Scriptie Banjo

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    An investigation into the determinants of user acceptanceof personalization in online banking

    A.K. BanjoMasters thesis

    Supervisors:Dr. T. M. van der GeestDr. ir. P. W. de Vries

    Communication StudiesFaculty of behavioural Science

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    Acknowledgement

    I want to thank my supervisors, Dr. T. M. van der Geest and Dr. ir. P. W. deVries for their kind support, input and guidance throughout the duration of thiswork. I am grateful to all my family and friends who have supported andencouraged me throughout this time. I also want to thank my wonderful wife forall her encouragement and sacrifice and lastly I would like to thank God formaking it all possible and see me through it all.

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    Executive summary

    Personalization is an innovative strategy which enables the bank to furtherdifferentiate from its competitors by drawing the client into increasingly deeperlevels of mutually beneficial relationships. However for any personalizationeffort to succeed both the bank and its clients need to perceive it as beingrelevant and beneficial to their interests. The bank needs the clients implicit andexplicit consent to use their personal data to enable them tailor the clientsexperience to suit s/hes purposes as well as meet their goals. On the other hand

    the client needs to see its relevance and desirability as well as trust the bank todeliver what it promises. Since such decisions are based on previous experience,a major determinant of success of the personalization effort is thus a function ofthe clients perception of the bank and their current relationship with it.

    Consequently in this research we have focused on understanding the underlyingfactors involved in the clients relationship with the bank and how they influence

    the acceptance of five concrete personalization features, namely adaptive loginfeature, adaptable settings, emails, adaptive banners adverts and adaptivefinancial advice. We adopted this approach because we view personalization as arelationship marketing strategy and therefore propose that the basic underlyingfactors in relationship marketing would be major determinants of acceptance ofpersonalization. We used the Commitment-Trust Theory (Morgan and Hunt,1994) and the Theory of Planned Behaviour (Ajzen, 1985) as analytical tools to

    model the relationship between the basic relationship marketing constructs andthe specific highlighted personalization features. We added the variable Control(data) to our models because it has been indicated in research as being importantin acceptance of personalization.

    We found that clients in general want more personalization. We also found thatfive variables namely, Control (self-efficacy), Control (data), Relationship

    terminations cost, Relationship benefit and Subjective norm were significantdeterminants of acceptance of personalization in online banking. At lower levelswe found various issues which linked these variables to the acceptance of thepersonalized features. For instance we found that clients were more sensitive tocontrol of content than they were to control of the interface. This clearly raisesissue of data control in acceptance. Also their perception of self competence on

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    Table of Contents

    1. INTRODUCTION .................................................................................................................................. 7

    1.1.BACKGROUND TO PERSONALIZATION IN INTERNET BANKING......................................................... 71.2.CHALLENGES OF PERSONALIZATION................................................................................................. 91.3.RESEARCH FOCUS ............................................................................................................................. 10

    2. LITERATURE REVIEW/THEORETICAL FRAMEWORK ........................................................... 11

    2.1.PERSONALIZATION........................................................................................................................... 11

    2.1.1. Background............................................................................................................................... 112.1.2. Personalization defined............................................................................................................. 122.1.3. Types of personalization............................................................................................................ 132.1.4. Personalization technique. ........................................................................................................ 142.1.5. Personalization framework ....................................................................................................... 16

    2.2.ONLINE BANKING ............................................................................................................................ 182.3.PERSONALIZATION IN ONLINE BANKING......................................................................................... 202.4.COMMITMENT-TRUST THEORY ........................................................................................................ 21

    2.4.1. Relationship commitment ......................................................................................................... 232.4.2. Trust ......................................................................................................................................... 232.4.3. Relationship terminations cost.................................................................................................. 242.4.4. Relationship benefits ................................................................................................................. 252.4.5. Shared values ............................................................................................................................ 252.4.6. Communication ........................................................................................................................ 262.4.7. Opportunistic Behaviour .......................................................................................................... 262.4.8. Acquiescence............................................................................................................................. 262.4.9. Propensity to leave.................................................................................................................... 26

    2.5.0. Cooperation............................................................................................................................... 272.5.1. Functional conflict .................................................................................................................... 272.5.2. Decision-making uncertainty ................................................................................................... 27

    2.5.THEORY OF PLANNED BEHAVIOUR.................................................................................................. 282.6.CONTROL (DATA) ............................................................................................................................. 292.7.CONTROL (SELF-EFFICACY).............................................................................................................. 302.8.PROBLEM AND HYPOTHESIS............................................................................................................. 30

    2.8.1. Research questions: ................................................................................................................... 31

    3. METHOD ............................................................................................................................................... 34

    3.2.PARTICIPANTS .................................................................................................................................. 343.3.INSTRUMENTS ................................................................................................................................... 35

    3.3.1. Structured questionnaire.......................................................................................................... 353.3.2. Semi-structured interviews....................................................................................................... 363.3.3. Focus group............................................................................................................................... 37

    3 4 PROCEDURE 37

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    4.1.2. Age of respondents .................................................................................................................... 404.1.3. Educational level of respondents............................................................................................... 41

    4.1.4. Level of Internet usage of respondents...................................................................................... 41

    4.2.ACCEPTANCE (ACC),ACCEPTABILITY AND INTENTION TO USE (INTU) ...................................... 424.3.CHARACTERISTICS OF VARIABLES .................................................................................................... 43

    4.3.1. Relationship commitment ......................................................................................................... 434.3.2. Trust ......................................................................................................................................... 444.3.3. Relationship termination cost ................................................................................................... 454.3.4. Relationshi