An Analytical Study on E-Commerce Implications in the Indian Banking sector

An Analytical Study on E-Commerce Implications in the Indian Banking sector

Dr Keshav Shyam Dr Shivani Singh

Department of Commerce & Business Administration University of Allahabad

Abstract – E-commerce can be defined as the exchange of goods and services over the Internet. In any type of business or commercial transaction e-commerce involves the transfer of information over the internet. E-commerce includes a huge range of businesses, from small retail consumers to huge business exchanges which trade in goods and services among corporations. E-commerce is considered as one of the most important aspects of the emergence of the Internet. Internet banking (e-banking) is an electronic commerce (e- commerce) application which allows the banking service users to perform any of the virtual banking services, financial services online in a secured manner. e-banking may be considered as providing banking products and services by using internet. Banking apprehends about providing the banking service users, the virtual banking functions, where as financial services include services such as stock broking, mutual funds, payment gateways, etc. This paper is an attempt to throw light on electronic commerce (e-commerce) benefits, challenges and success factors in Indian businesses, with particular reference to the banking and finance industry. The findings indicate that the major benefits of e-commerce are increased sales, business efficiency, competitive advantage, increased automation of processes and retained and increased customer base. The key challenges identified for the sector include the costs of the technology, lack of e-commerce knowledge, budgeting, acquiring IT skilled people and customer service.

Keywords: Internet, E-Banking, E-Commerce, Success factors

PROLOGUE

E-commerce is a paradigm shift. It is a disruptive innovation that is radically changing the traditional way of doing business. Electronic commerce is a type of business model, or segment of a larger business model, that enables a firm or individual to conduct business over an electronic network, typically the internet.These business transactions are business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. E-Commerce is the movement of business onto the World Wide Web. The effects of e-commerce are already appearing in all areas of business, from customer service to new product design. It facilitates new types of information based business processes for reaching and interacting with customers like online advertising and marketing, online order taking and online customer service.

Electronic commerce as a new way of doing business has significant opportunities. It is fast gathering momentum and becoming a reality in India as in other parts of the world. E-commerce involves an online transaction. This can range from ordering online, through online delivery of paid content, to financial transactions such as movement of money between bank accounts. The general category of e-commerce can be divided into two parts viz., E-merchandise: selling goods and services electronically and moving items through distribution channels, for example through Internet shopping for groceries, tickets, music, clothes, hardware, travel, books, flowers or gifts and E-finance: banking, debit cards, smart cards, banking machines, telephone and Internet banking, insurance, financial services and mortgages on- line (Elizabeth Goldsmith and others, 2000).

GROWTH OF INTERNET USERS

According to Wikipedia there were 759 million internet users in India in 2023 and that number is set to grow to 900 million by the end of 2025. Having access to the internet automatically exposes the average Indian to e-commerce and online retail and that in itself translates in to growth for the e-commerce sector. According to Wikipedia growth in the penetration of e-commerce is unlike anything seen before in any other country with 800 million Indians opting to use e-commerce to meet their consumer needs for the first time joining the fray every month. This growth can only be commended

BANKS CHANGING RESPONSE TO E-COMMERCE

A review of the banking industrys response to on-line commerce suggests that even as recently as five years ago, banks involvement with the Internet was quite limited. A bank might set up a web site to provide consumers with information about its services. Actual banking transactions, however, still took place at the branch, through the mail, by telephone, or over the automated teller machine (ATM) network. In the last few years, however, many banks have begun to use the Internet as a supplementary channel for delivering traditional products to consumers and businesses. Some banks are also investigating how they might expand their current service offerings to include some products designed exclusively for e-commerce. In the remainder of this section, we describe both types of initiatives and the benefits they may bring to banks and their customers.

ELECTRONIC DELIVERY OF TRADITIONAL BANKING PRODUCTS

Many banks have established transactional web sites where individuals and businesses can perform many basic banking functions such as checking balances, transferring funds, or applying for credit cards. Small businesses can apply for loans, initiate wire transfers, and take advantage of cash management and payroll services. The transactional web sites offer banks and their customers notable advantages. Customers are attracted by the convenience of this access channel, while banks welcome the cost savings that arise when customers perform the transactions themselves rather than dealing with a bank representative at a teller window or over the phone. A recent estimate suggests that between 6 million and 7 million consumers are banking on- line, with high rates of new users interested in this service (Microbanker 1999).

VERIFYING IDENTITIES.

Banks are also planning to offer a product that would protect e-commerce participants against fraud arising from the misrepresentation of identities. Using encryption technology, each bank would certify the identities of its own account holders and serve as the intermediary through which its account holders could verify the identities of account holders at other banks. In this way, both sides of an e-commerce transaction would have some assurance that they were not dealing with an impostor.

ASSISTING SMALL-BUSINESS ENTRIES INTO E-COMMERCE.

Another effort being undertaken by some banks involves helping smaller firms set up the infrastructure interactive web site and payment capabilitiesfor engaging in e-commerce. In addition, a few banks are offering small businesses electronic procurement services, including the negotiation of volume discounts from vendors (Wilder 1999; Dalton 1999).

ELECTRONIC BILLING.

Electronic bill presentment and collection services are being developed as an enhancement to the existing cash management and remittance processing services offered by banks to large companies that send out substantial volumes of recurring bills. In this effort, banks will combine the e-mail capability of the Internet to send out bills with their own ability to process payments electronically through the interbank payment networks.

FACILITATING BUSINESS-TO-BUSINESS E-COMMERCE.

A few of the largest commercial banks have begun to offer firms the technology for electronic business-to-business commerce. These banks are essentially undertaking to automate the entire information flow associated with the procurement and distribution of goods and services among businesses.8 From the banks perspectie, this service is a natural extension of the automated cash management services they already provide to large corporations.

INTEGRATING THE ATM AND INTERNET NETWORKS.

Some technology companies and a banking technology group are exploring the feasibility of allowing access to the Internet and to bank web sites from ATMs. If the integration of these two networks can be accomplished, consumers should be able to use ATMs to engage in e-commerce or to conduct their banking in the flexible environment of their banks web site.

ISSUES OF E-COMMERCE IN INDIAN BANKS

The Banking sector being a major service provider has experienced a big change in its working environment, policy making and delivery of services through various modes and channels. Apart from withdrawal of cash and transfer of funds, E-Banking offers other services ranging from self-service terminals to Internet and mobile phones which are the services a customer desires from a Financial Institution and may vary with different users.

E-Banking is a modern banking system which uses modern technologies and techniques for carrying out various banking operations with replacement of the traditional tools like pen and paper by electronic equipments. Use of internet has enhanced the capability and capacity of banking services by improving the efficiency, quality of service, productivity, cost reduction and profitability. Storage of money in digital form in computers and its movement worldwide without any restrictions on physical boundaries is termed as Digital money and the entire process as Electronic Banking.

The ATM is self-service Electronic Teller Machine that offers cash withdrawal/deposit at the convenience of the customers. In addition to above many other banking transactions can be performed such as deposit of cheque, recharge of mobile phone and funds transfer etc. These machines work round-the-clock and are economic in terms of setting up a physical bank branch. The banks are becoming members of Shared Payment Network Groups to share their ATMs and to provide greater convenience to their customers.. The PC banking is in use in banking sector to transact banking transaction through customers personal computer.

CHALLENGES OF E-COMMERCE IN INDIAN BANKS

The e-commerce industry in India is growing at a remarkable pace due to high penetration of internet and sophisticated electronic devices. However, the recent growth rate of e-commerce in India is far lagging behind than other developed countries. There are various challenges faced by the Indian banking sector in areas like safety and security of online money transaction. Although, major portion of e-business sectors have affected by the below mentioned challenges

Poor Knowledge and Awareness: Majority of Indian rural population are unaware of internet and it uses. Surprisingly, most of internet savvies or urban population are also suffering from poor knowledge on online business and its functionalities. A reliable survey reveals that 50% of Indian online users are unaware of the solution of online security.

Online Transaction: Majority of Indian customers do not possess plastic money, credit card, debit card and net banking system, which is one of the prime reasons to curtail the growth of ecommerce. Nevertheless, in recent years, some of the nationalized banks have started to issue debit cards to all its account holders. This is undoubtedly a positive sign for Indian online entrepreneurs.

Cash on Delivery: Cash on Delivery (COD) has evolved out of less penetration of credit card in India. Most of Indian E- commerce companies are offering COD as one of mode of payment for the buyers. 30%-50% of buyers are also taking advantage of this mode of payment while making purchase of any product and service over internet. It is seen that majority of the customers denied to make the payment at the time of delivery of the product. In order to curb the problem of COD, online companies should take some judicial steps; otherwise, basic logic behind the ecommerce business will be at risk.

Online Security: In case of startup and small business, Business owners are ignoring the importance of authentic software due to budget constraints. They are even failing to take the initial steps to secure and protect their online business through installation of authentic protection services like antivirus and firewall protection, which indeed a crucial step for successful online business players. These kinds of droopiness should be banned in Indian ecommerce sectors. Affiliation to SSL certificate should be imposed as a mandatory action for every owner.

REVIEW OF LITERATURE

Internet and e-commerce are closely wrapped towards developed countries. But they can achieve tremendous benefits to developing countries if it is applicable as an ideal business purpose. Ecommerce is a revolution in business practices (Ohidujjaman, et al 2013). Electronic commerce is an emerging concept that describes the process of buying and selling or

exchanging of products, services and information via computer networks including internet (Anupam-2011). Commercial transactions involve the exchange of value (e.g., money) across organizational or boundaries in return for products and services. Exchange of value is important for understanding the limits of e-commerce. (Laudon and Traver).

Wenninger (2000) in his study aimed to comprehend the changes that happened with the introduction of electronic commerce. Development of electronic banking services such as electronic billing, internet portals, electronic cheques, ATM, etc. had afforded additional services to banking customers. The researcher also highlighted upon the strategic and operational risks which take place in banking sector.

Farooq Ahmed (2001) reported that the enormous flexibility of the internet has made possible what is popularly called e- commerce which has made inroads in the traditional methods of business management. All the facets the business tradition, which we are accustomed to in physical environment, can be now executed over the internet including online advertising, online ordering, publishing, banking, investment, auction and professional services. E-commerce involves conducting business using modern communication instruments: telephone, fax, e-payment, money transfer systems, e-data interchange and the internet. The WTO has recognized that commercial transactions can be broken into 3 stages viz, advertising and searching stage, the ordering and payment stage and the delivery stage.

Unninthan (2001) studied the impact of e-commerce based banking adaptation on Indian and Australian banking sectors with the help of qualitative and quantitative analysis. The researcher found that Australia had a strong platform for electronic banking growth where many people are willing to use e-banking services mostly in urban areas. May be this could be due to young working population with discretionary income. But the professionals are compelling the government and administration in the country to sustain and develop new initiatives at an earlier speed of internet banking.

Manoharan (2007) highlighted the performance impact of e-payment system on Indian banking sector. Competitions had forced the banks to change the ways in which banks operated. E-banking was found to be an alternative method. The results of the study conducted for the last three years revealed that for wholesale or large payments RTGS was the most commonly used system. A need to increase the use of e payment was felt for which RBI had to strengthen the legal aspects of e-banking system.

RESEARCH GAP

Not many experimental studies exist in the above review of literature which have examined the relative performance of banks that offer Internet Banking services and also measure the level of customer satisfaction of usage of various e-commerce services and products. The review of literature includes studies that have been conducted on trends in Banking services, E-commerce technology in banking system and Intrnet banking Service quality. The present study is an attempt to present the E Commerce Implications in Indian banking sector

STATEMENT OF THE PROBLEM

In India, there is a great need for both public and private banks to adopt a customer oriented approach that will provide customers satisfaction. Although, there was no competition until 2001, the privatization of banks in 1991 led to competition in the banking sector. When there is a competition in the financial market between banks, banks try to function with greater efficiency and try to be customer and service-oriented. This research is significant as it is necessary at this point of time to examine whether electronic commerce based activities of banks in India has increased has an impact on the customer satisfaction.

OBJECTIVES OF THE STUDY

1. To study the growth trend and status of e-commerce in India

2. To study the benefits, challenges and success factors of e-commerce

3. To analyze the implications of e-commerce on banking sector

RESEARCH METHODOLOGY

From the literature a theoretical framework was developed, following three tables describe the benefits, challenges and success factors as they relate to e-commerce. The data were measured on an ordinal scale, therefore, non-parametric statistical tests were used (Siegel, 1988). Non-parametric tests are described as statistical procedures that use nominal or ordinal-scaled data (Zikmund, 1991; Kerlinger, 1986; Jordon, 1985).

NATURE OF STUDY:

The present study is analytical and descriptive in nature as it is based on the survey based method. A survey was developed, based on the refined list twenty five questionnaires were sent to the managers of the companies and explored the extent to which each of the identified factors were anticipated by the company and the extent to which the objectives were achieved. The survey sought to explore benefits of e-commerce, challenges of ecommerce that inhibit its successful operation and success factors of e-commerce.

TIME HORIZON:

The time horizon of the present study encompasses between 1998-2023.The primary data was collected from October2022- February 2023.

THE DATA COLLECTION

The present research work is based on survey where both the primary and secondary data were collected in order to derive inferences. The primary data was collected through the survey based on well designed and structure questionnaire whose reliability and validity were tested by the application of Cronbachs Alpha having a value of 0.801 which were higher than the minimum acceptable value of 0.67.Secondary data is also very important to make relative judgments and provide an insight to the answers to the study questions and handle the objectives of the research (Saundera et al. 1997). Secondary data was collected through review of study conducted earlier, discussion with professionals, experts, colleagues and also through various bank websites.

SELECTION OF BANKS

For the purpose of this study, leading private sector and public sector banks in Prayagraj were taken for the study. The banks were selected with the perspective of choosing the organization with considerable amount of accessibility of bank customers.

SAMPLE SIZE

Malhotra (2004) opined that sampling size was the number of elements that were to be included in the study. According to the study it was found that forming and deciding the sample size for a study was a difficult task as it involved many quantitative and qualitative considerations. Large sample give more reliable results than smaller samples. Sample is a subset of the population (Sekaran, 2003). For the present study, more than 50 questionnaires were distributed, out of which about 45 filled-in questionnaires were received. After scrutiny about 40 questionnaires were not considered for the final analysis. Thus the study is based on data collected from 25 questionnaire received through e-mail and 15 questionnaire filled through personal interview.

SAMPLING TECHNIQUES

For the purpose of sample selection, a non-probability convenience sampling method was adopted. The contact methods used were personal contact survey, and email survey methods are used.

DATA ANALYSIS

The data was gathered from serving questionnaire to the respondents and the responses, which are ordinal, are presented on a Likert Scale. The Likert scale, commonly used in business research (Sekaran, 1992) was used because it allows participants to respond with degrees of agreement or disagreement (Kerlinger, 1986). Participants were asked to rate anticipated benefits, challenges and success factors of ecommerce in their organisations, as well as encountered, identified and achieved benefits,

challenges and success factors respectively. The rating was on a scale from 1 (lowest impact or least important) to 5 (highest impact or most important). To establish if there is a significant difference between anticipated and encountered benefits, challenges and success factors of e-commerce in the banking industry, the Significance test was performed. The Significance test compares the number of positive and negative differences between scores allocated to the same or matched samples (Cramer, 1998).The collected primary data was analysed by the application of statistical tools like Mean ,Standard deviation and t-test. The collated data were analysed using SPSS (Statistical Package for the Social Science) a widely accepted statistical package Cramer, 1998).

INDEPENDENT SAMPLE T-TEST

Independent sample t-test is used when researcher compares the mean score, on some continuous variable, for two different groups of subjects. Normally, independent sample t-test tells whether there is a statistically significant difference in the mean scores for the two groups. In this study, an independent sample t-test was introduced in order to test whether there are any perceived differences on the views of the e-commerce based banking services offered by the private sector banks and public sector banks.

DATA ANALYSIS AND INTERPRETATION

To establish the rank order of benefits, challenges and success factors, in the Finance and Banking industry, the medians were computed. The following tables present their Rank orders, based on median values (and the number of valid answers) for each variable, as well as the significance test results.

Table showing Rank order and significance test for success factors

Rank	Success factors	Mean	Standard deviation	Sign t Test
1	Security in Transaction	3.980	1.354	0.453
2	Top management Support	3.965	1.344	1.000
3	User friendly website	3.964	1.486	0.16
4	Partnership with technology provider	3.959	1.592	0.70
5	Effective project leader	3.951	1.387	0.125
6	Adequate resources	3.945	1.254	0.001
7	Rapid delivery	3.940	1.459	0.508
8	More personalized customer service	3.938	1.682	0.008
9	Excelling in communication with customers	3.934	1.584	0.008
10	The use of new technology	3.926	2.685	0.375
11	Appropriate Organization structure	3.920	2.256	0.125
12	Partnership with service providers	3.915	3.321	1.000
13	Partnership with suppliers	3.900	1.985	1.000
14	Online catalogue	3.890	1.687	1.000
15	Payment via credit card	3.878	1.876	1.000
16	Online tracking facilities	3.352	2.652	0.699
17	Electronic payment system	3.840	2.985	0.375
18	Online personalized recommendations	3.834	2.225	0.665
19	Providing online decision support	3.819	2.412	0.250
20	Advertising online	3.810	1.752	0.289

The above table and chart depicts that the most commonly identified success factors include secure transactions, top management support, functional and user-friendly web site, partnership with technology provider and effective project leaders. The results of the Significance Test indicated three success factors were not correctly anticipated: these were functional and user friendly web site, adequate resources and excelling in communication with customers.

Table showing Rank order and significance test for Challenges

Rank	Challenges	Mean	Standard deviation	Sign t Test
1	Technology Cost	4.120	2.562	0.180
2	Lack of e-commerce knowledge	4.059	2.450	0.625
3	Budget	4.044	1.352	0.092
4	Hiring IT Professionals	4.010	2.444	0.021
5	Customer service	4.005	2.159	1.000
6	Managing change	3.985	2.052	0.096
7	Measuring success	3.895	2.169	1.000
8	Lack of e-commerce infrastructure	3.758	2.456	0.180
9	Security	3.652	1.456	0.815
10	Awareness of business to users	3.649	3.058	0.774
11	Reliability of Internet service	3.625	2.695	.0774
12	Software compatibility	3.595	1.698	0.125
13	Interface with intermediaries	3.550	2.485	0.109
14	Web site related issues	3.449	3.102	0.375

From the above table it can be concluded that the most frequent challenges encountered in Finance/Banking include technology cost, lack of E-commerce knowledge, budget, acquiring IT skilled people and customer service. The results of the Significance Test indicate that the challenge of acquiring IT skilled people was not anticipated and became a great challenge to the companies

Table No.3 Table showing Rank order and significance test for Benefits

Rank	Benefits	Mean	Standard deviation	Sign t Test
1	Increased sales	3.982	2.025	0.005
2	Business efficiency	3.912	2.125	0.013
3	Competitive advantage	3.859	2.325	0.039
4	Increased automation of process	3.812	2.421	0.581
5	Retained customer base	3.792	2.135	0.077
6	Reduced operation costs	3.745	2.452	0.000
7	Extended application of new technology	3.687	3.251	1.000
8	Customer loyalty	3.629	1.785	0.063
9	Secure electronic commerce environment	3.542	2.652	0.109
10	Enhanced skills of employees	3.502	3.021	0.508
11	Reduced inventories	3.495		0.002

The above table and chart indicates that the most achieved benefits included increased sales, business efficiency, competitive advantage, increased automation of processes and retained and expanded customer base. The results of the Significance Test indicated that four benefits that were not correctly anticipated including business efficiency, reduced operation costs, reduced inventories and competitive advantage.

FINDINGS

To maximize the potential of e-commerce, business must be aware of the benefits, challenges and success factors of trading electronically. This research examined these factors in the Indian finance/banking industry. The main findings of the research presented in this paper are:

The major benefits of e-commerce adoption not anticipated by the sector are business efficiency, improved image, competitive advantage, increased automation of processes and increased business turnover.

The key challenges identified for the sector are the costs of technology, the lack of knowledge of e-commerce, managing the change, budgeting and issues associated with linking back end systems.

Secure transactions were not considered a major challenge for the sector; in contrast they were considered one of the success factors, along with effective project management, adequate resources, support from top management and rapid delivery of systems.

Participating companies correctly estimated the vast majority of challenges of e-commerce that lay ahead. Acquiring IT skilled people was, however, one significant challenge that was not correctly anticipated.

The Indian banking and finance sector identified similar benefits, is facing similar challenges and has identified similar success factors in the adoption of e-commerce compared with the other sectors.

SUGGESTIONS

Use of technology in expanding banking services and new products is one of the key focus areas of banks. By designing and offering simple, safe and secure technology, banks should reach at doorstep of customer with delight customer satisfaction. All the technology based offerings by the banks in the major towns and cities should reach the rural population due to a substantial growth of networking possibilities in existence. Research suggests that the financial services and the products offered over information technology by the banks should be simple and easy for the customers to understand and should not be a challenge for those who have to choose among them. The banks must improve its service quality in terms access, credibility, tangibility, security and competence. The study suggested that banks it should enhance level of services in the dimensions like online purchase of goods and services, reduction in e-payment cost, up to date information, sophisticated information to well- educated customers, To provide various effective modes for promotional schemes, interaction with the customers, more accuracy in billing, financial security and privacy in transactions. The banks should increase the service quality by enhancing level of services in punctuality, transparency and accountability, quality of customers service, safety and confidentiality of transaction, No. of queues in bank branches, 24 hours services to the customers , individualized attention to customers, necessary information to customers , learns the specific requirement of customers.

CONCLUSION

With the development of computer technology, the World Wide Web has become the connection medium for the networked world. Computers from locations that are geographically dispersed can talk with each other through the Internet. As with any new technology, there are positives and negatives associated with its use and adoption. This study has identified and confirmed the key factors that the finance/banking industry in India has indicated are important in maximizing the potential of e- commerce. The survey results confirm that the identified factors are not dissimilar across the sectors. For managers and project leaders, the implication of the findings are that those factors identified can be used as a checklist to assist firms in their effective adoption of e-commerce and the maximization of opportunities. Finally, an e-marketplace can serve as an information agent that provides buyers and sellers with information on products and other participants in the market. E-commerce creates new opportunities for business; it also creates new opportunities for education and academics. It appears that there is tremendous potential for providing e-business education.

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