Online banking challenges as showed in the framework in this study includes; reputation issues, transactional issues, privacy issues, security issues, technical and legal ussues, and trust and risk issues. Figure 8. 4 shows the nodes on online banking challenges and the included factors in this item.
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Figure 8. 4: Nvivo 10 showing the nodes on online banking challenges Table 8. 5 bellow summarises the tree nodes of online banking challenges.
Tree node No. of Sources No. of references
Online banking challenges 6 41
1 Privacy issues 7 21
2 Reputation issues 7 7
3 Security issues 7 23
4 Technical and legal support issues 7 7
5 Transactional issues 7 7
6 Trust and risk 7 7
Table 8. 5: Summary of online banking challenges nodes
Privacy issues: In term of privacy issues, participants were asked about their beliefs regarding online banking system and their privacy. The results show that there are twenty one references or answers from the seven sources replying to this question. For example interviewee 1 stated that, it is a good way of saving time as well as managing, transferring, and receiving money and I am satisfied with my banking system in the UK and I hope my Libyan bank branch will have the same system.
Interviewee 2 however did not completely agree with that as he stated that, it is ok, but I have faced a transaction issue in the UK while I was trying to transfer a thousand pound from my bank account to a friend’s account and my transaction was delayed couple of hours in order to check some detailed information about
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me and finally it was done., I was quite worried about my money being lost somewhere I do not know but after that I was happy that it was secured and my privacy is looked after. Both Interviewee 3 and Interviewee 5 agreed that their bank branch provide a secure environment and they have no concern about their privacy.
Interviewee 4 on the other hand has a negative opinion towards his bank branch as he mentioned that, In my view, the banking system in my branch in Libya is still very archaic and they mainly deal face to face with customers, so customers need to stand in long queues to cash their cheques or to put their money in their accounts. Another question in this item looked at whether or not their online banking system stops any unauthorised changes to a transaction. The answers and results for this question show that the majority of the responses agree that their online banking system in the UK stops any unauthorised changed and Interviewee 2 went further as he stated that, yes, my bank stops any unauthorised changes and I faced it once when I tried to transfer my money. When I entered my password wrongly the system blocked changes or unauthorised transaction.
Reputation issues: On the question regarding reputation issues, participants were asked: Do their friends or relatives influence their behaviour? Do they think that they must use online banking? Seven references from seven sources were found as a result of this item, confirming participants’ answers and opinions regarding reputation issues in online banking.
The majority of participants agree that their friends influence their decisions towards the use of online banking. For instance Interviewee 1 stated that, to some level yes they influenced my behaviour to use online banking and I trusted them.
To emphasise their friends’ role of using online banking, Interviewee 4 for example said, Yes of course, because if anyone of my friends or relatives have a positive experience in online banking technology so he/she may advise me to use online banking.
Security issues: As discussed in chapter two (section 2.5.4.1) and highlighted in chapters five and six, the security issues are the crucial challenges facing customers when thinking to move to or use online banking technology, Especially in Libya as it is one of the developing countries in Arab region
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planning to adopt this technology within its existing system. To this point, the main question the participants were asked is if they trust online banking for its safety and whether they trust the Internet as a reliable medium for banking transactions.
Twenty three references were gained from seven sources as a result of this item. Those references clearly present participants’ views regarding online banking security issues. For instance while describing issues related to security in online banking, Interviewee 2 mentioned that, I do not trust online banking 100% and in my view the problem is internet environment which includes many issues such as hacking, intrusion, identity theft, and fraud. But I still trust my bank for all of my transactions. Moreover Interviewee 1 emphasised that, In the UK yes I trust online banking for its safety, but in Libya definitely not, especially now due to the lack of laws and regulations and the corruptions in the marketing and business sectors.
However Interviewee 3 was more optimistic as he stated that, yes I trust online banking for its safety, because I have been using online banking for long time without any problem.
Technical and legal support issues: Seven references from seven sources were found as a consequence of this item and participants were asked about the technicality and legal support and whether or not they are aware or have the knowledge to use online banking technology. Knowledge here means the technical and legal awareness for them and their ability to use online banking technology and they understood that well.
The majority of participants agree that they have the knowledge to use online banking if they have been given support by their bank branch. Interviewee 1 for instance stated that, I have the knowledge, and my bank website is clear enough and easy to understand and my bank has given me more explanation on how to open an account online and how to use online banking and how to deal with any problem that I may face while I am using of online banking. Another example is Interviewee 6 in his statement, yes, but somehow, but in Libya I think the language can be major problem for many potential users.
Transactional issues: Participants were investigated for their opinion regarding online banking transactional information and related issues. As presented in
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Figure 8. 4 and Table 8. 5the findings from this item showed that there are seven references or answers gained as a result from total of seven sources. The majority of participants agree that the transactional information of their online banking is fair and most of them have not faced any concern or issues related to their online banking information.
One of the answers from Interviewee 5 as an example shows that, it actually depends on the bank that provides this information, for example, while I am in the UK I am using online banking through Royal Bank of Scotland RBS, which uses a different online banking system compared to Lloyds TSB bank or HSBC bank. I also have other online bank accounts with Lloyds TSB bank and HSBC and all banks are providing different information, he added. He also declared that, each bank provides their customers with its own information. The information provided in a particular bank can be slightly similar or different than other banks.
Trust and Risk: As presented in Figure 8. 4 and Table 8. 5, the outcomes of this item show that there are seven references or answers from seven sources or interviews. In term of trust and risk participants were given a question on how they rate the risk in online banking transactions. Participants’ answers of this item vary. The common answers of this interview agree that the expected opportunities of online banking customers can get are more than the expected risks.
For example Interviewee 2 indicated that, high gain and opportunities of online banking technology is more than its risks. Interviewee 3 in a more positive statement responded that, I would say it is very good, because I heard from a friend of mine who experienced a hacking incident in his online banking account and his bank dealt nicely with him and solved his problem and all of his lost money returned back to him. That would encourage me to accept online banking and trust it for most of my transaction. Interviewee 8 however disagrees as he stated that, in my view online banking has a higher risk in comparison to fewer benefits.