E-banking security risk. A customers’ perspective study.
Purpose: Existing literature provided insight into the adoption of e-banking, measured service quality and examined the key determinant of e-banking services. However, security was identified as the most significant factor regarding e-banking by several research. The majority of security related studies targeted financial institutions in order to improve the organisations risk exposure. Yet, research discovered that customers are the most vulnerable elements of e-banking systems, and security breaches can be decreased if users implement some simple security measures. Therefore, the purpose of this research is to identify customer expectations and values on e-banking security while also, examining customer exposure to the risk of e-banking. Methodology: The research was conducted with a quantitative approach. A web-based survey was distributed to individuals who met the research criteria with the help of social media. The study investigated e-banking customers only in the United Kingdom in order to avoid any cultural, national or economic influences from the final results. Furthermore, participants were selected from a varied age range to confirm findings of previous research, that demographics have an impact on attitudes and customer behaviours with e-banking technology. Findings: The findings showed a strong correlation with previous literature. Surveyed individuals value the convenience and accessibility features of e-banking services the most. On the other hand, security was detected as the most significant factor among customers. A general level of concern was identify about security issues. Although participants stated that they do follow cautious and thoughtful considerations when sharing financial information online or do their online banking, it is suggested that users implement additional security steps. Also, participants showed willingness to develop security measures in order to increase security. Limitations and recommendations: Future research can focus on customers from specific banking organisations that have security problems in the past. A probability sampling method and a larger sample size is also suggested to ensure the representation and generalisability of data. Lastly, the participants should be examined from different backgrounds based on income, education or gender. The limitations of the study are a result of the small sample size and the nature of quantitative methods. Firstly, future research should include a larger sample size in order to conclude a more generalizable data. Secondly, future projects should carry out a more in-debt investigation of this topic area and possibly use a qualitative approach to further investigate the issue at hand and possible solutions of security threats.