The Influence of Mobile Payment on Commercial Banks in the UK

Abstract

The rapid growth of information technology has played a big role in influencing every sector of life and industries and one of them is the banking sector and financial institutions. It has resulted in the introduction of banking services that are mobile and electronic which has redefined and revolutionized the way in which banks operate. Bank services offered through online banking are meant to create better customer services by enabling them to make payments like withdrawal of utility bills, transfers, deposits, buying of airtime, requesting for bank statements, and performing other real-time bank tasks through mobile phones. The aim of this essay is to evaluate the influence of mobile payments on financial performance for banks in the UK. It uses a desk-based approach to gather information and relevant data. Some of the relevant theories used to describe the concept of mobile banking include the model of technology acceptance and innovation diffusion.

From the findings, players in the banking sector in the UK have experienced a rise in competition in the last years due to increased innovations and new entrants in the market. The sector has been forced to adopt modern technology in order to remain differentiated and gain a competitive advantage. Embracing new channels for service delivery to customers has been the key differentiating factor. The financial institutions want to make sure that they create satisfaction through efficient and effective delivery of customers across different parts of the country. In the past, it was difficult to deliver bank services in the rural areas of the country. Therefore, there was a need to develop innovative ways to deal with the challenge and ensure banking services are available to every person regardless of their physical location. The majority of the banks embraced products and services for mobile banking.

Introduction

The rapid growth of information technology has played a big role in influencing every sector of life and industries and one of them is the banking sector and financial institutions. It has resulted in the introduction of banking services that are mobile and electronic which has redefined and revolutionized the way in which banks operate. Technology is considered to be one of the main factors that contribute to the success of an organization. Therefore, banks across the world have embraced technology in most of their functions to ensure that operations run effectively and efficiently (Muia, 2017). One of the functions that have greatly embraced modern technology is customer service delivery through mobile or electronic banking. When the banking environment is appropriate, it is known to be a strong pillar and a driver of economic growth. There is a need for banks across the UK to align themselves with the key trends and changes in the industry to meet the demands of the customers. Technology is a major trend in financial institutions and banks which creates a competitive advantage through mobile banking. The provision of the internet in the banking industry has resulted in the automation and digitalization of services. It has contributed to the control of costs through adopting automated practices during transactions. This is different from the traditional ways which were labor-intensive leading to lower profitability and productivity (Bagudu, Mohd Khan & Roslan, 2017). Notably, there is a growing partnership between different banks or financial institutions and other people who provide services. This has enhanced mobile banking because customers can clear utility bills, transact and make payments through mobile phones.

The concept of mobile banking has redefined and changed how banks run and operate. Technology is a major input to attain success for most institutions. Banks in the UK are offering customers new technologies where they channel their finances and make payments through mobile banking. Technology has influenced the lifestyle of many people as well as had a major influence on how clients interact with banks. Traditionally, banks used mobile vehicles to offer services to clients, especially in rural and remote areas. Currently, they have shifted towards internet and email services to deliver services to clients (Wainaina, 2017). The aim of this essay is to understand the concept of mobile banking and payment and its influence on commercial banks in the UK.

Mobile Banking

In the contemporary world, banked have developed products that are innovative and offer a diverse range of services in an effort to enhance efficiency and embrace the new trends in the business world that lead to competitiveness. The ways in which people conduct transfers of money have been transformed through services of mobile banking. The concept of mobile banking is expected to bring more innovative ideas which are meant to create customer satisfaction through improving their lives. Some of the facilities offered by online banking include customer alerts, updates about customer transactions, and other key information. In most cases, customers receive messages on their mobile phones (Haabazoka, 2018). The information can include immediate transactions that have been carried out through their bank accounts. Banks are even becoming more innovative by using emails to pass information to customers. Generally, most of the services offered through online banking are meant to create better customer services by enabling them to make payments like withdrawal of utility bills, transfers, deposits, buying of airtime, requesting for bank statements, and performing other real-time bank tasks through mobile phones.

Mobile banking can be defined as the access of facilities and services for banking through mobile devices that are electronic such as PDAs and mobile phones. It involves any transaction carried out which involves the transfer of rights ownership and services by initiating or completing using a mobile phone (BF, 2018). It can be done through services of short messages or mobile internet. For some banks, it can be done through special programs such as mobile applications which are downloaded to mobile devices. Through online banking services, it is easier for customers to transfer money to others and deposit money. Currently, mobile phones have become a primary mode of communication. The UK is one of the developed countries that has the most advanced technologies which facilitate faster communication. M-banking in the country enables services such as share dealings, transfer of funds, checking balances on accounts, payment of bills, purchase of insurance, and management of the portfolio. Effective delivery of service innovations positively contributes towards the growth of GDP and gross and investment savings (Sujud & Hashem, 2017). Mobile banking has shifted the behavior of people in the UK and across the world on the transfer of money and has offered banking services that are more sophisticated and could create a difference in the lives of people. Banks are able to share a wide range of information that is important to the customers such as account information and alerting customers about transactions and updates on their accounts through mobile phones. When a customer makes a transaction such as payment, they immediately receive a short message informing them about the transaction on their mobile phones. Through this, they are able to monitor their engagements and interactions with the bank.

Commercial Banking Industry in the UK

The United Kingdom has 367 licensed commercial banks. It has more than 300 banks and 45 building societies which makes it the largest system of banking in Europe and ranked as the fourth biggest across the world. The building societies and banks that have legal permission and rights to access deposits in the UK are listed in the Monetary Financial Institutions (MFI). In the recent past, the ones that were listed got up to a total of 367 MFIs that operate in the UK. Among them, 135 of them are parent companies whose headquarters are in the United Kingdom (Ramli et al., 2021). The banking industry in the UK has undergone a dramatic transformation in its operations in recent times. Requirements for new regulations, acquisitions and mergers and increased competition has forced financial institutions to come up with better strategies. Most commercial banks have leveraged technology and the internet to optimize and maximize fulfillment processes, sales, manage channels of distribution and streamline their operations in order to satisfy, retain and acquire customers (Ramli et al., 2021).

The contemporary world of globalization which is characterized by increased competition as a result of growth in technology has put more emphasis on financial performance in the banking industry in the UK. Performance is used synonymously with competitiveness, effectiveness, efficiency, and productivity. The performance of an organization is related to actual results or output which is measured against the goals or intended outputs. When banks and financial institutions utilize their capabilities and resources to explore more opportunities and minimize threats, they are likely to experience and increase their net revenue and reduce their net costs (Abadi, Saeednia & Khorshidi, 2021). Players in the banking sector especially in the UK have experienced a rise in competition in the last years due to increased innovations and new entrants in the market. The sector has been forced to adopt modern technology in order to remain differentiated and gain a competitive advantage. Embracing new channels for service delivery to customers has been the key differentiating factor. The financial institutions want to make sure that they create satisfaction through efficient and effective delivery of customers across different parts of the country. In the past, it was difficult to deliver bank services in the rural areas of the country. Therefore, there was a need to develop innovative ways to deal with the challenge and ensure banking services are available to every person regardless of their physical location (Ouenniche & Carrales, 2018). The majority of the banks embraced products and services for mobile banking.

Mobile Banking and Financial Performance of Commercial Banks

Mobile banking has been known to offer many people solutions in markets that are emerging and have access to cell phones. It makes financial services accessible by reducing the distance and time people use to travel in order to access branches of retail banks. It is also known to reduce the costs of transactions and overheads for banks. For a long time, it has provided an opportunity for banks and financial institutions to provide banking services to other customers across the country and the world thus expanding the market. Electronic banking is mostly driven by the minimization of operating costs and the minimization of revenues associated with operations (Kurdi & Alshurideh, 2020). Mobile technology has also entered the rural areas of the UK and the trend is expected to continue increasing in the future. For a long time, financial institutions and banks in the UK have depended on retail bank branches that have been set up physically in different parts of the country in order to offer services to customers. However, most of them have currently taken up and embraced the idea of mobile banking which is a structure of banking that is branchless. The effect of this has been the reduction of costs of banking thus increasing the ratios of profitability. Technology and the internet have offered openings mostly to service providers by ensuring flexibility for the customers. Ultimately, banks in the UK have embraced branchless banking through ATMs, mobile banking, internet banking, and visa cards among others (BF, 2018). Generally, mobile banking and payments have played a big role for banking institutions. It has led to the expansion of the base of customers and market, it has increased efficiency in service delivery and cut costs. It has provided an opportunity for banks to save millions of money in expenses that were used for operations.

Innovation Diffusion Theory

This theory affirms that companies engage in the concept of diffusion innovation to protect and come up with better strategic positions, reduce costs and gain a competitive advantage. Innovations are not immediate but are diffused among users gradually over time. This theory is important in understanding the behavior of customers in adopting or not adopting an innovation. By adopting the technology innovation of mobile banking, banks have the opportunity to extend services to rural and poor populations in the UK (Shankar, Jebarajakirthy & Ashaduzzaman, 2020). The benefits of mobile banking in relation to financial performance and customer service delivery are high and this has resulted in the adoption of electronic banking technology. According to the theory, the adoption rate of innovation is based on characteristics such as observability, trialability, complexity, relative advantage, and compatibility. All these characteristics have shown positive results for the idea of mobile payment and have contributed to faster adoption. Diffusion of technology is a process where innovative activities related to technology can be changed into productivity. The economic environment is a key contributor to the rate at which diffusion takes place. The fact that technology innovation through internet banking has shown to provide benefits and opportunities for banks in the UK, the rate of adoption has been faster. Most of the major banks have departments that deal with information technology and internet access which have facilitated the transition to mobile banking.

The Model of Technology Acceptance

This theory evaluates the impacts of characteristics of a system on acceptance by the user. It assumes that a person decides to use a computer after acting rationally and using the information in a way that is systematic so as to come up with a decision whether to embrace or not embrace the technology in the workplace (Karjaluoto et al., 2019). There are three main determinants of technology acceptance that the model identifies. The determinants are related to effectiveness and cognition which include attitude, behavioral intention, perceived usefulness, and perceived ease in using the technology. There has been a faster acceptance of online banking which is major as a result of its perceived usefulness that both the banks and customers get. However, there has been a perceived high cost that is associated with the adoption of technology and this has limited the number of banks that have embraced the technology. Most of the banks that use mobile banking strategies are those that have a high economic potential, especially the main commercial banks in the country (Karjaluoto et al., 2019). The others are still have been slow in technology adoption and have limited their potential in economic performance. Acceptance of mobile banking technology leads to the high financial performance of banks which is a result of reduced transaction costs.

Determinants of Financial Performance

Financial performance is defined as the level of profitability of an enterprise that is measured through aspects such as the return of equity and return of assets. Companies or individuals who focus on seeking profit are constantly engaged in innovation activities to come up with improved and new products, organizational structures, and processes that will minimize costs used for production, create customer satisfaction through meeting their demands, and yield more profits (BF, 2018). Financial innovation is one of the factors that result in increased financial performance especially in the banking industry. The main determinants of financial performance in a company are institutional innovation, process innovation, and product innovation. In the banking industry, technology development has facilitated all the three innovation determinants leading to financial performance. Other determinants include the adequacy of capital, efficiency in operations, institutional factors like control of corruption, accountability, and rule of law and conditions of the macro-economic environment (Munoz-Leiva, Climent-Climent & Liébana-Cabanillas, 2017). Financial performance is reflected through efficiency leverage, management of assets, and profitability. The concept of return of assets is linked to the level of profitability of a firm and it helps to monitor and evaluate the ability of a company or bank to generate income using the existing assets.

Most of the banks in the UK are actively engaged in financial innovation where new financial procedures, services, and products are developed. Mobile payment or electronic banking is one of the financial innovation activities which has resulted in the standardization of products for differentiation thus responding to the economic environment and needs of the market that are changing continuously. Financial innovation through mobile banking strategy has been a key determinant and contributor of financial growth and performance in the banking industry in the UK. It leads to gains that are associated with cost-benefit (Chiu, Bool & Chiu, 2017). Innovation through mobile banking has enabled cost reduction especially for money-related transactions resulting in increased revenue creation for banks. Notably, there is a direct relationship between customer satisfaction and financial performance. Mobile banking technology has enhanced customer satisfaction through faster delivery of services to customers from different parts of the country. People from rural and other remote areas can be able to access banking services without physically visiting the retail bank shops. It has proven to be faster, convenient, and efficient for customers thus creating satisfaction. As a result, it has greatly contributed to increased financial performance in banks that have embraced the technology compared to those that have not adopted mobile banking technology. Mobile banking is a technological change that is exogenous and has provided room for the reduction of costs that were used to facilitate transactions.

Capital adequacy is a determinant of financial performance. Capital is the number of funds that a business has to support it. Capital is a safety net for companies that facilitates innovation activities and development. It is the ratio of equity over the total assets that a company has (BF, 2018). The relationship between profitability and capital can be positive or negative. However, in the case of technology development, the availability of capital in specific banks in the UK has facilitated faster diffusion of innovations leading to growth and competitive advantage. Technology adoption is a relatively expensive process that requires companies to invest a lot of money to be successful. Due to this, major banks in the UK such as Barclays, NatWest, Metro Bank, Lloyds Bank, HSBC, Santander, and Nationwide have managed to offer mobile banking and payment services due to the availability of capital.

Mobile banking and technology, in general, have resulted in efficiency in banking operations which is also a key indicator of financial performance. Efficiency in operations is defined as the ability to give maximum output at a particular input level. This is an effective way of delivering and giving small loans to the poor in the context of microfinance. It results in the minimization of costs and maximization of income at different levels of operation (Sampaio, Ladeira & Santini, 2017). Ultimately, it results in high financial performance for banks and other financial institutions. This type of efficiency can be reflected by dimensions of cost management and productivity. Some of the commercial banks and financial institutions in the UK have a section for microfinance that is also facilitated through mobile banking. This has made it easy for small and medium enterprises and low-income earners to easily access loans and have a faster and easier way to pay the loans without physically visiting the banks. This has encouraged and motivated the growth of small and medium enterprises which is an advantage to the banks due to high financial performance (Sampaio, Ladeira & Santini, 2017).

Mobile Payment and Commercial Banks

Mobile payment has improved the experience of people in payment where people get new opportunities that can promote third-party payment, financial institutions and online shopping. Bank intermediary business such as depositors do not gain interest through mibile payments. They only gain from costs such as withdrawing and transferring money. The traditional methods of mobile payments involved many costs that were associated with depositing and withdrawing money (BF, 2018). From these costs, banks were able to make extra profit and through mobile payments transactions and bank engagements have been reduced.

Mobile payments facilitated by banks has greatly contributed to the growth and development of online businesses. Business are able to build a diverse and wide mass of customers from different parts of the country. Retail payments are facilitated through electronic banking methods. Currently, electronic businesses are on the rise especially in the UK. This has created financial advantages to banks which have mobile payment options. There are increased transactions where customers pay for services and products through mobile banking (BF, 2018). The more the demand for online shopping, the higher the mobile payments thus increasing profitability for banks.

Some of the disadvantages of mobile payments is that they do not pay attention to customer experiences. Unlike in the past, customers used to visit retailers and banks physically so they were able to actively interact and make inquiries. This has changed with technology development. Technology has created a barrier for active interactions and has introduced virtual services which do not focus on important aspects of a business such as customer experience. Mobile banking solves challenges such as reducing risks for banks through innovation and creativity but ignore aspects of customer experience and emotional branding (Navavongsathian, Vongchavalitkul & Limsarun, 2020). For traditionalists, mobile payment options have created challenges and thus resulting to poor experiences. Such customers are not easily able to navigate through their mobile phones to access banking services.

Influence of Mobile Payment on Financial Performance of Commercial Banks in the UK

More Secure and Easy Accessibility

Mobile payments and banking have provided opportunities for businesses and banks in the UK to organize marketing, delivery, and development of financial products through the internet. As it offers a variety of new opportunities to the banks, it is also associated with challenges such as lack of a clear market boundary, development of new models of business, new entrants in the market creating competition, and need for continuous innovation in applications of information technology in order to keep up with the ever-changing needs of the market (Merhi, Hone & Tarhini, 2019). Mobile banking and payments are highly dependent on the ability to provide employees, partners, and customers with access to information that is secure and controlled. Mobile payments can sometimes be associated with high insecurity issues. Therefore, it is the role of technology to deal with such challenges. Mobile payments have met the expectations of customers on delivery of services over time leading to increased usage and increased financial performance. Factors such as perceived usefulness, compatibility, and perceived trust have influenced the behavioral intention of customers in the UK to adopt services of mobile payments (Mullan, Bradley & Loane, 2017).

Generally, the main goal of mobile payments is to increase the ability for customers to access financial services and carry out transactions in the comfort of their homes. In the past, people could travel for long distances to access financial services or carry out transactions through the bank. Nowadays, customers only have to use their mobile phones in order to meet their financial needs. They are able to access financial services and payments even without the availability of banks. Mobile banking has increased the volume of sales for major banks in the UK, has reduced the costs associated with distribution, and has resulted in increased revenue through increased customer satisfaction.

Convenience and Time

Risks of mobile payments can be associated with challenges customers experience to navigate through mobile banking services. Sometimes, customers may use a lot of time to seek services from the internet. All this depends on the internet speed from the side of customers. Currently, mobile banking is recognized and embraced by a large number of banks in the UK. The customers are able to control their bank accounts from any location in the country with the use of mobile phones and the internet. It is a convenient method for customers to check and monitor their account statements. When one requests for services through mobile and online banking, they are able to receive feedback instantly which has reflected on the immediate effects of mobile banking transactions through mobile phones with short messages and short statements (Dzombo, Kilika & Maingi, 2017). Mobile technology has also entered the rural areas of the UK and the trend is expected to continue increasing in the future. For a long time, financial institutions and banks in the UK have depended on retail bank branches that have been set up physically in different parts of the country in order to offer services to customers. However, most of them have currently taken up and embraced the idea of mobile banking which is a structure of banking that is branchless.

Network and Internet Infrastructure

Many banks offer a channel for customers to use the internet in order to access and monitor their accounts. They can initiate instructions and change personal information from any part of the country without visiting the retail banks. The decision of using the internet or network infrastructure differs for customers across the country. The adoption decisions of mobile payments are based on previous experiences on mobile banking, the type of mobile a customer owns, the experience of mobile internet by the customers, and the level of education (Mohamed, 2019). In most cases, illiterate people do not understand the need to adopt modern practices such as technology. They do not have enough knowledge and understanding of using the internet to access services. Others perceive it to have a high risk associated with security. Due to this, they have had a slow rate of embracing mobile banking and using the traditional means to access banking services. This is different from the highly educated people in the UK who have a high level of understanding of innovation activities and technology. There is a need for banks to come up with mobile payment services that are compatible with different users through meeting their requirements, beliefs, lifestyles, and past experiences. Through this, it will fulfill the expectations of the customers which will in return result in faster diffusion. Ultimately, the banks will record-high financial performance. People need o to understand the relative advantage of mobile banking and its ability to reduce risk and complexities as a way to reduce the barriers of adoption by users in the country (Kwateng, Atiemo & Appiah, 2019). The more the adoption of mobile payments, the more the benefits reflected by banks such as increased financial performance.

For banks to experience financial stability even in the future, there is a need to increase the number of mobile and regular customers. This can be done by offering many channels that would attract new customers for both categories. Customers should enjoy the flexibility of being able to use any of the available alternatives for mobile payments. When the banks in the UK focus on offering mobile payment services that are reliable, secure, and easy to use, they will be able to attract many new and existing mobile customers thus expanding the market niche and the base of customers (Mohamed, 2019). For most of the customers, the ability to get an immediate response after requesting banking services and access that is location-free is a valuable aspect that leads to efficiency and convenience in consuming services.

Effects of Mobile Payment of Loans on Financial Performance of Commercial Banks

Mobile credit is a banking service where customers use mobile phones to access credit services. These days, the process of loan application until the approval stage has been digitalized and automated. This has resulted in faster processes and motivated customers to apply for loans whenever they need them. The history data for uses can be digitally generated and credit scores are given automatically to access banking products. Notably, loans can be accessed virtually without the customer physically visiting the retail banks. All this has led to faster and more convenient ways of accessing services thus motivating customers to get loans from the banks. Offering loans is one of the ways in which banks use them to make money and profits. They benefit by paying a low rate of interest to depositors and charging the lenders a high rate of interest. Major banks in the UK are associated with high rates of interest (Shareef et al., 2018). Mobile loan applications and loan payments have motivated people to apply for loans. The more the loan applications, the better for banks and the more the profit gained leading to high financial performance. Different banks have different products for mobile loans which have enabled them to deliver loans at scale and faster. The more convenient the mobile loan services, the more the customers are willing to engage and ask for loans that are paid on interest.

Mobile payment of loans represents a culmination of integrating systems of payment such as mobile phones, innovations, and the ability to offer the capacity to start, complete and approve financial activities by the customers through the mobile phone. Different banks have different mobile applications that have features simplified to help customers easily navigate through and access services. During the COVID-19 pandemic, most of the banks with mobile services were able to deliver services to customers faster (Malaquias & Hwang, 2020). However, due to the poor economic conditions in the country, the interest rates were low and reduced the financial performance of most of the banks across the country.

Mobile payment has had both positive and negative impacts. However, the benefits of mobile payment outweigh the disadvantages. it has proven to be a convenient, sustainable, secure and faster way of carrying out transactions. It has also facilitated the growth of online businesses. Therefore, there is need for banks in the UK to embrace mobile payment options to increase profitability. However, they should come up with innovative ways to ensure technology growth enhances customer experience and engagements.

Conclusion

In conclusion, technology is considered to be one of the main factors that contribute to the success of an organization. Therefore, banks across the world have embraced technology in most of their functions to ensure that operations run effectively and efficiently. One of the functions that have greatly embraced modern technology is customer service delivery through mobile or electronic banking. Technology has influenced the lifestyle of many people as well as had a major influence on how clients interact with banks. Traditionally, banks used mobile vehicles to offer services to clients, especially in rural and remote areas. Currently, they have shifted towards internet and email services to deliver services to clients. It makes financial services accessible by reducing the distance and time people use to travel in order to access branches of retail banks. It is also known to reduce the costs of transactions and overheads for banks. For a long time, it has provided an opportunity for banks and financial institutions to provide banking services to other customers across the country and the world thus expanding the market. Electronic banking is mostly driven by the minimization of operating costs and the minimization of revenues associated with operations. Ultimately, it has resulted in financial performance.

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