Adoption and Acceptance of Online Banking: A Comparative Study of UK and Nigeria Retail Banks

Adoption and Acceptance of Online Banking: A Comparative Study of UK and Nigeria Retail Banks

Abimbola Dada (Cardiff Metropolitan University, UK)
DOI: 10.4018/978-1-5225-2206-5.ch012
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Abstract

The introduction of electronic banking has revolutionised the financial and banking industry, with an increase in the flow of finances and capital remotely and also serve as a strategic move for firms to promote their financial services in emerging market. The research is a comparative study of the adoption and acceptance of online banking in a develop country like UK as opposed to an emerging market like Nigeria. The study reveals that majority of UK customers are more confident using online banking and carry out most of their banking transaction online. Unlike Nigerian customers where having access to the internet is considered as luxury. Furthermore, both countries highlighted security/privacy and fraud as the key constraint to fully embracing online banking.
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Background

The explosion of the internet has revolutionised the banking sector and also enhanced the globalised flow of organisation finances and capital market (Klimis, 2010: Friedman, 2007). These has enabled the proliferation of product and services to meet the demands of the consumers, thus intensifying the organisation pressure to be competitive while seeking efficiency and greater productivity to remain profitable (Gandy, 2008). The development of the internet age has tremendously impacted the way business is operated in the banking sector and how activities are conducted by customers (Lee, 2009). In other for banks to retain their customers, they need to constantly update and create innovative ways to give customers a more expedient, reliable and convenient service. Considering the challenges banks face to capture and expand their product and services to a larger market, banks are forced to make more investment geographically.

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