Critical analysis of the Technology Acceptance Model

Critical analysis of the Technology Acceptance Model

Introduction:

As bankers we mostly depend on technology to accomplish our goals and objectives efficiently and effectively. While carrying out the duties, though we expected a user friendly technology to complete the task, we have a doubt whether it is always correct…..? Give below is the evidence for critical analysis of TAM model from my own experience.

Background:

I am attached to the Treasury Division - Cash Management Function of a specialized savings bank. Since we do not have current account facility, we depend on other commercial banks for external fund transfers. Earlier those fund transfers have been done manually and later on obtained the internet banking facility for convenience and effectiveness.

1.      External Variables

Branch network (255 branches) request funds from Cash Management Unit for their day-to-day operational requirements. If there is any excess collection at branches, they use to send back to the Cash Management Unit for evening Reverse Repo investment. Cash Management plays the main role of transferring funds and collect if any excess available in the branches via online banking facility. After balancing cash in-and-out flows of the main control accounts, Cash Management Unit invest the excess cash available in the main control accounts before 3.00 p.m., while considering the cutoff time given by the Central Bank to commercial banks. This process is a routine work and no ending at all. Therefore, Cash Management Unit need an uninterrupted efficient online facility to complete their tasks on time.

2.      Perceived Usefulness

Internet banking facility is very useful for the Cash Management Unit, since they can transfer funds to the branches very quickly and update the accounts while looking at same. It is helpful to update the accounts and balance the main control accounts in the evening for investment calculations without any hazel. From the branch perspective, online banking facility is very helpful for them to update their current accounts quickly and transfer excess available in the accounts without instructing the commercial banks. By using online banking facility we can save the most valuable resource of time and protect the environment since no paper work involves for same. It reduces the stationery cost, telecommunication cost (faxing letters), HR cost (not necessary to recruit a typist for letter typing like manual fund transfers)etc., 

  

3.      Perceived Ease of Use

It is very easy to use the internet banking facility of the commercial banks, since the clarity of instructions and few commands needed for transactions. If any error occurs it can be easily corrected via online without informing the commercial banks. 

4.      Behavioural Intention

Since this online facility is very useful and easy to use, Cash Management Unit expects a convenient stress free working environment for their day today work since it is a routine and boring job which has no ending. This online facility can manage the time very effectively and complete the task of fund flows very efficiently.

5.      Usage Behaviour

The Cash Management Unit expects to utilize their resources effectively and efficiently with the internet banking facility. But due to the system failures or any other errors of commercial banks’ internet banking facility, Cash Management Unit has been failed to accomplish their goals and objectives by using the technology. Sometimes it takes more than hours to complete a single transaction. Sometimes funds have been transferred to wrong account, due to the disturbances of system. Due to those technical errors, it is very hard and stressful job for the employees who engage in the fund transfer process of Cash Management Unit, since they have to comply with the cutoff times of commercial banks and Central Bank. The hardest part of this job is transferring funds to the branches, as and when they require funds within the business operation hours.

Conclusion:

However the technology is very useful if we perceive the services, as we expected. But the question is how far we can rely on technology and what will be the next development to remove same? Since we are living in a highly volatile and dynamic environment, any new concept/product can remove the technology straight away.  

Technology Acceptance Model based on People’s Bank

Technology Acceptance Model based on People’s Bank

 

To achieve the goals effectively and efficiently, we are always in the banking field constantly complemented with modern technology. Our main responsibility is to provide our customers with a very high quality service. It is our responsibility, with the bankers, to fulfill their needs as they want them to work. Every person in the modern world is very busy. Customers will primarily consider their convenience. Within a short period of time, we started a massive change in our People’s Bank. One of the reasons for this is the setting up of self-banking units. We have established self-banking services units in every city to every village, and are continuing to grow. In addition to this, CDM, ATM, KIOSK machine were added to each unit.

  Typically, the business hours of banking are between 8.30 am to 4.00 pm. Clients would have to make all the services, such as cash deposits, money transfers, bill payments..etc, during the normal working hours. Internal employees also faced immense difficulties. The main reason for this was that there was a long queue. It also took a lot of time for customers would have to pay money or even pay bills if they had to sacrifice their time. Sometimes transactions may arise and the Bank may be in the course of their duties. Sometimes it’s fancy hours. Because customers were going to spend more time on them, they were doing business unhappy. Due to the continuing work of the employee, the correctness of the transaction was also reduced. There were many shortcomings. They also had to sacrifice lunch occasionally. As a result, there was a trepidation in the bank branches.

 These self-banking service units were introduced to address these issues.

     All three machines are easy to operate. Let’s first look at the CDM. The first thing to do is select the type of the transactions you want to do. That is, money deposits, bill payments, reloading. This can be easily understood by any customer, as it is in the main three languages. You can then choose the language in your own language to select the desired language and to proceed with the transaction. In the end, the customer receives a receipt for the transaction they have done. If an accident happened to the client, for example, if a Dialog internet bill is wrongly paid in the Dialog TV bill category, the bank will correct it promptly and provide a better service for the customer. The customer is also provided with money, without the inconvenience of the customer at the same time, when the machine is closed.

  The other machine in this unit is the ATM. A customer can withdraw Rs. 100,000/= daily. The customer will be able to obtain information and get their account balance. The main component of the mobile cash service. You can send and receive money by entering a national identification number, the required amount of money and a password by sending person who is not a customer of People’s Bank. With the availability of such features, a person eh does not have an account has the privilege of being associated with People’s Bank due to the quality of our services.

  KIOSK is the other machine. Only the people’s bank account holders can use this machine. Use your debit card to pay the actual value of the bill. Also, this machine is able to re-register, to get brief accounts of transaction, to find the balance in the account. They can also send money to their other account or to a third party account holder of People’s Bank through this machine. The customer is also able to obtain a receipt to confirm this.

  All of these transactions can be done at the same place. Since the unit is operational 24/7, it is also possible for customers to use them at a very convenient time.

  Unnecessarily alarming in the bank as it does not require the customer to come into the bank today. The long queue is long lasting. But the worst thing is that there a lot of insecurity for customers. Sometimes, customers do not trust their transactions. At the same time, the deal is systematic, but the customers tend to use their transactions without queuing. Customers are concerned about using these machines. There is a suspicion that this money will be credited to the account if they need. So they do not like to do these transaction s through these machines. As a matter of fact, how many transactions it is how easy it is to deal with another person’s help. The lack of new technology is also the main reason. Due to the fact that customers have repeatedly systematically paid their payments, additional duties have also increased in the branches. Sometimes clients do not pay instructions, so the money in the machine is a almost always stuck. Two bankers to be corrected should also be exempted from their duties. Due to arising technical faults, we have to inform our suppliers dealing with these machines and work hard to regain them. And it takes too much time. In this way, both customers and employees will face inconvenience.

  However, using technology is essential if we are to provide services to our customers.  But the problem here is how we can trust the technology and what we need to do remove uncertainties and the steps that will be taken.