Users’ Experiences of Mobile Financial Services at Rural Areas of Bangladesh
How to cite (SHIRKAH) :
Mobile Financial Services (MFS) is one of the new innovations of the modern financial system. It nowadays plays a crucial role in banking users’ day-to-day financial activities. This study investigates users’ experiences of MFS at rural areas of Bangladesh. Specifically, this study sought to gain an understanding of to what extent different factors positively or negatively influence users’ experience in using mobile financial services. This study was mainly a survey research. The data were obtained using a questionnaire from a total of 128 MFS users (102 male and 26 female) living in rural areas of Bangladesh who were conveniently chosen from five Upazilla in Barishal city. The findings suggested that MFS users in rural areas of Bangladesh have both positive and negative experiences toward the use of mobile financial services. This study further revealed six major factors that have influenced the users’ positive and negative experiences in general, i.e. perceived usefulness, perceived ease of use, perceived risk, trust, customer and MFS agent relationship, and perceived cost. It was found that the last factor (perceived cost) have generated the users’ negative experiences toward mobile financial services. Therefore, the government and MFS providers are encouraged to work together with some innovative strategies to change the users’ negative experiences into positive experiences of using the mobile financial services.
Ahmed, M. T., Imtiaz, M. T., & Kauser, A. A. (2020). A Comparative study of Mobile Banking in Specific Parts of Bangladesh. International Journal of Science and Business, 4(6), 129-139. https://doi.org/10.5281/zenodo.3902124
Ahmed, S. M. S., Islam, M. A., Rayhan, S. J., & Mahjabin, S. (2012). Problems and Prospects of Mobile Banking in Bangladesh. Journal of Arts, Science & Commerce, 3(1), 47-58.
Akhter, N., & Khalily, M. A. B. (2020). An Analysis of Mobile Financial Services and Financial Inclusion in Bangladesh. Indian Journal of Human Development, 14(2), 213–233. https://doi.org/10.1177/0973703020946706
Akhtaruzzaman, M., Islam, M. E., Islam, M. S., Islam, S. R., Bhuiyan, M. R. U., Tareq, M., & Palas, M. J. U. (2017). An Impact Study on Mobile Financial Services (MFSs) in Bangladesh. Department of Communications and Publications, Bangladesh Bank. Retrieved September 27, 2020 from https://www.bb.org.bd/pub/special/impact_mfs_27092018.pdf
Alam, M. K. (2017). Understanding Users’ Intention to Use Mobile Financial Services: A Study in Khulna City. Business Review- A Journal of Business Administration Discipline, 12(1&2), 1-8. http://doi.org/10.35649/KUBR.2017.12.12.1
Alam, M. Z., Patwary, M. M., & Rahim, M. A. (2013). Mobile Money System: The Bangladesh Experience. International Journal of Scientific and Research Publications, 3(10), 1-5.
Alkhaldi, A. N. (2017). An empirical examination of customers’ mobile phone experience and awareness of mobile banking services in mobile banking in Saudi Arabia. Interdisciplinary Journal of Information, Knowledge, and Management, 12, 283-308. https://doi.org/10.28945/3887
Amin, H., & Ramayah, T. (2010). SMS Banking: Explaining the Effects of Attitude, Social Norms and Perceived Security and Privacy. The Electronic Journal of Information Systems in Developing Countries, 41(1), 1-15. https://doi.org/10.1002/j.1681-4835.2010.tb00291.x
Bangladesh Bank. (2018). Bangladesh Mobile Financial Services (MFS) Regulations, 2018. Payment Systems Department, Bangladesh Bank, Dhaka. Retrieved October 20, 2020 from https://www.bb.org.bd/mediaroom/circulars/psd/jul302018psdl04e.pdf
Bhuiyan, M. S. R., & Rahman, M. M. (2013). Implementation of mobile banking in Bangladesh: Opportunities and Challenges. IOSR Journal of Electronics and Communication Engineering, 7(5), 53-58.
Chavali, K., & Kumar, A. (2018). Adoption of Mobile Banking and Perceived Risk in GCC. Banks and Bank Systems, 13(1), 72-79. https://doi.org/10.21511/bbs.13(1).2018.07
Chitungo, S. K., & Munongo, S. (2013). Extending the technology acceptance model to mobile banking use in rural Zimbabwe. Journal of Business Administration and Education, 3(1), 51-79.
Chong, A. Y. L. (2013). A two-staged SEM-neural network approach for understanding and predicting the determinants of m-commerce adoption. Expert Systems with Applications, 40(4), 1240–1247. https://doi.org/10.1016/j.eswa.2012.08.067
Creswell, J. W. (2012). Educational Research: Planning, Conducting, and Evaluating Quantitative and Qualitative Research (4th ed.). Pearson Education, Boston.
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008
Dhillon, R. (2014). Mobile Banking in Rural India: Roadmap to Financial Inclusion. PARIPEX - Indian Journal of Research, 3(1), 29-31.
Dona, P. D., Mouri, S. M., Hasan, M., & Abedin, M. Z. (2014). Significance of Exponential uses of Mobile Financial Services (MFS) in Bangladesh. Global Journal of Management and Business Research, 14(4), 93-101.
Donner, J., & Tellez, C. A. (2008). Mobile banking and economic development: linking adoption, impact, and use. Asian Journal of Communication, 18(4), 318–332. https://doi.org/10.1080/01292980802344190
Dube, A., & Helkkula, A. (2015). Service experiences beyond the direct use: indirect customer use experiences of smartphone apps. Journal of Service Management, 26(2), 224–248. https://doi.org/10.1108/josm-11-2014-0308
Garg, R., Rahman, Z., & Qureshi, M. N. (2014). Measuring customer experience in banks: scale development and validation. Journal of Modelling in Management, 9(1), 87–117. https://doi.org/10.1108/jm2-07-2012-0023
Hasan, M. T. (2020). M-Banking: The Transaction Revolution in Bangladesh. Science Research, 8(4), 98-107. https://doi.org/10.11648/j.sr.20200804.12
Helkkula, A., & Kelleher, C. (2010). Circularity of customer service experience and customer perceived value. Journal of Customer Behaviour, 9(1), 37–53. https://doi.org/10.1362/147539210x497611
Heinonen, K., Strandvik, T., & Voima, P. (2013). Customer dominant value formation in service. European Business Review, 25(2), 104-123. https://doi.org/10.1108/09555341311302639
Hossain, M. S., & Russel, A. H. (2017). Picture of the Socio-Economic Development of Rural People of Bangladesh through Mobile Financial Services - a study on bkash. European Journal of Business and Management, 9(36), 78-93.
Islam, M. S., Karia, N., Soliman, M., Fouji, M. H., Khalid, J., & Khaleel, M. (2017). Adoption of Mobile Banking in Bangladesh: A Conceptual Framework. Review of Social Sciences, 2(8), 1-8. http://dx.doi.org/10.18533/rss.v2i8.109
Kabir, M. R. (2013). Factors influencing the usage of mobile banking: incident from a developing country. World Review of Business Research 3(3), 96-114.
Kabiry, N., & Forghani, M. H. (2013). Factors affecting Isfahanian mobile banking use based on the technology acceptance model. International Journal of Academic Research in Business and Social Sciences, 3(5), 611-623.
Karatepe, O. M., & Aga, M. (2013). The effect of job resourcefulness on role stress, emotional exhaustion and overall performance: A study of frontline bank employees. Journal of Financial Services Marketing, 18(2), 91–105. https://doi.org/10.1057/fsm.2013.6
Khan, S. N., Akter, M., & Akter, R. (2017). Factors Influencing Adoption and Usage of Mobile Banking: Bangladesh Experience. International Journal of Finance and Banking Research, 3(1), 1-12. https://doi.org/10.11648/j.ijfbr.20170301.11
Klaus, P. P., & Maklan, S. (2013). Towards a Better Measure of Customer Experience. International Journal of Market Research, 55(2), 227–246. https://doi.org/10.2501/ijmr-2013-021
Komulainen, H., & Saraniemi, S. (2019). Customer centricity in mobile banking: a customer experience perspective. International Journal of Bank Marketing, 37(5), 1082-1102. https://doi.org/10.1108/IJBM-11-2017-0245
Koksal, M. H. (2016). The intentions of Lebanese consumers to adopt mobile banking. International Journal of Bank Marketing, 34(3), 327–346. https://doi.org/10.1108/ijbm-03-2015-0025
Laukkanen, T. (2016). Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking. Journal of Business Research, 69(7), 2432-2439. https://doi.org/10.1016/j.jbusres.2016.01.013
Liza, F. Y. (2014). Factors Influencing the Adoption of Mobile Banking: Perspective Bangladesh. Global Disclosure of Economics and Business, 3(2), 199-220.
Luarn, P., & Lin, H.-H. (2005). Toward an understanding of the behavioral intention to use mobile banking. Computers in Human Behavior, 21(6), 873–891. https://doi.org/10.1016/j.chb.2004.03.003
Makanyeza, C. (2017). Determinants of consumers’ intention to adopt mobile banking services in Zimbabwe. International Journal of Bank Marketing, 35(6), 997-1017. https://doi.org/10.1108/IJBM-07-2016-0099
Malaquias, R. F., & Hwang, Y. (2016). An empirical study on trust in mobile banking: A developing country perspective. Computers in Human Behavior, 54, 453–461. https://doi.org/10.1016/j.chb.2015.08.039
Malaquias , R. F., & Silva, A. F. (2020). Understanding the use of mobile banking in rural areas of Brazil. Technology in Society, 62. https://doi.org/10.1016/j.techsoc.2020.101260
Mbama, C. (2018). Digital banking, customer experience and bank financial performance: UK customers' perceptions. International Journal of Bank Marketing, 36 (2), 230-255.
Medberg, G., & Heinonen, K. (2014). Invisible value formation: a netnography in retail banking. International Journal of Bank Marketing, 32(6), 590-607. http://dx.doi.org/10.1108/IJBM-03-2014-0041
Mohiuddin, G. (2015). A Study on Educational Assessment of Secondary and Higher Secondary Teachers of Bangladesh. World Scientific News, 16, 95-115.
Rahman, M., Tazim, M. Z., Das, S., & Islam, L. (2020). State of the art of Mobile Banking Services and Future Prospects in Developing Countries. 9th IEEE International Conference on Communication Systems and Network Technologies, 145-149. https://doi.org/10.1109/CSNT.2020.28
Ramdhony, D. and Munien, S. (2013). An Investigation on Mobile Banking Adoption and Usage: A Case Study of Mauritius. World Journal of Social Sciences, 3(3), 197-217.
Sarpong, N. A., & Agbeko, M. (2020). Optimizing Technology in Mobile Financial Services: User experiences and expectations in Ghana. International Journal of Computer Applications, 177(39), 1-7. http://doi.org/10.5120/ijca2020919716
Shaikh, A., & Karjaluoto, H. (2015). Mobile banking adoption: A literature review. Telematics and Informatics, 32(1), 129-142. https://doi.org/10.1016/j.tele.05.003
Sharma, S. K., & Sharma, M. (2019). Examining the role of trust and quality dimensions in the actual usage of mobile banking services: An empirical investigation. International Journal of Information Management, 44, 65–75. https://doi.org/10.1016/j.ijinfomgt.2018.09.013
Sultana, B., & Khan, M. M. R. (2016). Are Mobile Financial Services Promoting Financial Inclusion in Bangladesh? An Assessment Study. Working Paper Series: WP No 1623, Research Department, Bangladesh Bank. Retrieved October 05, 2020 from http://www.esocialsciences.org/Download/repecDownload.aspx?fname=A2017726145911_20.pdf&fcategory=Articles&AId=11914&fref=repec
Talukder, M. (2014). Managing Innovation Adoption. From Innovation to Implementation. Gower Publishing, London, England. https://doi.org/10.4324/9781315593609
Talukder, M., Quazi, A., & Sathye, M. (2014). Mobile Phone Banking Usage Behaviour: An Australian Perspective. Australasian Accounting, Business and Finance Journal, 8(4), 83-104. http://dx.doi.org/10.14453/aabfj.v8i4.6
Tavakol, T. & Dennick, R. (2011). Making Sense of Cronbach’s Alpha. International Journal of Medical Education. pp. 53-55.
Wei, T. T., Marthandan, G., Chong, A. Y. L., Ooi, K. B., & Arumugam, S. (2009). What drives Malaysian m-commerce adoption? An empirical analysis. Industrial Management & Data Systems, 109(3), 370–388.
Wessels, L., & Drennan, J. (2010). An investigation of consumer acceptance of M-banking. International Journal of Bank Marketing, 28(7), 547–568. https://doi.org/10.1108/02652321011085194
Zarmpou, T., Saprikis, V., Markos, A., & Vlachopoulou, M. (2012). Modeling users’ acceptance of mobile services. Electronic Commerce Research, 12(2), 225–248. https://doi.org/10.1007/s10660-012-9092-x
Zhou, T. (2013). An empirical examination of continuance intention of mobile payment services. Decision Support Systems, 54(2), 1085–1091. https://doi.org/10.1016/j.dss.2012.10.034
Copyright
Copyright aims to protect the specific way the article has been written to describe an experiment and the results. Shirkah: Journal of Economics and Business is committed to its authors to protect and defend their work and their reputation and takes allegations of infringement, plagiarism, ethical disputes, and fraud very seriously. Automotive Experiences is published under the terms of the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). Authors retain copyright and grant the journal right of first publication (online and print) with the work simultaneously. We use the restrictive license (non-commercial) as follows:
BY (attribution): Users are allowed to share, distribute and redistribute the published article in any medium or format, with an identification of the authors and its initial publication in this journal. Authors are encouraged to post and distribute their articles immediately after publication (e.g., institutional or public repositories, personal websites). Authors are allowed to enter into additional contractual arrangements for the non-exclusive distribution of the published and an acknowledgment of its initial publication in this journal.
NC (non-commercial): Users are not allowed to use the article commercially without the permission of the authors. Authors agree explicitly that the published article is indexed worldwide in databases, repositories and indexation services, even if these services operate on a commercial basis. Authors grant Shirkah: Journal of Economics and Business explicit the right to include the published articles in databases, repositories and indexation services. License
License to Publish
The non-commercial use of the article will be governed by the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0). The author hereby grants Shirkah: Journal of Economics and Business an exclusive publishing and distribution license in the manuscript include tables, illustrations or other material submitted for publication as part of the manuscript (the “Articleâ€) in print, electronic and all other media (whether now known or later developed), in any form, in all languages, throughout the world, for the full term of copyright, and the right to license others to do the same, effective when the article is accepted for publication. This license includes the right to enforce the rights granted hereunder against third parties.
Author's Warranties
The author warrants that the article is original, written by stated author/s, has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
User Rights
Under the Creative Commons Attribution-Non Commercial 4.0 International (CC BY-NC 4.0) license, the author(s) and users are free to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material). Users must give appropriate credit, provide a link to the license, and indicate if changes were made.
Rights of Authors
Authors retain the following rights:
- Copyright, and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in future own works, including lectures and books,
- The right to reproduce the article for own purposes, provided the copies are not offered for sale, and
- The right to self-archive the article.
Co-Authorship
If the article was prepared jointly with other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.
Royalties
This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by Shirkah: Journal of Economics and Business or its sublicensee.
Miscellaneous
Shirkah: Journal of Economics and Business will publish the article (or have it published) in the Journal if the article’s editorial process is successfully completed and Shirkah: Journal of Economics and Business or its sublicensee has become obligated to have the article published. Shirkah: Journal of Economics and Business may conform the article to a style of punctuation, spelling, capitalization, and usage that it deems appropriate.