it appeared that females were more
concerned than males with improvements in
the level of service and access to a 24 hour
service. For Internet banking, females
valued the convenience of this channel,
whereas males appeared to place greater
emphasis on peer pressure, either as
recommendations from friends and family
or from a newspaper. An analysis of the
factors discouraging the adoption of Internet
[ 117 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
banking also revealed that males regarded
the loss of face-to-face contact as more
significant than females.
A number of potentially interesting age-
related differences were also revealed, but
due to the size of the sample these were not
statistically significant. For example,
younger consumers appeared to value the
convenience or time-saving potential of
telephone banking more than older
consumers. Similarly, younger consumers
regarded the lack of face-to-face contact as
less important than older consumers. With
Internet banking, younger consumers were
attracted more than older respondents by the
possibility of improved levels of service, the
ability to bank whenever they choose (24
hour service), the enhanced convenience and
the possibility of lower fees. In terms of
factors discouraging the adoption of Internet
banking, as with telephone banking, younger
consumers appeared less concerned than
older respondents with the lack of face-to-face
contact.
The educational levels of respondents did
not seem particularly important in
encouraging or discouraging the use of
telephone or Internet banking. However,
those with fewer educational qualifications
considered access to the necessary
equipment more important than those with
degrees. The data do not provide sufficient
insight as to why this should be the case, but
possibly consumers with lower educational
qualifications have less opportunity to access
the telephone and the Internet at work.
Certainly the results in Table V show that
accessibility, especially for Internet banking,
is important in discouraging usage.
Similarly, the use of technology at work
Table V
Factors important in discouraging adoption of telephone/Internet banking
Extremely
important Very important Important Fairly important Not Important Do not know
Frequency % Frequency % Frequency % Frequency % Frequency % Frequency %
Telephone banking
Security 98 34.2 61 21.3 57 19.9 34 12.0 29 10.3 7 2.3
Errors 92 32.2 70 24.6 57 19.9 33 11.6 25 8.6 9 3.1
Complicated 35 12.3 36 12.6 67 23.3 45 15.6 91 31.9 12 4.3
Access to delivery channel 36 12.6 42 14.6 64 22.3 39 13.6 94 32.9 11 4.0
Lack of face-to-face contact 36 12.6 27 9.6 46 15.9 50 17.6 121 42.2 6 2.1
Internet banking
Security 142 49.5 48 16.9 35 12.3 15 5.3 23 8.0 23 8.0
Errors 119 41.5 58 20.3 37 13.0 24 8.3 26 9.0 22 7.9
Complicated 72 25.2 43 15.0 55 19.3 31 11.0 61 21.3 24 8.2
Access to delivery channel 86 30.2 49 17.3 46 15.9 24 8.3 60 20.9 21 7.4
Lack of face-to-face contact 55 19.3 26 9.0 40 14.0 25 8.6 118 41.2 22 7.9
Table IV
Factors important in encouraging adoption of telephone/Internet banking
Extremely
important Very important Important Fairly important Not important Do not know
Frequency % Frequency % Frequency % Frequency % Frequency % Frequency %
Telephone banking
Lower fees 92 32.2 72 25.2 61 21.3 27 9.6 24 8.3 10 3.4
Improved service quality 83 28.9 74 25.9 66 22.9 29 10.3 23 8.0 11 4.0
Save time 77 26.9 94 32.9 61 21.3 27 9.6 19 6.6 8 2.7
24 hr service 70 24.3 67 23.3 62 21.6 33 11.6 45 15.9 9 3.3
Recommend by family/friends 16 5.6 21 7.3 68 23.6 73 25.6 99 34.6 9 3.3
Recommend by newspaper, etc. 8 2.7 9 3.0 34 12.0 70 24.6 154 53.8 11 3.9
Internet banking
Lower fees 85 29.6 44 15.3 49 17.3 29 10.0 53 18.6 26 9.2
Improved service quality 86 29.9 49 17.3 49 17.3 26 9.0 51 17.9 25 8.6
Save time 71 24.6 51 17.9 56 19.6 30 10.6 52 18.3 26 9.0
24 hr service 68 23.9 44 15.3 52 18.3 24 8.3 72 25.2 26 9.0
Recommend by family/friends 19 6.6 17 6.0 49 17.3 51 17.9 122 42.5 28 9.7
Recommend by newspaper, etc. 14 5.0 9 3.3 32 11.0 48 16.6 156 54.5 27 9.6
[ 118 ]
Barry Howcroft,
Robert Hamilton and
Paul Hewer
Consumer attitude and the
usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
might also increase consumer confidence and
the ability to use it.
Conclusions
Although telephone banking is the
predominant delivery channel in the
insurance market, the research results
indicate that the branch network is still the
most popular delivery channel in the
acquisition of current accounts, credit-based
and investment-based services. Moreover,
consumer preferences reveal that they are
not generally predisposed to change their
behaviour radically and adopt widespread
usage of telephone and Internet banking.
Changes in the use of delivery channels will
occur naturally as the population matures
and computer usage ``seeps up'' into the older
age groups, but this process will undoubtedly
take time. There is nothing, therefore, in the
results to suggest that either telephone or
Internet banking will necessarily replace the
branch network as the dominant delivery
channel. In fact the results indicate that
consumers have a preference for a mix of
delivery channels rather than exclusive
reliance upon any one single channel. In
addition to the choice of delivery channel
being influenced by a range of socio-
economic factors, there is also a possibility
that it might be influenced by the generic
nature of the financial services being
purchased. Moreover, the evidence indicates
that the purchase and subsequent
management-monitoring of financial
services can involve individual consumers
using a range of alternative delivery
channels.
Competitive pressures on financial service
providers to reduce their costs and
simultaneously increase revenue suggests
that they will, nevertheless, continue to
rationalise branch networks. However,
public resistance to branch closures means
that this will not be easy. Equally, failure to
reduce the size of branch networks could
result in a duplication of delivery channels
and a commensurate increase in costs.
Financial providers will, therefore, have to
introduce proactive strategies which are
primarily aimed at educating consumers and
encouraging greater usage of home based
banking. In this respect, the paper has shown
that if these strategies are to be successful,
they must focus on considerations, such as
improved service quality, i.e. providing a
value for money, error free, convenient and
easy to use service. Similarly, the need for
human interface might be important in the
acquisition of investment-based products.
Financial providers must, therefore, aim to
provide consumers with a cost effective mix
of different delivery channels which combine
the advantages of home banking with some of
the more human, social and relational
aspects of branch networks. Respondents
also expressed concerns about security and
the basic safety of new technology, especially
Internet banking. This is an important
consideration not least because trust is a
fundamental prerequisite of any banking
activity and unless consumers can trust new
technology, they will be reluctant to use it.
Widespread acceptance of Internet banking,
therefore, is equally dependent on bank
strategies aimed at alleviating these fears
and increasing the predisposition of
individual customers to use the Internet and
other forms of home banking.
In the final analysis, financial providers
cannot assume that consumers are
homogeneous in terms of their attitudes
towards home banking. The additional
insights, which the paper provides on the
socio-economic and demographic factors
indicates that consumer attitudes differ
according to age, gender, income, education,
etc. Consequently, research into these factors
is extremely important in enabling financial
service providers to target specific segments
of the customer base with messages aimed at
changing consumer attitudes and ultimately
their behaviour.
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[ 121 ]
Barry Howcroft,
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Paul Hewer
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usage and adoption of home-
based banking in the
United Kingdom
International Journal of Bank
Marketing
20/3 [2002] 111±121
Downloaded by University of Strathclyde At 08:22 12 March 2015 (PT)
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