Usage of Mobile Banking Services in Finland

2003 AMA Summer Marketing Educators’ Conference

Chicago August 15-18, 2003

INBCT 4.1

Usage of Mobile Services: Empirical Findings

from a Bank Customer Survey

Suoranta, Mari & Mattila, Minna

Usage of Mobile Services: Empirical Findings

from a Bank Customer Survey

Abstract

Technological advancement has challenged the providers of financial services; the very nature of selling and buying financial services has changed. The paradigm shift, from traditional branch banking to electronic banking and the newly emerged wireless delivery channel are the motivators of this study in which the focus is on studying usage of mobile services.

In consequence we are able to state what is the influence of demographic characteristics of the customers on the adoption and usage of mobile services. A quantitative survey sheds more light on this researched issue. The data was collected in Finland during May-July 2002 and includes 1253 survey responses.

Keywords: Mobile services, banking, demographics

1. Introduction

Rapid changes in the financial services environment; increased competition by new players from non-banking sector, product innovations, globalization and technological advancement, have led to a market situation where battle of customers is intense. As a consequence financial services providers have started to offer services through various delivery channels. Developing innovative service products, offering wider service range and delivering multi-channel services aim at increased customer satisfaction and efficiency. Offering financial services also through electronic delivery channels is one step in achieving that goal. Besides reducing costs and improving effectiveness, employing multi-channel distribution strategy contributes to retaining the existing customer base and attracting new customers. Today’s knowledgeable consumers demand up-to-date, innovative services, thus the pressures banks face are twofold stemming from the competitive market environment and from customers’ needs (Polatoglu & Ekin 2001; Thornton & White 2001). Impacts of technological advancement can be seen in almost every industry, technology has become an increasingly vital element in the competitive landscape of the financial service industry too. The recent developments have created totally new service concept and service environment (Bitner et al. 2000). Technology has changed the very nature of selling and buying financial services.

Innovations in telecommunications have led to usage of mobile devices in banking services. Mobile banking is among the newest electronic delivery channels to be offered by banks. As using the term electronic banking we refer to a definition, which explains it as the provision of information and services by a bank to its customers via electronic wired or wireless channels, for example Internet, telephone, mobile phone or interactive television (Daniel 1999). Currently, conducting account balance and transaction history inquires, funds transfer, bill payments, stock trades and quotes, portfolio management as well as insurance ordering are technologically enabled via a mobile device. Even though technology and applications for these services are available, the usage rates internationally have been fairly low and, in fact, in most developed countries financial institutions have only recently begun to offer mobile services to customers. Mobile banking service market is still in its infancies (Mattila and Pento 2002; Durlacher Report 2002).

Adoption of tele-banking (e.g. Al-Ashban & Burney 2001) as well as Internet banking (e.g. Bradley & Steward 2002; Black et al. 2001; Mattila 2001) has received research attention in recent years. Much of the existing research in electronic banking services has adopted an organisational perspective (e.g. Daniel 1999) or a distribution channel perspective (e.g. Black et al. 2002; Thornton and White 2001; Mols 2001). Consumers using these services have been focus in a large body of current research, nevertheless customer behavior in mobile banking context have remained rather uncharted territory. This paper aims at filling that gap by shedding light on the general usage of mobile services and in particular on influence of demographic characteristics on usage. The survey was conducted among Finnish bank customers. The paradigm shift, from traditional branch banking to electronic banking; the newly emerged channels; rapidly increasing penetration rates of mobile phones are among other the motivators of this study. The approach we employ is practical and provides insights drawn from the quantitative empirical survey.

The paper is organised as follows: it begins with a brief review on mobile service markets and on mobile banking in order to provide research rationale for the study. Thereafter, the methodology and data collection are described and the relevant empirical implications of the survey presented. The paper concludes with a discussion of the findings and development of practical guidelines applicable to this case.

2. Mobile Service Environment

The market penetration of mobile phones is rapidly increasing around the world and the role of mobile phones is changing. From having been a luxury product in the late 1980s today the mobile phone is merely a mass product in most develop countries. Until recently, Europe had the highest total number of wireless subscribers in the world, although the Asia-Pacific region has now surpassed it. Last year penetration rate in Western Europe was 75.2 % (eMarketer 2003). According to calculations by Morgan Stanley and eMarketer over the next tree years the US will take the lead over Europe and Asia in terms of total number of wireless subscribers on advanced 2.5G and 3G networks; by 2004 114.7 million subscribers in 2.5G and 3G in US and 35.8 million in Europe. Exceptionally fast diffusion of mobile subscribers and the growth of generic mobile services such as Short Messaging Systems do not overcome the fact that the adoption of many so called value-added services has not been successful.

Consequently, we cannot make a straightforward conclusion that popularity of mobile devices is a clear indication of popularity of all mobile services. Several surveys have tried to capture the factors hindering the adoption of mobile services (e.g Anckar and D’Incau 2002), whereby the answer has often been technical problems, contradicting experiences from flop of Wireless Application Protocol services and lack of appropriate enabled devices. Yet, it is still widely predicted in Western world and shown by the success of iMode in Japan that the mobile terminal will finally be the access point for all sorts of services. Though, we do not believe that the success strategies from Japan can be directly implemented, for example in Finnish markets. Admittedly, the expected improvements for the mobile service and application space arriving with 2.5G and 3G networks can act as a trigger for acceptance. These include ability of mobile devices to provide location-specific information, new ways of personalization, enhanced availability and immediacy of service. Particularly the last mentioned feature can contribute to the predicted shift from wired Internet connections to wireless mobile services in banking too (Wah 1999). The immediacy of information access will be enhanced by the always-on functionality, which supports the provision of time-critical information conducting high value transactions, such as participating in mobile auctions and executing mobile stock trading deals. These type of value-added mobile services will without doubt become some of the most interesting, revenue-generating services simply because of the economic value attached to them (Durlacher Report 2001).

Availability, 24/7 access, independence of time and place and portability are key benefits and selling points of the mobile services. Purpose of the wireless device is to facilitate an individual’s connectivity to necessary information and services at any location, whether on –site, down the street or thousand miles away (Jonason and Eliasson, 2001). According to Keen and Mackintosh (2001), the key value proposition of mobility is creation of choice or new freedom for customers. If mobility aspect will be the most valued feature by customers in the future, the wireless connections gain advantage over wired connections in banking. Customers in Finland are familiar with conducting their banking over Internet, over 85 % of all payment transactions by Finnish banks are already made in digital form (The Finnish Bankers’ Association 2002). Mobile phone penetration amounted to 94 % in year 2002 (Statistics Finland 2002). The structures of Finnish society comprising information infrastructure have developed over years to be favourable for adopting technology-based products and services. Finland has a history of building out information infrastructure to connect its geographically dispersed population, in addition well educated workforce, effective policy environment and sophisticated use of information and communication technologies explain that further. The financial services industry implemented advanced payment, security and verification internal IT systems in the early 1990s, enabling Finland to be among the first in the world to offer online and mobile services (Ratnathicam 2002).

2.1 Mobile Banking

Northern European countries are among the most advanced ones in the adoption to and use of different new mobile and technological appliances and these countries have extended the implementation of technological advancement in banking services (Finland Statistics 2002). In Finland payments and account management products over mobile GSM phones as SMS service have been available over one decade, exactly since 1992, television-based banking since 1998 and banking via mobile Internet WAP since 1999 (Mattila and Pento 2002). Finnish customers conduct their routine banking mainly via Internet, over 70 % of the customers visit a branch office less than twice a year. The number of branches in Finland has been shrinking in rhythm with increased Internet banking usage (The Finnish Bankers’ Association 2002). At the moment Internet is also the leading electronic banking channel elsewhere where the electronic delivery channels have been introduced, although telephone banking seemed to have toehold on the British financial services market. (Howcroft et al. 2001).

As we argued above the landscape of wireless services is presently changing and the expected improvements in 2.5G and 3G devices and networks will encourage the uptake of mobile banking. Although the densities of fixed and mobile connections are high in all the Nordic countries, the number of most advanced Internet-enabled mobile phones is still fairly low; in Finland 20 % of population has Internet-enabled device. Access to advanced model is slightly more common to men than to women. In addition younger people have advanced mobile phones more often than older people, in fact in the age group 60 years or over as well as among retired persons the access rate is only 3-9 %. Those with tertiary education have more often an Internet enabled mobile phone, but the effect is not as strong as that of age (Statistics Finland 2002). One issue driving future mobile banking is the cost efficiency pressures from supply side. Payment transaction costs vary: manually in a branch from $2.60 to $4.40, with automatic teller machine $0.44 and less than three cents via mobile phone. Quite often wireless capability is built into financial institution’s software platform, leaving maintenance and upgrades as the only added costs (Mattila and Pento 2002; McCall 2002). European IT consultants International Data Corp. expect mobile banking to be the fastest growing sector of total information technology spending on electronic banking, with a 1999 to 2003 compound annual growth rate of 129% (West 2001). Adding digital channels such as mobile and developing more and more commoditized products will clearly help to shift further tasks towards the customer through self-provisioning and thus, will help cutting additional costs (Durlacher Report 2001). Today’s banking is thereby not just online and wireless but also interactive.

In the next chapters we will further discuss mobile services in an empirical setting and provide insights for research findings drawn from the quantitative survey as well as highlight factors proven to be indicators of a certain consumer behavior in this context.

3. Methodology and Data Collection

The methodological approach in this study is descriptive, because purpose is to define and discuss usage of mobile services among bank customers in Finland. The phenomenon to be studied is comparatively new in the field of academic research and thereby study aims at increasing the understanding of current consumer behaviour pattern in mobile services era. These elements reflect the descriptive nature of the research design (Churchill & Iacobucci 2002). The research data was collected by means of a traditional postal survey. The questionnaire was sent to a gross section of 3.000 bank customers in Finland. This resulted to 1303 responses of which 1253 were usable i.e. usable response rate amounted to 41.8 percent, which was really satisfactory and above the 20-30 percent rate considered acceptable in economics research. The objective was to gather a highly representative sample that was also attained as the sample represents geographically Finland and the respondent were chosen in terms of their banking habits. The survey sample consisted of three equal-sized segments that were selected according to mobile banking usage experience and density. The non-users have not ever used permanently any form of mobile banking services, the occasional users had started to use some form of mobile services and the regular users had been using services for a longer period of time. The questionnaires were also partly tailored respectively. This data forms the basis of the whole research of which this paper is one part. Only the selected sections of the survey data will be used in the present paper. According to the chosen methodological research approach the quantitative data was analysed using statistical methods such as mean, standard deviation, ANOVA, correlation coefficients by SPSS-program. The demographic profile of the respondents is summarized in Table 1.

TABLE 1 Profile of the respondents

Demographic Frequency Percentage Cumulative

Characteristics percentage

Gender

Male 634 50.6 50.6

Female 590 47.1 97.7

Missing 29 2.3 100

Standard deviation 0.499

Age

Under 18 4 0.3 0.3

18-24 years 226 18 18.3

25-34 years 418 33.4 51.7

35-49 years 370 29.5 81.2

50-64 years 212 16.9 98.1

65 years and over 17 1.4 99.5

Missing 6 0.5 100

Standard deviation 1.026

Marital status

Married 488 38.9 38.9

Cohabitation 337 26.9 65.8

Single 322 25.7 91.5

Widow 13 1 92.5

Divorced 75 6 98.5

Missing 18 1.5 100

Standard deviation 1.113

Occupation

Executive 70 5.6 5.6

Worker 503 40.1 45.7

Not at work 84 6.7 52.4

White-collar worker 246 19.6 72

Student 132 10.5 82.5

Farmer 29 2.3 84.8

Pensioner 54 4.3 89.1

Entrepreneur 74 5.9 95

Public servant 49 3.9 98.9

Other 5 0.5 99.4

Missing 7 0.6 99.9

Standard deviation 2.183

Household income

Under 10.000 euros 109 8.7 8.7

10.001-20.000 euros 191 15.2 23.9

20.001-30.000 euros 239 19.1 43

30.001-40.000 euros 195 15.6 58.6

40.001-50.000 euros 181 14.4 73

50.001-60.000 euros 130 10.4 83.4

60.001-70.000 euros 67 5.3 88.7

70.001-80-000 euros 34 2.7 91.4

Over 80.001 euros 33 2.7 94.1

Missing 74 5.9 100

Standard deviation 1.988

3.1 Profile of Typical Mobile Banking User

Academic research has been interested in examining socio-economical factors (demographics, psychographics) of consumers adopting new technologies. According to Polatoglu and Ekin (2001) and Howcroft et al. (2001) demographic factors that describe typical electronic banking customers include young, affluent and highly educated. In earlier Finnish studies findings of the typical Internet banking user were somewhat similar and in some respect contradictory. A Finnish study (Mattila 2001) states Internet banking user is middle aged, relative wealthy and highly educated. Interestingly, results from this study indicate that the average mobile banking user’s socio-economical factors differ from that of Internet banking user. Gender seemed to have slightly impact on mobile service usage; there were 10 % more men in regular users’ group. A user of mobile banking belonged most often to age group 25 to 34 years old. Majority of the so called regular users (43.6 %) were 25 to 34 years old as well as majority (36.8 %) of occasional users, whereas non-users were relatively older compared to the two other groups. Every third of non-users (31.7%) belonged to age group 35 to 49 years old and 25.9 % to 50 to 64 years old.

38.9 % of respondent were married. Majority of the all respondents were workers (40.1%), the second biggest occupation group was white-collar workers (19.6 %) and third students (10.5 %). The result is compatible with the result of background education of the respondents, which was in most cases (25.2 %) secondary level vocational school. These results differ from the earlier finding of electronic (Internet) banking users, who have traditionally had university level education and higher professions (e.g. Jayawardhena et al. 2000). Majority of the respondents (19.1 %) belonged to household income category of 20.001-30.000 euros/year which matches with the average year income of two persons in Finland. To conclude typical user is male, 25 to 34 years old, married, has secondary level education and average income.

4. Usage of Mobile Services

While studying usage of different technology-based services and products the question about consumers’ perception of technology in general is often raised in academic literature. Several well know behavioral models explain and predict the adoption and usage of technology-based products e.g. Theory of Planned Behavior (Ajzen 1991), Technology Acceptance Model (Davies 1989), Theory of Reasoned Action (Fishbein and Ajzen 1975). Those all propose that beliefs and attitude of the individual towards a certain behavior are determinants of the individual’s intention towards the adoption of that behavior, e.g. using mobile service. Empirical surveys (e.g. Mattila 2001; Tan and Teo 2000) suggest that technology experience and technology perceptions have an impact on usage of Internet banking and in particular beliefs towards computer and Internet. Following that reasoning Table 2 outlines the results of respondents’ technology perceptions. It seems that technology perceptions in general were positive, only electronic ID-card had negative means within all target groups. Not surprisingly among the regulars users the most liked technology-based product was mobile phone (mean 1.85), whereas among occasional (1.86) and non-users (1.97) it was Internet.

TABLE 2 Technology perceptions. Consumer beliefs ranging from like 3 to -3 dislike

Regular users Occasional users Non-users

Mean Stand.dev. Mean Stand.dev. Mean Stand.dev.

Mobile phone 1.85 1.359 1.63 1.495 1.03 1.741

Computer 1.51 1.648 1.71 1.566 1.82 1.296

Bank and credit cards 0.99 1.820 1.09 1.806 1.19 1.679

Cable television 0.52 2.244 0.54 2.260 0.19 2.265

E-mail 1.23 1.997 1.76 1.695 1.81 1.495

Internet 1.54 1.741 1.86 1.533 1.97 1.265

Personal service 1.43 1.645 1.55 1.649 1.51 1.576

Text television 1.42 1.622 1.16. 1.778 1.13 1.681

ATM 0.49 2.000 0.35 1.969 0.32 1.967

Electronic ID-card -0.25 2.540 -0.17 2.498 -0.09 2.481

Cronbach’s alpha α=0.7788

Table 3 in the next page depicts the differences of certain mobile service usage by age.

TABLE 3 ANOVA by age

Ordering or using N Means Mean square F value Sig.

the service by mobile phone between groups

1. eCards 1.487 0.345 .003

18-24 228 3.66

25-34 416 3.65

35-49 363 3.77

50-65- 217 3.78

Total 1224 3.71

2. SMS Chat 13.980 9.027 .000

18-24 228 3.63

25-34 414 3.31

35-49 363 3.11

50-65- 216 3.16

Total 1221 3.29

3. Logos 39.748 89.742 .000

18-24 228 2.80

25-34 415 2.88

35-49 363 3.34

50-65- 219 3.62

Total 1225 3.13

4. Ringing tones 37.634 76.438 .000

18-24 229 2.75

25-34 417 2.80

35-49 364 3.27

50-65- 218 3.53

Total 1228 3.06

5. News services 5.150 9.178 .000

18-24 228 3.55

25-34 417 3.47

35-49 363 3.63

50-65- 219 3.78

Total 1227 3.59

6. Weather forecast 3.000 5.674 .001

18-24 228 3.54

25-34 416 3.44

35-49 364 3.62

50-65- 219 3.65

Total 1227 3.55

7. Parking payments 0.509 2.059 .104

18-24 228 3.79

25-34 416 3.77

35-49 364 3.86

50-65- 219 3.79

Total 1227 3.80

8. Ticket reservations 0.582 1.777 .150

18-24 228 3.67

25-34 417 3.66

35-49 364 3.74

50-65- 218 3.73

Total 1227 3.7

9. Offers to mobile phone 2.527 6.731 .000

18-24 228 3.62

25-34 417 3.68

35-49 364 3.81

50-65- 219 3.80

Total 1228 3.73

Scale ranging from 0 (daily) 1 (weekly) 2 (monthly) 3 (less frequently) 4 (never)

Public opinion is that younger consumers use more mobile services. According to our findings this holds true. The results (Table 3) yielded some statistically significant differences in means between the age groups. Only in ordering parking payments (p=0.104) via mobile phone and reserving tickets (p=0.150) age was not statistically significant. Consequently age seems to have no impact on usage of these mobile services. In usage of other services younger respondents are likely to use more of service. In case of SMS chat (F=89.743) and ringing tones (F=76.438) differences in using services vary more between the age groups than within an age group.

To develop further understanding in interdependency of the above mentioned usage of mobile services (indicated by the number) and demographics we formed correlation coefficients matrix (Table 4). Even thought there seems be correlation among many variables, only correlations between age and ordering logos (r_s=0.425) and ringing tones (r_s=0.399) were significant (0.3 < r < 0.7). Although the large size of sample increases the significance of other correlations too. Interpretation means younger are more likely to use SMS chat (r_s=-0.107); all the other services are positively correlated with age. Household income is positively correlated with ordering logos (r_s=0.076) and offers to mobile phone (r_s=0.073). Wealthier customers are likely to use those services. Gender is positively correlated with news and weather services,

TABLE 4 Correlations between demographic characteristics and mobile service usage

Variables 1 2 3 4 5 6 7 8 9

Gender M=0 F=1 -.027 .053 -.052 -.013 .167** .200** .107** .077** -.003

Age .117** -.107** .425** .399** .136** .103** .065* .075** .149**

Marital status -.056 .018 -.110** -.144** -.029 -.016 -.018 -.039 -.080**

M=0 not M=1

Occupation -.016 .007 .124** .113** .077** .083** .056 .060* .042

Household income.000 -.084** .076** .057 -.059* -.100** -.031 -.035 .073*

Notes: ** Correlation is significant at the 0.01 level (2-tailed)

* Correlation is significant at the 0.05 level (2-tailed)

(measured by using Spearman’s Rho)

parking payments and ticket reservations. That is, females are more likely to use these services. Marital status is negatively correlated with logos (r_s =-0.107), ringing tones (r_s=-0.144) and offers (r_s= -0.08); service users are more likely to be married.

5. Conclusions

As we are gradually starting to gain an understanding of the unique characteristics of the Internet, a new medium has emerged, the wireless service delivery channel, which raises many of the same questions in a new context (Anckar and D’Incau 2002). This paper contributed to answering these questions by shedding light on the fairly unexamined and ‘unknown territory’ of mobile services and banking in context of demographic characteristics. Little research has been conducted to identify the primary target groups for mobile services of different types even with regards to basic demographic variables such as gender and age, although the understanding of the impact of such factors are crucial for a marketing point of view and previous research has suggested and verified gender and age to be relevant factors in terms of technology adoption and usage (Venkatesh and Morris 2000). Results of this survey proved the influencing power of demographics too.

On the bases of the findings we are suggesting that wireless financial services providers should be aware of the demographics of their customer base using mobile services. For example it was found that age affects the usage of mobile services. Younger generations use mobile services more in general and in usage of SMS Chat the difference was even clearer. All this information has its value when designing new services and products or implementing marketing communications. In addition information gained from experience with Internet banking and other modes of electronic banking cannot be straightforward implemented to mobile banking service customers. As the findings reveled customer bases are socio-economically different. Given the increased competition and pressures to cut expenses financial institutions have to be able to make informed decisions on resource allocation. Thus, research of this kind is of critical importance.

Technology perceptions of bank customers in this study were positive. Mahajan et al. (1990) argued adoption of complex products depends on adopter’s ability to develop new knowledge and new patterns of experience. This ability can be enhanced by the knowledge gained from related products. In Finland usage of Internet banking has already diffused to masses of banking customers, thus the grounds for successful adoption of mobile banking are there. As Wah (1999) already five years ago pointed out, electronic banking does not necessarily have to be on computer screen. It can be on the tiny screen of the mobile phone or any other wireless device.

Limitations of this study arise from the pretty narrow scope in research focus; mobile services and demographics, whereby we mainly discussed age and a limited number of mobile service products. In the sample majority of the respondents were technologically oriented. These issues may have an effect on the validity and reliability of the results.

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