Online Retail Banking In Lebanon
Revolutionary innovations in information technology systems continue to play a paramount role in the advancement of banking and financial industries
. The integration of the Internet into the channels through which banking services are delivered is a significant pillar of this development. The application of this technology in the Lebanese banking sector, even though it was introduced a bit late compared to other countries, had a wide acceptance among Lebanese banking customers and is advancing quicker than expected.This article explores the adoption process of Online banking, and the ways with which Lebanese banks can motivate the adoption of Internet banking among Lebanese customers.
Internet banking has become an essential component in the Lebanese banking industry. Most financial institutions in Lebanon have recognized the important role of Internet banking for developing substitute distribution channels for their services. This is supported by the increase in the number of banks in Lebanon setting up a website to offer the technology. Moreover, these banks are motivating their clients to use Online banking by continuously promoting the technology and its merits.
Convenience is found to be the most appreciated feature of Internet banking according to Lebanese consumers. In fact the constant availability of the technology offers opportunities for better time allocation and efficiency. In addition Internet banking provides better service quality than the branch does. Banks should take advantage of these added values to further promote the technology. They should highlight that Online banking can meet the needs of customers in a couple of minutes and at the comfort of their locations, as compared to having to wait in queues at the branch. Furthermore, Internet banking is available 24 hours for any emergency or for customers who can attend to their banking needs only after banks' working hours. This fact is very important knowing that Lebanese banks' working hours are relatively short where banks close shortly after noon time.
In contrast, the major obstacle for Internet banking in Lebanon is the personal relation dimension. The Lebanese culture is a social culture in the sense that interpersonal relations between citizens are much cherished and appreciated. Banks and financial institutions in Lebanon are aware of this custom. They are also aware that many customers consider bank visits as opportunities for social interacting with the bank staff. Clients of this kind perceive such relations as valuable, where they are granted exclusive benefits such as special offers or higher interest rates. Internet banking does not attract this category of customers, as it threatens their personal relationship with the bank's representatives. Moreover, the standardized service of Online banking is not as advantageous as the special service delivered to these clients at the branch's counters. Overcoming this obstacle is a challenging yet achievable task. Banks should assure such clients that Internet banking is an optional delivery channel that will not replace their personal relation with the bank staff. Customers should perceive the technology as a convenient channel for situations where they are not able to visit the branch, or when the transaction is very basic. On the other hand, complex operations that require further consideration can be handled on the personal level in the branch.
As a conclusion, the Convenience dimension of Internet banking is the most appreciated added value among Lebanese customers, whereas Personal Relation is the most significant obstacle to its adoption.
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