Case Study on Mobile Banking Services in Kazakhstan文献综述

 2021-11-05 19:34:34

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Ever since the internet has become a vital part in peoples lives, the banking industry has experienced a major transition. Before the internet was so popular for conducting banking transactions, people had a necessity of visiting a bank directly, stand in long queues and then wait for their turns even if they simply wanted to check their account balance, withdraw cash or transfer money. But now they do not need to visit a bank anymore to carry out different kinds of banking transactions since they can use mobile banking services. Mobile banking has simplified the lives of many people and provided with the easier way to transfer money, receive it, check account balance, pay bills, etc. by using mobile phones. Mobile Banking has been in existence since more than a decade. It is an obvious extension of online banking as cell phones get more powerful and begin to mimic computers. By having a solid knowledge about mobile banking services countries can easily perform a wide variety of different business operations. Thus, it certainly would be an essential step that Kazakhstan can take. 1. Introduction:Mobile banking is a service operated by a bank or other financial institution that grants its clients an opportunity to perform financial transactions remotely using a mobile device such as a smartphone or a tablet. It usually uses software, called an app for that purpose. Mobile banking is dependent on the availability of an internet or data connection to the mobile device. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. (Disha Experts, 2017) BBVA Group (2012) states that transactions via mobile banking are dependent on the mobile banking app features and typically includes obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, P2P payments and funds transfers between a customers or anothers accounts. Using a mobile banking app enhances ease of use, speed, flexibility and improves security as well since it integrates with the user built-in mobile device security mechanisms. The first mobile banking services were through SMS, a service known as SMS banking. When the smart phones were introduced with WAP maintenance, it enabled the use of the mobile web in 1999, afterwards the first European banks started to provide mobile banking to their customers on this platform. A recent study by Mapa Research team in May 2012 gives us a suggestion that over a third of banks have the function of mobile device detection upon entering the banks main website. Various things can occur on mobile device detection such as redirecting to an app store, redirection to a mobile banking specific website or providing a list of mobile banking options from where the users can choose the needed one.Ensor and Wannemacher (2015) think that the improvement of mobile platform technologies allows m-banking users to perform banking services anytime from anywhere. The fresh patterns of banking services in the last decade have modified the form of retail banking, with new types of services and products and new ways of interaction with their customers. Floh and Treiblmaier (2006) believe that the existing high degree of mobility offers banks the chance to adjust their products and services to the needs of their customers or to the specific location in order to preserve them. Additional advantages appearing from the mobile banking mechanisms:For the consumers, mobile banking decreases time wasted as well as the expenses by letting its users monitor transactions, transfer funds, pay bills, check balances, and carry out many other financial services, with no relatively costly phone calls to a client service call center or by paying a visit to the corresponding branch. (Kim et al, 2009 and Hoehle et al, 2012)For the financial industry, mobile banking grants banks additional profits such as cost-savings, attracting new customers, and keeping old ones. This channel enables the bank to sell their different complex banking products and services. (automobile loans, credit cards, etc.) Moreover, mobile banking contributes banks to improve their service effectiveness, client satisfaction and cost efficiency. (Hoehle and Huff, 2012).2. Mobile banking services in KazakhstanThese days the business in Kazakhstan is being operated in the post-industrial society. The flexibility and integrity of business operations are far more prioritized compared to the functional skills and their specialization in the industrial period. Mobile technology has evolved consistently over the past few years. Development of this type of technology has a strong connection with our reality as the country is starting to become an information society (Galiya and Zhanar, 2013). According to the statistics provided by DigitalBuzzBlog in 2011 more than 70 percent of the entire population of our planet now has a mobile phone, so it is in fact over 5 billion mobile subscribers. In Asia this number is nearly 3billion, and in Kazakhstan it is around 20 million. The mobile market in Kazakhstan is characterized as constantly gaining the profitability from a diversified market that puts forward an energetic and competitive environment. Statistics from Strategic Growth Concepts website says that the total number of mobile subscribers was presumably 21 million in 2011 and 19.8 million in 2010. In comparison to the Internet services, the mobile invasion is (129 percent) far more than the Internet subscribers (only 21 percent). The number of citizens of the country who favored mobile banking was around 900 000 people around the same period. The most popular bank which provides a mobile banking was JSC Halyk Savings Bank (about 450000 clients in total). Internet banking services were used considerably less, about 600 000 people. The structure of national EPS (electronic payment system) ecosystem in Kazakhstan includes remote financial services and bank or non-bank terminals. The remote financial services are divided into mobile (mobile, SMS banking) and non-mobile banking (Internet banking), and ultimately non-banking non-mobile (electronic money) services. The payments without cash are available through the Internet or mobile network with the usage of mobile phones, smartphones, tablets or computers. Considering the terminals, the banks in Kazakhstan are now introducing remote access devices such as POS-terminals, imprinters, ATMs and bank terminals. (Nadezhda Akulova, 2013) Mobile banking market in Kazakhstan is gaining a momentum. Experts predict that within a few years, the rise in this segment of financial services will be in the range of 30-40%. They also stated that the Kazakhstanis passion to high-tech gadgets and a consistent improvement in online commerce as well as non-cash payments will surely boost this market (Gani Uzbekov, Chairman, Capital Bank Kazakhstan, 2016). Kazakhstan was in fact among the top 8 countries in the amount of active SIM cards per 100 people, and first in CIS. Share of cashless payments increased from 10 to 15% in the country and the growth of non-cash payments was in total 60% comparing to the same period last year. Mobile banking app provided by the popular national bank Home Credit Bank in Kazakhstan offer these services: (Home Credit Bank mobile banking app advantages, 2019)- Follow the repayment schedule for a loan - Pay a loan or replenish a deposit online with any credit card without commission- Make transfers between your accounts, to another client of the bank or to accounts in other banks- Pay for cellular communications, Internet, utilities and other services- Track receipts and expenditures of funds- See the history of transfers, deposits and payments- Monitor the exchange rate with a convenient calculator.Mobile banking services can be adopted by a country according to the specific factors (Minna Mattila, 2002). There are 5 factors of innovation adoption presented by Rogers, E. M. in 1995 and those factors also affect the adoption of mobile banking services: Relative Advantage, Complexity, Compatibility, Observability, Trialability. And the most important factor is known as Perceived Risk. Security and trustworthiness of using the service is indeed the most important factor within every target segments when deciding on banking service delivery channel.Chung (2014) made a research in Kazakhstan and revealed perceived risk, trustworthiness and Rogers five innovation patterns as important determinants for the adoption. Perceived risk and trustworthiness are crucial determinants because of the high uncertainty avoidance characteristics of the Kazakh society. 3. SummaryThe experts and authors have identified the level of development of mobile banking services in Kazakhstan as relatively low. The e-commerce in the country is still in the early stage of development as there is a high degree of uncertainty factor among its citizens. However, in the recent years more and more people are becoming familiar with the terms like mobile payment, mobile banking, and e-commerce. Moreover, statistics conducted clearly shows us that there is a considerable growth in e-commerce usage. But still, in order to maintain this trend the country should implement corresponding strategies and focus on the factors that directly affect the e-commerce usage throughout the country. Additionally, the factors that have a negative effect on the future development of e-commerce and mobile banking should be eliminated or at least highly reduced. So, I will put forward some strategies and ways that the country can take to spread the influence of mobile banking services across the country. Unfortunately, there is a lack of data and information on this topic specifically in Kazakhstan due to the relatively low development of mobile banking services. Thus, there might potentially be some data shortages when performing the quantitative analysis, searching for surveys and overall describing the mobile banking features.References: [1] Computer Knowledge for SBI/ IBPS Clerk/ PO/ RRB/ RBI/ SSC/ Railways/ Insurance Exams 2nd Edition, Disha Experts, 2017, p. 244 [2] BBVA Innovation Edge: Mobile Banking, BBVA Innovation Center, 2012, p. 22[3]"The World's first WAP Bank is Norwegian". itavisen.no. 24 September 1999. Archived from the original on 4 May 2011. Retrieved 18 October 2010.[4]"A third of banks have mobile detection". Mapa Research. 16 May 2012. Archived from the original on 28 January 2013. Retrieved 16 May 2012.[5] Ensor, B. and Wannemacher, P. (2015), Building a world-class mobile banking strategy,The Mobile Banking Strategy Playbook For 2015, Forrester Research, Inc., Cambridge, MA.[6] Floh, A. and Treiblmaier, H. (2006), What keeps the e-banking customer loyal? A multigroup analysisof the moderating role of consumer characteristics on e-loyalty in the financial service industry,Journal of Electronic Commerce Research, Vol. 7 No. 2, pp. 97-110.[7] Kim, G., Shin, B. and Lee, H.G. (2009), Understanding dynamics between initial trust and usage intentions of mobile banking,Information Systems Journal, Vol. 19 No. 3, pp. 283-311.[8] Hoehle, H. and Huff, S. (2012), Advancing task-technology fit theory: a formative measurementapproach to determining task-channel fit for electronic banking channels, in Hart, D.N. andGregor, S.D. (Eds), Information Systems Foundations: Theory Building in Information Systems,ANU E Press, Canberra, pp. 133-169[9] Mobile Banking and Electronic Commerce in the Kazakhstani Economy, Galiya Mertai Kyzy Berdykulova and Zhanar Smagul Kyzy Mangysheva, 2013[10] Statistics: The Growth Of Mobile Into 2011/http://www.digitalbuzzblog.com.[11] Mobile Technology for Increased Productivity Profitability/http://www.strategicgrowthconcepts.com.[12] KAZAKHSTAN International Business Magazine №4, 2013, Electronic Payments: Inertia overcoming, Nadezhda Akulova[13] Market of mobile banking in Kazakhstan, Gani Uzbekov, Chairman, Capital Bank Kazakhstan, 2016[14] Home Credit Bank, mobile banking app advantages, 2019, https://homecredit.kz/mobile-app[15] Rogers, E. M. 1995. Diffusion of innovations. 4th edition. New York: Free Press.[16] Factors Affecting The Adoption Of Mobile Banking Services, By Minna Mattila, Ph.D. Econ, Professor of Marketing, University of Jyvaskyla, Finland, 2002). [17] Kim-Choy Chung, (2014) , Gender, culture and determinants of behavioral intents to adopt mobile commerce among the Y Generation in transition economies: evidence from Kazakhstan, Behavior, Information Technology, Vol-33, Issue-7, 10.1080/0144929X.2013.805243

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