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THE INTRODUCTION OF CARDLESS ATM WITHDRAWAL ON DEVELOPMENT OF BANKING SERVICES (CASE STUDY OF GT BANK)
1.1 BACKGROUND TO THE STUDY
The trend in banking has evolved from cash economy and transformed to cheque economy which has further been converted to plastic card economy (Batiz, 2005). Interestingly, debit cards are the most rapidly growing method of payments in several countries around the world (Pierce, 2001). Information and communication technology (ICT) has also provided new products and value added services to be delivered using the same electronic infrastructure (Abor, 2004). Fierce competition from inter and intra bank group along with the global forces have compelled the banks to adopt the technological changes to face the electronic age.
The influence of technology over product innovations in banks is gigantic and it has also changed drastically the way businesses are done in these modern times. A number of studies have concluded that ICT has substantial positive effects on banks productivity; banking hall teller transactions, bank patronage and bank service delivery (Balachandler et al, 2001; Yasuharu, 2003). The automated teller machine (ATM) is no exclusion to the numerous ICT products. The use of Automated Teller Machines traditionally and primarily was to dispense cash upon insertion of a plastic card and its unique Personal Identification Number (PIN). ATM services have gone through many stages. ATMs now are such type of innovation that can mechanically accept deposits, issue withdrawals, transfer funds between accounts, payment of bills and collect cheques. To protect ATM users from fraud, some modern ATMs have been made biometric which requires a customer’s biometric data such as the palm to access the ATM services without the use of cards. These biometric ATMs are better secured because the biometric is based on the uniqueness of the individual’s physiological properties such as the use of distinct fingerprints to prevent impersonation.
Banks predominantly start with locating ATM in their branches which establishes the primary ATM (Core) network. These ATMs are called Onsite ATMs. Banks now establish ATMs that can be detached from the bank branches. These are called offsite ATMs. Offsite ATMs are the machines that are set up on a standalone basis. This means that if the bank has a place where there is only an ATM machine then this becomes an offsite ATM. This is done to ensure that the bank reaches out to more geographical areas and that people are able to use its services even when there is no bank branch in the area.
Banks in Nigeria have worked hard to introduce sophisticated technological innovations for efficient and fast way of serving customers given the rise in demand for banking services. This saw the emergence and use of the ATMs among many other inventions like; telephone banking, mobile banking, internet banking etc.
1.2 STATEMENT OF THE PROBLEM
Guaranty Trust BankNigeria Ltd is one of the fastest growing banks in Nigeria. It started its operations in Nigeria in February 1991. Since then, it is their strategic decision to bring all modern technologies in their operations. With over 80 branch offices and 143 ATMs spread across the country, Guaranty Trust BankNigeria has leveraged its geographical network to showcase its expertise in Treasury, Cash Management, Trade Finance and Technology driven banking solutions. The bank focuses more on its electronic banking services. The bank strives to provide innovative solution to the community it serves. One of these keen electronic banking services is on Automated Teller Machines. In a speech delivered by the Managing Director of the Bank at the start of the year 2014, the bank was poised to opening more ATMs than opening new branches. The bank therefore aims at reaching the whole country through the installation of ATMs. ATMs do not only serve the bank’s customers but reaches all banks customers with the introduction of VISA and master cards which allows other banks’ customers who are not on VISA to use their card on any ATM in the country at a cost.
In line with this, Guaranty Trust BankNigeria Limited is of the view that the installation of many ATMs across the country would make life much easier for its cherished customers and potential customers thus enabling the bank to achieve its mission and vision. To increase onsite and offsite ATM patronage, the bank management has introduced a number of innovations. Some of which include giving free Master card cards to every individual account opened, every ATM cash withdrawal attracts a fixed charge of sixty-fiveNaira (N65) irrespective of the account type. Cash withdrawals of N100,000.00 and below by customers cannot be withdrawn over the counter except with the ATM. The bank has recently introduced the cardless cash withdrawal which is a service that enables its customers to withdraw cash on any Guaranty Trust Bank ATM without a debit card.
The bank management has also increased the daily ATM cash withdrawal limit fromN100,000.00 to N150,000.00 and can still be increased upon request by the customer. The withdrawal limit at a time per transaction has also been increased from N10,000.00 to N20,000.00. By these innovations the bank expects full patronage of its ATMs for convenience.
All the above reasons call for the need to assess how the bank’s ATMs are performing, its patronage by customers and recommend to the bank management the best ways to improve upon its patronage. Also, there has not been any work done to assess the bank’s ATM performance after these innovations.
It’s therefore against this background that the researcher was prompted to investigate, find out how these ATMs are performing and recommend appropriate measures to help improve its services. This study therefore seeks to access how these ATMs are performing.
1.3 OBJECTIVES OF THE STUDY
The general objective of the study is to determine the reasons underlining the low patronage of ATM services at Guaranty Trust BankNigeria Ltd. The specific objectives are to:
- Determine the performance of both onsite and offsite ATMs.
- Analyze customers’ knowledge on ATM services.
- Determine customers perception on the benefits and problems associated with ATM services.
- Determine the strategies customers and custodians prefer management adopts in order to improve ATM services patronage.
1.4 RESEARCH QUESTIONS
The study will be guided by the following research questions
- How do Guaranty Trust Bank ATMs perform?
- Do customers have adequate knowledge on ATM services?
- What are customers perception on the benefits and problems associated with ATM services?
- What strategies would customers prefer management to adopt in order to improve ATM services patronage?
1.5 SIGNIFICANCE OF THE STUDY
The research findings will be made available to the management of Guaranty Trust BankNigeria Ltd and it is aimed at:
- Improving general banking hall services at the branches.
- Providing the necessary recommendations to the bank management regarding ways to improve ATM services patronage.
- Increasing the bank’s income in relation to number of tellers employed, this is because fewer staff would be required to carry out customer transactions such as cash withdrawals, printing of bank statements, checking of account balances etc.
- Increasing the bank’s profitability with regard to the commissions the bank will receive from the use of ATM services especially with not on us transactions.
1.6 SCOPE OF THE STUDY
The topic of the study is the assessment of the performance of ATMs. These ATMs services shall be measured using variables like; Frequency of the ATM down time, System/Network instability, stock outs, bad notes dispensing, proximity, speed and efficiency of ATM services in solving the queuing problems of banks clients. The study will be restricted to the ATM services of Guaranty Trust BankNigeria Limited, Uyo branch and the Abak road ATM. The study is also limited to customers with ATM cards in the AkwaIbom State. It also focuses on only ATM even though there are other forms of electronic payments being offered by Guaranty Trust BankNigeria Ltd.
1.7 LIMITATIONS OF THE STUDY
The major limitation of the study will be the difficulty in locating the various ATM users. Also the customers and various custodians of these ATMs might not be willing to fill questionnaires or respond to the interviews that will be held although they would be informed about the purpose of the research accordingly.
1.8 ORGANISATION OF THE STUDY
The study is divided into five chapters;
Chapter One introduces the topic with the background of the study, statement of the problem, objective of the study, research questions, the significance of the study and organization of the study.
Literature is reviewed in Chapter Two.
Chapter Three deals with methodology, which includes research design, population, sample and sampling procedures, instruments, data collection procedure and data processing.
Chapter Four, deals with results and findings.
Chapter Five which is the final chapter deals with summary of findings, conclusions and recommendations.
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