E-banking and managerial challenges: change management

Shaban Elahi; PhD, Professor Assistant, Director of Information Technology Management Department, Humanities Faculty, Tarbiat Modares University

Behnam Abdi; MSc student, Department of Information Technology Management, Humanities Faculty, Tarbiat Modares University

Ali Shayan; MSc student, Department of Information Technology Management, Humanities Faculty, Tarbiat Modares University

behnamabdi84@yahoo.com

Abstract

Internet technology is rapidly changing the way personal financial services are being designed and delivered. Hence, banks have found themselves at the forefront of technology adoption for the past three decades. Banks began to look at E-banking as a means to replace some of their traditional branch functions. Although Electronic banking systems provide us with easy access to banking services, E-banking has introduced new business challenges. Reports have shown that potential users may not use the systems in spite of their availability. One of the most important reasons is lack of attention to change management issues. When changes do occur, a formal way to manage them is required for efficiency.This paper discusses the managerial challenges of today’s electronic banking systems by focus on the change and the important factors that should be considered to change customer’s attitude and behavior toward e-banking acceptance. A survey was used to acquire data from 176 consumers who were not internet bank users. Our result showed that we should choose and implement a good and proper change management strategy. We identify three categories of change management factors: customer’s related, technology-related and organization-related factors. According to the results, we extend the technology acceptance model. The issues discussed in this paper are generally applicable in other electronic services such as E-commerce and E-government.Key words: E-banking, Managerial challenges, Change management, TAM, customers attitude, users acceptance

1- IntroductionE-commerce fundamentally focuses on the electronic exchange of information using information and telecommunication infrastructures (particularly the World Wide Web and the internet). E-commerce encompasses a wide range of commercial activities that can be categorized into business-to-business sectors. Industry sectors such as banking have openly embraced e-commerce to improve their performance and gain a strategic competitive advantage. A common strategic dilemma challenging leaders is how to ignite a change initiative that will generate competitive advantage (Khan, 2006).

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Through e-commerce, we can, according to Weeks and Frisone (1999), expect the following changes in the traditional distribution and marketing of everyday products and services including financial services: (1) transfer of bargaining power to the consumer; (2) shift to auction pricing; (3) creation of new distribution channels; (4) adoption of new marketing and pricing models; (5) reduce the need for support staff.Commercial banking is undergoing rapid change, as the international economy expands and advances towards institutional and market completeness. A major force behind these developments is technology, which is breaching geographical, industrial and regulatory barriers, creating new products, services and market opportunities, and developing more information- and systems-oriented business and management processes (Liao and Cheung, 2002)As use of the Internet continues to expand, more banks are using the web to offer their services. There is no need for E-banking clients to personally visit or even call a bank office, it would be sufficient to access the Internet (Iran Daily, 2004).E-banking is the use of computer technology to give the option of bypassing the time-consuming, paper-based aspects of traditional banking. Electronic banking is, in fact, a generic title that has been used by banks and their corporate customers for some twenty years. Whilst the packages differ, in its most basic form it is a method of retrieving balance and statement information from your bankers via your desktop PC, along with the ability to generate payments, both domestic and international, from the same source. The internet is being offered as an alternative in many cases, but surprisingly the service is sometimes restricted, and the majority of business and corporate customers receiving electronic information from their bank still use a direct connection with the bank (Iran Daily, 2005).Although the Internet is revolutionizing the way companies provide their products and services to their customers, marketing studies that investigate consumer acceptance of this technology are limited (Meuter et al., 2000; Rogers, 1995; Van den Poel and Leunis, 1999). There has been a little scholarly research pertaining to financial services and banking customers’ readiness and barriers to use such systems (Yousafzai et al., 2003). Whereas this refusal, today a number of banks offer E-banking products, by which consumers can perform a variety of banking, bill-payment and money-management activities from their homes. These services are also offered outside of normal opening hours of the branches and often at a lower price than by other means (Mols, 1998).While the number of consumers using E-banking is growing, a majority still do not use the service. Research showed that consumers are not generally predisposed to change their behavior radically and adopt widespread usage of E-banking. Thornton and White (2001) also noted that changes in the use of delivery channels would occur as the population matures as knowledge, confidence and computer usage increases. Change in this century is accelerating (Schultz, 2006). A change management plan is critical in mapping how the organization is to move from its current state to a desired future state (Smith, 2006).The findings suggest that almost all of those who are not currently using E-banking have negative perceptions about the riskiness of the service, while many respondents mentioned they had no perceived need. If banks can successfully address these frequently mentioned “concerns” and the other “concerns” which are identified in this study, the number of E-banking users should grow.

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Our study looked at consumer behavior, attitude and motivation. The objective of this exploratory study is to develop a better understanding of the factors which explain why certain consumers are not using E-banking with focus on change management issues. In this paper, we choose one of the most utilized models in studying information system acceptance, the technology acceptance model (TAM). According to this model and our findings, we expand the TAM that it is localized for applying in Iran.

2- Literature review

In this part, first we explain the fundamental concepts of E-banking and its challenges in different situations. Then according to the aim of this paper and TAM, we associate with change management issues and its relations to successful implementing of E-banking.

2-1- E-banking: concepts and definitions

The information technology (IT) revolution of the last 2 decades of the 20th century led to a proliferation of personal computers (PCs), servers, modems and other associated electronic data terminal equipment. This rapid growth and expansion of IT and telecommunication networks and interconnectivity encouraged the introduction of electronic services and non-more so than in the retail trade and in the provision of electronic banking.E-banking in this study is defined as an Internet portal, through which customers can use different kinds of banking services ranging from bill payment to making investments. Therefore banks’ Web sites that offer only information on their pages without possibility to do any transactions are not qualified as E-banking services. E-banking utilizes technology to allow a bank's customers and other stakeholders to interact and transact with the bank seamlessly through a variety of channels such as the Internet, wireless devices, ATM’s and physical branches. It is one component of a comprehensive E-banking offering (Bauer et al., 2004). E-banking has exploded onto the web and the Internet is a powerful and cost effective medium for business to interact with and service their customers. The slogan ``the customer is king'' has never been truer for the banking sector than it is today. Legislation has increased customers' rights; technology and competition have increased their choice of products and providers. The Internet will bring about changes in the working environment, living conditions and patterns of banking use (Hagel et al., 1997). These changes will inevitably place users under a different set of conditions resulting in changes in their behavior. To day, the click of the mouse offers customers banking services at a much lower cost and also empowers them with unprecedented freedom in choosing vendors for their financial service needs. No country today has a choice whether to implement E-banking or not given the global and competitive nature of the economy. Banks have to upgrade and constantly think of new innovative customized packages and services to remain competitive. The invasion of banking by technology has created an information age and commoditization of banking services. Banks have come to realize that survival in the new e-economy depends on delivering some or all of their banking services on the Internet while continuing to support their traditional infrastructure. The rise of E-banking is redefining business

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relationships and the most successful banks will be those that can truly strengthen their relationship with their customers. Without any doubt, the international scope of E-banking provides new growth perspectives and Internet business is a catalyst for new technologies and new business processes (Vij, 2002). Everybody can see the great struggling competition within banks for achieving better performance for satisfying customers needs. In the many researches improving it in the electronic sector of banks becomes so important. For example according to a research, the top factors found to be most critical for the success in E-banking are: quick responsive products/services, organizational flexibility, services expansion, systems integration and enhanced customer service (Shah, et al., 2006).

2-2- The reasons of E-banking development:

The properties of the Internet make it an ideal medium for delivery of banking products and services. Both financial entities and customers of financial products and services are benefiting from the spread of online banking services (Guerrero et al., 2007). Some banks also allow services such as stock market transactions, and the submission of standardized accounting payment files for bank transfers to third parties (Claessens et al., 2002). The number of E-banking services to customers continues to grow and the Internet offers enormous opportunities for banks, and other financial services to fundamentally reshape their organizations (US web corporation, 2001). Banks can generate revenue through increased account, access fees and benefit from promotional opportunity to cross-sell products such as credit cards and loans (Yerkes, 1988)As we saw, E-banking offers many benefits to banks as well as to customers. One of the main reasons for the growth of E-banking is that, if handled correctly, it can significantly lower the cost of delivering products and services. Costs of transactions in E-banking can be as low as a tenth of the cost of banking through conventional means. So, we can find two fundamental reasons underlying E-banking development and diffusion. First, banks get notable cost savings by offering E-banking services. It has been proved that E-banking channel is the cheapest delivery channel for banking products once established (Sathye, 1999; Robinson, 2000; Giglio, 2002). Second, banks have reduced their branch networks and downsized the number of service staff, which has paved the way to self-service channels as quite many customers felt that branch banking took too much time and effort (Karjaluoto et al., 2003). Therefore, time and cost savings and freedom from place and staff have been found the main reasons underlying E-banking acceptance (Polatoglu and Ekin, 2001; Black et al., 2002; Howcroft et al.2002). Banks offering their financial services over the internet are keen to accelerate the adoption process, knowing that the cost of delivering a service over the internet is much less than delivering the same service over-the- counter (Polatoglu and Ekin, 2001). Moreover, E-banking has great advantages for customers. E-banking saves them time and money and provides them with convenience and Accessibility. They can, when they want it and from where they want it, do most of their banking activities, and they avoid other customer’s queuing behind them. This provides them with more privacy when interacting with their bank. Also E-banking is marketed as being cheaper to use for certain forms of banking operations, for example bill payment. Thus, for certain services E-banking is cheaper for the customers than using the bank branches. All in all, E-banking seems to be

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offering the customers more benefits at lower costs. It is therefore closer to the ideal distribution channel for PC-literate bank customers who have access to a PC and a modem, and it can be predicted that these bank customers have experienced or expect E-banking to be significantly more valuable than the alternative distribution channels for bank services. Since it has been argued that higher customer expectations and higher perceived value lead to higher overall customer satisfaction (Fornell et al., 1996), it therefore can be predicted that PC bank customers will be more satisfied than non-PC bank customers. Jeevan (2000) observes that the Internet enables banks to offer low cost, high value added financial services. US web-corporation (2001) argues that finally banks are finding that a comprehensive E-banking strategy is essential for success in the increasingly competitive financial services market. Competition and changes in technology and lifestyles have changed the face of banking and banks in the present environment are seeking alternative way to provide and differentiate their services. So, they need to incorporate into their strategic plans the flexibility to handle inevitable change (Chrusciel, 2006).Beyond doubt, a substantial part of the future of banking business lies in a banking environment that is less and less branch-based and where customers are able to access banking services remotely (Vij, 2002). The field of banking has made considerable progress and the use of Internet technology has become a very powerful force changing the very core of traditional banking. Without doubt, technology is the single biggest strategic issue in banking that has also created challenges for the regulatory framework of E- banking. But do the customers perceive the same idea? Why the usage of E-banking isn’t as same as it predicated before?

2-3- Challenges: E-banking acceptance

Innovations in Information and Communication Technologies (ICT) have brought tremendous change to the way people work, interact and conduct their daily lives. ICT has transformed the global economy and has heralded a new and dynamic ‘information society’. The financial sector as a key component of the global economy has also been set in motion by the ICT revolution. This is resulting in new delivery channels for banking products, and services, which include ATM’s, Internet banking, telebanking, E-banking and various others. Electronic banking has changed the way the banking industry does business by forcing the industry to consider non-traditional channels of delivering services to customers. No doubt in the future banking environment will be more paperless and will overcome the traditional barriers of distance and geographic boundaries (Ahmad, 2006). E-banking has changed the basis for the client’s relationship with the bank and these influences on the client. As Lynch (1996) puts it that People in every area of their lives are changing the basis of their relationships and new types of relationships are changing people.By empirically measuring consumer attitudes at the time when E-banking was introduced, it may help to explain the slowing growth recently reported in the sector in terms of demand-side changes relative to an initial position (Financial Times, 2000).

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Akinci et al. (2004) suggest, “among the fundamental factors influencing consumer buying behavior and have attracted considerable attention from researchers probing the behavior of bank customers and their relationship with these institutions”.Research on consumer attitude and adoption of electronic banking showed there are several factors predetermining a consumer’s attitude towards online and mobile banking such as a person’s demographic, motivation and behavior towards different banking technologies and individual acceptance of new technology. Similarly, it has been found that attitudes towards E-banking and actual behaviors were both influenced by prior experience of computers and new technology and, other possible factors With regard to new technology acceptance, the literature points out that unless, the specific need of a consumer is fulfilled, consumers may not be prepared to change from present familiar ways of operating (Sathye, 1999).Karjaluoto et al. (2002) showed that prior experience with computers and technologies and attitudes towards computers influence both attitudes towards E-banking and actual behaviors. Their study revealed among these factors, prior computer experience had a significant impact on E-banking usage while positive personal banking experience seemed to have had an effect on both attitudes and usage and satisfied customers tent to keep up with their current delivery channel. Research showed attitudes towards electronic banking and actual behaviors were also influenced by factors such as satisfaction/dissatisfaction with current banking services, reference groups, i.e. influence from families and others and computer attitudes these would strongly affect attitudes and behaviors towards online banking. Finally, a number of studies also found trust and perceived risks have a significant positive influence on commitment (Bhattacherjee, 2002; Mukherjee and Nath, 2003). E-banking acceptance has gained special attention in academic studies during the past five years as, for instance, banking journals have devoted special issues on the topic (e.g. Karjaluoto et al., 2002; Waite and Harrison, 2002; Bradley and Stewart, 2003; Gerrard and Cunningham, 2003; Mukherjee and Nath 2003). To start with, customers need to have an access to the Internet in order to utilize the service. Furthermore, new online users need first to learn how to use the service (Mols et al., 1999). Second, nonusers often complain that E-banking has no social dimension, i.e. you are not served in the way you are in a face-to-face situation at branch (Mattila et al., 2003). Third, customers have been afraid of security issues (Sathye, 1999; Hamlet and Strube, 2000; Howcroft et al., 2002). Aladwani (2001) identified customers’ trust as an important future challenge of online banking. Banks can build mutually valuable relationships with customers through a trust-based collaboration process (Dayal et al., 1999).In the other research, there were many critical issues, which stood out as being obstacles to consumer adoption of online and mobile banking among these were consumers’ attitudes. Security factor was found the most important attribute that could motivate consumers’ attitudes towards online banking. Other barriers of E-banking were perceived risks, computer and new technological skills and habit of cash-carry banking (Laforet and Li, 2005). Many customers perceived that there were risks, especially security risks, associated with using the internet. As for mobile banking, lack of understanding of the concept and its benefits were the main barriers to its adoption. In the other study, many customers indicated that they did not feel the need to use internet banking (Wang et

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al., 2003). The other reason for not using E-banking was lack of knowledge about the service. Some customers were unaware of what needed to be done to become an E-banking user. The other factor was inaccessibility, which mainly refers to customers being incapable of connecting up to an internet bank. This may have been because they did not own a PC, did not subscribe to an internet service provider, or because the technical specification of their PC did not satisfy the requirements of internet banks. Briefly, that study has identified the various factors which explain why certain consumers are not using internet banking. The two most frequently mentioned factors were perceptions about the risks associated with E-banking and the lack of perceived need. Other less frequently mentioned factors were lack of knowledge of the service, inertia, inaccessibility, lacking the human touch, pricing and IT fatigue.

2-4- Change management

Change and its management in organizations are a key theme and topic for discussion among managers everywhere. Rapid changes are taking place in the information environment (Malhan, 2006). The fast changing world we live in is not only creating exciting opportunities and developments but is also causing widespread uncertainty, and often concern. Our era is a period of change. This is not unusual in the history of mankind. What perhaps is different this time is that change shall be managed (Diefenbach, 2007). The management of change before and during the implementation of ICT is a complementary activity that has generally been overlooked in the ICT payoff Evaluating ICT investment initiatives (Williams and Williams, 2007). Change is a constant and critical variable in all human endeavors and experiences. Change by its very nature tends to be uncomfortable, disruptive and even painful (Kuchi, 2006). More specifically, with particular reference to organizations, Rutkowski (2000) points out that:

We are living in a period of significant change. Major corporations are significantly downsizing, rethinking strategic plans, re-engineering and merging together to form corporate monoliths. Our work places are also changing from hierarchical closed systems to a new open, flexible and often virtual environment. Our communities are changing and learning that one company or one industry cannot sustain their viable economic growth.

Change can be considered frame-breaking, culture-changing, transforming, radical, revolutionary (Farazmand, 2003; Nadler and Nadler, 1998; Palvia and Chervany, 1995), where one of the four components (people, tasks, technology, and structure) are at the impetus. These four can be condensed into what Kaplan and Norton (2004) identify as three types of capital: human, informational, and organizational.Organizations are constantly undergoing some sort of change which is now considered commonplace (Roach and Bednar, 1997; Romanelli and Tushman, 1994; Siegal et al.1996). Most of these are due to some internal or external variable that requires the enterprise to respond in order to stay productive and competitive (Styhre, 2002). People resist change and changes even though it may lead to new knowledge or to a better life. Organizations also resist change even though it may lead to a better and more effective

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system. Most people desire to stay with the known rather than venture into the unknown and most organizations stay the course, at best making incremental change rather than launch revolutionary transformation (Rutkowski, 2000). Rutkowski argues that managers and administrators by necessity must learn to lead, embrace and manage change because leading and managing change are so important for organizational survival. They are also vital to transform rigid, highly regulated and controlled, but ineffective management styles, so that they can give way to new and emerging ones that are open, flexible and decentralized.Management in the 21st century has accordingly taken a new orientation. It is increasingly founded on the ability to cope with constant change and not stability, is organized around networks and not hierarchies, built on shifting partnerships and alliances and not self-sufficiency, and constructed on technological advantage and not bricks and mortar (Carnall, 2003). Against the myriad changes and conflicting expectations, individual managers and executives are being asked to change their approach to running their operations and managing people. The “new” managers we are told must learn to be coaches, team players, facilitators, process managers, human resource executives, visionary leaders, and entrepreneurs (Longenecker and Ariss, 2002). They must also be knowledge-integrating boundary spanners, stimulators of creativity, innovation muses and promoters of learning (Harvey et al., 2002). They must be more bottom-line driven, more innovative, and more focused on the human dynamics of the organization (Chapman, 2001).Given that every enterprise will experience change; the question of how the enterprise attempts to deal with this change is of interest. The firm that learns how to successfully deal with change and avoid long frustrating transitions will sharpen its competitive advantage (Moran and Brightman, 2000). Dealing with significant change is ongoing and gaining in importance (Drucker, 2003). Kotter (1996, pp. 3, 4) echoes these sentiments saying:

By any objective measure, the amount of significant, often traumatic change in organizations has grown tremendously over the past two decades . . . To date, major change efforts have helped some organizations adapt significantly to shifting conditions, have improved the competitive standing of others, and have positioned a few for a far better future.

By recognizing this phenomenon, the organization begins to proactively handle “Change Transformation” by using a flexible curriculum in the hope of minimizing the overall enterprise frustration and maximizing the gain. Even the failure to deal with change is a conscious decision not to act, which also has ramifications (Farazmand, 2003; Huning, 1999). Therefore, the issue is not necessarily change itself, but rather how an enterprise successfully confronts change and prepares itself to deal with the inherent uncertainty (Moran and Brightman, 2000; Newman, 2000).Acceptance of, or resistance to change can also be affected by how the change is framed by the target (Chreim, 2006).The management of change needs to be approached in a logical and structured manner. Most importantly, people need to understand why change is occurring. Management needs to ensure that staffs are aware of developments and receptive to change. Although more sophisticated technical developments are driving today’s change, many of the human resource issues are the same as they were ten to 15

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years ago. As managers plan for change, their strategy must take into account the interactions among all of the business system components (Milgrom and Roberts, 1990).The banks need to have change management as a key component of their business strategy because they would need to implement considerable organizational changes in order to web-enable themselves (Shah and Siddiqui, 2006). Organizations should handle inevitable change, and it is suggested that by having a flexible curriculum in support of an action plan, the change transformation with a favorable outcome can be guided. In order to optimize the change transformation process, the objective is to minimize discomfort, deal with stress, anxiety and fear as well as maximize the confidence of those involved, all to support the sentiments that their efforts will make a difference (Huy, 1999; Ward and Dugger, 2000). To maximize the opportunity for success, it is recommended that the action plan start with a valid understanding of change and the need for the enterprise to confront it (Chrusciel and Field, 2006). Furthermore, high-tech multi-media and virtual reality has arrived, compelling economists, politicians, lawyers, bankers, engineers, and scientists to rethink and re-engineer work methods policies, laws, and standards. Information institutions need to create the appropriate environment for change to occur. Since change is a natural phenomenon and indispensable for organizational survival and progress, traditional work styles may have to give way to new ones that positively impact on effective information service delivery (Obiora and Eteng, 2006).The financial services market is continuing to change rapidly, which brings into question whether traditional banks, as they are now structured, will actually continue to exist by the end of the decade or even survive through the next five years. Competition has been increasing for some years within traditional financial centers, amongst the banks themselves. A significant challenge comes from international banks offering technology-based financial services across geographical boundaries and thereby competing with traditional banks for their best business within their own back yard. E-banking holds no respect for geographical barriers and is being pursued by major international banks (Iran daily, 2004). There are several models for facilitating the process of change in relation with new technology. One of the most important of them is TAM that we use it in this research. We described this model as follow.

2-5- TAM

One of the most utilized models in studying information system acceptance is the technology acceptance model (TAM) (Davis et al., 1989; Mathieson, 1991; Davis and Venkatesh, 1996; Gefen and Straub, 2000; Al-Gahtani, 2001) in which system use (actual behavior) is determined by perceived usefulness (PU) and perceived ease of use (PEOU) relating to the attitude toward use that relates to intention and finally to behavior.According to the TAM these two beliefs are of primary significance for computer acceptance. PU refers to the prospective user’s subjective likelihood that the use of a certain application will increase his or her performance. PEOU is defined as the degree to which the prospective user expects the potential system to be free of effort (Davis et al., 1989). According to DeLone and McLean (1992) system use as the dependent variable is acceptable, if system usage is not compulsory. Although the TAM has been tested widely

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with different samples in different situations and proved to be valid and reliable model explaining information system acceptance and use (Mathieson, 1991; Davis andVenkatesh, 1996,), many extensions to the original TAM have been proposed (e.g. Venkatesh and Speier, 1999; Venkatesh and Davis, 2000; Venkatesh et al., 2002; Henderson and Divett, 2003; Lu et al., 2003). Recently, Venkatesh and Davis (2000) extended the original TAM by introducing the second generation of the model labeled TAM2 to explain how subjective norms and cognitive instrumental processes affect perceived usefulness and intentions.

TAM and related studies Organizations invest in information systems for many reasons, for example cutting costs, producing more without increasing costs, improving the quality of services or products (Lederer et al., 1998). It has been noted that users’ attitudes towards and acceptance of a new information system have a critical impact on successful information system adoption (Davis, 1989; Venkatesh and Davis, 1996; Succi and Walter, 1999). If users are not willing to accept the information system, it will not bring full benefits to the organisation (Davis, 1993; Davis and Venkatesh, 1996). The more accepting of a new information system the users are, the more willing they are to make changes in their practices and use their time and effort to actually start using the new information system (Succi and Walter, 1999).Despite of the advantages of this model, attention to the PU and PEOU is not sufficient in change management issues. Imagine the customers have a good perception but encounter to the weakness of technology or lack of support by the banking system. Surely he\she won’t change his\her behavior to use new technology.

3- Change management: a critical success factor for promoted E-banking

PerceivedUsefulness

Perceived Ease of Use

Attitude Toward Using

Behavioral Intention to Use

External Variables

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Actual System Use

Figure1. TAM (Davis et al., 1989)

The dawn of the 21st century has brought with it an unprecedented wave of change. The days of mass production or standardized products appear to be over. The key words for the future are variety, flexibility, and customization. Conditions for doing business are undergoing major changes. Some of the challenges associated with these changes include requirements for faster responsiveness on customer demands (Arlbjørn et al., 2006). A rapidly changing techno-socio-economic environment is presenting new challenges for structuring and managing organizations. Increasing technological complexity and the need to diffuse information and technology within the organizations is proving to be beyond the capacity of the old rigid hierarchal management system. Technological complexity implies the need for higher levels of human knowledge and multi-disciplinary involvement (Bridges, 1996; Boyett and Boyett, 2000). Firms operating in the knowledge economy need to harness growing knowledge, technology and engineering advances and a whole range of new skills and dynamic competencies (Liyanage and Poon, 2002).Changes in banks’ external environment, including globalization and deregulation, have made the banking sector highly competitive. Banks find it hard to compete on price, and need to look at other ways to retain customers. As customers become more sophisticated, it becomes imperative for banks to consider the use of technology to respond to their continuously changing requirements (Singh et al., 2002). As far as banks are concerned, the introduction of e-commerce has brought a dramatic change in the way relationships with customers are built and maintained (Bauer and Hammerschmidt, 2002). Banks are engaged in a battle to maintain their supremacy and consolidation offers the banks a chance to create organizations that are both larger and more streamlined. Also, consumers are increasingly looking for services they can access from a singly entry point. On the other hand, the increasing presence of the Internet in everyone’s life is changing the way business is done. The financial services industry is no exception (Soteriou and Zenios, 2003). So, since the mid-1990s, there has been a fundamental shift in banking delivery channels toward using self-service channels such as E-banking services (Pikkarainen et al., 2004).The internet bank usage might however not be easy for the consumers. Consumers’ use of E-banking requires acceptance of the technology, which can be complicated because it involves the changing of behavioral patterns (Meuter et al., 2000). Considering the investment in E-banking systems worldwide, it is of paramount importance to ensure that people will actually use them. In order to achieve this goal, attention must be given to designing easy-to-use, useful, and trustworthy systems (Wang et al., 2003).Technology, on the one hand, can simplify consumers’ understanding of exchange, but on the other hand, it can make consumers’ understanding more difficult. Mick and Fournier (1998) identify eight such paradoxes of information technology. Consumers perceive internet technology as leading to control and chaos, freedom and enslavement, new and outmoded practice, increase and decrease in the feeling of competence, increase and decrease in efficiency, fulfillment and creation of needs, promotion and hindrance of social interaction, and engagement and disengagement. These ambiguities make internet technology difficult for consumers to understand. To use internet financial services, consumers not only need to understand the technology, they also need to understand financial services. Using the system is connected with the effectiveness of the system – systems that users regard as useless cannot be effective. Therefore it is important to find out the reasons why people decide to use or not to use information system (IS). This

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knowledge will help both systems designers and developers in their work (Mathieson, 1991). In developing countries like Iran, the popularity and success of electronic banking depends mainly on demographic features of each region and the social, cultural and educational background of customers (Iran daily, 2004).According to these issues, if we want to develop a successful E-banking, we should have a significant attention to change and its management. So, in this paper we focus on change management and its importance in customer’s acceptance and use of E-banking. We extend the TAM in relation with E-banking and change management.

4- Methodology

After the comprehensive literature review, we extract the important factors of E-banking user’s acceptance by focus on change issues, and then we add some other factors. We had 35 initial factors. For its validation, we asked 5 experts authenticate the factors. They reached a consensus about 28 factors. Cronbach's alpha was used to test its reliability. Note that a reliability coefficient of 0.70 or higher is considered "acceptable" in most Social Science research situations. It was 0.89 in this research. Then a questionnaire was prepared for testing factors from the customer’s opinions. Respondents verbally replied to questionnaire their answers were recorded accordingly by the interviewers. There were two advantages for prompting respondents. First, questionnaires were fully completed, thus reducing non-response items. Second, as collection of questionnaires was on the spot, no reminders were needed and, hence, time was considerably saved. The interview’s check list consisted of questions that were related to background, possible factors affecting acceptance of E-banking and use of E-banking services. To separate users of PC bank services from non-users, the respondents were chose from the bank’s branch customers that they come there for something that they can simply do them by using internet and E-banking services. Data for this study was collected by the means of a survey conducted in Iran in 2006 and January 2007. A total of 283 bank’s customers have interviewed and 176 people had a good collaboration with us and their information was comprehensive and sufficient for our research, giving a response rate of 62 percent. Interviews were held in 30 bank’s branches from different region in Tehran.The proportion of male and female respondents was almost equally split in this survey,with 56 per cent male and 44 per cent female, aged between 22 to 35 years old (59 percent) and 36 to 45 years old (18 per cent) and salaried employees (66.5 per cent) with a university education (57 per cent). The high response rate coming from younger consumers indicated that they were more interested in online and mobile banking topics than older consumers and were willing to participate in the survey.The initial section requested demographic and “technological” information. The second section described the nature of the study and asked respondents briefly describe the reasons why they were not an E-banking user. Demographic details included the respondents’ gender, age, highest level of education and average monthly income.The binomial test is used for data analyzing, because there were two options for respondents to answer each question: yes/no. Test proportion in this research is 0.5. According to the findings of this paper, 22 factors were proved by the customer’s

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opinions. By using factor analysis, we found that the factors can divided into the three categories.5- Results

According to the previous researches and the findings and aim of this paper, we categorize the important factors that affect and facilitating the acceptance of E-banking and change the customer’s attitude into three sets: customer’s-related factors, technology-related factors and organization-related factors. These three factors are very important for E-banking customer’s acceptance and ensuring that people will actually use the E-banking services. The TAM only focuses on some limited dimensions, so we extend it according to these factors and adapt for E-banking in Iran as follow: 5-1) Customer’s-related factors: In this category, there are some factors that each bank should consider to affect the customer’s attitude to use E-banking services and management the change will be occur in this way. The first stage is to identify the needs of customers and societies and try that the customers perceived that the new technology will satisfy their needs. Then the bank should lead the culture and social habits to use E-banking services. For example, customers should believe- not only knowing- that the money is not only in physical manner. On the other hand, they can do their works without physical presence in bank’s branches and face to face interactions. Establishing trust and confidence is very important in this way and the people should be sure about system accuracy and its benefits for them and by using the systems, there aren’t any threats. In spite of these issues, until customers don’t know how to use the new systems, the systems are out of order. So having a good training program for customers is necessary. In addition to these, the banks should try to attract and motivate people. So advertising and rewards systems – e.g. cost reduction- are considerable. As we saw in the TAM, Perceive improvement of customer about new technology is necessary.Each society that wants to reach its goals in implementing E-banking should pay attention to these issues carefully and have a comprehensive program and enough investment in this way. 5-2) technology-related factors:This category is about some features of the technology or systems that we want to implement as a new tools. The first factor is comprehensiveness and completeness of the technology that we use in our systems. It must cover all of the customers need in a manner that they don’t have to do some of banking affairs physically. This technology must not impose any limitation to the customers. It should let them do their banking affairs themselves, because many people like to manage their money be aware of the events that occurred. Although the bank shouldn’t forgive them and it’s better to consider a facilitator mechanism for solving problems and customer’s guidance. On the other hand, if the technologies such as bank’s portal designed based on each user’s need and customized by considering the situation, they can attract more customers to use the systems. After implementing a new technology, it is important that the banks set a unified way for using it. Obey a stable standard can have a great impact on comfortable using of the technology.The banking systems are responsible for the fundamental infrastructures that should be provided for using technology by customers such as internet and the systems that apply it.

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The most important challenge of E-banking is risk reduction, specially the security issues. For gaining a competitive advantage in this era, the banks can use advanced technologies like artificial intelligence and expert systems.However using a new advance and suitable technology is too difficult. The banks should recognize the needs and implement the technology in a way that the goals are accessible. 5-3) organization-related factors:There are some important organizational factors that should be considered in the E-banking. When a bank intends to transform into the electronic form, first it should have a strategy and plan for this change and acceptance of users. The users maybe resist to the change and do not actually use the new technology. So, they can deal with the inevitable change and resistance of users effectively. Variety and flexibility of the services is very important in this way. The electronic manner maybe led to appearance of new services, so we should always pay attention to the innovation and entrepreneurship for being successful in the competitiveness against the rivals. Ensuring availability of electronic services in 24 hours a day and 7 days a week can be caused to better user’s acceptance. In banking industry, inter-organizational relationship and collaboration is so important. In Iran banks are in the different level of services offered by them while all of them do unified tasks. Unfortunately, the interaction between them is not fully electronically yet. They should facilitate the transaction between themselves and provide an effective linkage among their services. Finally, staff that employed for supporting the E-banking process should be aware of performing their tasks to improve the level of services. Organizational factors are important in the current situation same as the traditional organizations in the past decades.You can see the summary of these factors in the table:

Customer’s-related factors technology-related factors organization-related factorsidentify the need of customers comprehensiveness and

completeness of the technology

having a strategy and plan for change

lead the culture and social habits

technology must not impose any limitation

variety and flexibility of the services

establishing trust and confidence

consider a facilitator mechanism

the innovation and entrepreneurship

good training program customization availability of electronic services

advertising obey a stable standard inter-organizational relationship and collaboration

reward systems providing fundamental infrastructures

facilitate the transaction between banks

perceive improvement of customers

risk reduction and security Staff awareness

advanced technologies

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Table. Factors that should be consider for successful change management in e-banking

6- The extended model

In TAM, two factors have an influence on attitudes of users: Perceived usefulness and perceived Ease of Use. These factors are considered in perceive improvement of customer. In addition, this research finds some new factors. So we extend the model according to the importance of change issues and management. You can see the extended model in figure2:

7- Conclusion

As you saw, the finding of our research showed that for successful E-banking, the people should use its services. This usage is related to their acceptance and attitude about E-banking and its advantages. We suggest three categories of factors that should be considered in developing E-banking in relation with change management. According to these actors and TAM, this paper introduces a new model for successful change management of E-banking customers. We found that customer’s related factors are the most important for managing change effectively. According to these factors and the circumstances, the banks should choose a comprehensive strategy. On the other hand, the banks perspectives to use electronic systems was intend to facilitate their tasks and satisfying the organizations need while they should use the systems for satisfying the customers need. Finally, the new modern technology is only a facilitator, not an alternative for leadership in the organization and it’s not the technology that gives a company a Competitive Advantage; it’s the way that people use the technology that makes the difference. So the managerial issues like change management even is more important than past. Future research can focus on the practical solution for each factor for leveraging E-banking change management.

Change management factors

Customer’s-related

Technology-related

Organization-related

Attitude Toward Using

Behavioral Intention to Use

Actual System Use

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External variables

Figure2. The TAM extended model

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